AXON ENTERPRISE, INC. (AXON)

Axon Enterprise, Inc. is a technology company, founder-led since 1993, that provides integrated hardware and software solutions for public safety and other public- and private-sector customers. Its products let customers capture and use critical data in connected operational workflows. They include TASER energy devices, cameras and sensors, drones and robotics, cloud-based evidence and records management, real-time operations software, emergency response systems, immersive training and productivity tools, all enhanced by artificial intelligence. The company's stated mission is to make the bullet obsolete, reduce social conflict, and enable a fair and effective justice system.

Beginning in 2025, Axon reports two segments, replacing the former TASER and Software and Sensors segments. Software and Services covers cloud-based SaaS offerings such as Axon Evidence, Draft One, Axon Records, Axon Standards, Axon Fusus and Axon Assistant. These span digital evidence management, productivity tools (including real-time translation, auto-transcription and Policy Chat) and real-time operations such as Axon Respond. The segment also includes professional services and certain on-premise software licenses. Its annual recurring revenue was $1.3 billion as of December 31, 2025. Connected Devices covers conducted energy devices sold under the TASER brand, Axon Body cameras and accessories, Axon Fleet in-car video, fixed cameras, drone and counter-drone technology, VR training hardware, accessories and extended warranties. Axon also offers emergency communications software, which includes technology from the Prepared and Carbyne acquisitions.

Customers include U.S. federal, state and local governments, international governmental entities, commercial enterprises and consumers. Most revenue comes from direct sales, supplemented by distribution partners and third-party resellers. No customer accounted for more than 10% of net sales in 2025, 2024 or 2023. Revenue comes from hardware sales, multi-year recurring software subscriptions, professional services and extended warranties. A larger share of annual bookings typically occurs in the fourth quarter.

Axon's primary headquarters is in Scottsdale, Arizona, with hubs in major U.S. cities and expanding operations in Europe, Asia and the Americas. It manufactures, assembles and tests its products at its Arizona facilities, holds ISO 9001 certifications and owns substantially all of its production equipment and custom tooling. It buys components from many suppliers in various countries, including some single-source suppliers. It holds over 370 U.S. patents and over 350 international patents, plus registered trademarks. Competitors vary by category and include Motorola Solutions, Genetec, Flock Safety, Mark43, Tyler Technologies, Oracle, RapidSOS, Byrna Technologies, Wrap Technologies, VirTra, BRINC and DJI. In counter-drone, competitors include Anduril, DroneShield and Lockheed Martin. Axon's operations are subject to regulation of privacy and data, radio spectrum, export controls and firearms. The TASER 10 is classified as a firearm by the ATF, and Axon holds a federal firearms license.