Axon Enterprise — Feb 24, 2026 release

The strength in our business including an expanded product portfolio across hardware, software and AI, strong future contracted bookings, and deep customer relationships reinforces our confidence in our ability to deliver sustained, robust performance in the years ahead. Looking forward to 2028, we intend to: • Achieve $6 billion in annual revenue • Deliver Adjusted EBITDA margins of approximately 28% • Generate strong cash flow with Adjusted Free Cash Flow conversion of 60% of Adjusted EBITDA • Limit annual dilution from stock-based compensation to less than 2.5% We provide Adjusted EBITDA and Adjusted EBITDA margin guidance, rather than net income and net income margin guidance, due to the inherent difficulty of forecasting certain expenses and gains, such as income tax expense and gains or losses on marketable securities and strategic investments. We are unable to reasonably estimate their potential impact, which could be material. Accordingly, we do not provide a reconciliation of projected net income and net income margin to projected Adjusted EBITDA and Adjusted EBITDA margin, respectively. We provide an Adjusted Free Cash Flow target, rather than a cash flow from operating activities target, to provide additional transparency into conversion inclusive of expected capital expenditures and sources or uses of cash that are consistent with our core operations. Accordingly, because of inherent challenges associated with predicting capital expenditures and other cash activities that may not be core to our operations in the future, we do not provide a reconciliation of projected cash flow from operating activities to projected Adjusted Free Cash Flow. Quarterly conferen