Axon Enterprise — May 1, 2025 release

2025 Outlook The following forward-looking statements reflect Axon’s expectations as of May 7, 2025 and are subject to risks and uncertainties. Please refer to “Forward-looking Statements” below for more information. Full Year • Axon expects full year 2025 revenue of $2.60 billion to $2.70 billion, representing approximately 27% annual growth at the midpoint. This is an increase from our prior revenue guidance range of $2.55 billion to $2.65 billion. • Axon expects full year 2025 Adjusted EBITDA dollars of $650 million to $675 million, representing Adjusted EBITDA margin of approximately 25%. Our Adjusted EBITDA guidance includes expected impacts from recently introduced reciprocal tariffs. This is an increase from our prior Adjusted EBITDA margin guidance range of $640 million to $670 million. ◦ We provide Adjusted EBITDA guidance, rather than net income guidance, due to the inherent difficulty of forecasting certain types of expenses and gains such as stock-based compensation, income tax expenses and gains or losses on marketable securities and strategic investments, which affect net income but not Adjusted EBITDA. We are unable to reasonably estimate the impact of such expenses, which could be material, on net income. Accordingly, we do not provide a reconciliation of projected net income to projected Adjusted EBITDA. • We expect stock-based compensation expenses to be approximately $580 million to $630 million, consistent with prior guidance. • Full year stock-based compensation expense includes approximately $330