Axon Enterprise Inc 2025年度报告

The bigpicture Axon is a mission-driven company whose overarching goal is to protectlife. Our vision is a world where bullets are obsolete, where social conflictis dramatically reduced, and where everyone has access to a fair andeffective justice system. A Letter from Axon CEO, Rick Smith Fellow Shareholders, I have been building this company for over 30 years. I have never been more energized—or more convinced that themoment we are in will define a generation. The world is changing faster than at any point in my career. Artificial intelligence (“AI”) is not an incremental advance. Itis a fundamental disruption—a force that will reshape industries, redefine what technology can do, and break companiesthat are not ready for it. At the same time, the problems we set out to solve three decades ago—violence, injustice, a lack ofaccountability—remain as urgent as ever. These two realities are converging, and Axon sits at the intersection. Our mission to protect life has always demandedimagination—the willingness to invent new solutions when the world said none existed. Now, for the first time, thetechnology is advancing fast enough to match the scale of that ambition. What once felt like a distant aspiration isbecoming operational reality, and it is happening faster than any of us anticipated. 2025 was the year that came into focus. We delivered the strongest results in our history—not by playing it safe, but byleaning in. And it starts with the reason we exist. Our Moonshot: The First Signs of Progress A few years ago, we set an audacious goal: cut gun-related deaths between police and the public in the U.S. in half by2033. In 2025, for the first time, the trend line moved in the right direction—fatalities declined nearly 10% from their peak. It is too early to claim direct causation, but we are hearing from customers every day about situations where officersreached for their TASER device instead of their firearm, and a life was saved as a result. A major U.S. county sheriff'soffice reported a 42% reduction in deputy-involved shootings, crediting TASER 10 and de-escalation training deliveredthrough our Virtual Reality (“VR”) platform as contributing factors. This is not only about our latest TASER device getting into the hands of more people. We can build the greatest deviceever created, but if people are not trained to use it effectively, it does not deliver its true value. That is why we invested inbuilding a suite of VR training solutions over the past five years—leaning in before VR was common or widely adopted. Last year, customers completed nearly half a million VR training sessions, and our platform is now one of the most widelydeployed in U.S. public safety. This year, we are infusing it with AI-powered features that will transform how officers aretrained in the decade ahead. We lean in and make bold bets before it is safe to do so—that’s how we build our first-mover advantage. We believe thatadvantage will compound over time—and the AI Era is here to prove that. The AI Era Is Here—And Axon Is Built for It We are living through a pivotal moment—not just for Axon, not just for public safety, but for humanity. This is themoment where human and machine intelligence begin working together to solve problems that once felt permanent. The world sees the risk AI poses to traditional software—but Axon is not just software. We are an integrated hardware andsoftwareecosystem,powered by massive real-world data,deployed in high-regulation environments,and—mostimportantly—built on deep trust with customers who depend on us as their technology partner. That combination isextraordinarily difficult to replicate, and it is why I believe AI is the greatest accelerant Axon has ever had. Our differentiation is not the models—everyone has access to frontier models. It is the physical sockets already on theofficer: the body cameras, TASER devices, and sensors that hundreds of thousands of professionals wear every day. We donot need to convince anyone to carry a new device. We embed AI directly into the tools they already depend on. Behindthose sockets sits some of the most sensitive operational data on earth, managed on our Evidence.com platform with thehighest standards of privacy and security. And connecting it all are the real-world workflows—records, reports, evidencesharing, real-time operations—where AI unlocks value at every layer. Just months after launch, more than 500 agencies went live on Axon Assistant, with officers translating conversations in50+ languages, querying policy hands-free, and producing reports in a fraction of the time—all through the body camerasthey already wear. We are just getting started with what that assistant can do—and it is going to be exponentially morepowerful over just another few months. Our strategy is resonating with our customers. In our first full year with our AI Era Plan—the package and the promise thatwe have made to customers—we booked approximately $750 milli