Q1 results beat expectations, primarily driven by continuous iteration of AI models and accelerated expansion in the consumer vertical. Revenue $1.84 billion (up 59% YoY), adjusted EBITDA $1.56 billion (up 66% YoY, margin 85%), free cash flow $1.29 billion. The Axon platform opened to global advertisers in June; consumer vertical advertising spend in April exceeded Q4 peak; AI video generation tools are coming soon; IAP games rapidly shifting to hybrid monetization; new customer average annual revenue exceeds $70,000 with extremely high retention. Q2 revenue guidance of $1.915–$1.945 billion (up 52%–55% YoY), EBITDA margin maintained at 84%–85%. Management's tone was strongly optimistic, emphasizing "enormous opportunity" and minimal customer churn, but no major risk signals in the near term.