Axon J.P. Morgan TMC Conference Takeaways

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Axon J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Axon Overweight

AXON, AXON US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$392.34

IT Hardware/ Telecom & Networking

Equipment

Joseph Cardoso AC

(1-212) 622-9036

joseph.cardoso@jpmchase.com

Samik Chatterjee, CFA

(1-212) 622-0798

We hosted a fireside chat with Josh Isner, President, at our 54th annual J.P. Morgan samik.x.chatterjee@jpmorgan.com

Global TMC Conference. Our key takeaways include: Manmohanpreet Singh

• Axon sees AI as an opportunity to consolidate market share with ample (1-212)manmohanpreet.singh@jpmchase.com622-4527

runway in the mid-to-down market for adoption. Axon Gravity is being

Marc Vitenzon

deployed to connect all of a police department’s systems to generate (1-212) 622-3342

comprehensive insights and better leverage AI, which ultimately enables Axon marc.vitenzon@jpmchase.com

to go after peripheral software services and drive customers to disrupt or cancel Akanksh Chauhan

other products/contracts. Given more scalability and efficiency opportunities, (1-212) 622-0045

large police departments have been the primary adopters of Axon’s AI akanksh.chauhan@jpmorgan.com

offerings, but as the AI tools become more standardized and easier to deploy, J.P. Morgan Securities LLC

Axon expects to see adoption in the mid-to-down market. Notably, Axon is less

susceptible to AI-driven software disruption given that its software is tied to

proprietary hardware adoption from which all of its workflow data originates,

along with the regulatory hurdles associated with serving government and

other end markets where information security is a priority.

• Enterprise opportunity could track to be the biggest market longer-term.