Axon Enterprise, Inc. · NASDAQ:AXON
Axon Enterprise — Q1 2026 Earnings Presentation
37 slides from Axon Enterprise's earnings presentation, May 6, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION VIEW REPORT M AY 2026
Slide 2: Safe-Harbor Statement
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 2 SAFE-HARBOR Forward-looking statements in this letter include, without limitation, statements regarding: proposed products and services and related development efforts and activities; expectations about the market
Slide 3: Overview
sa AXON OVERVIEW
Slide 4: Our Mission Is to Protect Life
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 4 OUR MISSION IS Technology platform TO PROTECT LIFE revolutionizing public safety Axon is building the #1 global safety sensor network, fully connected and supercharged by AI Mission-driven to protect life, $159B to
Slide 5: Our Moonshot: Cut Gun-Related Deaths Between Police and Public
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 5 OUR MOONSHOT 1,300 CUT GUN-RELATED Fatalities between police and the public in the United States declined nearly 10% in 2025 DEATHS BETWEEN POLICE AND PUBLIC 1,200 BY 50% BY 2033 1,100 Combined Gun Fatalities (2015
Slide 6: We Serve and Protect Our Customers Every Day
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 6 WE SERVE AND PROTECT OUR CUSTOMERS EVERY DAY U.S. STATE & LOCAL U.S. FEDERAL INTERNATIONAL ENTERPRISE Trusted by over 17,000 state FedRAMP High cloud services Deployed in more than 85 Workplace safety is a top prio
Slide 7: Results and Opportunities
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 7 RESULTS AND OPPORTUNITIES Our mission drives our results and opportunities. $2.8B $1.5B $159B 2025 annual annual recurring total addressable Revenue revenue* market 25.5% 125% $14.3B 2025 annual Adjusted net revenu
Slide 8: Our Ecosystem
OUR ECOSYSTEM
Slide 9: Axon Today
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 9 AXON TODAY 1 live TASER 10 cartridge fired INTEGRATED nearly every 30 seconds in the US HARDWARE Axon products are everywhere… & SOFTWARE AND COMING TO MORE PLACES. ECOSYSTEM 400K+ VR training sessions Over 60 mill
Slide 10: Axon Next: #1 Safety Sensor Network
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 10 AXON NEXT #1 SAFETY SENSOR NETWORK FULLY CONNECTED SUPERCHARGED BY AI
Slide 11: #1 Safety Sensor Network Fully Connected Supercharged with AI
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 11 #1 SAFETY SENSOR NETWORK Axon’s portfolio of sensors has grown from personal protection and documentation equipment with TASER and body camera devices to a comprehensive suite of wearable devices and scaled platfo
Slide 12: Emergency Response Accelerated
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 12 EMERGENCY RESPONSE Body-worn camera + AI Assistant delivers full-scene visibility ACCELERATED Incident Real-time crime center (RTCC) Drone arrives and pulls location and available streams live data camera feeds in
Slide 13: Infrastructure Protection Modernized
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 13 INFRASTRUCTURE PROTECTION MODERNIZED Location of aircraft, flight path, and origin point of Dedrone Defender aims operator identified directly at the drone, delivering precise interference Drone threat Stadium sec
Slide 14: And Communities Coordinated
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 14 AND COMMUNITIES COORDINATED Incident occurs in retail store, associate calls for help Body-worn camera + AI Assistant helps associate communicate and document Enterprise security team Law enforcement Post-incident
Slide 15: Axon Products Deliver Results for Our Customers
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 14 AXON PRODUCTS DELIVER RESULTS “Decrease time spent redacting evidence by 75% with Redaction “Decrease time spent writing incident reports by 67% through Draft One.” FOR OUR Assistant.” Fort Collins Police Departme
Slide 16: Market Opportunity
MARKET OPPORTUNITY
Slide 17: Multi-Faceted Growth Drivers
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 17 MULTI-FACETED GROWTH DRIVERS UPGRADE CREATE NEW MODERNIZE ANTIQUATED SOLVE UNIVERSAL EXPAND PRODUCTS CATEGORIES TECHNOLOGIES PROBLEMS GLOBALLY Axon relentlessly innovates and Axon’s ecosystem provides a Legacy tec
Slide 18: Massive Market Opportunity
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 18 MASSIVE MARKET OPPORTUNITY BY END CUSTOMER ($B) Law enforcement use cases across our end customers account for approximately 50% of our Total Addressable Market (TAM). Within U.S. State & Local, our law enforcemen
Slide 19: Healthy State & Local Budget Tailwinds
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 19 HEALTHY STATE & LOCAL BUDGET TAILWINDS U.S. PUBLIC SAFETY SPEND IS RESILIENT & GROWING OPPORTUNITY FOR EFFICIENCY WITH TECHNOLOGY SPEND Not dependent on budget growth 400% 300% 200% 100% 0% 1978 1984 1990 1996 200
Slide 20: Growing Priority in Emerging Customer Verticals
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 20 GROWING PRIORITY IN EMERGING CUSTOMER VERTICALS INTERNATIONAL U.S. FEDERAL ENTERPRISE CORRECTIONS JUSTICE LAW ENFORCEMENT 8 in 10 DHS 60% 70% $3M police officers in the United of CEOs have increased reduction in e
Slide 21: Product Led Flywheel of Growth
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 21 PRODUCT LED OSP 1.0 (2017) OSP 10 PREMIUM OSP 10 PREMIUM WITH AI ERA PLAN FLYWHEEL OF GROWTH $99 $370 $569 Subscription offerings grow as Axon Everything in OSP 10 + releases new products: Package includes … Every
Slide 22: Financials
sa AXON FINANCIALS
Slide 23: High Visibility Revenue Model
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 23 HIGH VISIBILITY OFFICER SAFETY PLAN 10 PREMIUM REVENUE MODEL WITH AI ERA PLAN Illustrative revenue recognition over 5-year term Subscription plans support high-visibility with annual recurring software revenue and
Slide 24: Strong, Consistent Growth with Attractive Gross Margin Profile
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 24 STRONG, CONSISTENT GROWTH WITH ATTRACTIVE GROSS MARGIN PROFILE SEGMENT QUARTERLY REVENUE ANNUAL REVENUE ($MILLIONS) ($MILLIONS) $2,983 $797 $807 $2,780 $711 $669 $604 $343 $355 $2,083 $305 $292 $263 $1,561 $454 $4
Slide 25: Durable Growth Across Hardware & Software
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 25 DURABLE GROWTH ACROSS HARDWARE & SOFTWARE Total Annual Revenue ($M) Annual Revenue Growth (%) $2.8B in 2025 33% in 2025 $2,780 $1,561 $2,083 37% $1,187 31% 33% 33% 2022 2023 2024 2025 2022 2023 2024 2025 Connected
Slide 26: Strong Margin Profile
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 26 STRONG MARGIN PROFILE GAAP Adjusted Gross Margin Gross Margin* 59.7% in 2025 62.6% in 2025 63.2% 62.6% 61.8% 61.8% 61.2% 61.2% 59.6% 59.7% 2022 2023 2024 2025 2022 2023 2024 2025 GAAP Net Income Adjusted EBITDA Ma
Slide 27: Improving Forward-Looking Indicators
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 27 IMPROVING FORWARD-LOOKING INDICATORS Future contracted Net revenue bookings ($B)* retention* $14.3B as of Q1 2026 $14.3 125% as of Q1 2026 125% $9.9 123% 122% $7.0 121% $4.8 119% $3.0 Q1 2022 Q1 2023 Q1 2024 Q1 20
Slide 28: Guidance Fiscal Year 2026
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 28 GUIDANCE FISCAL YEAR 2026 Prior Guidance FY 2026 Guidance Category (February 24,2026) (May 6, 2026) Revenue 27% to 30% annual growth 30% to 32% annual growth Adjusted EBITDA Approximately 25.5% margin Approximatel
Slide 29: 2028 Target Model
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 29 2028 TARGET MODEL 3-YEAR TARGET REVENUE & MARGIN $7,000 $6B $6B 34% $6,000 2028 annual revenue $5,000 32% 28% $4,000 30% Adjusted EBITDA margin $3,000 $2.8B 28.0% 28% ADDITIONAL 2028 TARGETS $2,000 Average annual
Slide 30: Appendix
sa AXON APPENDIX
Slide 31: Statistical Definitions
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 31 STATISTICAL Annual recurring revenue: Annual recurring revenue is a performance indicator that management believes provides more visibility into the growth of our revenue generated by our highest margin, recurring
Slide 32: Statement Regarding Use of Non-GAAP
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 32 STATEMENT To supplement the Company's financial results presented in accordance with GAAP, we present the non-GAAP financial measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, adjusted gross margin, non-
Slide 33: Non-GAAP Reconciliation: Adjusted Gross Margin
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 33 NON-GAAP RECONCILIATION: ADJUSTED GROSS MARGIN THREE MONTHS ENDED T WELVE MONTHS ENDED $ IN THOUSANDS 31-MAR-2026 31-MAR-2025 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 Net sales $807,345 $603,633 $2,779,536
Slide 34: Non-GAAP Reconciliation: Adjusted EBITDA
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 34 NON-GAAP RECONCILIATION: ADJUSTED EBITDA THREE MONTHS ENDED T WELVE MONTHS ENDED $ IN THOUSANDS 31-MAR-2026 31-MAR-2025 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 Net income $ 169,312 $87,980 $124,656 $377,03
Slide 35: Non-GAAP Reconciliation: Non-GAAP Net Income
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 35 NON-GAAP RECONCILIATION: NON-GAAP NET INCOME THREE MONTHS ENDED T WELVE MONTHS ENDED $ IN THOUSANDS 31-MAR-2026 31-MAR-2025 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 Net income $169,312 $87,980 $124,656 $377
Slide 36: Non-GAAP Reconciliation: Adjusted Free Cash Flow
INVESTOR DECK Q1 2026 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 36 NON-GAAP RECONCILIATION: ADJUSTED FREE CASH FLOW THREE MONTHS ENDED T WELVE MONTHS ENDED $ IN THOUSANDS 31-MAR-2026 31-MAR-2025 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 Net cash (used in) provided by operat
Slide 37: Thank You
sa AXON THANK YOU