Axon Enterprise — May 1, 2025 release

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 million, related to the broad-based 2024 eXponential Stock Plan and the 2024 CEO Performance Award, primarily in SG&A and R&D. These performance-based incentive programs are achieved through stock price, operational and time-based requirements and are divided into seven substantially equal tranches. • We expect 2025 CapEx to be in the range of $160 million to $180 million. Our 2025 CapEx plans include long-term R&D investment projects, continued capacity expansion, global facility build-outs and new product development costs. Expected capital expenditures do not include costs related to investments in a new headquarters as we await local zoning and planning decisions that could impact our development plans. Quarterly conference call and webcast We will host our Q1 2025 earnings conference call webinar on Wednesday, May 7 at 2 p.m. PT / 5 p.m. ET The webcast will be available via a link on Axon's investor relations website at https://investor.axon.com or can be accessed directly via https://axon.zoom.us/j/95910331995. Statistical Definitions Annual recurring revenue: Annual rec