Axon Enterprise — Nov 4, 2025 release

This operational metric tracks our total unfulfilled contracted bookings for products and services, including remaining performance obligations, in addition to contracts with certain termination or other clauses as a result of which they are not otherwise included in remaining performance obligations. We expect to fulfill between 20% to 25% of this balance over the next 12 months and generally expect the remainder to be fulfilled over the following ten years. 2025 Outlook The following forward-looking statements reflect Axon’s expectations as of November 4, 2025 and are subject to risks and uncertainties. Please refer to “Forward-looking Statements” below for more information. Q4 2025 • We expect Q4 revenue of $750 million to $755 million, representing approximately 31% growth at the midpoint. • We expect Q4 Adjusted EBITDA of $178 million to $182 million, or approximately 24% Adjusted EBITDA margin at the midpoint. • 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 forward-looking reconciliations of these measures. Full Year 2025 • Expected Q4 revenue implies full-year 2025 revenue of approximately $2.74 billion, representing approximately 31% annual growth. This is an increase from our prior revenue guidance range of $2.65 bi