Axon targets 2028 revenue of $6B

“Axon (AXON) has established a new 2028 target model to guide our focus as we create meaningful value for society and our shareholders. We exceeded our prior 3-year targets of $2 billion in annual revenue and a 25% Adjusted EBITDA margin for 2025, delivering $2.8 billion in revenue at a 25.5% adjusted EBITDA margin and now we’re providing an updated forecast. 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%.