Summary of the Conference Call Company Overview - **Company Name**: SoundThinking, Inc. (formerly known as ShotSpotter) - **Industry**: Public safety solutions, specifically focusing on gunshot detection and weapons detection technologies - **Key Product**: ShotSpotter, an acoustic gunshot detection technology Core Points and Arguments - **Market Position**: SoundThinking is recognized for its innovative technology in public safety, particularly the ShotSpotter system, which detects and triangulates gunfire incidents using acoustic sensors [6][10] - **Revenue and Growth**: The company reported total revenue of approximately $110 million for the year, with an adjusted EBITDA of 17%, up from 12% the previous year, indicating strong financial performance despite stock price fluctuations [11] - **AI Integration**: The company has integrated AI into four of its products, enhancing operational efficiency and cost savings, which is expected to further improve adjusted EBITDA [11][30] - **Unique Data Advantage**: SoundThinking has a proprietary dataset accumulated over 20 years, which is crucial for the effectiveness of its AI algorithms in gunshot detection [13][14] - **Expansion Plans**: The company is expanding its services both domestically and internationally, with significant opportunities in Brazil and other countries facing gun violence issues [27][28] Additional Important Insights - **Retention Rates**: The company boasts a gross retention rate of 99%, indicating strong customer loyalty and a long customer lifetime value of 10-20 years [22] - **Cost Efficiency**: The cost to create a dollar's worth of annual contract value (ACV) is significantly lower than traditional SaaS companies, at $0.50-$0.60 compared to $1.50 [22][25] - **Regulatory Tailwinds**: New regulations in California and Illinois are driving demand for weapons detection solutions in hospitals and casinos, presenting a substantial market opportunity [33][34] - **Competitive Landscape**: SoundThinking continues to dominate the acoustic gunshot detection market, with a strong competitive moat due to its established technology and customer trust [42][46] - **Future Growth Potential**: The SafePointe weapons detection solution is projected to grow significantly, with a potential market size of over $20 billion, and is expected to reach $50 million in revenue within five years [28][29] Conclusion SoundThinking, Inc. is positioned for continued growth in the public safety sector, leveraging its proprietary technology and data, strong customer retention, and expanding market opportunities driven by regulatory changes. The integration of AI into its products enhances operational efficiency and positions the company favorably against competitors.

Core Viewpoint - Wrap Technologies, Inc. will hold a conference call on March 26, 2026, to discuss its financial and operational results for the fourth quarter and full year ended December 31, 2025 [1][2]. Company Overview - Wrap Technologies, Inc. is a global leader in non-lethal response and public safety technology, focusing on innovative solutions to address modern public safety challenges [3]. - The company's product portfolio includes the BolaWrap 150 device, WrapReality™ training platform, WrapVision™ body-worn camera system, and various next-generation C-UAS solutions [4]. Product Highlights - The BolaWrap 150 is designed for pre-escalation in law enforcement, providing a non-pain-based compliance method that enhances officer safety and reduces injury risks [4]. - WrapReality™ is a VR training simulator that offers realistic scenarios for first responders, aiming to improve decision-making under pressure [5]. - WrapVision is a body-worn camera system that enhances evidence management and operational security, with a focus on efficiency and regulatory compliance [6][7]. Upcoming Events - Interested parties can submit questions for the conference call by March 25, 2026, and the earnings press release will be available on the company's website prior to the call [2].

Core Insights - Brown Advisory Mid-Cap Growth Strategy underperformed the Russell Midcap® Growth Index in Q4 2025 primarily due to stock selection, particularly missing out on Palantir Technologies Inc (PLTR) [1] - The Strategy aims for solid risk-adjusted returns by investing in high-quality companies with market capitalizations between $2 billion and $50 billion [1] Company Highlights: Axon Enterprise, Inc. (NASDAQ:AXON) - Axon Enterprise, Inc. was added to the portfolio as its three-year return profile became more attractive, with a focus on public safety technology solutions [2][3] - As of March 20, 2026, Axon’s stock closed at $496.27, with a one-month return of 17.20% and a 52-week loss of 13.32% [2] - Axon reported a revenue growth of 39% year-over-year to $797 million in Q4 2025, indicating strong performance despite being less popular among hedge funds [4] Investment Rationale - The company is recognized for generating significant revenue from GenAI-enabled products, which contributed over $500 million in bookings over the year [3] - Axon is positioned to gain budget share by providing solutions that enhance safety and efficiency in law enforcement [3]

Investor Presentation March 2026 S O U N D T H I N K I N G I N V E S T O R P R E S E N T A T I O N DISCLAIMER Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the company's business plans, international expansion, expectations regarding future sales and expens es, ability to capitalize on mark ...

Core Insights - Wrap Technologies, Inc. has announced that the Northern York County Regional Police Department (NYCRPD) is upgrading to the BolaWrap 150 platform and implementing the WrapTactics Learning Management System, marking a significant advancement in non-lethal response technology in Pennsylvania [1][5]. Group 1: BolaWrap 150 Upgrade - The NYCRPD is transitioning from the BolaWrap 100 to the BolaWrap 150, which offers enhanced performance, safety features, and expanded functionality for non-lethal response [3][4]. - This upgrade reflects NYCRPD's commitment to modernizing its non-lethal response toolkit while ensuring continuity in training and deployment protocols [4][5]. Group 2: WrapTactics Learning Management System - NYCRPD will be the first agency in Pennsylvania to deploy WrapTactics, a Learning Management System designed to centralize and standardize ongoing training content for officers [5][6]. - WrapTactics aims to manage certification pathways, reinforce tactical decision-making, and maintain compliance documentation, complementing in-person and VR training programs [6][7]. Group 3: Partnership and Operational Effectiveness - The ongoing adoption of Wrap's products by NYCRPD signifies a durable partnership focused on innovation and operational effectiveness, combining equipment modernization with skills-based readiness [8]. - Wrap believes that integrating advanced non-lethal response solutions with structured training programs positions agencies like NYCRPD for long-term operational success [9][10].

Core Insights - Axon Enterprise, Inc. has a market capitalization of $39.9 billion and specializes in public safety technology solutions for law enforcement and first responders, operating through Software and Services, and Connected Devices segments [1] - The company’s product offerings include Axon Evidence, Axon Records, TASER devices, body cameras, and in-car cameras [2] Financial Performance - Axon reported strong Q4 2025 results with revenue of $797 million, representing a 39% year-over-year increase, driven by demand for premium software and new products [7] - The company provided guidance for 2026 revenue growth of 27% to 30% and an adjusted EBITDA margin of 25.5%, with a long-term target of $6 billion in annual revenue by 2028 [7] Stock Performance - AXON stock has decreased 44.8% from its 52-week high of $885.91 and is down 13.9% year-to-date, underperforming the Industrial Select Sector SPDR Fund's 6.8% increase [3][6] - Over the past 52 weeks, AXON shares have declined 12.1%, while the Industrial Select Sector SPDR Fund has returned 26.3% [6] Market Comparison - Compared to AerCap Holdings N.V., which has seen a 32.5% increase in its stock over the past 52 weeks, AXON has underperformed [8] - Despite the stock's weak performance, analysts maintain a "Strong Buy" consensus rating, with a mean price target of $740.50, indicating a potential upside of 50.5% from current levels [8]

Core Insights - Axon Enterprise, Inc. (AXON) shares have increased by 28.6% over the past month, significantly outperforming the Zacks sub-industry growth of 4.5% and the S&P 500's decline of 3% [1] - The company has also surpassed competitors like Kratos Defense & Security Solutions, Inc. (KTOS) and Leonardo DRS, Inc. (DRS), which returned 5% and 25.2%, respectively, during the same period [1] Stock Performance - The stock closed at $559.06, below its 52-week high of $885.92 and above its 52-week low of $396.41 [4] - It is currently trading above its 50-day moving average but below its 200-day moving average [4] Revenue Growth - Axon Connected Devices revenues rose by 29.1%, while Software & Services revenues increased by 39.6% [8] - The company forecasts a revenue growth of 27-30% for 2026 despite rising costs [8] Business Segments - The Connected Devices segment is experiencing strong momentum, driven by the popularity of the next-generation TASER 10 products and increased cartridge revenues [9] - The Software & Services segment benefits from a growing user base and demand for premium features, with revenues increasing by 39.6% [10] Strategic Investments - Axon is focusing on investments in AI products, real-time operations, drones, and robotics, which are expected to support future growth [11] - A strategic partnership with TYTAN aims to enhance counter-drone capabilities, expanding product offerings and customer base [12] Cost and Debt Concerns - The company's cost of sales increased by 33.3% year over year, with selling, general, and administrative expenses rising by 39.8% [13] - Long-term notes payable reached $1.73 billion, up from zero at the end of 2024, primarily due to strategic investments and expansion activities [14] Valuation Metrics - AXON's forward 12-month price-to-earnings (P/E) ratio is 65.01X, higher than the industry average of 49.17X, which may pose risks if market sentiment declines [15] - Comparatively, Leonardo DRS and Kratos Defense are trading at 36.85X and 111.68X, respectively [15] Earnings Estimates - Earnings estimates for 2026 have increased by 4.8% to $8.12 per share, indicating an 18.5% year-over-year growth [17] - Estimates for 2027 have risen by 15.4% to $10.67 per share, reflecting a 31.5% year-over-year growth [17] Overall Outlook - Strong momentum in Connected Devices and Software & Services segments, along with investments in AI and robotics, positions AXON for long-term growth [20] - However, challenges such as rising operating expenses, high valuation, and increasing debt may limit near-term prospects [20]

Core Thesis - Axon Enterprise, Inc. is positioned as a leading player in public safety technology, with a strong focus on hardware and software solutions for law enforcement and emergency services [3][4]. Financial Performance - The company has achieved consistent year-over-year revenue growth of 31–33%, with annual recurring revenue reaching $1.0 billion and a gross margin of 60% [4]. - Despite a temporary decline in EPS of 19% year-over-year for Q3 2025 and negative free cash flow of $87.5 million due to aggressive R&D and hardware expansion, Axon is strategically reinvesting for future growth [4]. Market Position and Valuation - The stock price has seen a decline from $792 to $497, currently consolidating around $630–640, which presents an attractive entry point for investors [5]. - Analyst consensus remains bullish, with average price targets above $750, indicating confidence in Axon's long-term growth trajectory [5]. Strategic Focus - Axon is focusing on scaling AI-driven software solutions, which is expected to enhance margins and leverage its significant backlog [6]. - The company's strong balance sheet, with over $2.4 billion in liquidity, supports its strategic initiatives and positions it well for future growth [4][6]. Competitive Landscape - Axon holds a near-monopoly in public safety technology, which mitigates concerns related to regulatory scrutiny, customer budget dependence, and competitive pressures [6]. - The company's mission-critical status in the industry further reinforces its strong market position [6].

Core Viewpoint - Wrap Technologies, Inc. is expanding its presence in Panama through a partnership with Servicios Tácticos de Seguridad S.A., aiming to introduce its non-lethal response technologies and public safety solutions to the region [1][10]. Group 1: Partnership Details - The agreement designates STS as Wrap's exclusive commercial partner in Panama, responsible for representing Wrap's public safety technologies and coordinating product demonstrations [4][6]. - STS will procure Wrap products for distribution within Panama, creating a scalable pathway for the introduction of Wrap's broader non-lethal response technology platform [6]. Group 2: Technology Offerings - Wrap's integrated platform includes the BolaWrap® 150 remote restraint device, DFR-X™ drone-based non-lethal response platform, Merlin-1™ Counter-UAS systems, WrapVision™ body-worn cameras, and WrapReality™ virtual reality training [2][13]. - The technologies are designed to support modern security operations across law enforcement, national security, and critical infrastructure sectors [2][5]. Group 3: Strategic Importance of Panama - Panama is identified as a strategically important market due to its role as a logistics and maritime hub, with increasing demand for integrated public safety solutions [7]. - Security stakeholders in Panama are seeking advanced technology and training to address evolving public safety challenges [7]. Group 4: Implementation Plans - Wrap and STS plan to conduct product demonstrations and operational training sessions for prospective customers, with a preliminary visit to Panama targeted for Q2 [8][9]. - These engagements will showcase Wrap's NLR technologies and immersive training systems to law enforcement and national security officials [9]. Group 5: Global Expansion Strategy - The partnership with STS is a strategic step in Wrap's international growth strategy, enhancing its footprint in Latin America and facilitating the adoption of its non-lethal response technologies [10][11]. - By collaborating with regional integrators, Wrap aims to ensure that agencies receive the necessary training and operational support for successful technology deployment [10].

Core Insights - The fourth quarter of 2025 saw mixed results for midcap stocks, with the Russell Midcap® Growth Index decreasing by 3.70% and the Russell Midcap® Value Index rising by 1.41% [1] - The growth index's materials sector achieved the highest absolute return at 17.51%, but its contribution to overall returns was limited due to smaller weight in the index [1] - Midcap stocks generated positive returns in 2025, with the Russell Midcap Growth Index rising by 8.66%, trailing the Russell Midcap Value Index's 11.04% return [1] - The firm anticipates a favorable year ahead for equity markets, highlighting potential opportunities in Cyclicals, Healthcare, Information Technology, Financials, and Consumer Spending sectors through 2026 [1] Company Insights: Axon Enterprise, Inc. - Axon Enterprise, Inc. is identified as a leading detractor in the fourth-quarter 2025 investor letter, with a market capitalization of $46.56 billion [2] - The stock closed at $579.09 per share on March 3, 2026, delivering a 34.47% return in the past month and gaining 8.25% over the past twelve months [2] - Axon reported softer than anticipated bookings growth, leading to a lag in its shares, but management expressed confidence in a strong rebound in fourth-quarter bookings for 2026 [3] - The company is focused on developing innovative solutions for law enforcement and has made significant strides in drones and AI-enabled solutions, while also expanding its offerings into new markets [3]