Axon Enterprise — Nov 4, 2025 release

This is an increase from our prior revenue guidance range of $2.65 billion to $2.73 billion. • Expected Q4 Adjusted EBITDA implies full-year 2025 Adjusted EBITDA margin of approximately 25%, in line with prior margin guidance. • We expect stock-based compensation expenses to be approximately $580 million to $630 million, in line 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 $170 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 now await local zoning and planning decisions. Quarterly conference call and webcast We will host our Q3 2025 earnings conference call webinar on Tuesday, November 4 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/s/95509863228. Statistical Definitions Annual recurring revenue: Annual recurring revenue is a performance ind