Axon Enterprise — Nov 4, 2025 release

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 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