Axon Key Takeaways from Drone Discussion with Axon

研报英文原文证据摘录

Axon Key Takeaways from Drone Discussion with Axon

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

10 June 2026

Axon Overweight

AXON, AXON US

Key Takeaways from Drone Discussion with Axon Price (09 Jun 26):$452.51

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 Axon’s Jeff Kunins (Chief Product Officer & Chief Technology Officer) samik.x.chatterjee@jpmorgan.com

for a conference call to discuss the rapidly evolving drone market, including key Marc Vitenzon

industry trends and Axon’s strategic positioning. Key takeaways include: (1-212) 622-3342

marc.vitenzon@jpmchase.com

• Regulation finally catches up, driving inflection point for DFR and C- Manmohanpreet Singh

UAS. The past year represents an inflection for drone-as-first-responder (1-212) 622-4527

(DFR) and counter-drone (C-UAS), anchored by regulatory changes, manmohanpreet.singh@jpmchase.com

including: 1) FAA/TSA rule changes in Aug-25 related to Beyond Visual Line Akanksh Chauhan

of Sight (BVLOS), which removed the requirement for human observers, a (1-212) 622-0045

prerequisite that had been a barrier to scaling, since prior rules mandated a one- akanksh.chauhan@jpmorgan.com

to-one human observer per drone, undermining the core value proposition of J.P. Morgan Securities LLC

faster and cheaper response times relative to human responders; and 2) the

Safer Skies Act, passed in Dec-25, extending drone mitigation authority to

select state & local agencies, an important milestone with standalone detection

only functional in nuanced situations. While still early, changes have been

characterized as seminal rather than incremental, reflecting regulation