Axon Enterprise — Aug 4, 2025 release

We now expect full-year 2025 revenue between $ 2.65 billion and $2.73 billion, representing approximately 29% growth at the midpoint. This compares to prior guidance of $2.60 to $2.70 billion, or approximately 27% growth at the midpoint. We continue to target an Adjusted EBITDA margin of approximately 25%, which implies Adjusted EBITDA of $665 million to $685 million — up from $650 million to $675 million previously. The sections below provide additional detail on the drivers behind our software growth, financial performance, and updated 2025 outlook. Select Highlights Axon Software & Services Axon’s Software & Services segment includes a suite of integrated solutions designed to help customers capture truth, manage digital evidence, support real-time operations and enhance productivity. At the center is our digital evidence management platform, which allows agencies to securely store, organize and share evidence in a centralized hub. The vast majority of Axon devices are sold with an accompanying evidence management license. Building on our foundation in evidence management, Axon’s software portfolio also includes real-time operations solutions — such as location and service area monitoring, video live streaming and voice communications — as well as records management, virtual reality training, AI-powered productivity and intelligence tools, and counter-drone and drone-as-first-responder systems. These offerings are configurable across multiple products to meet a wide range of agency needs, with options that span from foundational features to