Core Viewpoint - Axon Enterprise faces increasing competition from Motorola Solutions, which has announced a $4.4 billion acquisition of Silvus Technologies, a company specializing in Mission-Critical Mobile Ad-hoc Network (MANET) technology, potentially impacting Axon's growth and expansion plans [1][2][10]. Company Overview - Axon Enterprise's stock is currently priced at $743.63, with a P/E ratio of 192.15 and a price target of $652.73, indicating a moderate buy rating among analysts [1][7]. - The company has seen its revenues more than double from 2021 to 2024, reaching nearly $2.1 billion in total revenue for 2024 [2][5]. Competitive Landscape - Motorola Solutions, which generates approximately 70% of its revenue from public safety customers, is a significant competitor to Axon, particularly in the body camera and AI-powered analytics technology space [4][5]. - The acquisition of Silvus Technologies is expected to enhance Motorola's capabilities in high-bandwidth secure mobile data and video, which could provide a competitive edge over Axon [6][8]. Market Dynamics - Axon's Axon Respond technology allows for live video streaming through body cameras, but it relies on LTE or Wi-Fi connectivity, which may limit its effectiveness in areas with poor infrastructure compared to Motorola's MANET technology [8][9]. - While the immediate impact of Motorola's acquisition on Axon may be limited, it could restrict Axon's growth potential in the broader $129 billion total addressable market [10]. Future Outlook - Analysts project a 12-month stock price forecast for Axon at $652.73, suggesting a potential downside of 12.22% from the current price [7]. - The company primarily serves U.S. state and local law enforcement agencies, which may have better access to fixed communication infrastructure, potentially mitigating the impact of Motorola's new technology [9].

INVESTOR PRESENTATION VIEW REPORT MAY 2025 INVESTOR DECK Q1 2025 OVERVIEW OUR ECOSYSTEM MARKET OPPORTUNITY FINANCIALS APPENDIX 2 SAFE-HARBOR STATEMENT Forward-looking statements in this letter include, without limitation, statements regarding: proposed products and services and related development efforts and activities; expectations about the market for our current and future products and services, including statements related to our user base and customer profiles; the impact of pending litigation; strate ...