AXON: Customer Panel Recap: Public Safety Leaders Discuss Technology Adoption

研报英文原文证据摘录

AXON: Customer Panel Recap: Public Safety Leaders Discuss Technology Adoption

RBC Capital Markets, LLC

David Paige (Analyst)

(646) 703-1063, david.paige@rbccm.com

Ashish Sabadra (Analyst)

(415) 633-8659, ashish.sabadra@rbccm.com

William Qi (AVP)

(646) 618-6963, william.qi@rbccm.com

June 24, 2026

Axon Enterprise, Inc. Outperform

NASDAQ: AXON; USD 456.73RESEARCH Customer Panel Recap: Public Safety Leaders Price Target USD 735.00

Discuss Technology Adoption Scenario Analysis*

Our view: Axon is well-positioned to sustain 30%+ revenue growth by

staying focused on what customers actually need: technology that makes DownsideScenario CurrentPrice TargetPrice ScenarioUpside

policing more effective, safer, and more affordable, delivered by a vendor

committed to public safety outcomes. The convergence of strong AI 350.0023% 456.73 735.0061% 945.00107%

adoption, open ecosystem strategy, mission-aligned leadership, and an

*Implied Total ReturnsEQUITY expanding portfolio of AI solutions creates multiple vectors for growth. Key Statistics

As police departments face staffing challenges, budget pressures, and Shares O/S (MM): 83.2 Market Cap (MM): 38,013

operational complexity, Axon's technology becomes increasingly critical Dividend: 0.00 Yield: 0.0%

infrastructure rather than discretionary spending—a positioning that Avg. Daily Volume: 1,146,788

should support continued market share gains. RBC Estimates

FY Dec 2025A 2026E 2027E 2028E

Key points: Revenue 2,779.5 3,675.2 4,891.8 6,095.9

Axon hosted a customer panel webinar with Chief Customer Officer, Mike EBITDA, Adj 710.2 937.6 1,310.4 1,706.8

Wagers, where public safety leaders discussed technology adoption, AI EPS, Adj Diluted 7.14 7.63 12.71 16.14

and operational impacts to their police departments.