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Investor Presentation

Investor Presentation

Bandwidth Investor Presentation 

Discover how Bandwidth is redefining AI-driven enterprise communications globally. In this investor presentation, CEO David Morken and CFO Daryl Raiford walk through Bandwidth’s unique position as the only CPaaS provider with an owned-and-operated cloud communications network—powering mission-critical AI voice and messaging for the world’s largest enterprises. Learn how our platform, strategy, and financial performance come together to create durable growth and long-term value.

Slide 3: Bandwidth: an attractive investment opportunity

Hello, I’m David Morken, Bandwidth’s CEO. Bandwidth is positioned at the center of global cloud communications - powering mission critical, AI-driven voice, messaging, and emergency services for enterprises worldwide.

In this presentation, we’ll walk through who we are, the competitive advantages that differentiate Bandwidth in cloud communications, and the key pillars of our investment thesis — including our global infrastructure, AI orchestration strategy, and profitable growth model.

Slide 4: A global cloud communications leader in a large and growing market

Our story is anchored in three pillars:

First, we’re “a global cloud communications leader in a large, growing market”—powering mission-critical voice, messaging, and emergency services for some of the world’s largest and most demanding enterprises.

Second, we’re “orchestrating AI, voice and messaging—across cloud communications” through our open, award-winning Maestro platform.

Third, we have a proven business model, delivering growth, profitability, and capital structure strength.

These pillars define how we compete and how we create durable, long-term value.

Slide 5: Bandwidth powers mission-critical communications across three customer markets…

Let’s start with our first pillar. Bandwidth is a global cloud communications leader in a large and growing market.

We believe the shift to cloud-based communications is still in the early stages, creating a significant long-term opportunity.

The best proof of our leadership is the customers and platforms that trust Bandwidth for their most mission-critical communications. We power 100% of the UCaaS and CCaaS leaders, including Microsoft, Google, Zoom, AWS, and Genesys.We’re also trusted by large enterprises like Ally, Capital One, and Southwest—where reliability, scale, and uptime aren’t just important, they’re non-negotiable.

On the messaging side, Bandwidth is the trusted provider behind some of North America’s largest engagement platforms. Through customers like Attentive, Rover, and Kipsu, we help thousands of brands reach their consumers at scale with reliable, high-volume messaging.

These aren’t just logos you see on this slide—they represent platforms millions rely on daily.

Slide 6: …and now, a leading CRM platform

And now, our leadership is expanding into CRM.

Salesforce recently selected Bandwidth as the critical infrastructure partner to power voice and messaging for their Agentforce Contact Center, its AI-first platform for customer engagement.

This matters because Salesforce is bringing customer data, digital engagement, and agentic AI together inside the CRM workflow — and Bandwidth provides the communications infrastructure to run those interactions.

This adds CRM as a major new category of platforms we power. And it positions Bandwidth deeper inside governed enterprise workflows where every interaction creates more usage and higher value.

Slide 7: Bandwidth uniquely delivers the only global, owned and operated cloud communications platform

What gives Bandwidth its competitive moat and lasting edge in the market?

As AI reshapes enterprise communications, infrastructure matters more than ever. That’s where Bandwidth stands apart.

First, our communications cloud gives us direct control over quality, reliability, scalability, and economics. We have the only global, owned and operated IP network with regulatory reach across nearly 70 countries. Over the last two decades, we’ve built our platform into the global ecosystem achieving approximately 7,000 direct carrier connections worldwide. 

Second, our Maestro orchestration platform enables enterprises to deploy and manage AI-powered voice and messaging across complex cloud environments.

And third, enterprises trust Bandwidth for mission-critical communications in industries where performance, resiliency, and compliance are non-negotiable.

Together, these advantages position Bandwidth as critical infrastructure for AI-driven customer engagement. In short, we've Got Moat.

Slide 8: Built for global mission-critical communications

Behind every call,, message, and emergency connection is a global cloud platform that just works—a foundation our customers can build on with confidence. Each year, our cloud platform powers more than 150 billion voice minutes,, and delivers over 55 billion messages,, and growing. We support 30 million 911 endpoints,, and maintain five nines of core network uptime. Because when communications matter most, our customers count on us.

Bandwidth built this network to deliver the ultra-low latency, carrier-grade reliability,, and scalability required for mission-critical communications,, and real-time AI engagement. And while we operate at massive scale, we keep it simple—reducing regulatory complexity, while supporting customers—with a team that’s human, responsive, and always on.

Slide 9: Exceptional customer retention and loyalty

The strength of our platform is reflected in the durability of our customer relationships:

  • Our customer name retention rate is over 99%—once a customer chooses Bandwidth, they stay.
  • Our net retention rate is 110%, fueled by strong growth within existing accounts.
  • And among our top 20 customers, the median tenure is 12 years.

That’s serious loyalty.

These aren’t just metrics. They reflect the trust we’ve earned by helping customers transform their communications and showing up as a true partner—year after year.

Slide 10: A history of award-winning innovation

Our innovation is recognized across the industry.

We’re proud to be named a Leader in two IDC Worldwide MarketScapes – for CPaaS and for Communications Engagement Platforms. This is a testament to our scale, strategy, and execution.

We’ve also earned honors like Best CPaaS Platform, Most Innovative Product, Innovation in Customer Service, and Best of Show at Enterprise Connect.

These awards validate a simple truth: Bandwidth is leading the future of enterprise communications.

Slide 11: Orchestrating AI, voice, and messaging across cloud communications

In the race to modernize customer engagement, AI will reshape how businesses harness voice and messaging.

But delivering intelligent, real-time experiences across channels—and at global scale—will take more than great AI models. It will take great orchestration.

That’s where Bandwidth stands apart.

Slide 12: Bandwidth: critical infrastructure in the AI tech stack

We’re not just enabling AI—we’re orchestrating AI-powered voice and messaging across the cloud communications stack, with an open architecture approach that gives the flexibility, fidelity, and global reach enterprises need to lead.

We are deeply embedded in enterprise workflows—where trust, compliance, and integrations are built directly into the network.

Our platform gives enterprises control and observability over high-value interactions—creating a system of record at global scale.

And importantly, this business model expands with AI adoption.

  • As AI voice agents drive more interactions, platform usage increases.
  • As workflows become more automated and continuous, engagement scales.
  • And as interactions become more complex—with additional call legs, services, and orchestration—revenue per interaction grows.

This positions Bandwidth as the essential core of the enterprise AI stack—powering communications between AI applications, enterprise systems, and the global communications ecosystem.

Slide 13: Maestro connects the enterprise ecosystem

Bandwidth Maestro is the orchestration layer for the modern enterprise—built on Bandwidth’s open, API-first platform.

While many CPaaS providers push proprietary stacks and limit flexibility, Bandwidth takes a different approach. We enable freedom of choice. Maestro allows enterprises to integrate best-in-class solutions across CCaaS, UCaaS, CRM, and AI—without vendor lock-in.

Whether they're using Salesforce, Genesys, Five9, Microsoft, or another provider, enterprises can bring in voice AI from Google Dialogflow or bring their own AI application—and orchestrate it all seamlessly through Maestro. Maestro provides centralized visibility, dynamic control, and resiliency across global communications environments.

And because it runs on Bandwidth’s owned-and-operated global network, enterprises get the ultra-low latency and high-fidelity performance real-time AI demands.

With Maestro, enterprises don’t have to compromise. They get the ecosystem they want—

with the control they require—globally.

Slide 14: Bandwidth powers mission-critical voice

Across industries—from healthcare to financial services to hospitality—enterprises rely on Bandwidth for high-performance voice solutions.

Whether integrating cloud contact centers, enabling AI-driven orchestration, or modernizing legacy infrastructure, we provide the foundation that allows customers to move faster with confidence.

Slide 15: Bandwidth powers mission-critical messaging

On the messaging side, we enable digital engagement at scale.

From retail marketing platforms to healthcare communications and financial alerts, our infrastructure supports high-volume, reliable messaging. As enterprises look to enhance customer engagement, messaging remains a powerful and growing channel.

Slide 16: Proven business model delivering growth, profitability, and capital strength

Hello, I’m Daryl Raiford, Bandwidth’s CFO. We’ve covered our platform, our position in AI, and the enterprises that rely on us. Now let’s talk about what drives long-term value creation:

Bandwidth has a proven business model delivering growth, profitability, and capital strength.

Revenue is growing. Margins are expanding. And our model is built to scale.

Slide 17: Durable revenue growth

Let’s start with revenue performance, where we’ve shown consistent growth over time.

From 2022 to 2025, Bandwidth increased total revenue more than 30%—and based on our strong start to 2026, we now expect 18% year-over-year revenue growth this year.

That 2026 outlook includes approximately 10% year-over-year growth in cloud communications revenue—driven by continued demand across voice and messaging, rising AI-driven usage, expanding software services revenue, and momentum with large enterprise customers.

These results reflect the expansion of our enterprise relationships, deeper adoption within existing accounts, and the increasingly strategic role Bandwidth plays in AI-driven customer engagement.

Slide 18: Expanding non-GAAP gross margin

Our financial model continues to drive steady margin expansion.

In 2025, non-GAAP gross margin was 58%, tracking towards our target of 60% in 2026.

What sets Bandwidth apart is simple: we own our communications cloud. We don’t resell third-party carrier access—we run the network ourselves.

That model creates structural margin advantages that expand with usage. Our margin performance is fueled by scale, AI adoption, software mix, global coverage, and operational efficiencies.

This is the foundation of our operating leverage—and a key driver of long-term profitability.

Slide 19: Accelerating profitability: Adjusted EBITDA growth

Our revenue growth and expanding gross margins are translating directly into higher profitability.

In 2025, we delivered a record $93 million in adjusted EBITDA—a 17% adjusted EBITDA margin. And based on our current outlook, we expect to drive a 31% increase in profitability to our target of 20% Adjusted EBITDA margin in 2026.

This reflects operating leverage and disciplined cost management as we continue to scale.

As revenue grows, we’re gaining leverage—not just in infrastructure, but across the business—setting us up for continued margin expansion and cash flow generation.

Slide 20: Deleveraging through strong cash flow generation

Our disciplined execution and scalable model are driving meaningful cash flow growth.

In 2025, free cash flow margin reached 10% and we over-achieved on our goal set in 2023 to generate $125 million cumulative free cash flow over three years.

We continue to maintain a balanced capital allocation strategy driving three goals: strategic investment for growth, deleveraging, and reducing dilution effects.

In the first quarter of 2026, we fully retired our outstanding 2026 convertible notes, repurchased $100 million of our 2028 convertible notes at a discount, and initiated an $80 million opportunistic share repurchase program

We believe this approach gives Bandwidth the flexibility to capitalize on market opportunities when they arise while actively managing both leverage and dilution to enhance shareholder value.

Slide 21: Compelling investment thesis

It all adds up to a clear and compelling investment thesis:

  • First, we operate in a large and growing market—serving mission-critical enterprise communications around the world.
  • Second, we have a durable competitive advantage, driven by software innovation and our global, owned-and-operated communications cloud.
  • Third, we are mission-critical infrastructure for enterprise AI-driven communications — powering the real-time voice and messaging interactions transforming customer engagement.
  • And finally, we operate from a position of financial strength—combining profitable growth, expanding margins, and capital structure flexibility.

Bandwidth is built for the dynamic world of communications today—and architected for where it’s going next.

We’re just getting started.