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Here are 1-3 brief analogies to describe Bandwidth:

• AWS for communication APIs
• Intel for voice and messaging software

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• Voice APIs: Provides developers with programmatic access to embed voice calling, conferencing, and other voice features directly into their applications.
• Messaging APIs: Enables businesses to integrate SMS and MMS capabilities for notifications, customer support, and marketing into their software.
• Emergency Services (911/E911): Offers critical connectivity to emergency dispatch centers for VoIP and unified communications solutions.
• Global IP Network: Offers access to its proprietary, carrier-grade network infrastructure to power enterprise voice and messaging services globally.
• Phone Number Management: Allows enterprises to acquire, provision, and manage local and toll-free phone numbers for their communication needs.

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Bandwidth (NASDAQ: BAND) primarily sells its communication services, including voice, messaging, and 911 capabilities, to other companies (B2B). These customer companies integrate Bandwidth's network and software APIs into their own products and platforms.

Its major customers, often large technology and software companies, include:

• Google (part of Alphabet Inc., NASDAQ: GOOG, GOOGL)
• Microsoft Corporation (NASDAQ: MSFT)
• Zoom Video Communications, Inc. (NASDAQ: ZM)
• RingCentral, Inc. (NYSE: RNG)

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David Morken, Cofounder, Chief Executive Officer, and Chairman

David Morken co-founded Bandwidth in 1999 and has served as its CEO and Chairman since. He also co-founded Republic Wireless, a low-cost provider that was spun out of Bandwidth in 2016 and later acquired by Dish Network in 2021. Additionally, he co-founded and serves as Chairman of RelayPro and co-founded efiling.com, the internet's first online tax filing service, in 1994. Before founding Bandwidth, Mr. Morken served on active duty in the Marine Corps as a Judge Advocate and Headquarters Company Commander.

Daryl Raiford, Chief Financial Officer

Daryl Raiford joined Bandwidth as Chief Financial Officer in 2021. Prior to Bandwidth, he was the Chief Financial Officer of Ribbon Communications, where he was recognized for his role in strategic transformation and the successful integration of several global M&A deals, including the merger of GENBAND and Sonus Networks, and Ribbon's 2020 acquisition of ECI Telecom Ltd. From 2004 to 2007, Mr. Raiford was Executive Vice President and Chief Financial Officer of Travelport Worldwide Ltd., helping to build a travel company that included the Orbitz brand, which was eventually sold to Blackstone Group. His earlier career also includes leadership finance roles at Freescale Semiconductor, Hewlett-Packard, and Compaq Computer Corp.

Devesh Agarwal, Chief Operating Officer

Devesh Agarwal became Chief Operating Officer of Bandwidth in January 2025, having previously served as Interim Chief Operating Officer and Chief Software Strategy Officer. Before joining Bandwidth, he was the Chief Product Officer at Sandvine from 2020 to 2022 and the Vice President for Products at Oracle from 2017 to 2020.

Rebecca Bottorff, Chief People Officer and Director

Rebecca Bottorff has been the Chief People Officer and a Director of Bandwidth since 2022. She previously founded and served as President of Venture Savvy Consulting Group. Her background also includes serving as Vice President of Human Resources at Motricity Inc and Konover Property Trust.

Amaya Lantero, Chief Strategy Officer

Amaya Lantero was appointed Chief Strategy Officer of Bandwidth in February 2025. Prior to this role, she served as the General Manager of International at Bandwidth and was the Chief Strategy Officer at Voxbone from 2019 to 2020.

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The key risks to Bandwidth's business (symbol: BAND) are:

1. Intense Competition: Bandwidth operates in a highly competitive and rapidly evolving market for cloud communications and Communications Platform as a Service (CPaaS). The presence of larger competitors with greater resources, potential new market entrants, and market saturation could lead to erosion of market share and profit margins.
2. Regulatory Compliance: The company is subject to complex and changing regulations within the telecommunications industry, both domestically and internationally. Changes in regulatory requirements related to emergency services, data privacy, and anti-corruption laws could increase operational costs and restrict the company's ability to offer services in certain jurisdictions.
3. Cybersecurity Threats: Bandwidth faces ongoing risks from cybersecurity incidents, such as the Distributed Denial of Service (DDoS) attack it experienced in 2021. Such attacks can disrupt service, impact financial performance, and harm the company's reputation.

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A clear emerging threat for Bandwidth is the advent of **direct-to-device satellite communication**. Companies such as Starlink (in partnership with T-Mobile), Lynk Global, AST SpaceMobile (in partnership with AT&T and others), and Apple (with its Emergency SOS via Satellite feature) are actively developing and deploying technologies that enable standard smartphones to connect directly to satellites for voice, text, and data. This innovation bypasses traditional cellular towers and, by extension, a significant portion of the terrestrial telecom infrastructure that Bandwidth’s cloud-native communication platform relies upon for its voice, messaging, and 911 APIs.

As these services mature and expand beyond niche applications like emergency services or remote connectivity to more general communication, they could diminish the demand for traditional PSTN access, domestic/international routing, and even some emergency services routing that Bandwidth provides. This new communication paradigm has the potential to disrupt Bandwidth's core traffic volume and erode the unique value proposition of its owned and operated network, similar to how earlier disruptive technologies created alternative communication pathways that circumvented existing infrastructure.

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Bandwidth (symbol: BAND) operates in several addressable markets related to cloud communications. The main products and services offered by Bandwidth include Communication Platform as a Service (CPaaS), Voice APIs, and Messaging APIs.

• Communication Platform as a Service (CPaaS): The global CPaaS market was valued at approximately USD 19.5 billion in 2024 and is projected to reach USD 262.0 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 29.8% during the forecast period. In 2024, Asia Pacific dominated this market.

• Voice API: The global Voice API market size was valued at USD 4.2 billion in 2024 and is forecasted to reach USD 19.6 billion by 2033, demonstrating a CAGR of 18.6%. Separately, the global Voice Chat API market size is estimated at around USD 2.5 billion in 2025, with a projected CAGR of 15% from 2025 to 2033.

• Messaging API: The global messaging application API market was estimated at USD 46.75 billion in 2024 and is projected to grow at a CAGR of 18.9% from 2025 to 2030, reaching USD 130.87 billion by 2030. North America held the largest share of the messaging application API market in 2024, with 34.8%. Another source indicates the global messaging API telecom API market size was valued at US$ 91.51 billion in 2024 and is estimated to grow at a CAGR of 25.4% from 2024 to 2030, reaching USD 344.02 billion by 2030, with Asia Pacific being the largest revenue-generating market in 2024.

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Bandwidth (NASDAQ: BAND) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Adoption of AI-Powered Solutions: Bandwidth anticipates significant revenue growth from the expanding adoption of Voice AI and other AI-driven communication solutions. This includes functionalities like audio dubbing, translation, voice cloning, and AI Receptionist services. The company's Maestro platform and AI Bridge are key enablers for integrating these AI capabilities into enterprise communications.

2. Expansion in Enterprise Customer Base and Large Deals: A core focus for Bandwidth is to secure and expand relationships with large enterprises, aiming to become a leading global Communications Platform as a Service (CPaaS) provider for scaling digital engagement. The company has reported a record number of enterprise deals and strong demand across various sectors, including financial services, healthcare, digital commerce, logistics, property management, and government.

3. Growth in Core Cloud Communications and Programmable Services: Continued momentum in enterprise voice and a rising demand for programmable messaging are expected to fuel revenue growth. Bandwidth's cloud communications revenue has demonstrated strong growth, and the global expansion of voice plans is also identified as a significant market driver.

4. Shift to a Software-Driven Revenue Model: Bandwidth is strategically evolving its business model to include a higher mix of recurring software-driven revenue. This involves adding intelligent automation and value-added services that enhance customer offerings. Ongoing investments in Research and Development (R&D) are crucial for augmenting their platform offerings and supporting this shift.

5. Global Market Expansion: With its Communications Cloud already serving over 65 countries and addressing a substantial portion of the world’s GDP, Bandwidth is positioned to capitalize on global expansion. The company views the global expansion of voice plans as a key opportunity for future revenue growth.

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Share Repurchases

• In Q3 2025, Bandwidth repurchased $27,400 principal of 2026 convertible notes for $26,144 in cash.

Share Issuance

• The number of shares outstanding increased from 25.13 million in 2021 to 29.88 million as of October 2025.
• Shares outstanding increased by 9.62% in the last year (as of November 2025).
• As of September 30, 2025, Bandwidth had 70,358 shares of Class A common stock reserved for issuance under stock-based award agreements, down from 79,238 as of December 31, 2024.

Outbound Investments

• Bandwidth completed the acquisition of Voxbone, an international cloud communications leader, on November 2, 2020, for an enterprise value of €446 million EUR, consisting of approximately $400 million USD in cash and 663,394 shares of Bandwidth Class A common stock.
• Bandwidth acquired Pathfindr on January 5, 2024.

Capital Expenditures

• Capital expenditures for the three months ended June 2025 were approximately -$6.09 million.
• For the last 12 months (as of November 2025), capital expenditures were -$20.54 million.
• Capital expenditures are estimated at around $20 million for the full year 2024, with a focus on cloud expansion and strategic investments in AI voice technologies.