⚡What does Axon do, in 30 seconds?
Axon sells TASER energy devices, body cameras and cloud software that stores and manages digital evidence 14. A significant portion of its end users are government agencies 21. It sold $2.8bn ✓ in FY2025. Operating profit was -$0.1bn ✓, so its main business made a loss. Software and services made up 43% ✓ of sales, and TASER devices 33% ✓.
📱What does Axon sell?
Axon's sales come from four product lines, and software and services is the largest at 43% ✓. Axon reports two segments, Software and Services and Connected Devices 1.
Software and services
Cloud software that captures, stores, manages, shares and analyzes video and other digital evidence 1. It also covers productivity and real-time operations software 1. Products include Axon Evidence, Draft One, Axon Records and Axon Assistant 1. Draft One is an AI tool for drafting report narratives 21. Axon's emergency software works alongside existing 911 call systems 2. This line brought in $1.2bn ✓ in FY2025.
👥 Public safety agencies, which use Axon Evidence to store, manage and share evidence 1.
TASER devices
TASER devices, cartridges and related extended warranties 4. In October 2026 Axon introduced the TASER Ion, a pocket-sized device with four individually deployed probes 5. This line brought in $0.9bn ✓ in FY2025.
👥 Public safety customers, who use TASER energy devices as a less-lethal force option 1. Consumers also buy them for personal protection 1.
Personal sensors
Body cameras and accessories, Signal Sidearm and related extended warranties 4. In October 2026 Axon introduced the Axon Body 5 camera, saying it has 4K video and 20% longer battery life 5. Axon's CEO says its body cameras have recorded over 60 million hours of footage 6. This line brought in $0.4bn ✓ in FY2025.
Platform solutions
In-car video under the Fleet name, interview-room and fixed cameras, drones and counter-drone equipment 41. It also covers VR training hardware and extended warranties 41. Axon's drone products include Sky-Hero indoor tactical drones and Dedrone counter-drone technology 2. This line brought in $0.3bn ✓ in FY2025. Its net sales rose 105.6% in the third quarter of 2026, mainly from counter-drone equipment 4.
How the mix has shifted
Where the customers are
Most of Axon's sales come from the US, at 83% ✓ in FY2025, and the rest of the world added 17% ✓. Axon said its international bookings about tripled year over year in the second quarter of 2026 20.
💸How does Axon make money?
Follow the money: what customers pay for, what it costs to make, and what is left as profit.
FY2025: Axon's costs were bigger than its sales, so that year has no money map.
Axon sold $2.8bn ✓ of products and services in FY2025. Making those products and running those services cost $1.1bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $1.7bn ✓.
Next come the costs of running the company. Research and development took $0.7bn ✓, and sales, marketing and admin took $1.0bn ✓. Out of every hundred dollars of sales, cost of sales took $40 ✓, research $25 ✓ and sales, marketing and admin $37 ✓. Those three add up to more than a hundred dollars. So operating profit, the profit from the main business, was -$0.1bn ✓, which is a loss.
Two items below that line turned the loss into a profit. Other income added $0.1bn ✓. Tax was -$0.1bn ✓, a tax benefit that added to profit. That left net income of $0.1bn ✓. Out of every hundred dollars of sales, Axon kept about $5 ✓ as profit. That includes about $7 ✓ added on top from other income and the tax benefit.
Out of every $100 customers paid in FY2025…
Other income, gains and a tax credit added +$7 for every $100 of sales, so the slices above add up to $107, well over $100.
📈How is Axon doing?
Axon's sales are growing fast, but its main business made a loss in FY2025. Sales reached $2.8bn ✓, up 33.5% ✓ on FY2024. FY2025 sales include Dedrone, bought on 1 October 2024 9, and Prepared, bought on 1 October 2025 10. Operating margin was -2.2% ✓, against 2.8% ✓ in FY2024. Net income was $0.1bn ✓, down from $0.4bn ✓, which included $0.3bn ✓ of other income. Free cash flow was $0.1bn ✓, against $0.3bn ✓ in FY2024.
In the four quarters to 30 June 2026, sales were $3.2bn ✓, up 34.6% ✓ on the four quarters before. Those four quarters include Prepared and, from 18 February 2026, Carbyne 10. Operating margin over the same four quarters was 0.7% ✓, and net income was $0.2bn ✓. Axon received $47.4 million in tariff refunds in the second quarter of 2026 4. That followed a Supreme Court finding on 20 February 2026 that tariffs under a law called IEEPA were unauthorized 4.
Annual recurring revenue was $1,750 million at 30 September 2026, up 40% from a year earlier 5. Net revenue retention was 126% at that date 5. Axon described customer attrition as de minimis, meaning very small 5. Future contracted bookings were $15.8 billion at 30 September 2026, up 39% from a year earlier 5. Axon expects to fill about 20% to 25% of that in the next 12 months 5. Axon said three federal Dedrone deployments worth about $130 million are no longer expected in 2026 5. Axon lowered its 2026 revenue growth outlook from 32%-34% to about 30% 5.
Over the long run, from FY2015 to FY2025, sales grew 30.2% ✓ a year. Sales rose in all 10 ✓ of those 10 ✓ years. Those years include businesses Axon bought, such as Fusus on 31 January 2024 9.
📝 The report card
Axon earns top marks for growth and steadiness. It gets a middle mark for its balance sheet and low marks for cash and profit. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Axon (orange) and its 4 peers land; further right is better.
Growth
Axon's sales grew 32.8% ✓ a year over its last three fiscal years, which earns an A ✓. Those years include the Fusus, Dedrone and Prepared purchases 910. Motorola Solutions grew 8.6% ✓ a year and Tyler Technologies 8.0% ✓. Byrna grew 35.0% ✓ a year over its own last three fiscal years.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Axon kept 2.4% ✓ of sales as operating profit, which earns an F ✓. Motorola Solutions kept 24.5% ✓ and Tyler Technologies 13.6% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Axon turned 8.3% ✓ of sales into free cash flow, a D ✓. Motorola Solutions turned 20.00% ✓ of its sales into free cash flow and Tyler Technologies 24.9% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Axon's cash and investments minus its borrowings equalled -3.7% ✓ of a year's sales, a C ✓. Leases and stakes in other companies are not counted. Net cash was -$0.1bn ✓, meaning more borrowings than cash. By 30 June 2026 it was -$1.1bn ✓. In September 2026, Axon issued $1.15 billion of 0% convertible senior notes due 15 September 2031 15. At 30 September 2026, it reported $1.7 billion in cash and short-term investments 5. It had $2.9 billion of notes at that date, and net debt of $1.2 billion 5.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Axon's yearly sales growth varies little, with a standard deviation of 4.8% ✓, which earns an A ✓. From FY2016 to FY2025, yearly growth ranged from 22.2% ✓ in FY2018 to 37.8% ✓ in FY2022.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Axon compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, Axon made $0.9bn ✓ of free cash flow. It spent $41m ✓ on buybacks over those years. Axon has also spent cash buying businesses. Prepared cost $623.9 million of cash net of cash acquired, plus certain equity consideration 10. Carbyne cost about $551.7 million on the same basis 10. Axon expects its strategic inventory investment, about $225 million in 2026, to moderate after the first quarter of 2027 5.
🧮Ratios 101: what are Axon's key financial ratios?
Ratios turn Axon's numbers into easy comparisons with its peers, from research spending to debt. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Axon's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 Axon kept 59.7% ✓ of sales as gross profit in FY2025, above the 54.7% ✓ peer median.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Axon's operating margin was -2.2% ✓ in FY2025, a loss, against a 12.7% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Axon kept 4.5% ✓ of sales as final profit in FY2025, below the 10.9% ✓ peer median. Other income and a tax benefit lifted net margin above its operating margin of -2.2% ✓.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 Axon earned 3.8% ✓ on shareholders' equity of $3.2bn ✓ in FY2025, below the 11.6% ✓ peer median.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 Axon earned 1.8% ✓ on total assets of $7.0bn ✓ in FY2025, below the 8.4% ✓ peer median.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Axon's sales were 0.4x ✓ the value of everything it owned in FY2025. The peer median was 0.5x ✓.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Axon held 111 ✓ days of stock at the end of FY2025, against a peer median of 256 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Axon's 2.5x ✓ means it had $3.7bn ✓ of current assets against $1.5bn ✓ of bills due within a year. The peer median was 2.4x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Axon had debt of $1.8bn ✓ against shareholders' equity of $3.2bn ✓ at the end of FY2025. That is 0.6x ✓, above the 0.1x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Interest cover was -0.7x ✓ in FY2025, because the main business made a loss. The peer median was 40.0x ✓.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Axon's free cash flow was 0.6x ✓ its net income in FY2025, below the 1.2x ✓ peer median.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Axon spent 24.6% ✓ of sales on research and development in FY2025, against a 4.8% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay was $0.6bn ✓ in FY2025, or 22.8% ✓ of sales, against a 4.5% ✓ peer median.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Axon's payout ratio was 0.0% ✓ in FY2025, against a 55.3% ✓ peer median.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Axon's competitors?
Axon's rivals include sellers of police tools and makers of personal-safety products. Motorola Solutions sells cameras and evidence software to public safety agencies 27. Tyler Technologies sells software to police and other agencies 216. Byrna and Wrap Technologies make products that Axon says compete with TASER devices 21817.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Axon (AXON, FY2025) | Energy devices, body cameras, in-car video and public safety software | $2.8bn | 32.8% | -2.2% | 2.7% |
| Motorola Solutions (MSI, FY2025) | Body-worn and in-car cameras, evidence software and 911 software; each names the other as a competitor 27 | $11.7bn | 8.6% | 25.6% | 22.0% |
| Tyler Technologies (TYL, FY2025) | Police and public safety software; Tyler names Axon among its national competitors 216 | $2.3bn | 8.0% | 15.3% | 27.3% |
| Wrap Technologies (WRAP, FY2025) | Tethered restraint devices, body cameras and VR training; Wrap says many agencies see BolaWrap as complementary to other use-of-force tools 217 | $4.7m | -16.6% | -288.6% | -222.4% |
| Byrna (BYRN, FY2025 to Nov 2025) | Pepper-based and personal-safety products; each names the other as a competitor 218 | $0.1bn | 35.0% | 10.0% | -7.8% |
Axon says police records software is highly fragmented, with more than 50 providers it has identified 2. It says some agencies still file reports on paper 2. It also says it knows of rivals offering competing energy devices, mainly outside the US 2.
🧭Axon SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
🩹 Weaknesses
- Axon made an operating loss in FY2025, with an operating margin of -2.2% ✓.
- Cash from operations was $8.2 million in the first nine months of 2026, after a $180.0 million increase in inventory purchases 15.
- Stock pay was 22.8% ✓ of sales in FY2025, against a 4.5% ✓ peer median.
- Axon reported a material weakness in internal control over revenue recognition at 31 December 2025 2324. It said it had remediated the weakness as of 30 June 2026 2324.
- Axon's third-quarter 2026 adjusted gross margin fell to 59.2% from 62.7% a year earlier 4.
🚀 Opportunities
- Axon became Skydio's exclusive public safety distributor in the US and Canada 255. It estimates the total market for drone-as-first-responder programs in those two countries at about $13 billion 25.
- In its third-quarter 2026 results, Axon said AI annual recurring revenue passed $100 million 5. It said AI bookings were up more than 50% year to date 5.
- Axon said its newer software reached a yearly revenue run rate of nearly $500 million 5. That was more than double the prior year 5.
- In February 2026, Axon set 2028 targets of about $6 billion in yearly revenue and a 28% adjusted EBITDA margin 26.
- Axon bought Prepared, an emergency communications software firm, on 1 October 2025 10. It bought Carbyne, an emergency communications platform, on 18 February 2026 10.
⚠️ Threats
- A significant portion of Axon's end users are government agencies 21. Contracts can be cancelled if legislators do not fund future budget years or if agencies end them for convenience 21.
- Axon's 10-K says its energy devices are often used in aggressive confrontations that can result in serious injury or death 21. It says people injured, or their families, may sue the company 21.
- Axon says state and local changes in use-of-force or firearm laws may affect demand for its energy devices, particularly the TASER 10 22.
- Putative class actions in California federal and state courts allege violations of the state's license plate reader disclosure statute 27. Axon denies the allegations, including that the statute applies to it 27.
- Axon says privacy and AI laws apply to its handling of sensitive law enforcement data and to its AI products 22. They include Europe's GDPR and AI Act and the California Privacy Rights Act 22.
- Axon said counter-drone sales may swing more because of the timing of large contracts 4.
🏰Does Axon have a moat?
Why 3?
Axon said its second-quarter 2026 wins included the largest single TASER order in its history 20. It says TASER devices have built-in accountability systems and low injury rates 2. It says they connect to its cloud, so agencies can automate use-of-force reporting 2. It lists design maturity and a multi-shot device as strengths 2. It also says it knows of rivals offering competing energy devices, mainly outside the US 2.
Why 4?
Axon's subscriptions spread customer payments for hardware over the term 21. They fit municipal budget cycles and let customers add products 21. Axon says over 80% of its customers deploy at least one integrated hardware and software solution 20. Net revenue retention was 126% at 30 September 2026 5. Axon described customer attrition as de minimis 5. Future contracted bookings were $15.8 billion at that date 5. But contracts can be cancelled if legislators do not fund future budget years 21. Agencies can also end them for convenience 21.
Why 2?
Network effects are limited, at 2 out of 5 ✓. Axon says over 80% of its customers deploy at least one integrated hardware and software solution 20. It says over 40% pay for at least one premium product beyond its core ones 20. Axon describes Axon Evidence and its cloud suite as the largest data repository in public safety 20. It says Axon Fusus powers more than one million monthly livestreams 6. Those run across more than 300,000 linked community cameras 6.
Why 3?
Axon does its manufacturing, final assembly and final test in Arizona 22. It owns substantially all the equipment used to build its finished products 22. Axon said its software-only gross margin stayed above 80% in the third quarter of 2026 5. But adjusted gross margin fell to 59.2% from 62.7% a year earlier in that quarter 4. Axon's reasons were more counter-drone equipment in the mix, scaling of new products and higher memory costs 4.
Why 3?
At 31 December 2025, Axon held over 370 U.S. patents and over 350 foreign patents 22. It held over 170 U.S. and over 480 foreign registered trademarks 22. Most of its energy devices are not classified as firearms by the ATF 22. But the TASER 10 is a firearm under the Gun Control Act of 1968 22. So Axon must hold a federal firearms license and faces ATF inspections 22. Its energy devices are classified as crime control products 22. Exports from the US generally require a license, except to Canada 22. Axon says it knows of rivals offering competing energy devices, mainly outside the US 2.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Axon; grey dots are peers).
🔭What should you watch next?
Skydio tender offer
On 5 November 2026, Axon announced an additional minority investment of about $1.2 billion in the drone maker Skydio 29. About 60% is expected to be cash and the rest Axon common stock 29. Axon said it would start a tender offer for more Skydio shares within ten business days of that date 29. It owned about 15% of Skydio at 30 September 2026 29. It expects to own about 37% on a fully diluted basis after the deal 29.
Fourth-quarter and full-year 2026 results
For the quarter ending 31 December 2026, Axon guided revenue of $990 million to $1.01 billion 5. It guided adjusted EBITDA of $245 million to $250 million 5. For full-year 2026, its guidance implies revenue of about $3.61 billion to $3.63 billion 5. It expects free cash flow of $350 million to $400 million 5.
📚Learn the words
❓Frequently asked questions about Axon
How does Axon make money?
Axon makes money from selling hardware, multi-year software subscriptions, professional services and extended warranties 1. In FY2025, software and services brought in $1.2bn ✓ and TASER devices $0.9bn ✓. Personal sensors added $0.4bn ✓ and platform solutions $0.3bn ✓.
Who are Axon's customers?
A significant portion of Axon's end users are government agencies 21. Its customers include federal, state and local governments in the US, foreign governments, businesses and consumers 22. No customer was more than 10% of net sales in 2023, 2024 or 2025 22.
Why did Axon make a net profit in FY2025 when its main business made a loss?
Items outside the main business turned the loss into a profit. Operating profit was -$0.1bn ✓. Other income added $0.1bn ✓, and tax was -$0.1bn ✓, a tax benefit that added to profit. That left net income of $0.1bn ✓.
Are TASER devices classed as firearms, and who does Axon sell them to?
Most Axon energy devices are not classified as firearms by the ATF 22. But the TASER 10 is a firearm under the Gun Control Act of 1968 22. Axon sells TASER devices to private citizens as well as to police 2. It says the Bolt 2 and Pulse 2 models are not stun guns 2.
What lawsuits does Axon face?
Axon faces product-liability, antitrust and other lawsuits. As of 30 September 2026, it was a defendant in one product-liability lawsuit about the use of a TASER device by law enforcement during an arrest 279. There were three such suits at 31 December 2025 279. Axon self-insures the first $5.0 million of any product claim 27. It says no judgment or settlement in a product-liability case has ever gone above that amount 27. At that same September date, a putative antitrust class action over Axon's 2018 purchase of Vievu was pending in New Jersey federal court 279. Three municipalities brought it 279. The FTC dismissed its own complaint in October 2023, and Axon denies the allegations 279. CentralSquare Technologies has sued Carbyne for patent infringement over 911 technology 27. Carbyne denies infringement and has countersued 27.
How does Axon handle privacy and AI concerns?
Axon says privacy and AI laws apply to its handling of sensitive law enforcement data and to its AI products 22. Those laws include Europe's GDPR and AI Act and the California Privacy Rights Act 22. It says Axon Vision does not use facial recognition and requires human review of all alerts 28. It says an independent Ethics and Equity Advisory Council guides the design of its products and services 25.
What is Axon's link to Skydio?
Skydio makes drones and Axon resells them to public safety customers 525. Axon became its exclusive public safety distributor in the US and Canada 255. Axon owned about 15% of Skydio at 30 September 2026 29. It expects to own about 37% on a fully diluted basis after an additional investment 29. Axon described its new Skydio investments as non-voting 10. It said it does not have significant influence over how Skydio operates 10.
Who runs Axon, and what was it called before?
Patrick (Rick) Smith is Axon's founder and CEO 25216. The company was incorporated in September 1993 as ICER Corporation 30. It became AIR TASER, Inc. in December 1993 and TASER International in April 1998 30. It took the name Axon Enterprise in April 2017 30.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [8] [11] [12] [19] [13].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which product line brought in the largest share of Axon's sales in FY2025?
2. What was Axon's name before it became Axon Enterprise in 2017?
3. What happened to Axon's profit in FY2025?
4. Which company did Axon buy for airspace security?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials come from the reports each company files with the SEC (10-K annual and 10-Q quarterly reports). Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Item 1 Business: overview, reportable segments, product categories, annual recurring revenue (accessed 2026-11-08)
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Item 1 Business: competition by product area, named competitors, key competitive factors (accessed 2026-11-08)
- Axon (AXON) Form 10-K for fiscal year 2025, filed 2026-02-25 — revenue and cost of sales by product, segment and geography (accessed 2026-11-04)
- Axon Enterprise Form 10-Q for quarter ended September 30, 2026 (filed 2026-11-06) — Item 2 MD&A: results, product line definitions, net sales and gross margin drivers, tariff refunds (accessed 2026-11-08)
- Axon Q3 2026 shareholder letter (Exhibit 99.1, Form 8-K, November 5, 2026) — Operating metrics, customer wins, product launches, segment commentary, 2026 outlook (accessed 2026-11-08)
- Axon Enterprise 2026 proxy statement (DEF 14A, filed 2026-04-16) — Letter from the CEO: adoption figures, device and video usage (accessed 2026-11-08)
- Motorola Solutions Form 10-K for fiscal year ended December 31, 2025 — Item 1: Video and Command Center technologies; named competitors (accessed 2026-11-08)
- SEC EDGAR companyfacts: Axon (AXON) — annual 10-K facts (accessed 2026-11-04)
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Notes 11 and 19: product litigation, other legal matters, business combinations (accessed 2026-11-08)
- Axon Enterprise Form 10-Q for quarter ended September 30, 2026 (filed 2026-11-06) — Notes 14 and 15: Carbyne and Prepared business combinations; Skydio subsequent event (accessed 2026-11-08)
- SEC EDGAR companyfacts: Motorola Solutions, Inc. (MSI) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: TYLER TECHNOLOGIES INC (TYL) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Byrna Technologies Inc. (BYRN) — annual 10-K facts (accessed 2026-11-04)
- SEC EDGAR companyfacts: Axon (AXON) — balance sheet at 2026-06-30 (accessed 2026-11-04)
- Axon Enterprise Form 10-Q for quarter ended September 30, 2026 (filed 2026-11-06) — Note 8 and Item 2 Liquidity: notes, credit facility, cash flows (accessed 2026-11-08)
- Tyler Technologies Form 10-K for fiscal year ended December 31, 2025 — Item 1: courts and public safety solutions; named competitors (accessed 2026-11-08)
- Wrap Technologies Form 10-K for fiscal year ended December 31, 2025 — Item 1: BolaWrap, competition, U.S. law enforcement market counts from federal statistics (accessed 2026-11-08)
- Byrna Technologies Form 10-K for fiscal year ended November 30, 2025 — Item 1: less-lethal products, customers, named competitors (accessed 2026-11-08)
- SEC EDGAR companyfacts: WRAP TECHNOLOGIES, INC. (WRAP) — annual 10-K facts (accessed 2026-11-04)
- Axon Q2 2026 shareholder letter (Exhibit 99.1, Form 8-K, August 5, 2026) — Ecosystem description, customer adoption of integrated solutions, bookings, Dedrone highlights (accessed 2026-11-08)
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Item 1A Risk Factors: subscription billing, multi-year contracts, government budgets, liability claims, key personnel (accessed 2026-11-08)
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Item 1 Business: customers, manufacturing, intellectual property, seasonality, government regulation, privacy and AI rules (accessed 2026-11-08)
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Item 9A: management report on internal control over financial reporting (accessed 2026-11-08)
- Axon Enterprise Form 10-Q for quarter ended June 30, 2026 (filed 2026-08-06) — Item 4: remediation of the revenue-recognition material weakness (accessed 2026-11-08)
- Axon press release: Axon Invests in Skydio (Exhibit 99.1, Form 8-K, November 5, 2026) — Skydio investment, exclusive distribution, company description, drone-as-first-responder market estimate (accessed 2026-11-08)
- Axon Q4 2025 shareholder letter (Exhibit 99.1, Form 8-K, February 24, 2026) — 2025 milestones, annual bookings, 2028 targets (accessed 2026-11-08)
- Axon Enterprise Form 10-Q for quarter ended September 30, 2026 (filed 2026-11-06) — Note 11: product litigation, antitrust, patent and license-plate-reader lawsuits (accessed 2026-11-08)
- Axon Q1 2026 shareholder letter (Exhibit 99.1, Form 8-K, May 6, 2026) — Axon Vision, Axon Guardian and Axon Assistant product descriptions and planned timing (accessed 2026-11-08)
- Axon Enterprise Form 8-K dated November 5, 2026: Skydio investment agreements — Item 1.01: terms and expected timing of the Skydio investment (accessed 2026-11-08)
- Axon Enterprise Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-25) — Item 1 Business: human capital resources and corporate history (accessed 2026-11-08)
- SEC EDGAR companyfacts: Axon (AXON) — quarterly 10-Q/10-K facts (accessed 2026-11-04)