Slide 1: Investor Presentation
INVESTOR PRESENTATION VIEW REPORT FEBRUARY 2026
Slide 2: Safe-Harbor Statement
INVESTOR DECK Q4 2025 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
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Slide 4: Our Mission Is to Protect Life
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 4 OUR MISSION IS Technology platform TO PROTECT LIFE revolutionizing public safety Axon is building the technology ecosystem for public safety. Mission-driven to protect life, $159B total addressable market capture t
Slide 5: Our Moonshot: Cut Gun-Related Deaths Between Police and Public
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 5 OUR MOONSHOT CUT GUN-RELATED DEATHS BETWEEN POLICE AND PUBLIC BY 50% BY 2033
Slide 6: We Serve and Protect Our Customers Every Day
INVESTOR DECK Q4 2025 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 FedRAMP High cloud services Deployed in more than 85 Workplace safety is a top priority s
Slide 7: Results and Opportunities
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 7 RESULTS AND OPPORTUNITIES Our mission drives our results and opportunities. $2.8B $1.3B $159B 2025 annual annual recurring total addressable revenue revenue* market 25.5% 125% $14.4B 2025 annual Adjusted net revenu
Slide 8: Our Ecosystem
a AXON OUR ECOSYSTEM
Slide 9: Our Technology Ecosystem Powers Connected Hardware Devices and Software & Services
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 9 OUR TECHNOLOGY ECOSYSTEM POWERS CONNECTED HARDWARE DEVICES AND SOFTWARE & SERVICES PROTECT LIFE CAPTURE ACCELERATE TRUTH JUSTICE
Slide 10: Hardware & Devices
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 10 HARDWARE & DEVICES TASER DE-ESCALATION & TRAINING CONNECTED VIDEO & SENSORS DRONES & ROBOTIC SECURITY TASER devices are the proven, Axon is a market leader in connected body Our drone & robotic security products l
Slide 11: Software & Services
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 11 SOFTWARE & SERVICES DIGITAL EVIDENCE MANAGEMENT REAL-TIME OPERATIONS AI & PRODUCTIVITY Axon Evidence is used in every state Axon Respond and Fusus is a real-time Our AI solutions and productivity in the U.S. and 9
Slide 12: The First 120 Seconds
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 12 THE FIRST 120 SECONDS Axon 911 Real-Time Operations Connected Devices PREPARED BY AXON CARBYNE AXON FUSUS BODY-WORN CAMERAS + AXON ASSISTANT Simultaneously pulls Delivers full-scene visibility so teams can monitor
Slide 13: Ecosystem at a Glance
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 13 ECOSYSTEM AT A GLANCE ACQUISITIONS PARTNERSHIPS FOUNDRY 45
Slide 14: Axon Products Deliver Results for Our Customers
INVESTOR DECK Q4 2025 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 15: Market Opportunity
MARKET OPPORTUNITY
Slide 16: Massive Market Opportunity
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 16 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 17: Multi-Faceted Growth Drivers
INVESTOR DECK Q4 2025 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: Product Led Flywheel of Growth
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 18 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 19: Healthy State & Local Budget Tailwinds
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 19 HEALTHY STATE & LOCAL BUDGET TAILWINDS OPPORTUNITY FOR EFFICIENCY U.S. PUBLIC SAFETY SPEND IS RESILIENT & GROWING 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 Q4 2025 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: Financials
a AXON FINANCIALS
Slide 22: High Visibility Revenue Model
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 22 HIGH VISIBILITY OFFICER SAFETY PLAN 10 PREMIUM WITH AI ERA PLAN REVENUE MODEL Illustrative revenue recognition over 5-year term Subscription plans support high-visibility with annual recurring software revenue and
Slide 23: Strong, Consistent Growth with Attractive Gross Margin Profile
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 23 STRONG, CONSISTENT GROWTH WITH ATTRACTIVE GROSS MARGIN PROFILE SEGMENT QUARTERLY REVENUE ANNUAL REVENUE $2,780 ($MILLIONS) $797 ($MILLIONS) $711 $2,083 $669 $604 $575 $343 $305 $292 $263 $1,561 $245 $1,187 $454 $3
Slide 24: Strong, Consistent Financial Record
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 24 STRONG, CONSISTENT FINANCIAL RECORD Revenue growth % Adjusted gross margin* 33% in 2025 62.6% 37% in 2025 33% 33% 63.7% 63.2% 31% 62.6% 27% 61.8% 61.8% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Non-GAAP ne
Slide 25: Forward-Looking Opportunities
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 25 FORWARD-LOOKING OPPORTUNITIES Future contracted Net revenue bookings ($B)* retention* $14.4B as of Q4 2025 $14.4 125% as of Q4 2025 125% $10.1 123% 122% $7.1 121% $4.6 119% $2.8 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4
Slide 26: Healthy Margins and Increasing Free Cash Flow
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 26 HEALTHY MARGINS ADJUSTED EBITDA & AND INCREASING $750 ADJUSTED EBITDA MARGIN $710 FREE CASH FLOW $650 $550 $521 $450 ADJUSTED FREE CASH FLOW* $350 $331 2022 2023 2024 2025 $197 $148 $344 $86 $250 $232 25% 26% ADJU
Slide 27: Guidance Fiscal Year 2026
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 27 GUIDANCE FISCAL YEAR 2026 Category FY 2025 FY 2026 Guidance (February 24, 2026) Revenue $2.8 billion (33% growth) Growth of 27% to 30% year over year Adjusted EBITDA $710 million (25.5% margin) Approximately 25.5%
Slide 28: Appendix
a AXON APPENDIX
Slide 29: Statistical Definitions
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 29 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 30: Statement Regarding Use of Non-GAAP
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 30 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 31: Non-GAAP Reconciliation: Adjusted Gross Margin
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 31 NON-GAAP RECONCILIATION: ADJUSTED GROSS MARGIN T WELVE MONTHS ENDED $ IN THOUSANDS 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 31-DEC-2021 Net sales $2,779,536 $2,082,526 $1,560,699 $1,187,143 $865,638 Cost of
Slide 32: Non-GAAP Reconciliation: Adjusted EBITDA
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 32 NON-GAAP RECONCILIATION: ADJUSTED EBITDA T WELVE MONTHS ENDED $ IN THOUSANDS 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 31-DEC-2021 Net income (loss) $124,656 $377,034 $175,783 $146,930 $(56,339) Depreciation
Slide 33: Non-GAAP Reconciliation: Non-GAAP Net Income
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 33 NON-GAAP RECONCILIATION: NON-GAAP NET INCOME T WELVE MONTHS ENDED $ IN THOUSANDS 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 31-DEC-2021 Net income (loss) $124,656 $377,034 $175,783 $146,930 $(56,339) Stock-ba
Slide 34: Non-GAAP Reconciliation: Adjusted Free Cash Flow
INVESTOR DECK Q4 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 34 NON-GAAP RECONCILIATION: ADJUSTED FREE CASH FLOW T WELVE MONTHS ENDED $ IN THOUSANDS 31-DEC-2025 31-DEC-2024 31-DEC-2023 31-DEC-2022 31-DEC-2021 Net cash (used in) provided by operating activities $211,339 $408,31
Slide 35: Thank You
a AXON THANK YOU