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Trevor J. Walsh

Senior Equity Research Analyst at Citizens

Trevor J. Walsh is a Senior Equity Research Analyst at Citizens JMP, specializing in technology sector coverage with a particular focus on cyber security and software companies such as CrowdStrike, Okta, and Cloudflare. He has demonstrated a strong track record, achieving a 66% success rate on recommendations and averaging a 21.5% return per transaction, with standout ratings like a 163.6% return on CrowdStrike. Walsh's career at Citizens JMP is distinguished by his in-depth research and active engagement with company management, including earnings call participation. He holds professional securities licenses and maintains FINRA registration, underscoring his commitment to industry standards and analytical rigor.

Trevor J. Walsh's questions to AXON ENTERPRISE (AXON) leadership

Question · Q3 2025

Trevor Walsh asked about the potential risks of integrating new 911 solutions (Prepared and Carbyne) with existing legacy CAD systems, specifically if these older systems could break or limit scalability, and if Axon anticipates customers needing to replace them faster. He also inquired about the federal deals, asking if the guidance was influenced by the shutdown and the outlook for 2026 in this segment.

Answer

CEO Rick Smith explained that Axon's strategy involves building parallel systems that respect existing infrastructure while allowing for innovation. He likened the transition to landlines versus mobile phones, expecting CAD systems to become less relevant over time as AI-based systems process information. CPO and CTO Jeff Kunins added that Prepared is an easy-to-deploy AI overlay that taps into existing audio feeds, while Carbyne offers a modern cloud-based call-handling infrastructure for agencies ready to replace old systems. CFO Brittany Bagley stated that federal business was not a significant part of the current year's guidance, implying potential upside. President Josh Isner confirmed that Q4 is expected to be Axon's best federal quarter of the year, driven by Dedrone interest and ongoing opportunities despite the shutdown.

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