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Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Total amortization expense	$ 18,094	$ 17,503	$ 17,274
Cost of revenue
Goodwill [Line Items]
Total amortization expense	8,142	7,811	7,810
Sales and marketing
Goodwill [Line Items]
Total amortization expense	$ 9,952	$ 9,692	$ 9,464

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires the Company to make estimates and judgments that affect the amounts reported in these financial statements and accompanying notes. These estimates in the consolidated financial statements include, but are not limited to, allowance for doubtful accounts, reserve for expected credit losses, reserve for sales credits, recoverability of long lived and intangible assets, fair value of acquired intangible assets and goodwill, discount rates used in the valuation of right-of-use assets and lease liabilities, the fair value of the liability components of the Company’s Convertible Notes (as defined herein), estimated period of benefit, valuation allowances on deferred tax assets, certain accrued expenses and contingencies. Although the Company believes that the estimates it uses are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.

Revenue Recognition

Revenue recognition commences upon transfer of control of promised goods or services to customers in an amount that the Company expects to receive in exchange for those products or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue, when, or as, the Company satisfies a performance obligation.

Infrequently, Bandwidth’s contracts with customers may include multiple performance obligations. For such arrangements, revenues are allocated to each performance obligation based on its relative standalone selling price. Generally, standalone selling prices are determined based on the prices charged to similar customers for similar services.

When required as part of providing service, revenues and associated expenses related to nonrefundable, upfront service activation and setup fees are deferred and recognized over the longer of the associated service contract period or estimated customer life.

The Company’s contracts do not contain general rights of return. However, occasionally credits may be issued. The Company’s contracts do not provide customers with the right to take possession of the software supporting the applications. Amounts that have been invoiced are recorded in accounts receivable and in revenue or deferred revenue depending on whether the revenue recognition criteria have been met.

The Company maintains a reserve for sales credits. Credits are accounted for as variable consideration and are estimated based on several inputs including historical experience and current trends of credit issuances. Adjustments to the reserve are recorded against revenue.

The Company has various sales commission plans for which eligible employees can earn commissions from the sale of products and services to customers. Eligible employees must be employed at the time of payment in order to receive a commission. The Company pays commissions over time and a corresponding requisite substantive service condition exists for the employee to receive the commission. The Company determined that the timing of the commission payments and the underlying service performed by the employee were commensurate. Accordingly, sales commissions are generally expensed as incurred. These costs are recorded within sales and marketing expenses.

Nature of Products and Services

Revenue consists primarily of two categories: (1) cloud communications and (2) messaging surcharges, which are described and quantified below.


	Year ended December 31,
	2025		2024		2023

	(In thousands)

Cloud communications	$	561,379	$	539,753	$	478,892
Messaging surcharges	192,438		208,734		122,225
Total revenue	$	753,817	$	748,487	$	601,117

Cloud Communications

Cloud communications revenue consists of the sale of communications services offered through Application Programming Interface (“API”) software solutions to customers and is derived from (i) reoccurring sources such as per minute voice usage and voice calling, per text message usage and other usage services and fees, and (ii) monthly recurring charges arising from phone number services, 911-enabled phone number services, messaging services and other services.

The majority of the Company’s cloud communications revenue is generated from reoccurring fees earned from customers accessing and using the Company’s communications platform. Access to the Company’s communications platform is considered a series of distinct services with continuous transfer of control to the customer, comprising one performance obligation. Reoccurring fees are recognized in revenue in the period the traffic traverses the Company’s network. For the years ended December 31, 2025, 2024 and 2023, revenue from reoccurring cloud communications fees represented $414.5 million, $401.4 million, and $346.9 million of total revenue, respectively.

Revenue from recurring fees is recognized on a ratable basis as the service is provided, which is typically one month. For the years ended December 31, 2025, 2024 and 2023, revenue from recurring cloud communications fees represented $146.9 million, $138.4 million and $132.0 million of total revenue, respectively.

Messaging surcharges

Messaging surcharge revenue consists of pass-through messaging surcharges imposed by the major mobile carriers in North America and is recognized in revenue during the period in which the messaging traffic traverses the Company’s network.

Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2025		2024

	(In thousands)
Receivables (1)	$	91,409	$	86,455
Contract liabilities (2)	13,714		14,986

________________________

(1) Included in accounts receivable, net of allowances on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Deferred revenue is recorded when cash payments are received in advance of future usage on contracts. Revenue is typically recognized in the following month when service is rendered or, in the case of nonrefundable upfront fees, over the estimated period of benefit from the date the fee is incurred by the customer. Customer refundable payments are recorded as advanced billings. During the year ended December 31, 2025, the Company recognized revenue of $6.5 million related to contract liabilities recorded at the beginning of the year. The Company expects to recognize $8.7 million in revenue over the next 12 months related to its contract liabilities as of December 31, 2025.

Cost of Revenue

Cost of revenue consists of fees paid to other network service providers, network operations costs, personnel costs, allocated costs of facilities and information technology, amortization of acquired technology intangibles and depreciation.

Fees paid to other network service providers arise when the Company purchases services such as minutes of use, phone numbers, messages, porting of customer numbers and network circuits.

Network operations costs are incurred for web services and cloud infrastructure, capacity planning and management, software licenses, hardware and software maintenance fees, customer support and network-related facility rents.

Personnel costs (including stock-based compensation expenses) arise for employees who are responsible for the delivery of services, and operations and maintenance of, the communications network.

Research and Development

Research and development expenses consist of salaries and related personnel costs for the design, development, testing and enhancement of our cloud network and software products. Research and development expenses include depreciation and allocated costs for facilities and information technology utilized by our research and development staff.

Sales and Marketing, General and Administrative

Sales and Marketing

Sales and marketing expenses consist of salaries and related personnel costs, commissions, and costs related to advertising, marketing, brand awareness activities, sales support and professional services fees, and customer billing and collections functions. Sales and marketing expenses include depreciation, amortization of acquired customer relationship intangible assets, and allocated costs of facilities and information technology utilized by our sales and marketing staff.

General and Administrative

General and administrative expenses consist of salaries and related personnel costs for accounting, legal, human resources, corporate, and other administrative and compliance functions. General and administrative expenses include depreciation, expenditures for third party professional services, and allocated costs of facilities and information technology utilized by our corporate and administrative staff.

Cash and Cash Equivalents

The Company classifies all highly liquid investments with original stated maturities of three months or less from the date of purchase as cash equivalents. All highly liquid investments with original stated maturities of greater than three months from the date of purchase are classified as current marketable securities. Cash deposits are primarily in financial institutions in the United States. However, cash for monthly operating costs of international operations are deposited in banks outside the United States. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating. The Company utilizes money market funds as an investment option and only invests in AAA rated funds.

Marketable Securities

The Company’s marketable securities consist of time deposits and commercial paper. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. The Company may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, the Company classifies investments with maturities greater than 90 days as marketable securities in the accompanying consolidated balance sheets. Available-for-sale securities are recorded at their estimated fair value at the end of each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within accumulated other comprehensive loss on the consolidated balance sheets until realized. Interest income is reported within other (expense) income, net on the consolidated statements of operations. The Company evaluates its investments to assess whether the amortized cost basis is in excess of estimated fair value and determines what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in other (expense) income, net on the consolidated statements of operations, and any remaining unrealized losses are included in accumulated other comprehensive loss on the consolidated balance sheets.

Accounts Receivable

Accounts Receivable and Current Expected Credit Losses

Accounts receivable are stated at realizable value, net of allowances, which includes an allowance for doubtful accounts and a reserve for expected credit losses. The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risk characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to trade accounts receivable and determined that allowances of approximately $0.5 million and $2.2 million for uncollectible accounts and customer balances that are disputed were required as of December 31, 2025 and 2024, respectively. Refer to Note 3, “Financial Statement Components” to these consolidated financial statements, for a rollforward of the components of the allowances for the years ended December 31, 2025, 2024 and 2023.

The Company includes unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from services provided to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable.

Current Expected Credit Losses

Accounts Receivable and Current Expected Credit Losses

Concentration of Credit Risk

Financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents, marketable securities and trade accounts receivable. The Company maintains its cash, cash equivalents and marketable securities with high credit-quality financial institutions. Certain balances held by such financial institutions exceed federally-insured limits.

Leases

The Company determines if an arrangement is or contains a lease at inception and reassesses that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. For facility leases, the Company does not account for lease and non-lease components as a single lease component. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company does not include options to extend or terminate the lease unless it is reasonably certain that it will exercise any such options. Variable lease payments, such as common areas maintenance costs, are not included in the measurement of ROU assets and lease liabilities, and instead are expensed as incurred. The Company generally uses its incremental borrowing rate (“IBR”) based on the information available at commencement to determine the present value of lease payments, except when an implicit interest rate is readily determinable. Operating lease expense attributable to lease payments is recognized on a straight-line basis over the lease term and is part of allocated facilities costs based on employee headcount within the cost of revenue, research and development, sales and marketing, and general and administrative expense categories on the Company’s

consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying consolidated balance sheets.

Finance leases result in the recognition of depreciation expense, which is recognized on a straight-line basis over the expected life of the leased asset, and interest expense, which is recognized following an effective interest rate method. Depreciation expense attributable to finance leases is included in operating expenses on the Company’s consolidated statements of operations. Finance leases are reported in property, plant and equipment, net, accrued expenses and other current liabilities, and other liabilities on the Company’s consolidated balance sheets. The Company did not have significant finance leases as of December 31, 2025 and 2024.

The Company does not recognize ROU assets or lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term.

Property, Plant and Equipment, net

Deferred Costs

The Company defers certain direct and incremental upfront costs related to the generation of a revenue stream or obtaining a new customer agreement. These costs include installment fees, activation and other telecommunication fees. The Company capitalizes these costs and amortizes them over the longer of the term of the customer contract or the estimated period of benefit.

Internal-Use Software Development Costs

Internal-use software includes software that has been acquired, internally developed, or modified exclusively to meet the Company’s needs. The Company capitalizes qualifying internal-use software development costs that are incurred during the application development stage. Capitalization of costs begins when two criteria are met: (i) the preliminary project stage is completed, and (ii) it is probable that the software will be completed and used for its intended function. Capitalization ceases when the software is substantially complete and ready for its intended use, including the completion of all significant testing. The Company also capitalizes costs related to specific upgrades and enhancements when the expenditures will result in additional functionality, and expenses costs incurred for maintenance and minor upgrades and enhancements. Costs related to preliminary project activities and post-implementation operating activities are expensed as incurred.

Capitalized costs of platform and other software applications are included in property, plant and equipment, net. These assets are placed into service when ready for use and amortized over the estimated useful life of the software on a straight-line basis over four years. Management evaluates the useful life of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Debt Issuance Costs

The Company incurs debt issuance costs associated with obtaining and entering into credit agreements and issuing convertible notes. These costs customarily include non-refundable structuring fees, commitment fees, up-front fees and syndication expenses. The Company has a policy of deferring and amortizing these costs based on the effective interest method over the term of the credit agreements or the convertible notes, as applicable.

Amortization of Intangibles

Intangible assets with determinable economic lives are carried at cost, less accumulated amortization. Amortization is computed over the estimated useful life of each asset on a straight-line basis. The Company determines the useful lives of identifiable intangible assets after considering the specific facts and circumstances related to each intangible asset. Factors the Company considers when determining useful lives include the contractual term of any agreement related to the asset, the historical performance of the asset, the Company’s long-term strategy for using the asset, any laws or other local regulations which could impact the useful life of the asset and other economic factors, including competition and specific market conditions. Intangible assets without determinable economic lives are carried at historical cost and reviewed for impairment at least annually.

Goodwill

In accordance with Accounting Standards Codification 350, “Intangibles - Goodwill and Other” (“ASC 350”), goodwill is not amortized, but rather is reviewed for impairment at the reporting unit level on the last day of the Company’s fourth quarter of each fiscal year, or when there is evidence that events or changes in circumstances indicate that the fair value of the reporting unit is less than the carrying amount of the reporting unit, including goodwill.

The Company establishes its reporting units based on its current organizational structure and management’s view of the business. The Company has determined it has one reporting unit.

Under ASC 350, the Company has the option to first assess qualitatively whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing qualitative assessments, consistent with ASC 350-20-35-3C, the Company considers, among other factors, macroeconomic conditions (both in the United States and internationally), the Company’s overall financial performance (including, but not limited to, comparisons to prior periods, current period internal expectations, and comparable peer companies), broader industry and market considerations, and the trading price performance of the Company’s Class A common stock.

As of December 31, 2025, the Company completed a qualitative assessment under ASC 350 to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of its reporting unit was less than its respective carrying value. The Company concluded that based on the relevant events and circumstances, it was more likely than not that the reporting unit’s fair value exceeded its related carrying value and therefore no quantitative assessment was required.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets, including property, plant and equipment, operating right-of-use assets and definite lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets held and used is measured by a comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If such evaluation indicates that the carrying amount of the asset or the asset group is not recoverable, any impairment loss would be equal to the amount the carrying value exceeds the fair value.

Business Combinations

The Company uses the acquisition method of accounting for business combinations which requires the tangible and intangible assets acquired and liabilities assumed to be recorded at their respective fair market value as of the acquisition date. Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired. The fair values of the assets acquired and liabilities assumed are determined based upon the Company’s valuation and involves making significant estimates and assumptions based on facts and circumstances that existed as of the acquisition date. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired and liabilities assumed. The measurement period ends once all information is obtained, but no later than one year from the acquisition date.

Advertising Costs

The Company expenses advertising costs as incurred.

Commissions

Commissions consist of variable compensation earned by sales personnel and third-party resellers. Sales commissions associated with the acquisition of a new customer contract are paid over time, based on monthly revenues, and are recognized as sales and marketing expense in the period incurred.

Share-Based Compensation

Stock-Based Compensation

The Company accounts for stock-based compensation expense related to all stock-based awards based on the fair value of the award on the grant date. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally three or four years for stock options and restricted stock units granted to employees, and one year for restricted stock units granted to non-employee members of the Board of Directors. The fair value of the restricted stock units is determined using the fair value of the Company’s Class A common stock on the date of grant. Certain share-based payment arrangements contingent upon company performance are classified as liability-based awards with expense recognized ratably over the service period (typically one year) and based on the probability of achievement. The Company used the Black-Scholes option pricing model, net of estimated forfeitures, to measure the fair value of its stock options.

The Company has elected to estimate expected forfeitures, and, as such, the Company must also determine a forfeiture rate to calculate the stock-based compensation expense for awards. Through December 31, 2025, the Company recognized compensation expense for only the portion of restricted stock units expected to vest using an estimated forfeiture rate that was derived from historical employee termination behavior. As of December 31, 2025, all outstanding stock options are fully vested.

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the period that includes the enactment date.

The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that it will not realize some or all the deferred tax asset. Quarterly, the Company reviews the deferred tax assets for recoverability based on historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and the implementation of prudent and feasible tax planning strategies. The evaluation of the recoverability of deferred tax assets requires judgment in assessing future profitability. Should there be a change in the ability to recover deferred tax assets, the Company’s income tax provision would increase or decrease in the period in which the assessment is changed.

The Company accounts for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is more likely than not that the position will be sustained upon examination. The tax benefit recognized is measured as the largest amount of benefit determined on a cumulative probability basis that the Company believes is more likely than not to be realized upon ultimate settlement of the position. The Company recognizes potential accrued interest and penalties associated with unrecognized tax positions in income tax benefit in the accompanying consolidated statements of operations.

Basic and Diluted Loss per Common Share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period.

Diluted net loss per share is calculated by giving effect to all potentially dilutive shares of common stock, including stock options, and stock related to unvested restricted stock awards and convertible debt. In periods of net loss, all potentially issuable shares of common stock are excluded from the diluted net loss per share computation because they are anti-dilutive. The Company is in a net loss position for the years ended December 31, 2025, 2024 and 2023, and therefore diluted shares equals basic shares.

Foreign Currency

The Company has foreign operations with non-USD functional currencies. The Euro and British Pound are the primary functional currencies for the Company’s international operations.

All of the assets and liabilities of these subsidiaries are translated to U.S. dollars at the exchange rate in effect at the balance sheet date, and equity accounts are translated at historical exchange rates. Revenue and expenses are translated at average exchange rates in effect during each reporting period. The net effect of currency translation adjustments is included in shareholder’s equity as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets.

Foreign currency transaction gains and losses are realized upon cash settlement of transactions denominated in currencies others than the functional currency. They result from exchange rate changes during the period of time between the consummation and cash settlement of such transactions. When realized, foreign currency transaction gains and losses are recognized in current period earnings as incurred, and included in other (expense) income, net in the Company’s consolidated statements of operations.

Foreign exchange gains and losses, which result from the process of remeasuring foreign currency assets and liabilities into the appropriate functional currency at exchange rates in place as of the reporting date, are included in other (expense) income, net in the Company’s consolidated statements of operations.

Fair Value of Financial Instruments

The Company minimizes its credit risk associated with investments by investing primarily in investment grade, liquid securities. The Company’s policy is designed to preserve capital, maintain liquidity and minimize credit risk, and the policy limits exposure to any one issuer and also establishes minimum credit ratings of approved investments. Periodic evaluations of relative credit standing of those issuers are considered in the Company's investment strategy.

The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires use of observable inputs when available, and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:

•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value as of December 31, 2025 and 2024 because of the relatively short duration of these instruments.

Comprehensive Income (Loss)

The Company has elected to present comprehensive income (loss) and its components as a separate financial statement. Comprehensive income (loss) refers to net loss and other revenue, expenses, gains and losses that, under generally accepted accounting principles, are recorded as an element of stockholders’ equity but are excluded from the calculation of net income.

Recently Adopted Accounting Standards and Recent Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Standards

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a certain quantitative threshold. The amendments also require entities on an annual basis to disclose disaggregated amounts of income taxes paid. The Company adopted ASU 2023-09 effective January 1, 2025, which had no impact on the Company’s financial position or results of operations. See Note 14, “Income Taxes,” to the consolidated financial statements, for the additional applicable disclosures.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose disaggregated information about certain costs and expenses on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which provides additional guidance to stakeholders about how to determine whether a settlement of convertible debt (particularly, cash convertible instruments) at terms that differ from the original conversion terms should be accounted for under the induced conversion or extinguishment guidance. ASU 2024-04 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. The Company, which has adopted ASU 2020-06, is currently evaluating the impact of adopting ASU 2024-04 on its consolidated financial statements and will adopt the guidance upon its effective date.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient for the estimation of expected credit losses for current accounts receivable and current contract assets under ASC 606. The practical expedient election assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Entities should apply the guidance prospectively and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its consolidated financial statements and will adopt the guidance upon its effective date.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. The guidance removes all references to project stages throughout ASC 350-40 and clarifies the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with the option to apply the guidance prospectively, retrospectively, or via a modified prospective transition method. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) (“ASU 2025-11”), which updates the guidance in Topic 270, Interim Reporting, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 does not intend to change the fundamental nature of interim reporting or expand or reduce current interim disclosures requirements, but rather to provide clarification. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements (“ASU 2025-12”), which addresses suggestions received from stakeholders on the accounting standards and to make other incremental improvements to GAAP. ASU 2025-12 addresses thirty-three issues on a broad range of topics which are intended to be improvements that are not expected to have a significant effect on current accounting practice or result in significant costs to most entities. ASU 2025-12 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with the option to apply the guidance prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-12 on its consolidated financial statements.

Financial Statement Components

12 Months Ended

Dec. 31, 2025

Financial Statement Components [Abstract]

Financial Statement Components

3. Financial Statement Components

Accounts receivable, net of allowances consist of the following:



	As of December 31,
	2025		2024

	(In thousands)
Trade accounts receivable	$	34,322	$	41,727
Unbilled accounts receivable	57,400		46,795
Allowance for doubtful accounts and reserve for expected credit losses	(537)		(2,172)
Other accounts receivable	224		105
Total accounts receivable, net	$	91,409	$	86,455

Components of the allowance for expected credit losses are as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Balance, beginning of period		$	(2,172)	$	(1,128)	$	(1,191)
Charged to credit loss expense, net of reversals		(1,288)		(2,984)		(733)
Deductions (1)		3,071		1,896		807
Impact of foreign currency translation		(148)		44		(11)
Balance, end of period		$	(537)	$	(2,172)	$	(1,128)

________________________

(1) Write-off of uncollectible accounts after all collection efforts have been exhausted.

Accrued expenses and other current liabilities consisted of the following:



	As of December 31,
	2025		2024

	(In thousands)
Accrued expense	$	60,808	$	63,665
Accrued compensation and benefits	20,405		25,992
Accrued sales, use, VAT and telecommunications related taxes	4,421		7,898




Customer deposits	4,320		3,710
Other accrued expenses	1,197		554
Total accrued expenses and other current liabilities	$	91,151	$	101,819

Property, Plant and Equipment - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total cost	$ 296,820	$ 278,117
Less—accumulated depreciation	(122,569)	(101,294)
Total property, plant and equipment, net	174,251	176,823
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total cost	$ 15,845	15,925
Useful life (in years)	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 14,789	13,967
Computer and office equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Computer and office equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Telecommunications equipment
Property, Plant and Equipment [Line Items]
Total cost	$ 92,829	82,608
Telecommunications equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Telecommunications equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total cost	$ 77,704	76,054
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	15 years
Software
Property, Plant and Equipment [Line Items]
Total cost	$ 22,302	24,916
Software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	1 year
Software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Internal-use software development
Property, Plant and Equipment [Line Items]
Total cost	$ 44,198	35,499
Useful life (in years)	4 years
Automobile
Property, Plant and Equipment [Line Items]
Total cost	$ 452	447
Useful life (in years)	3 years
Land
Property, Plant and Equipment [Line Items]
Total cost	$ 27,636	27,636
Land Improvements
Property, Plant and Equipment [Line Items]
Total cost	$ 1,065	$ 1,065
Useful life (in years)	20 years

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38285
Entity Registrant Name	BANDWIDTH INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2242657
Entity Address, Address Line One	2230 Bandmate Way
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27607
City Area Code	(800)
Local Phone Number	808-5150
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	BAND
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 430.7
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part II and Part III of this Annual Report on Form 10-K to the extent stated herein. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001514416
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		29,428,894
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,958,028

Income Taxes - Schedule of Significant Components of Net Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Allowance for doubtful accounts	$ 146	$ 276
Accrued liabilities	3,497	3,256
Operating lease liabilities	56,758	56,788
Deferred revenue	1,828	1,913
Stock-based compensation	2,322	2,826
Capitalized research and development expenses	32,193	44,716
Tax credits	19,807	15,694
Net operating losses	20,632	12,761
Other deferred tax assets	1,641	1,859
Gross deferred tax assets	138,824	140,089
Less: valuation allowance	(71,324)	(70,008)
Total deferred tax assets	67,500	70,081
Deferred tax liabilities:
Property, plant and equipment	18,781	22,436
Goodwill	1,699	1,554
Intangibles	33,058	34,305
Operating lease assets	38,441	39,090
Total deferred tax liabilities	91,979	97,385
Net deferred tax liability	$ 24,479	$ 27,304

Description of Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Revenue	$ 753,817	$ 748,487	$ 601,117
Recognized revenue	6,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Concentration Risk [Line Items]
Remaining performance obligation, amount	$ 8,700
Remaining performance obligation period (in months)	12 months
CPaaS, Usage-Based Fees
Concentration Risk [Line Items]
Revenue	$ 414,500	401,400	346,900
CPaaS, Service Fees
Concentration Risk [Line Items]
Revenue	$ 146,900	$ 138,400	$ 132,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating Leases
2026	$ 23,267
2027	23,364
2028	23,616
2029	24,042
2030	24,425
Thereafter	333,344
Total lease payments	452,058
Less: imputed interest	(227,092)
Total lease obligations	224,966
Less: current obligations	(3,947)	$ (3,111)
Long-term lease obligations	$ 221,019	$ 219,191

Income Taxes - Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (3,486)	$ 7,670	$ 759
International	(13,105)	(16,623)	(20,062)
Loss before income taxes	$ (16,591)	$ (8,953)	$ (19,303)

Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Weighted average amortization period (in years)	8 years 1 month 6 days

Description of Business and Summary of Significant Accounting Policies - Schedule of Revenue By Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue from External Customer [Line Items]
Total revenue	$ 753,817	$ 748,487	$ 601,117
Cloud communications
Revenue from External Customer [Line Items]
Total revenue	561,379	539,753	478,892
Messaging surcharges
Revenue from External Customer [Line Items]
Total revenue	$ 192,438	$ 208,734	$ 122,225

- Definition

+ References

+ Details

Debt - Revolving Credit Facility (Details) $ in Millions	1 Months Ended
Debt - Revolving Credit Facility (Details) $ in Millions	Aug. 31, 2023 USD ($) quarter	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Outstanding unamortized loan fees		$ 0.7	$ 1.0
Prepaid Expenses and Other Current Assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees		0.2	0.2
Other Long-Term Assets
Debt Instrument [Line Items]
Outstanding unamortized loan fees		0.5	0.8
Voting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, voting capital stock (as percent)	0.65
Nonvoting Capital Stock
Debt Instrument [Line Items]
Equity interests pledged, voting capital stock (as percent)	1
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 50.0		150.0
Accordion feature, increase limit	$ 25.0
Days prior to maturity date (in days)	91 days
Covenant, fixed charge ratio, minimum	2.00
Covenant, pro forma leverage ratio, maximum allowed	0.50
Covenant, consecutive quarters \| quarter	4
Covenant, pro forma total leverage ratio, maximum allowed	4.50
Line of credit		0.0
Available borrowing capacity		$ 150.0
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Each Fiscal Quarter Ending Prior to June 30, 2025
Debt Instrument [Line Items]
Covenant, leverage ratio, maximum	2.75
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Each Fiscal Quarter Ending After, June 30, 2025
Debt Instrument [Line Items]
Covenant, leverage ratio, maximum	2.50
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.20%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Unused portion of borrowing commitment (as percent)	0.25%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional basis spread on variable rate	0.10%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.00%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	2.50%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.00%
Revolving Loan \| Bank of America Credit Agreement \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as percent)	1.50%
Credit Commitments \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 15.0
Swing Line \| Bank of America Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Borrowing capacity	$ 5.0		$ 10.0

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

4. Property, Plant and Equipment

Property, plant and equipment, net consisted of the following:



	As of December 31,				Useful Life
	2025		2024

	(In thousands)				(In years)
Furniture and fixtures	$	15,845	$	15,925	5
Computer and office equipment	14,789		13,967		2 to 5
Telecommunications equipment	92,829		82,608		5 to 7
Leasehold improvements	77,704		76,054		5 to 15
Software	22,302		24,916		1 to 5
Internal-use software development	44,198		35,499		4
Automobile	452		447		3
Land	27,636		27,636		Indefinite
Land Improvements	1,065		1,065		20
Total cost	296,820		278,117
Less—accumulated depreciation	(122,569)		(101,294)
Total property, plant and equipment, net	$	174,251	$	176,823

The Company capitalizes the costs to design software for internal use related to the development of its platform during the application development stage of the projects. The costs are primarily comprised of salaries and benefits of the projects’ engineers and product development teams. Internally developed software is reported at cost less accumulated amortization. Amortization begins once the project is substantially complete and ready for its intended use. Costs incurred prior to the application development stage, maintenance activities or minor upgrades are expensed in the period incurred. Unamortized software development costs were approximately $25.7 million and $22.4 million as of December 31, 2025 and 2024, respectively.

The Company capitalized $10.5 million, $11.7 million, and $10.6 million of software development costs for the years ended December 31, 2025, 2024 and 2023, respectively.

Amortization expense related to capitalized software development costs was $6.9 million, $4.2 million, and $3.2 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, all implementation costs related to cloud computing arrangements were fully amortized.

The Company recognized no material impairment during the years ended December 31, 2025, 2024 and 2023, related to capitalized software development costs that provided no future benefit.

The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenue		$	20,673	$	18,532	$	16,273
Research and development		7,243		6,476		3,977
Sales and marketing		4,903		4,455		2,628
General and administrative		2,851		2,276		1,565
Total depreciation expense		$	35,670	$	31,739	$	24,443

Debt - Schedule of Costs Incurred for Capped Calls Related to Convertible Notes (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Net costs incurred	$ 25,500	$ 43,320
Class A voting common stock
Debt Instrument [Line Items]
Class A common stock covered, subject to anti-dilution adjustments (in shares)	1,394,525	83,854
2026 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial approximate strike price per share, subject to certain adjustments (in usd per share)		$ 91.03
Initial cap price per share, subject to certain adjustments (in usd per share)		$ 137.40
2028 Convertible Notes \| Convertible Notes
Debt Instrument [Line Items]
Initial approximate strike price per share, subject to certain adjustments (in usd per share)	$ 179.27
Initial cap price per share, subject to certain adjustments (in usd per share)	$ 260.76

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Geographic Information

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Geographic Information

8. Geographic Information

The following table summarizes the Company’s revenue by geographic region, which is apportioned based on the destination of the service:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
United States		$	653,973	$	658,735	$	514,048
International		99,844		89,752		87,069
Total		$	753,817	$	748,487	$	601,117

For the years ended December 31, 2025, 2024 and 2023, no country outside of the United States represented 10% or more of the Company’s total revenues.

The following table summarizes the Company’s long-lived assets by geographic region:



	As of December 31,
		2025		2024

		(In thousands)
United States		$	320,406	$	326,634
International		6,795		3,790
Total		$	327,201	$	330,424

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

2. Fair Value Measurements

The Company evaluated its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. The following tables summarize the Company’s financial assets measured at fair value as of December 31, 2025 and 2024:


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2025
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	65,027	$	—	$	—	$	65,027	$	—	$	—	$	65,027





Commercial paper	29,082		—		—		29,082		—		—		29,082

Total included in cash and cash equivalents	94,109		—		—		94,109		—		—		94,109
Marketable securities:
Time deposits	5,000		5		—		5,005		—		—		5,005


Commercial paper	3,447		24		—		3,471		—		—		3,471
Total marketable securities	8,447		29		—		8,476		—		—		8,476



Total financial assets	$	102,556	$	29	$	—	$	102,585	$	—	$	—	$	102,585


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2024
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	57,759	$	—	$	—	$	57,759	$	—	$	—	$	57,759





Commercial paper	18,489		—		—		18,489		—		—		18,489

Total included in cash and cash equivalents	76,248		—		—		76,248		—		—		76,248
Marketable securities:



Commercial paper	1,970		5		—		1,975		—		—		1,975
Total marketable securities	1,970		5		—		1,975		—		—		1,975



Total financial assets	$	78,218	$	5	$	—	$	78,223	$	—	$	—	$	78,223

The Company classifies its marketable securities as current assets as they are available for current operating needs. The following table summarizes the contractual maturities of marketable securities as of December 31, 2025:


	Amortized cost		Aggregate fair value

	(In thousands)
Financial assets:
Less than one year	$	8,447	$	8,476

Total	$	8,447	$	8,476

As of December 31, 2025, marketable securities were in an unrealized gain position. The Company has determined that (i) it does not have the intent to sell any of these investments and (ii) it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. As of December 31, 2025, the Company anticipates that it will recover the entire amortized cost basis of its marketable securities before maturity.

During the years ended December 31, 2025, 2024 and 2023, there were $9.7 million, $53.5 million, and $91.8 million, respectively, in maturities of marketable securities.

There were no proceeds from sales of marketable securities for the years ended December 31, 2025 and 2024. Proceeds from sales of marketable securities were $38.3 million for the year ended December 31, 2023.

Interest earned on marketable securities was $0.3 million, $1.0 million, and $2.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. The interest is recorded in other (expense) income, net, on the accompanying consolidated statements of operations. As of December 31, 2025 and 2024, the accrued interest receivable, net of allowance for credit losses, was not material.

As of December 31, 2025, the fair value of the 2026 Convertible Notes and 2028 Convertible Notes, as further described in Note 7, “Debt,” to these consolidated financial statements, was approximately $7.5 million and $219.7 million, respectively. As of December 31, 2024, the fair value of the 2026 Convertible Notes and the 2028 Convertible Notes was approximately $31.8 million and $199.0 million, respectively. The fair value was determined based on the closing price for the Convertible Notes on the last trading day of the reporting period and is considered as Level 2 in the fair value hierarchy.

As of December 31, 2025 and 2024, the fair value of the Pension Plan’s assets, as further described in Note 13, “Employee Benefit Plans,” to these consolidated financial statements, was approximately $4.6 million and $3.7 million, respectively. The fair value was determined by an independent actuary and is considered as Level 2 in the fair value hierarchy.

The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2025 and 2024.

The money market account is included in cash and cash equivalents in the consolidated balance sheets as of December 31, 2025 and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Basic and Diluted Loss per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Basic and Diluted Loss per Common Share

15. Basic and Diluted Loss per Common Share

The components of basic and diluted loss per share are as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands, except share and per share amounts)
Earnings per share:


Net loss attributable to common stockholders		$	(12,912)	$	(6,524)	$	(16,343)

Net loss per share, basic and diluted		$	(0.43)	$	(0.24)	$	(0.64)








Weighted average number of common shares outstanding, basic and diluted		29,996,861		27,209,698		25,612,724

The following common share equivalents were excluded from the weighted average shares used to calculate diluted net loss per common share because their effects would have been anti-dilutive:


	Year ended December 31,
	2025	2024	2023
Stock options issued and outstanding	67,297	79,238	97,480
Restricted stock units issued and outstanding	6,400,636	5,195,945	5,911,794
Convertible senior notes	1,522,858	2,321,106	3,442,229
Total	7,990,791	7,596,289	9,451,503

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
United States statutory tax rate	$ 3,484
State and local income taxes, net of federal income tax effect	(307)
Innovation income deduction	702
Federal research credits	4,247
Other	150
Changes in valuation allowances	(1,901)
Meals and entertainment	(195)
Stock-based compensation	(1,700)
Non-deductible executive compensation	(824)
Income from branch	(288)
Other	(125)
Changes in unrecognized tax benefits	(284)
Income tax benefit	$ 3,679	$ 2,429	$ 2,960
Percent
Federal tax rate	21.00%	21.00%	21.00%
State tax rate - statutory blended rate	(1.80%)	4.20%	4.30%
Foreign rate differential		5.40%	2.80%
Innovation income deduction	4.20%
Other		1.40%	1.20%
Research tax benefits	25.60%	49.40%	24.40%
Other	0.90%
Change in valuation allowance	(11.50%)	(22.80%)	(11.70%)
Stock-based compensation	(1.20%)
Stock-based compensation	(10.20%)	1.20%	(18.00%)
Non-deductible executive compensation	(5.00%)
Income from branch	(0.017)
Other	(0.80%)
Changes in unrecognized tax benefits	(1.70%)
Total	22.20%	27.10%	15.30%
Belgium:
Amount
Effect of rates different than statutory	$ 297
Other	$ (28)
Percent
Foreign rate differential	1.80%
Other	(0.20%)
Ireland:
Amount
Other	$ (40)
Percent
Other	(0.20%)
United Kingdom:
Amount
Effect of rates different than statutory	$ 323
Other	$ (69)
Percent
Foreign rate differential	1.90%
Other	(0.40%)
United States
Amount
Other	$ 122
Percent
Other	0.80%
Other foreign jurisdictions
Amount
Effect of rates different than statutory	$ 115
Percent
Foreign rate differential	0.70%

Financial Statement Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial Statement Components [Abstract]
Accrued expense	$ 60,808	$ 63,665
Accrued compensation and benefits	20,405	25,992
Accrued sales, use, VAT and telecommunications related taxes	4,421	7,898
Customer deposits	4,320	3,710
Other accrued expenses	1,197	554
Total accrued expenses and other current liabilities	$ 91,151	$ 101,819

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of (Loss) Income Before Income Taxes

The following table presents domestic and foreign components of loss before income taxes for the tax years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023

	(In thousands)
United States	$	(3,486)	$	7,670	$	759
International	(13,105)		(16,623)		(20,062)
Loss before income taxes	$	(16,591)	$	(8,953)	$	(19,303)

Schedule of Benefit for Income Taxes from Operations

Benefit for income taxes from operations consists of the following:


	Year Ended December 31,

	2025		2024		2023

	(In thousands)
Current:
Federal	$	39	$	(342)	$	(653)
State	(388)		(1,581)		(1,309)
Foreign	(1,070)		(1,053)		(2,219)
Total	(1,419)		(2,976)		(4,181)
Deferred:
Federal	(23)		29		(75)

Foreign	5,121		5,376		7,216
Total	5,098		5,405		7,141
Income tax benefit	$	3,679	$	2,429	$	2,960

Schedule of Reconciliation ofStatutory Federal Tax Rate and Effective Tax Rate

The table below provides the updated requirements of ASU 2023-09 for 2025, as previously referred to in Note 1, “Description of Business and Summary of Significant Accounting Policies—Recently Adopted Accounting Standards,” to the consolidated financial statements. The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows:


	Year Ended December 31, 2025
	Amount		Percent
	(In thousands)
United States statutory tax rate	$	3,484	21.0	%
State and local income taxes, net of federal income tax effect (1)	(307)		(1.8)
Foreign tax effects:
Belgium:
Effect of rates different than statutory	297		1.8
Innovation income deduction	702		4.2
Other	(28)		(0.2)
Ireland:
Other	(40)		(0.2)
United Kingdom:
Effect of rates different than statutory	323		1.9
Other	(69)		(0.4)
Other foreign jurisdictions	115		0.7
Tax credits:
Federal research credits	4,247		25.6
Other	150		0.9
Changes in valuation allowances	(1,901)		(11.5)
Nontaxable or nondeductible items:
Meals and entertainment	(195)		(1.2)
Stock-based compensation	(1,700)		(10.2)
Non-deductible executive compensation	(824)		(5.0)
Income from branch	(288)		(1.7)
Other	(125)		(0.8)
Changes in unrecognized tax benefits	(284)		(1.7)
Other adjustments:
Other	122		0.8
Effective tax rate	$	3,679	22.2	%

________________________

(1) State taxes in Washington, D.C. and Virginia made up greater than 50% of the tax effect in this category.

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


	Year Ended December 31,
	2024		2023
Federal tax rate	21.0	%	21.0	%
State tax rate - statutory blended rate	4.2		4.3
Other effective state tax adjustments	(8.5)		(5.2)
Non-deductible expenses	(4.6)		(4.1)
Non-deductible executive compensation	(12.4)		—
Research tax benefits	49.4		24.4
Stock-based compensation	1.2		(18.0)
Change in valuation allowance	(22.8)		(11.7)
Deferred tax rate change	0.1		0.6

Intangibles and deferred adjustments	(7.3)		—
Foreign rate differential	5.4		2.8
Other	1.4		1.2
Total	27.1	%	15.3	%

Schedule of Significant Components of Net Deferred Tax Liability

The following table presents the significant components of the Company’s net deferred tax liability:


	As of December 31,
	2025		2024

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	146	$	276
Accrued liabilities	3,497		3,256
Operating lease liabilities	56,758		56,788
Deferred revenue	1,828		1,913

Stock-based compensation	2,322		2,826

Capitalized research and development expenses	32,193		44,716

Tax credits	19,807		15,694
Net operating losses	20,632		12,761
Other deferred tax assets	1,641		1,859
Gross deferred tax assets	138,824		140,089
Less: valuation allowance	(71,324)		(70,008)
Total deferred tax assets	67,500		70,081
Deferred tax liabilities:
Property, plant and equipment	18,781		22,436
Goodwill	1,699		1,554
Intangibles	33,058		34,305
Operating lease assets	38,441		39,090


Total deferred tax liabilities	91,979		97,385
Net deferred tax liability	$	24,479	$	27,304

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024

	(In thousands)
Unrecognized tax benefits—January 1,	$	7,438	$	6,170
Gross increases—tax positions in prior period	284		91

Gross increases—tax positions in current period	1,056		1,177


Unrecognized tax benefits—December 31,	$	8,778	$	7,438

Schedule of Cash Flow, Supplemental Disclosures

A summary of income taxes paid (refunded) by jurisdiction is as follows:


	As of December 31,
	2025

	(In thousands)
US Federal	$	(280)
State:
California	674
Washington, D.C.	206
Delaware	95
New Jersey	94
Pennsylvania	(157)
Other State	(36)
Foreign:
Belgium	(821)
Ireland	94
Other Foreign	76
Net Refund	$	(55)

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (103,967)	$ (78,911)
Net Carrying Value	138,118
Gross Amount	242,709	224,266
Net Carrying Value	138,742	145,355
Licenses, indefinite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Licenses, indefinite lived	624	624
Customer relationships
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	154,492	145,625
Accumulated Amortization	(57,344)	(44,754)
Net Carrying Value	97,148	100,871
Developed technology
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	84,765	75,189
Accumulated Amortization	(43,795)	(31,329)
Net Carrying Value	40,970	43,860
Other, definite lived
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Amount	2,828	2,828
Accumulated Amortization	(2,828)	(2,828)
Net Carrying Value	$ 0	$ 0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 753,817	$ 748,487	$ 601,117
Cost of revenue	458,766	468,529	364,960
Gross profit	295,051	279,958	236,157
Operating expenses
Research and development	132,517	118,627	104,188
Sales and marketing	101,683	109,698	102,063
General and administrative	75,220	71,692	65,363
Total operating expenses	309,420	300,017	271,614
Operating loss	(14,369)	(20,059)	(35,457)
Other (expense) income, net
Net gain on extinguishment of debt	1,082	10,267	12,767
Gain on business interruption insurance recoveries	0	0	4,000
Interest expense, net	(2,028)	(1,861)	(808)
Other (expense) income	(1,276)	2,700	195
Total other (expense) income	(2,222)	11,106	16,154
Loss before income taxes	(16,591)	(8,953)	(19,303)
Income tax benefit	3,679	2,429	2,960
Net loss	$ (12,912)	$ (6,524)	$ (16,343)
Net (loss) income per share:
Basic (in usd per share)	$ (0.43)	$ (0.24)	$ (0.64)
Diluted (in usd per share)	$ (0.43)	$ (0.24)	$ (0.64)
Weighted average number of common shares outstanding:
Basic (in shares)	29,996,861	27,209,698	25,612,724
Diluted (in shares)	29,996,861	27,209,698	25,612,724

Subsequent Events (Details) $ in Millions	Feb. 19, 2026 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Authorized share repurchase program amount	$ 80.0

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Components of Operating Lease Expense and Other Supplemental Information Related to Operating Leases

The components of operating lease expense recorded in the consolidated statements of operations were as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Operating lease cost		$	22,843	$	23,106	$	15,655





Sublease income		(2,199)		—		—
Total net lease cost		$	20,644	$	23,106	$	15,655

Other supplemental information related to operating leases were as follows:


	Year ended December 31,
		2025		2024		2023








Weighted average remaining lease term (in years)		17.25		18.29		19.30



Weighted average discount rate		8.75	%	8.76	%	8.76	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities were as follows:


	As of December 31,
	2025


	(In thousands)


2026	$	23,267
2027	23,364
2028	23,616
2029	24,042
2030	24,425
Thereafter	333,344
Total lease payments	452,058
Less: imputed interest	(227,092)

Total lease obligations	224,966
Less: current obligations	(3,947)
Long-term lease obligations	$	221,019

Basic and Diluted Loss per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted Loss Per Share

The components of basic and diluted loss per share are as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands, except share and per share amounts)
Earnings per share:


Net loss attributable to common stockholders		$	(12,912)	$	(6,524)	$	(16,343)

Net loss per share, basic and diluted		$	(0.43)	$	(0.24)	$	(0.64)








Weighted average number of common shares outstanding, basic and diluted		29,996,861		27,209,698		25,612,724

Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net Loss Per Common Share

The following common share equivalents were excluded from the weighted average shares used to calculate diluted net loss per common share because their effects would have been anti-dilutive:


	Year ended December 31,
	2025	2024	2023
Stock options issued and outstanding	67,297	79,238	97,480
Restricted stock units issued and outstanding	6,400,636	5,195,945	5,911,794
Convertible senior notes	1,522,858	2,321,106	3,442,229
Total	7,990,791	7,596,289	9,451,503

Income Taxes - Income Taxes Paid (Refunded) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal	$ (280)
Foreign:
Total	(55)	$ 3,815	$ 7,203
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	674
Washington, D.C.
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	206
Delaware
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	95
New Jersey
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	94
Pennsylvania
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(157)
Other State
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	(36)
Belgium:
Foreign:
Total Foreign	(821)
Ireland:
Foreign:
Total Foreign	94
Other foreign jurisdictions
Foreign:
Total Foreign	$ 76

Stockholders’ Equity - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	9,353,740	6,322,014
Stock options issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	67,297	79,238
Nonvested restricted stock units issued and outstanding
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	5,534,657	4,364,486
Stock-based awards available for grant under the 2017 Plan
Class of Stock [Line Items]
Common stock reserved for future issuance (in shares)	3,751,786	1,878,290

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Description of Business and Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Restricted Stock Units, Non-Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	1 year
Minimum \| Stock Options And Restricted Stock Units, Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	3 years
Maximum \| Stock Options And Restricted Stock Units, Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Debt - Schedule of Interest Expense Recognized Related to Convertible Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total interest expense	$ 2,421	$ 2,983	$ 3,719
2026 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	36	241	465
Amortization of debt issuance costs	60	421	940
Total interest expense	96	662	1,405
2028 Convertible Notes:
Debt Instrument [Line Items]
Contractual interest expense	1,252	1,250	1,250
Amortization of debt issuance costs	1,073	1,071	1,064
Total interest expense	$ 2,325	$ 2,321	$ 2,314

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (12,912)	$ (6,524)	$ (16,343)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	53,764	49,242	41,717
Non-cash reduction to the right-of-use asset	3,386	3,601	9,323
Amortization of debt discount and issuance costs	1,384	1,709	2,520
Stock-based compensation	52,332	48,362	36,992
Deferred taxes and other	(2,131)	(4,452)	(5,942)
Gain on sale of intangible asset	0	(1,000)	0
Net gain on extinguishment of debt	(1,082)	(10,267)	(12,767)
Changes in operating assets and liabilities:
Accounts receivable	(3,956)	(8,725)	(3,454)
Prepaid expenses and other assets	(1,682)	4,062	2,141
Accounts payable	13,070	(4,639)	5,385
Accrued expenses and other liabilities	(10,737)	18,108	(10,592)
Operating right-of-use liability	(1,945)	(5,594)	(9,979)
Net cash provided by operating activities	89,491	83,883	39,001
Cash flows from investing activities
Purchase of property, plant and equipment	(22,261)	(13,986)	(9,257)
Refund of deposits for construction in progress	0	2,707	0
Capitalized software development costs	(10,680)	(11,394)	(10,642)
Purchase of marketable securities	(16,127)	(34,050)	(80,625)
Proceeds from sales and maturities of marketable securities	9,650	53,502	130,120
Proceeds from sale of business	361	779	1,253
Proceeds from sale of intangible assets	0	1,000	0
Net cash used in investing activities	(39,057)	(1,442)	30,849
Cash flows from financing activities
Borrowings on line of credit	28,500	206,500	0
Repayments on line of credit	(28,500)	(206,500)	0
Payments on finance leases	(66)	(87)	(157)
Net cash paid for debt extinguishment	(26,144)	(128,534)	(51,259)
Payment of debt issuance costs	(25)	(524)	(710)
Proceeds from exercises of stock options	109	167	413
Value of equity awards withheld for tax liabilities	(2,942)	(2,295)	(1,062)
Net cash used in financing activities	(29,068)	(131,273)	(52,775)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(440)	(1,241)	610
Net increase (decrease) in cash, cash equivalents, and restricted cash	20,926	(50,073)	17,685
Cash, cash equivalents, and restricted cash, beginning of period	82,234	132,307	114,622
Cash, cash equivalents, and restricted cash, end of period	103,160	82,234	132,307
Reconciliation of cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents	102,788	81,812	131,987
Restricted cash included in prepaid expenses and other current assets	372	422	320
Total cash, cash equivalents, and restricted cash, end of period	103,160	82,234	132,307
Supplemental disclosure of cash flow information
Cash (received from) paid for interest	(182)	691	(1,500)
Cash (refunded) paid for taxes, net	(55)	3,815	7,203
Right-of-use assets obtained in exchange for new operating lease liabilities	2,661	1,905	156,025
Supplemental disclosure of noncash investing and financing activities
Purchase of property, plant and equipment, accrued but not paid	6,607	11,447	6,871
Purchase of property and equipment through lease incentive	1,875	0	57,329
Purchase of property and equipment through use of escrow deposits	$ 0	$ 0	$ 20,674

Financial Statement Components - Schedule of Components for Expected Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of period	$ (2,172)	$ (1,128)	$ (1,191)
Charged to credit loss expense, net of reversals	(1,288)	(2,984)	(733)
Deductions	3,071	1,896	807
Impact of foreign currency translation	(148)	44	11
Balance, end of period	$ (537)	$ (2,172)	$ (1,128)

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Equity Incentive Plans

The Company adopted the 2010 Equity Compensation Plan (the “2010 Plan”) on July 26, 2010. On November 9, 2017, the 2010 Plan was terminated in connection with the Company’s initial public offering. Accordingly, no shares are available for future issuance under the 2010 Plan. However, the 2010 Plan continues to govern the terms and conditions of the outstanding awards granted thereunder.

The Company’s Third Amended and Restated 2017 Incentive Award Plan (as amended from time to time, the “2017 Plan”) originally became effective on November 9, 2017. The 2017 Plan provides for the grant of stock options, including incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, and other stock or cash-based awards to employees, consultants and directors of the Company. These available shares automatically increase each January 1, beginning on January 1, 2018, by 5% of the number of shares of the Company’s Class A common stock outstanding on the final day of the immediately preceding calendar year. On January 1, 2025, the shares available for grant under the 2017 Plan were automatically increased by 1,329,434 shares. On May 18, 2023 and May 29, 2025, stockholders approved amendments to the 2017 Plan that increased the number of shares available for grant by 2,500,000 and 4,500,000 shares, respectively.

The terms of the stock option grants are determined by the Company’s Board of Directors. The Company’s stock options vest based on terms of the stock option agreements. The stock options have a contractual life of ten years.

Restricted stock units (“RSUs”) granted to employees, non-employee members of the Board of Directors and other Service Providers (as defined in the 2017 Plan) under the 2017 Plan are subject to an immediate or time-based vesting condition as specified by the underlying compensation plans. Vesting schedules may differ between different categories of award recipients. Stock compensation expense is based on the grant date fair value of the RSUs and is recognized on a ratable basis over the applicable service period. Depending on the nature of the underlying compensation plan, certain share-based payment arrangements contingent upon company performance are classified as liability-based awards resulting in classification as accrued expenses on the consolidated balance sheets with the corresponding offset to stock-based compensation expense.

As of December 31, 2025, awards granted under the 2010 Plan consist of stock options and awards granted under the 2017 Plan consist of stock options and RSUs. Outstanding stock options and related activity are not material for the periods presented.

Restricted Stock Units

The following summarizes the RSU activity for the year ended December 31, 2025:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2024	4,364,486	$	19.25
Granted	4,510,702	14.63
Vested	(2,969,717)	18.56
Forfeited	(370,814)	18.18
Nonvested RSUs as of December 31, 2025	5,534,657	$	15.91


	Year ended December 31,
		2025		2024		2023

Weighted average grant date fair value of RSUs granted (per share)		$	14.63	$	21.23	$	11.35
Total fair value of RSUs vested (in thousands)		55,123		49,636		25,186

As of December 31, 2025, total unrecognized compensation cost related to non-vested RSUs was $79.1 million, which will be amortized over a weighted-average period of 2.36 years.

Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenue		$	2,159	$	1,638	$	1,136
Research and development		23,133		20,433		15,661
Sales and marketing		7,850		8,105		6,273
General and administrative		19,190		18,186		13,922
Total		$	52,332	$	48,362	$	36,992

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	29,385,869	26,588,688
Common stock, shares outstanding (in shares)	29,385,869	26,588,688
Class B voting common stock
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	1,958,028	1,958,028
Common stock, shares outstanding (in shares)	1,958,028	1,958,028

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Liability Components of Convertible Notes

The net carrying amount of the Convertible Notes were as follows:



	As of December 31,
	2025		2024

2026 Convertible Notes:	(In thousands)
Principal	$	7,633	$	35,000

Unamortized debt issuance costs	(6)		(205)
2026 Convertible Notes net carrying amount	7,627		34,795

2028 Convertible Notes:
Principal	250,000		250,000

Unamortized debt issuance costs	(2,438)		(3,511)
2028 Convertible Notes net carrying amount	247,562		246,489
Total net carrying amount	$	255,189	$	281,284

Schedule of Interest Expense Recognized Related to Convertible Notes

The following table sets forth the interest expense recognized related to the Convertible Notes:


	Year ended December 31,
		2025		2024		2023

2026 Convertible Notes:		(In thousands)
Contractual interest expense		$	36	$	241	$	465

Amortization of debt issuance costs		60		421		940
Total interest expense related to the 2026 Convertible Notes		96		662		1,405

2028 Convertible Notes:
Contractual interest expense		1,252		1,250		1,250

Amortization of debt issuance costs		1,073		1,071		1,064
Total interest expense related to the 2028 Convertible Notes		2,325		2,321		2,314
Total interest expense		$	2,421	$	2,983	$	3,719

Schedule of Costs Incurred for Capped Calls Related to Convertible Notes

The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of December 31, 2025:


	2026 Convertible Notes		2028 Convertible Notes

	(In thousands, except share and per share amounts)
Initial approximate strike price per share, subject to certain adjustments	$	91.03	$	179.27
Initial cap price per share, subject to certain adjustments	$	137.40	$	260.76
Net costs incurred	$	43,320	$	25,500
Class A common stock covered, subject to anti-dilution adjustments	83,854		1,394,525

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

Goodwill

The change in carrying amount of goodwill was as follows:


	Total

	(In thousands)
Balance as of December 31, 2023	$	335,872


Foreign currency translation adjustments	(18,629)
Balance as of December 31, 2024	317,243


Foreign currency translation adjustments	39,529
Balance as of December 31, 2025	$	356,772

Intangible Assets

Intangible assets, net consisted of the following:


	As of December 31,

	2025						2024

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,492	$	(57,344)	$	97,148	$	145,625	$	(44,754)	$	100,871



Developed technology	84,765		(43,795)		40,970		75,189		(31,329)		43,860
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	242,709	$	(103,967)	$	138,742	$	224,266	$	(78,911)	$	145,355

The Company recognized amortization expense as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenue		$	8,142	$	7,811	$	7,810

Sales and marketing		9,952		9,692		9,464

Total amortization expense		$	18,094	$	17,503	$	17,274

The remaining weighted average amortization period for definite lived intangible assets is 8.1 years.

Future estimated amortization expense for definite lived intangible assets is as follows:


	As of December 31,
	2025

	(In thousands)

2026	$	18,603
2027	18,603
2028	18,603
2029	18,603
2030	17,190
Thereafter	46,516
	$	138,118

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Common Stock

Shares of Class B common stock are convertible into shares of Class A common stock on a 1:1 basis upon the stockholder’s voluntary written notice to the Company’s transfer agent or a transfer by the stockholder, subject to limited exceptions for transfers for estate planning purposes.

Voting Rights

The holders of Class A common stock and Class B common stock have identical rights, except that holders of Class A voting common stock are entitled to one vote per share of Class A common stock and holder of Class B common stock are entitled to ten votes per share of Class B common stock.

Dividends

Any dividends or distributions paid or payable to the holders of shares of Class A common stock and Class B common stock shall be paid pro-rata, on an equal priority. During the years ended December 31, 2025, 2024 and 2023, no dividends were declared. Dividend payments are not subject to restriction.

Reserved Shares

The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows:



	As of December 31,
	2025	2024
Stock options issued and outstanding	67,297	79,238
Nonvested restricted stock units issued and outstanding	5,534,657	4,364,486
Stock-based awards available for grant under the 2017 Plan	3,751,786	1,878,290
Total	9,353,740	6,322,014

- Definition

The entire disclosure for equity.

+ References

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value

The following tables summarize the Company’s financial assets measured at fair value as of December 31, 2025 and 2024:


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2025
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	65,027	$	—	$	—	$	65,027	$	—	$	—	$	65,027





Commercial paper	29,082		—		—		29,082		—		—		29,082

Total included in cash and cash equivalents	94,109		—		—		94,109		—		—		94,109
Marketable securities:
Time deposits	5,000		5		—		5,005		—		—		5,005


Commercial paper	3,447		24		—		3,471		—		—		3,471
Total marketable securities	8,447		29		—		8,476		—		—		8,476



Total financial assets	$	102,556	$	29	$	—	$	102,585	$	—	$	—	$	102,585


	Amortized cost or carrying value		Unrealized gains		Unrealized losses		Fair value measurements on a recurring basis December 31, 2024
							Level 1		Level 2		Level 3		Total

	(In thousands)
Financial assets:
Cash and cash equivalents:
Money market account	$	57,759	$	—	$	—	$	57,759	$	—	$	—	$	57,759





Commercial paper	18,489		—		—		18,489		—		—		18,489

Total included in cash and cash equivalents	76,248		—		—		76,248		—		—		76,248
Marketable securities:



Commercial paper	1,970		5		—		1,975		—		—		1,975
Total marketable securities	1,970		5		—		1,975		—		—		1,975



Total financial assets	$	78,218	$	5	$	—	$	78,223	$	—	$	—	$	78,223

Schedule of Contractual Maturities of Marketable Securities

The following table summarizes the contractual maturities of marketable securities as of December 31, 2025:


	Amortized cost		Aggregate fair value

	(In thousands)
Financial assets:
Less than one year	$	8,447	$	8,476

Total	$	8,447	$	8,476

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - RSUs - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of awards outstanding
Beginning balance (in shares)	4,364,486
Granted (in shares)	4,510,702
Vested (in shares)	(2,969,717)
Forfeited (in shares)	(370,814)
Ending balance (in shares)	5,534,657	4,364,486
Weighted-average grant date fair value (Per share)
Beginning balance (in usd per share)	$ 19.25
Granted (in usd per share)	14.63	$ 21.23	$ 11.35
Vested (in usd per share)	18.56
Forfeited (in usd per share)	18.18
Ending balance (in usd per share)	$ 15.91	$ 19.25
Total fair value of RSUs vested (in thousands)	$ 55,123	$ 49,636	$ 25,186

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The following table describes any contracts, instructions or written plans for the sale or purchase of our securities adopted, amended or terminated by our directors or executive officers during the three months ended December 31, 2025, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name and Title

Date of Adoption of Rule 10b5-1 Trading Plan

Scheduled Expiration Date of Rule 10b5-1 Trading Plan

Aggregate Number of Securities to be Purchased or Sold

Daryl E. Raiford

Chief Financial Officer

12/3/2025

12/31/2026

Covers the sale of an indeterminate number of shares of Class A common stock issued upon future equity award vesting events.

Kade Ross

Chief Information Officer

11/24/2025

03/02/2027

Covers the sale of up to 61,000 shares of Class A common stock.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Daryl E. Raiford [Member]

Trading Arrangements, by Individual

Name

Daryl E. Raiford

Title

Chief Financial Officer

Rule 10b5-1 Arrangement Adopted

true

12/3/2025

12/31/2026

393 days

Trading Arrangements, by Individual

Name

Kade Ross

Title

Chief Information Officer

Rule 10b5-1 Arrangement Adopted

true

11/24/2025

03/02/2027

463 days

61,000

Income Taxes - Schedule of Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal tax rate	21.00%	21.00%	21.00%
State tax rate - statutory blended rate	(1.80%)	4.20%	4.30%
Other effective state tax adjustments		(8.50%)	(5.20%)
Non-deductible expenses		(4.60%)	(4.10%)
Non-deductible executive compensation		(12.40%)	0.00%
Research tax benefits	25.60%	49.40%	24.40%
Stock-based compensation	(10.20%)	1.20%	(18.00%)
Change in valuation allowance	(11.50%)	(22.80%)	(11.70%)
Deferred tax rate change		0.10%	0.60%
Intangibles and deferred adjustments		(7.30%)	0.00%
Foreign rate differential		5.40%	2.80%
Other		1.40%	1.20%
Total	22.20%	27.10%	15.30%

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Maturities of marketable securities	$ 9.7	$ 53.5	$ 91.8
Proceeds from sale of marketable securities	0.0		38.3
Interest earned on marketable securities	0.3	1.0	$ 2.0
Pension Plan
Debt Instrument [Line Items]
Fair value of pension plan’s assets	4.6	3.7
2026 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Fair value	7.5	31.8
2028 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Fair value	$ 219.7	$ 199.0

Description of Business and Summary of Significant Accounting Policies - Schedule of Receivables and Contract Liabilities from Contracts with Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Receivables	$ 91,409	$ 86,455
Contract liabilities	$ 13,714	$ 14,986

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

The Company had reserved shares of Class A common stock for issuance under stock-based award agreements as follows:



	As of December 31,
	2025	2024
Stock options issued and outstanding	67,297	79,238
Nonvested restricted stock units issued and outstanding	5,534,657	4,364,486
Stock-based awards available for grant under the 2017 Plan	3,751,786	1,878,290
Total	9,353,740	6,322,014

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

Fair Value Measurements - Schedule of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized cost
Less than one year	$ 8,447
Total	8,447	$ 1,970
Aggregate fair value
Less than one year	8,476
Total	$ 8,476

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Subparagraph (b)
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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-Based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 52,332	$ 48,362	$ 36,992
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	2,159	1,638	1,136
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	23,133	20,433	15,661
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	7,850	8,105	6,273
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 19,190	$ 18,186	$ 13,922

Description of Business and Summary of Significant Accounting Policies - Business Interruption Insurance Recovery (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Gain on business interruption insurance recoveries	$ 4,000	$ 0	$ 0	$ 4,000

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions						12 Months Ended
	May 29, 2025	Jan. 01, 2025	May 18, 2023	Jan. 01, 2018	Nov. 09, 2017	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						9,353,740	6,322,014
Stock Option Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)					0
A2017 Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock capital shares reserved for future issuance increase (as percent)				5.00%
Increase in shares available for grant (in shares)	4,500,000	1,329,434	2,500,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						5,534,657	4,364,486
Unrecognized compensation cost related to non-vested RSUs						$ 79.1
Unrecognized cost for stock based compensation, period for recognition (in years)						2 years 4 months 9 days
Stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)						67,297	79,238
Stock options issued and outstanding \| A2017 Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life (in years)					10 years

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Revenue By Category

Revenue consists primarily of two categories: (1) cloud communications and (2) messaging surcharges, which are described and quantified below.


	Year ended December 31,
	2025		2024		2023

	(In thousands)

Cloud communications	$	561,379	$	539,753	$	478,892
Messaging surcharges	192,438		208,734		122,225
Total revenue	$	753,817	$	748,487	$	601,117

Schedule of Receivables and Contract Liabilities From Contracts with Customers

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2025		2024

	(In thousands)
Receivables (1)	$	91,409	$	86,455
Contract liabilities (2)	13,714		14,986

________________________

(1) Included in accounts receivable, net of allowances on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Schedule of Finite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2025 and 2024 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,

	2025						2024

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,492	$	(57,344)	$	97,148	$	145,625	$	(44,754)	$	100,871



Developed technology	84,765		(43,795)		40,970		75,189		(31,329)		43,860
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	242,709	$	(103,967)	$	138,742	$	224,266	$	(78,911)	$	145,355

Schedule of Infinite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2025 and 2024 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,

	2025						2024

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,492	$	(57,344)	$	97,148	$	145,625	$	(44,754)	$	100,871



Developed technology	84,765		(43,795)		40,970		75,189		(31,329)		43,860
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	242,709	$	(103,967)	$	138,742	$	224,266	$	(78,911)	$	145,355

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Beginning balance	$ 317,243	$ 335,872
Foreign currency translation adjustments	39,529	(18,629)
Ending balance	$ 356,772	$ 317,243

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

Income Taxes - Schedule of Benefit for Income Taxes from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 39	$ (342)	$ (653)
State	(388)	(1,581)	(1,309)
Foreign	(1,070)	(1,053)	(2,219)
Total	(1,419)	(2,976)	(4,181)
Deferred:
Federal	(23)	29	(75)
Foreign	5,121	5,376	7,216
Total	5,098	5,405	7,141
Income tax benefit	$ 3,679	$ 2,429	$ 2,960

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Matching contributions for defined contribution plans	$ 4.5	$ 4.4	$ 4.8

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax benefit	$ 3,679	$ 2,429	$ 2,960
Pre-tax loss	$ 16,591	$ 8,953	$ 19,303
Effective income tax rate (as percent)	22.20%	27.10%	15.30%
Increase in valuation allowance	$ 1,300
Federal tax credits	19,800
Unrecognized tax benefits	8,778	$ 7,438	$ 6,170
Income tax penalties and interest expense	0	$ 100	$ 300
Federal Ministry of Finance, Germany
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	44,100
Tax and Customs Administration, Netherlands
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	25,800
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 76,800

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following:



	As of December 31,				Useful Life
	2025		2024

	(In thousands)				(In years)
Furniture and fixtures	$	15,845	$	15,925	5
Computer and office equipment	14,789		13,967		2 to 5
Telecommunications equipment	92,829		82,608		5 to 7
Leasehold improvements	77,704		76,054		5 to 15
Software	22,302		24,916		1 to 5
Internal-use software development	44,198		35,499		4
Automobile	452		447		3
Land	27,636		27,636		Indefinite
Land Improvements	1,065		1,065		20
Total cost	296,820		278,117
Less—accumulated depreciation	(122,569)		(101,294)
Total property, plant and equipment, net	$	174,251	$	176,823

Schedule of Depreciation Expense

The Company recognized depreciation expense, which includes amortization of capitalized software development costs, as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenue		$	20,673	$	18,532	$	16,273
Research and development		7,243		6,476		3,977
Sales and marketing		4,903		4,455		2,628
General and administrative		2,851		2,276		1,565
Total depreciation expense		$	35,670	$	31,739	$	24,443

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. Our enterprise-wide information security program is designed to identify, protect, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats. We use a widely-adopted risk quantification model to identify, measure and prioritize cybersecurity threats and develop related security controls and safeguards. We conduct regular periodic reviews and tests of our information security program and also leverage audits by our internal audit team, tabletop exercises, penetration and vulnerability testing internally and with external independent third-parties, threat modeling, simulations, and other exercises in an effort to evaluate the effectiveness of our information security program and improve our security measures and planning. We have implemented incident response and breach management processes, which have four overarching and interconnected workflows: (1) detection and analysis of a security or privacy incident, (2) investigation, mitigation and remediation, (3) reporting and notification, and (4) post-incident analysis. These processes may involve participants from our information security, network, information technology, software development, executive and legal teams. From time to time, we also conduct exercises to simulate responses to cybersecurity incidents. Our team of cybersecurity professionals collaborates with legal, technical and business stakeholders to further analyze the risks to the company and form detection, mitigation and remediation strategies. As part of the processes described above, we regularly engage external auditors and consultants to assess our cybersecurity programs and compliance with applicable practices and standards. Our Information Security Management System has been certified to conform to the requirements of ISO/IEC 27001:2013 and AICPA SOC 2 Type II, which includes all five of the Trust Services Criteria. Our Vendor Risk Management (“VRM”) program aids in evaluating the cybersecurity and data privacy risks associated with the use of vendors and other third parties that will be processing, storing, or handling Bandwidth employee, business or customer data. The VRM program is designed to evaluate third-party risk, advise on selection or implementation recommendations, and inform privacy, security and data protection contractual terms. We rely, however, on the third parties we use to implement security programs commensurate with their risk, and we cannot ensure in all circumstances that their efforts will be successful. Our Application Security program performs static and dynamic scanning of systems and software code. In addition, we perform vulnerability scans daily on our systems and assets. With respect to cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner with continuous monitoring from our Security Operations Center. These tools include, but are not limited to, Endpoint Detection and Response, Security Information and Event Management, Attack Surface Management, Static Application Security Testing, Dynamic Application Security Testing, DDoS Mitigation Services, threat detections including intelligence and brand monitoring, intrusion detection sensors, network firewalls and web application firewalls. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information. Our systems periodically experience directed attacks intended to lead to interruptions and delays in our service and operations as well as loss, misuse or theft of personal information (of third parties, employees, and our members) and other data, confidential information or intellectual property. We have not experienced any material cybersecurity events in the last three fiscal years, and expenses incurred in connection with cybersecurity incidents were not material. However, we do face risks from similar attacks and other cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition. Further, an attack on, or penetration of, our systems or a third-party’s systems or other misappropriation or misuse of personal information could subject us to business, regulatory, litigation and reputation risks. See “Risk Factors - Attacks on or breaches of our networks or systems, or those of third parties upon which we rely, could degrade our ability to conduct our business, compromise the integrity of our services and our communications platform, result in service degradation or outages, significant data losses, the theft of our intellectual property, investigations by government agencies and damage to our reputation, and could expose us to liability to third parties and require us to incur significant additional costs to maintain the security of our networks and data,” included elsewhere in this Annual Report on Form 10-K.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. Our enterprise-wide information security program is designed to identify, protect, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats. We use a widely-adopted risk quantification model to identify, measure and prioritize cybersecurity threats and develop related security controls and safeguards. We conduct regular periodic reviews and tests of our information security program and also leverage audits by our internal audit team, tabletop exercises, penetration and vulnerability testing internally and with external independent third-parties, threat modeling, simulations, and other exercises in an effort to evaluate the effectiveness of our information security program and improve our security measures and planning.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors oversees our annual enterprise risk assessment, where we assess key risks within the company, including security and technology risks and cybersecurity threats. Our board of directors receives an update on Bandwidth’s risk management process at least annually, and receives quarterly cybersecurity updates from our Chief Information Officer (“CIO”).
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO and our Vice President, Information Security lead our global information security organization and are responsible for overseeing our information security program. Our Vice President, Information Security has over 25 years of industry experience, including serving in similar roles, building, leading and overseeing cybersecurity programs at other private and public companies.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our CIO and our Vice President, Information Security lead our global information security organization and are responsible for overseeing our information security program. Our Vice President, Information Security has over 25 years of industry experience, including serving in similar roles, building, leading and overseeing cybersecurity programs at other private and public companies. Team members who support our information security program have relevant educational and industry experience, including application security, security operations, forensic and incident response, governance, risk and compliance. At the management level, our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Key security, operations, legal and compliance stakeholders meet regularly to discuss strategies designed to preserve the confidentiality, integrity and availability of our and our customers’ information by identifying and mitigating cybersecurity threats, and effectively responding to cybersecurity incidents. Our Executive Security Committee, which includes our Chief Operating Officer, our CIO, our Chief Technology Officer, our Chief Development Officer, our General Counsel and other cross-functional participants, meets monthly to evaluate our cybersecurity risks and related response efforts.
Cybersecurity Risk Role of Management [Text Block]	Our CIO and our Vice President, Information Security lead our global information security organization and are responsible for overseeing our information security program. Our Vice President, Information Security has over 25 years of industry experience, including serving in similar roles, building, leading and overseeing cybersecurity programs at other private and public companies. Team members who support our information security program have relevant educational and industry experience, including application security, security operations, forensic and incident response, governance, risk and compliance. At the management level, our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Key security, operations, legal and compliance stakeholders meet regularly to discuss strategies designed to preserve the confidentiality, integrity and availability of our and our customers’ information by identifying and mitigating cybersecurity threats, and effectively responding to cybersecurity incidents. Our Executive Security Committee, which includes our Chief Operating Officer, our CIO, our Chief Technology Officer, our Chief Development Officer, our General Counsel and other cross-functional participants, meets monthly to evaluate our cybersecurity risks and related response efforts.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our board of directors oversees our annual enterprise risk assessment, where we assess key risks within the company, including security and technology risks and cybersecurity threats. Our board of directors receives an update on Bandwidth’s risk management process at least annually, and receives quarterly cybersecurity updates from our Chief Information Officer (“CIO”). Our CIO and our Vice President, Information Security lead our global information security organization and are responsible for overseeing our information security program. Our Vice President, Information Security has over 25 years of industry experience, including serving in similar roles, building, leading and overseeing cybersecurity programs at other private and public companies. Team members who support our information security program have relevant educational and industry experience, including application security, security operations, forensic and incident response, governance, risk and compliance.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President, Information Security has over 25 years of industry experience, including serving in similar roles, building, leading and overseeing cybersecurity programs at other private and public companies. Team members who support our information security program have relevant educational and industry experience, including application security, security operations, forensic and incident response, governance, risk and compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	At the management level, our cybersecurity risks are identified and addressed through a comprehensive, cross-functional approach. Key security, operations, legal and compliance stakeholders meet regularly to discuss strategies designed to preserve the confidentiality, integrity and availability of our and our customers’ information by identifying and mitigating cybersecurity threats, and effectively responding to cybersecurity incidents. Our Executive Security Committee, which includes our Chief Operating Officer, our CIO, our Chief Technology Officer, our Chief Development Officer, our General Counsel and other cross-functional participants, meets monthly to evaluate our cybersecurity risks and related response efforts.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The following table presents domestic and foreign components of loss before income taxes for the tax years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023

	(In thousands)
United States	$	(3,486)	$	7,670	$	759
International	(13,105)		(16,623)		(20,062)
Loss before income taxes	$	(16,591)	$	(8,953)	$	(19,303)

Benefit for income taxes from operations consists of the following:


	Year Ended December 31,

	2025		2024		2023

	(In thousands)
Current:
Federal	$	39	$	(342)	$	(653)
State	(388)		(1,581)		(1,309)
Foreign	(1,070)		(1,053)		(2,219)
Total	(1,419)		(2,976)		(4,181)
Deferred:
Federal	(23)		29		(75)

Foreign	5,121		5,376		7,216
Total	5,098		5,405		7,141
Income tax benefit	$	3,679	$	2,429	$	2,960


	Year Ended December 31, 2025
	Amount		Percent
	(In thousands)
United States statutory tax rate	$	3,484	21.0	%
State and local income taxes, net of federal income tax effect (1)	(307)		(1.8)
Foreign tax effects:
Belgium:
Effect of rates different than statutory	297		1.8
Innovation income deduction	702		4.2
Other	(28)		(0.2)
Ireland:
Other	(40)		(0.2)
United Kingdom:
Effect of rates different than statutory	323		1.9
Other	(69)		(0.4)
Other foreign jurisdictions	115		0.7
Tax credits:
Federal research credits	4,247		25.6
Other	150		0.9
Changes in valuation allowances	(1,901)		(11.5)
Nontaxable or nondeductible items:
Meals and entertainment	(195)		(1.2)
Stock-based compensation	(1,700)		(10.2)
Non-deductible executive compensation	(824)		(5.0)
Income from branch	(288)		(1.7)
Other	(125)		(0.8)
Changes in unrecognized tax benefits	(284)		(1.7)
Other adjustments:
Other	122		0.8
Effective tax rate	$	3,679	22.2	%

________________________

(1) State taxes in Washington, D.C. and Virginia made up greater than 50% of the tax effect in this category.

For the year ended December 31, 2025, the Company recognized an income tax benefit of $3.7 million on pre-tax book loss of $16.6 million, resulting in an effective income tax rate of 22.2%. As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:


	Year Ended December 31,
	2024		2023
Federal tax rate	21.0	%	21.0	%
State tax rate - statutory blended rate	4.2		4.3
Other effective state tax adjustments	(8.5)		(5.2)
Non-deductible expenses	(4.6)		(4.1)
Non-deductible executive compensation	(12.4)		—
Research tax benefits	49.4		24.4
Stock-based compensation	1.2		(18.0)
Change in valuation allowance	(22.8)		(11.7)
Deferred tax rate change	0.1		0.6

Intangibles and deferred adjustments	(7.3)		—
Foreign rate differential	5.4		2.8
Other	1.4		1.2
Total	27.1	%	15.3	%

For the year ended December 31, 2024, the Company recognized an income tax benefit of $2.4 million on pre-tax book loss of $9.0 million, resulting in an effective income tax rate of 27.1%. For the year ended December 31, 2023, the Company recognized an income tax benefit of $3.0 million on pre-tax book income of $19.3 million, resulting in an effective income tax rate of 15.3%.

The following table presents the significant components of the Company’s net deferred tax liability:


	As of December 31,
	2025		2024

	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	146	$	276
Accrued liabilities	3,497		3,256
Operating lease liabilities	56,758		56,788
Deferred revenue	1,828		1,913

Stock-based compensation	2,322		2,826

Capitalized research and development expenses	32,193		44,716

Tax credits	19,807		15,694
Net operating losses	20,632		12,761
Other deferred tax assets	1,641		1,859
Gross deferred tax assets	138,824		140,089
Less: valuation allowance	(71,324)		(70,008)
Total deferred tax assets	67,500		70,081
Deferred tax liabilities:
Property, plant and equipment	18,781		22,436
Goodwill	1,699		1,554
Intangibles	33,058		34,305
Operating lease assets	38,441		39,090


Total deferred tax liabilities	91,979		97,385
Net deferred tax liability	$	24,479	$	27,304

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA did not change the statutory U.S. federal tax rate. Accordingly, the OBBBA did not require the Company to remeasure its deferred tax assets and liabilities solely because of a rate change. However, the various changes in tax law did impact the Company’s current and deferred tax calculations. The decreased deferred tax asset for capitalized research and development expenses and the increased deferred tax asset for net operating losses is primarily due to this new legislation.

The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered its historic performance, the nature of its deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. Based on an analysis of these factors, the Company determined that in 2025, a valuation allowance against U.S. deferred tax assets was required. The valuation allowance increased by $1.3 million during the year ended December 31, 2025.

As of December 31, 2025, the Company had approximately $44.1 million in U.S. federal net operating loss carryforwards, and $19.8 million in U.S. federal tax credits. All U.S. federal net operating loss carryforwards were generated after the enactment of the Tax Cuts and Jobs Act (the “Act”) and as such do not expire, but can only be utilized to offset up to 80% of taxable income in any given year. The U.S. federal tax credits begin to expire in 2039. Additionally, as of December 31, 2025 the Company had approximately $25.8 million in UK loss carryforwards. Under current UK tax law, these losses can be carried forward indefinitely.

As of December 31, 2025, the Company had approximately $76.8 million in state net operating loss carryforwards. If not utilized, some state net operating loss carryforwards will expire at various dates beginning in 2030.

At December 31, 2025, the amount of unremitted earnings generated by the Company’s foreign subsidiaries is not significant. The Company does not assert indefinite reinvestment on a portion of its unremitted earnings of certain foreign subsidiaries as of December 31, 2025. On the earnings that are not indefinitely reinvested, the Company did not recognize deferred income taxes related to those unremitted foreign earnings, due to the tax favorable manner in which it would be repatriated. For the subsidiaries that the Company asserts permanent reinvestment, if repatriation were to occur, the Company would be required to accrue U.S. taxes, if any, and remit applicable withholding taxes as appropriate. A determination of the amount of the unrecognized deferred tax liability related to these undistributed earnings is not practicable due to the complexity and variety of assumptions necessary based on the manner in which the undistributed earnings would be repatriated.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2025		2024

	(In thousands)
Unrecognized tax benefits—January 1,	$	7,438	$	6,170
Gross increases—tax positions in prior period	284		91

Gross increases—tax positions in current period	1,056		1,177


Unrecognized tax benefits—December 31,	$	8,778	$	7,438

If the $8.8 million of unrecognized tax benefit is recognized, it would not impact the effective tax rate due to the valuation allowance on the Company’s net U.S. deferred tax assets.

For the years ended December 31, 2025, 2024 and 2023, the Company recognized $0.0 million, $0.1 million and $0.3 million, respectively, in interest and penalties related to income taxes within income tax benefit in the accompanying consolidated statements of operations.

The Company files U.S. federal income tax returns as well as income tax returns in many U.S. states and foreign jurisdictions. As of December 31, 2025, the tax years 2022 through 2024 remain open to examination by the major jurisdictions in which the Company is subject to tax. The Company is currently under audit by the Internal Revenue Service for the year ended December 31, 2023.

A summary of income taxes paid (refunded) by jurisdiction is as follows:


	As of December 31,
	2025

	(In thousands)
US Federal	$	(280)
State:
California	674
Washington, D.C.	206
Delaware	95
New Jersey	94
Pennsylvania	(157)
Other State	(36)
Foreign:
Belgium	(821)
Ireland	94
Other Foreign	76
Net Refund	$	(55)

- Definition

The entire disclosure for income tax.

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jul. 10, 2025	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Lease payments of initial term		$ 452,058
Non-cancellable purchase obligation		24,200
Non-cancellable purchase obligation, fulfilled within a year		9,200
Deficiency amount	$ 3,800
Office Space
Lessee, Lease, Description [Line Items]
Lease payments of initial term		$ 452,100

Basic and Diluted Loss per Common Share - Schedule of Components of Basic and Diluted (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to common stockholders	$ (12,912)	$ (6,524)	$ (16,343)
Net loss per share, basic and diluted
Basic (in usd per share)	$ (0.43)	$ (0.24)	$ (0.64)
Diluted (in usd per share)	$ (0.43)	$ (0.24)	$ (0.64)
Weighted average number of common shares outstanding, basic and diluted
Basic (in shares)	29,996,861	27,209,698	25,612,724
Diluted (in shares)	29,996,861	27,209,698	25,612,724

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events On February 19, 2026, Bandwidth’s Board of Directors authorized a share repurchase program of up to $80.0 million of the Company’s outstanding Class A common stock, subject to market conditions, contractual restrictions and other factors. Under the share repurchase program, the Company may purchase shares from time to time at the discretion of management through open market purchases, block trades, accelerated or other structured share repurchase programs, privately negotiated transactions, Rule 10b5-1 plans or other means. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The manner, timing, pricing and amount of any transactions will be subject to the discretion of management and may be based upon market conditions, regulatory requirements and alternative opportunities that the Company may have for the use or investment of its capital. The program does not obligate the Company to acquire any particular amount of Class A common stock, and the program may be extended, modified, suspended or terminated at any time at the Company’s discretion.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,912)	$ (6,524)	$ (16,343)
Other comprehensive (loss) income
Unrealized gain (loss) on marketable securities, net	24	(61)	(248)
Foreign currency translation, net	50,297	(23,306)	15,698
Unrealized gain (loss) on employee benefit plan, net	120	152	(30)
Total other comprehensive (loss) income	50,441	(23,215)	15,420
Total comprehensive (loss) income	$ 37,529	$ (29,739)	$ (923)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt - 2026 Convertible Notes (Details)		1 Months Ended	12 Months Ended
Debt - 2026 Convertible Notes (Details)	Feb. 24, 2025 USD ($)	Feb. 28, 2020 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($)	Mar. 31, 2021 $ / shares
Debt Instrument [Line Items]
Net gain on extinguishment of debt			$ 1,082,000	$ 10,267,000	$ 12,767,000
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares		$ 0.001	$ 0.001	$ 0.001		$ 0.001
2026 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Principal amount	$ 7,600,000	$ 400,000,000.0	$ 7,633,000	$ 35,000,000
Stated rate (as percent)		0.25%
Total net proceeds		$ 344,700,000
Effective interest rate (as percent)		0.51%
Conversion price (in usd per share) \| $ / shares		$ 91.03
Repurchased face amount	27,400,000
Repayments of debt	$ 26,100,000
Net gain on extinguishment of debt			$ 1,100,000
2026 Convertible Notes: \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio		0.0109857

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 102,788	$ 81,812
Marketable securities	8,476	1,975
Accounts receivable, net of allowances	91,409	86,455
Deferred costs	4,830	3,729
Prepaid expenses and other current assets	11,557	13,841
Total current assets	219,060	187,812
Property, plant and equipment, net	174,251	176,823
Operating right-of-use asset, net	152,950	153,601
Intangible assets, net	138,742	145,355
Deferred costs, non-current	3,098	4,355
Other long-term assets	7,754	3,977
Goodwill	356,772	317,243
Total assets	1,052,627	989,166
Current liabilities:
Accounts payable	42,600	28,362
Accrued expenses and other current liabilities	91,151	101,819
Current portion of deferred revenue	8,742	7,031
Operating lease liability, current	3,947	3,111
Current portion of convertible senior notes	7,627	0
Total current liabilities	154,067	140,323
Other liabilities	555	576
Operating lease liability, net of current portion	221,019	219,191
Deferred revenue, net of current portion	4,972	7,955
Deferred tax liability	24,479	27,304
Convertible senior notes	247,562	281,284
Total liabilities	652,654	676,633
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock: $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding	0	0
Additional paid-in capital	485,836	435,927
Accumulated deficit	(84,326)	(71,414)
Accumulated other comprehensive loss	(1,568)	(52,009)
Total stockholders’ equity	399,973	312,533
Total liabilities and stockholders’ equity	1,052,627	989,166
Class A voting common stock
Stockholders’ equity:
Class A and Class B common stock	29	27
Class B voting common stock
Stockholders’ equity:
Class A and Class B common stock	$ 2	$ 2

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Operating Leases The Company leases office space under non-cancelable operating lease agreements that expire on various dates through July 2043. As of December 31, 2025, the Company has $452.1 million in future minimum rent payments for its current office space. See Note 6, “Leases,” to the consolidated financial statements, for additional details on the Company’s operating lease commitments. Contractual Obligations As of December 31, 2025, the Company has $24.2 million in non-cancellable purchase obligations, consisting of primarily network equipment maintenance and software license contracts, of which $9.2 million will be fulfilled within one year. Legal Matters The Company is subject to certain legal proceedings described below, and from time to time may be subject to legal matters arising in the ordinary course of business. Where it is determined that a loss is probable and estimable in a given matter, the Company establishes an accrual. Any amounts accrued as of the balance sheet date are not material in any of the currently pending matters. In management’s opinion, the Company does not expect that the ultimate resolution of any currently pending legal matter in future periods will have a material effect on our financial condition, but could have a material effect on our results of operations for a given reporting period. On July 10, 2025, the City and County of San Francisco Tax Collector (“City of San Francisco”) issued a Corrected Tax Collector Decision on Petition for Redetermination to Bandwidth, asserting an Access Line Tax (“ALT”) deficiency in the amount of $3.8 million. The Company disputes the City of San Francisco’s application of the ALT to Bandwidth as well as the amount of the deficiency. On July 25, 2025, the Company paid and placed on deposit the amount under protest, as required by law. On August 7, 2025, Bandwidth filed a Claim for Refund with the City of San Francisco seeking a refund of the full amount. The Company to date has been unable to resolve the Claim for Refund with the City of San Francisco, and on December 31, 2025 the Company filed a Complaint for Refund challenging the assessment in the Superior Court of the State of California. The Company believes it has meritorious arguments that support a refund of the full amount. The Company is also involved as a defendant in a lawsuit alleging that the Company failed to bill, collect and remit certain taxes and surcharges associated with the provision of 911 services in Cook and Kane Counties, Illinois, the City of Chicago, Illinois, and the State of Illinois. The Company intends to vigorously defend this lawsuit and believes that it has meritorious defenses.

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 7,438	$ 6,170
Gross increases—tax positions in prior period	284	91
Gross increases—tax positions in current period	1,056	1,177
Unrecognized tax benefits, ending balance	$ 8,778	$ 7,438

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

7. Debt

Revolving Credit Facility

In August 2023, the Company entered into a credit agreement (as amended, the “Credit Agreement”) among the Company, as borrower, the lenders from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and letters of credit issuer. The Credit Agreement provided for a $50.0 million revolving credit facility (the “Credit Facility”), including a $15.0 million sublimit for the issuance of letters of credit and a swingline subfacility of up to $5.0 million. The Credit Facility has an accordion feature that allows for an increase in the total borrowing size of up to $25.0 million, subject to certain conditions. The Credit Agreement was amended in 2024 to increase the Credit Facility to $150.0 million and increase the swingline sublimit to $10.0 million. The Credit Facility matures on the earlier of (a) May 1, 2029 or (b) the date that is 91 days prior to the scheduled maturity date or mandatory conversion date of any of the Company’s outstanding convertible notes due 2028. The Credit Agreement requires that the Company maintain (a) (i) for each fiscal quarter ending on or prior to June 30, 2025, a consolidated senior secured leverage ratio not to exceed 2.75 to 1.00, and (ii) for each fiscal quarter thereafter, a consolidated senior secured leverage ratio not to exceed 2.50 to 1.00; and (b) a consolidated fixed charge coverage ratio not less than 2.00 to 1.00, in each case tested as of the end of any fiscal quarter. Exceptions to certain customary negative covenants require a pro forma consolidated senior secured leverage ratio of at least 0.50 to 1.00 inside the maximum then-applicable consolidated senior secured leverage ratio, and exceptions to the restriction on additional convertible indebtedness require a pro forma consolidated total leverage ratio over the most recent four fiscal quarters not to exceed 4.50 to 1.00.

Interest on borrowings under the Credit Facility accrues at an annual rate tied to a base rate or the Secured Overnight Financing Rate (“SOFR”), at the Company’s election. Loans based on SOFR bear interest at a rate equal to term SOFR for the applicable interest period plus 10 basis points plus an applicable margin between 2.00% and 2.50%, and loans based on the base rate bear interest at a rate equal to the base rate plus an applicable margin between 1.00% and 1.50%, in each case of the foregoing, depending upon the Company’s consolidated total leverage ratio for the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement. The Company is required to pay a quarterly commitment fee equal to between 0.20% and 0.25% on the unused portion of the borrowing commitment, depending upon the Company’s consolidated total leverage ratio for the most recent fiscal quarter for which financial statements have been delivered under the Credit Agreement.

The obligations under the Credit Agreement are secured by a lien on substantially all of the Company’s tangible and intangible property and by a pledge of all of the equity interests of the Company’s direct domestic subsidiaries and 65% of the voting capital stock and 100% of the non-voting capital stock of any first-tier foreign subsidiaries, subject to limited exceptions. In addition, the Company’s direct domestic subsidiaries guarantee the obligations under the Credit Agreement and grant a lien and pledge, as applicable, on substantially all of their tangible and intangible property to secure the obligations under the Credit Agreement.

As of December 31, 2025, unamortized debt issuance costs were $0.7 million, of which $0.2 million were included in prepaid expenses and other current assets and $0.5 million were included in other long-term assets. As of December 31, 2024, unamortized debt issuance costs were $1.0 million, of which $0.2 million were included in prepaid expenses and other current assets and $0.8 million were included in other long-term assets.

As of December 31, 2025, the Company had no outstanding borrowings under the Credit Facility and was in compliance with all financial and non-financial covenants for all periods presented. As of December 31, 2025, the available borrowing capacity under the Credit Facility was $150.0 million.

Convertible Senior Notes and Capped Call Transactions

2026 Convertible Notes

In February 2020, the Company issued $400.0 million aggregate principal amount of 0.25% Convertible Notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2026 Convertible Notes”). The interest on the 2026 Convertible Notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2020. The 2026 Convertible Notes will mature on March 1, 2026, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2026 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2026 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $344.7 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.510% over the contractual terms of the 2026 Convertible Notes.

Each $1,000 principal amount of the 2026 Convertible Notes is initially convertible into 10.9857 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $91.03 per share.

During February 2025, the Company entered into separate, privately negotiated repurchase agreements with a limited number of holders of the 2026 Convertible Notes (the “2025 Repurchases”) to repurchase approximately $27.4 million aggregate principal amount of the 2026 Convertible Notes for an aggregate cash price of approximately $26.1 million. The 2025 Repurchases closed on February 24, 2025. Following the 2025 Repurchases and previous repurchases, approximately $7.6 million aggregate principal amount of the 2026 Convertible Notes remains outstanding. The difference between the consideration used for the 2025 Repurchases and the carrying value of the 2026 Convertible Notes resulted in a gain of $1.1 million recorded within net gain on extinguishment of debt on the Company’s consolidated statements of operations for the year ended December 31, 2025. The Company had previously entered into capped call transactions with certain financial institutions in connection with the 2026 Convertible Notes. All of these transactions are expected to remain in effect notwithstanding the repurchases.

2028 Convertible Notes

In March 2021, the Company issued $250.0 million aggregate principal amount of 0.50% Convertible Notes due 2028 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act (the “2028 Convertible Notes” and, together with the 2026 Convertible Notes, the “Convertible Notes”). The interest on the 2028 Convertible Notes is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The 2028 Convertible Notes will mature on April 1, 2028, unless earlier repurchased, redeemed by the Company, or converted pursuant to their terms. The total net proceeds from the 2028 Convertible Notes, after deducting initial purchaser discounts, costs related to the 2028 Capped Calls (as defined herein), and debt issuance costs, paid by the Company, were approximately $217.0 million. The excess of the principal amount of the liability component over its carrying amount, or the debt discount, was amortized to interest expense at an annual effective interest rate of 0.442% over the contractual terms of the 2028 Convertible Notes.

Each $1,000 principal amount of the 2028 Convertible Notes is initially convertible into 5.5781 shares of the Company’s Class A common stock, par value $0.001 per share, which is equivalent to an initial conversion price of approximately $179.27 per share.

Other Terms of the Convertible Notes

The Convertible Notes are effectively subordinated to the Company’s future senior secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are the senior, unsecured obligations of the Company and are equal in right of payment with the Company’s future senior unsecured indebtedness, if any, senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the Convertible Notes and the Convertible Notes will be structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and preferred equity, if any, of the Company’s subsidiaries. The Convertible Notes may bear special interest under specified circumstances relating to the Company’s failure to comply with its reporting obligations under the indenture governing the applicable Convertible Notes (each, a “Notes Indenture” and collectively, the “Notes Indentures”) or if the Convertible Notes are not freely tradeable as required by the applicable Notes Indenture.

The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for any accrued and unpaid interest. In addition, upon the occurrence of a make-whole fundamental change (which includes the calling of any Convertible Notes for redemption), as defined in the applicable Notes Indenture, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or during the relevant redemption period.

The Company may redeem the Convertible Notes, in whole or in part, at its option at any time, and from time to time, on or after (i) March 6, 2023 for the 2026 Convertible Notes, or (ii) after April 6, 2025 for the 2028 Convertible Notes, in each case, on or before the fortieth (40th) scheduled trading day immediately before the maturity date, at a cash redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date, if the last reported sale price of the Class A common stock has exceeded 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading date immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading days ending on, and including, the trading date immediately before the date on which the Company provides the related redemption notice. No sinking fund is provided for the Convertible Notes.

The Convertible Notes will be convertible at certain times and upon the occurrence of certain events in the future. Further, on or after September 1, 2025 for the 2026 Convertible Notes, and on or after October 1, 2027 for the 2028 Convertible Notes, in each case, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert all or a portion of their Convertible Notes regardless of these conditions. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of Class A common stock, or a combination of cash and shares of Class A common stock, at the Company’s election. It is the Company’s current intent to settle the principal amount of the Convertible Notes with cash.

During the years ended December 31, 2025, 2024 and 2023, the conditions allowing the holders of the 2026 Convertible Notes and the 2028 Convertible Notes to convert were not met. The Convertible Notes may be convertible thereafter if one or more of the conversion conditions specified in each respective Notes Indenture are satisfied during future measurement periods. The Company classifies the 2026 Convertible Notes as a current liability and the 2028 Convertible Notes as a long-term liability in its consolidated balance sheets as of December 31, 2025, based on contractual settlement provisions.

Upon the occurrence of a fundamental change (as defined in the applicable Notes Indenture) prior to the maturity date, holders may require the Company to repurchase all or a portion of the 2026 Convertible Notes or 2028 Convertible Notes for cash at a price equal to the principal amount of the Convertible Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The net carrying amount of the Convertible Notes were as follows:



	As of December 31,
	2025		2024

2026 Convertible Notes:	(In thousands)
Principal	$	7,633	$	35,000

Unamortized debt issuance costs	(6)		(205)
2026 Convertible Notes net carrying amount	7,627		34,795

2028 Convertible Notes:
Principal	250,000		250,000

Unamortized debt issuance costs	(2,438)		(3,511)
2028 Convertible Notes net carrying amount	247,562		246,489
Total net carrying amount	$	255,189	$	281,284

The following table sets forth the interest expense recognized related to the Convertible Notes:


	Year ended December 31,
		2025		2024		2023

2026 Convertible Notes:		(In thousands)
Contractual interest expense		$	36	$	241	$	465

Amortization of debt issuance costs		60		421		940
Total interest expense related to the 2026 Convertible Notes		96		662		1,405

2028 Convertible Notes:
Contractual interest expense		1,252		1,250		1,250

Amortization of debt issuance costs		1,073		1,071		1,064
Total interest expense related to the 2028 Convertible Notes		2,325		2,321		2,314
Total interest expense		$	2,421	$	2,983	$	3,719

Capped Calls

In connection with the offering of the 2026 Convertible Notes and the 2028 Convertible Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “2026 Capped Calls” and the “2028 Capped Calls,” respectively and, collectively, the “Capped Calls”). The initial strike price of the Capped Calls corresponds to the initial conversion price of the 2026 Convertible Notes and the 2028 Convertible Notes. The Capped Calls are generally intended to reduce or offset the potential dilution to the Class A common stock upon any conversion of the 2026 Convertible Notes and 2028 Convertible Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Capped Calls expire on the earlier of (i) the last day on which any convertible securities remain outstanding and (ii) March 1, 2026 for the 2026 Capped Calls and April 1, 2028 for the 2028 Capped Calls, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, insolvency filings, and hedging disruptions. The Capped Call transactions are recorded in stockholders’ equity and are not accounted for as derivatives. The net cost to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in the accompanying condensed consolidated balance sheets.

The following table sets forth key terms and costs incurred for the Capped Calls related to the Convertible Notes as of December 31, 2025:


	2026 Convertible Notes		2028 Convertible Notes

	(In thousands, except share and per share amounts)
Initial approximate strike price per share, subject to certain adjustments	$	91.03	$	179.27
Initial cap price per share, subject to certain adjustments	$	137.40	$	260.76
Net costs incurred	$	43,320	$	25,500
Class A common stock covered, subject to anti-dilution adjustments	83,854		1,394,525

All of the Capped Calls were outstanding as of December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Raleigh, NC
Auditor Firm ID	42

Debt - Other Terms of the Convertible Notes (Details) - 2026 Convertible Notes	12 Months Ended
	Dec. 31, 2025 day
Debt Instrument [Line Items]
Redemption period scheduled trading day before the maturity date	40 days
Cash redemption price (as percent)	100.00%
Conversion Option 1 \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Stock price trigger (as percent)	130.00%
Trading days	20
Notice of redemption (in days)	30

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	$ 102,788	$ 81,812	$ 131,987
Amortized cost or carrying value	8,447	1,970
Unrealized gains	29	5
Unrealized losses	0	0
Total marketable securities	8,476
Total financial assets	102,556	78,218
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	8,476	1,975
Total financial assets	102,585	78,223
Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	65,027	57,759
Cash and cash equivalents	65,027	57,759
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	29,082	18,489
Cash and cash equivalents	29,082	18,489
Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents:	94,109	76,248
Cash and cash equivalents	94,109	76,248
Level 1 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	8,476	1,975
Total financial assets	102,585	78,223
Level 1 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	65,027	57,759
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	29,082	18,489
Level 1 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	94,109	76,248
Level 2 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Level 2 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 2 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Total financial assets	0	0
Level 3 \| Money market account
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Level 3 \| Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Time deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost or carrying value	5,000
Unrealized gains	5
Unrealized losses	0
Time deposits \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	5,005
Time deposits \| Level 1 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	5,005
Time deposits \| Level 2 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0
Time deposits \| Level 3 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized cost or carrying value	3,447	1,970
Unrealized gains	24	5
Unrealized losses	0	0
Commercial paper \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	3,471	1,975
Commercial paper \| Level 1 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	3,471	1,975
Commercial paper \| Level 2 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	0	0
Commercial paper \| Level 3 \| Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities	$ 0	$ 0

Leases - Additional Information (Details) $ in Thousands		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Aug. 01, 2023 USD ($) segment	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Option to extend lease, term (in years)		20 years
Short-term operating lease expense		$ 700	$ 700	$ 600
Accumulated amortization		5,500	7,300
Operating right-of-use asset, net		152,950	$ 153,601
Total lease obligations		224,966
Rental payments received under sublease		1,000
Future minimum rent payments under sublease		10,000
Corporate Headquarters
Lessee, Lease, Description [Line Items]
Term of lease (in years)	20 years
Number of option to extend \| segment	2
Renewal term (in years)	10 years
Market rental rate (as percent)	100.00%
Operating right-of-use asset, net	$ 156,000
Total lease obligations	223,100
Lease incentive	67,800
Security deposits	2,500
Escrow deposits to fund additional improvements	$ 1,000	$ 0

Stockholders’ Equity - Additional Information (Details)	12 Months Ended
Stockholders’ Equity - Additional Information (Details)	Dec. 31, 2025 vote $ / shares	Dec. 31, 2024 vote $ / shares	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Stock split conversion ratio	1
Common stock, dividends declared (in usd per share) \| $ / shares	$ 0	$ 0	$ 0
Class A voting common stock
Class of Stock [Line Items]
Common stock voting rights	1	1
Class B voting common stock
Class of Stock [Line Items]
Common stock voting rights	10	10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Description of Business and Summary of Significant Accounting Policies - Schedule of Finite Lived Intangible Assets (Details)	Dec. 31, 2025
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	10 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	15 years
Minimum \| Other, definite lived
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	2 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	20 years
Maximum \| Other, definite lived
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in years)	7 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

6. Leases

The Company has entered into various operating lease agreements for office space and finance lease agreements for automobiles.

The Company primarily leases facilities for office space under non-cancelable operating leases for its U.S. and international locations. As of December 31, 2025, non-cancelable leases expire on various dates between 2026 and 2043, some of which include options to extend the leases for up to 20 years.

The components of operating lease expense recorded in the consolidated statements of operations were as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Operating lease cost		$	22,843	$	23,106	$	15,655





Sublease income		(2,199)		—		—
Total net lease cost		$	20,644	$	23,106	$	15,655

During the years ended December 31, 2025, 2024 and 2023, short-term operating lease expense was $0.7 million, $0.7 million, and $0.6 million, respectively.

Operating lease assets are recorded net of accumulated amortization of $5.5 million and $7.3 million as of December 31, 2025 and 2024, respectively.

Other supplemental information related to operating leases were as follows:


	Year ended December 31,
		2025		2024		2023








Weighted average remaining lease term (in years)		17.25		18.29		19.30



Weighted average discount rate		8.75	%	8.76	%	8.76	%

Maturities of operating lease liabilities were as follows:


	As of December 31,
	2025


	(In thousands)


2026	$	23,267
2027	23,364
2028	23,616
2029	24,042
2030	24,425
Thereafter	333,344
Total lease payments	452,058
Less: imputed interest	(227,092)

Total lease obligations	224,966
Less: current obligations	(3,947)
Long-term lease obligations	$	221,019

Corporate Headquarters

On August 1, 2023, the Company commenced a lease for a new corporate headquarters in Raleigh, North Carolina. The lease term will continue for a period of twenty (20) years (the “Initial Term”). The Company has the option to renew the Initial Term for two ten-year periods at a rental rate equal to 100% of the then-prevailing market rental rate for comparable buildings in the Raleigh, North Carolina, market. The Company relocated its corporate headquarters to the leased property during the third quarter of 2023.

Upon commencement of the lease, the Company recognized ROU assets of $156.0 million and operating lease liabilities of $223.1 million, both of which do not include the two ten-year renewal options. The operating lease liabilities include $67.8 million of incentives provided by the landlord throughout development of the new corporate headquarters. Assets obtained through lease incentives are reported in property, plant and equipment, net, on the consolidated balance sheets. The Company also recorded $2.5 million in security deposits and $1.0 million in escrow deposits to fund additional improvements. As of December 31, 2024, there is no balance remaining on the escrow deposits to fund additional improvements.

Related Party

On April 20, 2015, the Company created a wholly owned subsidiary, Relay, Inc., a Delaware corporation (f/k/a Republic Wireless, Inc.) (“Relay”). On November 30, 2016, the Company completed a pro-rata distribution of the common stock of Relay to its stockholders of record as of the close of business. Due to equity ownership in Relay by certain members of Bandwidth’s Board of Directors, Relay is considered a related party to the Company. On January 1, 2025, the Company commenced a sublease of a portion of its corporate headquarters to Relay. The sublease expires on December 31, 2029 and does not include any option to renew or purchase, nor does it include any residual value guarantees. During the year ended December 31, 2025, the Company received approximately $1.0 million in rental payments from Relay under the sublease. As of December 31, 2025, total future minimum rent payments to the Company under this sublease were $10.0 million.

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Bandwidth Inc. (together with its subsidiaries, “Bandwidth” or the “Company”) was founded in July 2000 and incorporated in Delaware on March 29, 2001. The Company’s headquarters are located in Raleigh, North Carolina. The Company is a global cloud-based, software-powered communications platform-as-a-service (“CPaaS”) provider that enables enterprises to create, scale and operate voice or messaging communications services across any mobile application or connected device.

Basis of Presentation

The consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of Bandwidth Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Revenue Recognition

Revenue recognition commences upon transfer of control of promised goods or services to customers in an amount that the Company expects to receive in exchange for those products or services.

The Company determines revenue recognition through the following steps:

•identification of the contract, or contracts, with a customer;

•identification of the performance obligations in the contract;

•determination of the transaction price;

•allocation of the transaction price to the performance obligations in the contract; and

•recognition of revenue, when, or as, the Company satisfies a performance obligation.

Nature of Products and Services

Revenue consists primarily of two categories: (1) cloud communications and (2) messaging surcharges, which are described and quantified below.


	Year ended December 31,
	2025		2024		2023

	(In thousands)

Cloud communications	$	561,379	$	539,753	$	478,892
Messaging surcharges	192,438		208,734		122,225
Total revenue	$	753,817	$	748,487	$	601,117

Cloud Communications

Messaging surcharges

Contract Assets and Liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2025		2024

	(In thousands)
Receivables (1)	$	91,409	$	86,455
Contract liabilities (2)	13,714		14,986

________________________

(1) Included in accounts receivable, net of allowances on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Cost of Revenue

Fees paid to other network service providers arise when the Company purchases services such as minutes of use, phone numbers, messages, porting of customer numbers and network circuits.

Personnel costs (including stock-based compensation expenses) arise for employees who are responsible for the delivery of services, and operations and maintenance of, the communications network.

Operating Expenses

Research and Development

Sales and Marketing

General and Administrative

Cash and Cash Equivalents

Marketable Securities

losses on the sale of marketable securities using the specific identification method and records such gains and losses in other (expense) income, net on the consolidated statements of operations.

Accounts Receivable and Current Expected Credit Losses

Concentration of Credit Risk

With regard to customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. The Company believes that no additional credit risk beyond amounts provided for by the allowance for doubtful accounts are inherent in accounts receivable. As of December 31, 2025 and 2024, no individual customer represented more than 10% of the Company’s accounts receivable, net of allowance for doubtful accounts.

For the years ended December 31, 2025, 2024 and 2023, no individual customer represented more than 10% of the Company’s revenue.

Leases

consolidated statements of operations. The Company presents the operating leases in long-term assets and current and long-term liabilities in the accompanying consolidated balance sheets.

Property, Plant and Equipment, net

Property, plant and equipment, net is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of those assets. Refer to Note 4, “Property, Plant and Equipment” to these consolidated financial statements, for the useful lives of the Company’s property, plant and equipment as of December 31, 2025 and 2024.

Deferred Costs

Internal-Use Software Development Costs

Debt Issuance Costs

Amortization of Intangibles


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Goodwill

The Company establishes its reporting units based on its current organizational structure and management’s view of the business. The Company has determined it has one reporting unit.

No goodwill impairment charges were recorded for the years ended December 31, 2025, 2024 and 2023.

Impairment of Long-Lived Assets

Business Combinations

Advertising Costs

The Company expenses advertising costs as incurred. Advertising costs totaled $1.1 million, $1.2 million and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively, which are included in sales and marketing expenses in the accompanying consolidated statements of operations.

Commissions

Stock-Based Compensation

Income Taxes

Basic and Diluted Loss per Common Share

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period.

Foreign Currency

The Company has foreign operations with non-USD functional currencies. The Euro and British Pound are the primary functional currencies for the Company’s international operations.

Fair Value of Financial Instruments

•Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3. Unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Comprehensive Income (Loss)

Business Interruption Insurance Recovery

Beginning in September 2021, the Company’s communications network was subjected to a distributed denial of service attack (the “DDoS Attack”) that caused intermittent communications services disruptions affecting certain of its markets and customers. During the period of the DDoS Attack, the Company maintained certain insurance coverage, including business interruption insurance, intended to cover such circumstances. In June 2023, the Company resolved its claim with an insurer, pursuant to which the Company was entitled to receive $4.0 million in proceeds from business interruption insurance. The proceeds of the insurance payment were received in full in July 2023 and were recorded within gain on business interruption insurance recoveries on the Company’s consolidated statements of operations in the year ended December 31, 2023.

Recently Adopted Accounting Standards

Recent Accounting Pronouncements Not Yet Adopted

Geographic Information - Schedule of Long Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 327,201	$ 330,424
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	320,406	326,634
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total assets	$ 6,795	$ 3,790

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	13. Employee Benefit Plans The Company sponsors a U.S. defined contribution 401(k), which allows eligible U.S.-based employees to defer a portion of their compensation. The Company, at its discretion, may make matching contributions. With the acquisition of Voxbone S.A. on November 1, 2020, the Company assumed sponsorship for Voxbone S.A.’s U.S. defined contribution 401(k). In connection with that acquisition, the Company also assumed sponsorship for a non-U.S. defined contribution plan for which it pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods. The contributions are recognized as employee benefit expense when they are due. The Company made matching contributions for the defined contribution plans of $4.5 million, $4.4 million, and $4.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, as a result of the acquisition of Voxbone S.A., the Company assumed sponsorship for Voxbone S.A.’s non-U.S. defined benefit pension plans. The liability recognized is the present value of the defined benefit obligation at the end of the reporting period less the fair value of the plan assets and is included in other liabilities in the accompanying consolidated balance sheets. The defined benefit obligation is calculated annually by an independent actuary using the Projected Unit Credit Method. The net funded status and periodic benefit cost were not material for the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business and Summary of Significant Accounting Policies - Accounts Receivable and Current Expected Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 537	$ 2,172
Unbilled accounts receivable	$ 57,400	$ 46,795

Description of Business and Summary of Significant Accounting Policies - Goodwill and Advertising Costs (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) reporting_unit	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Reporting unit \| reporting_unit	1
Goodwill impairment charges	$ 0.0	$ 0.0	$ 0.0
Advertising costs	$ 1.1	$ 1.2	$ 1.2

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Debt - Schedule of Net Carrying Amount of Liability Components of Convertible Notes (Details) - Convertible Notes - USD ($)	Dec. 31, 2025	Feb. 24, 2025	Dec. 31, 2024	Mar. 31, 2021	Feb. 28, 2020
Debt Instrument [Line Items]
Total net carrying amount	$ 255,189,000		$ 281,284,000
2026 Convertible Notes:
Debt Instrument [Line Items]
Principal	7,633,000	$ 7,600,000	35,000,000		$ 400,000,000.0
Unamortized debt issuance costs	(6,000)		(205,000)
Total net carrying amount	7,627,000		34,795,000
2028 Convertible Notes:
Debt Instrument [Line Items]
Principal	250,000,000		250,000,000	$ 250,000,000.0
Unamortized debt issuance costs	(2,438,000)		(3,511,000)
Total net carrying amount	$ 247,562,000		$ 246,489,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Basic and Diluted Loss per Common Share - Schedule of Anti-dilutive Common Shares Excluded from Calculation of Diluted Net (Loss) Income Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	7,990,791	7,596,289	9,451,503
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	67,297	79,238	97,480
Restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,400,636	5,195,945	5,911,794
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,522,858	2,321,106	3,442,229

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit	Class A voting common stock	Class A voting common stock Common stock	Class B voting common stock	Class B voting common stock Common stock
Beginning balance (in shares) at Dec. 31, 2022						23,379,000		1,965,170
Beginning balance at Dec. 31, 2022	$ 272,177	$ 364,913	$ (44,214)	$ (48,547)		$ 23		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						61,349
Exercises of vested stock options	414	414
Vesting of restricted stock units (in shares)						804,962
Vesting of restricted stock units	1					$ 1
Equity awards withheld for tax liability (in shares)						(46,313)
Equity awards withheld for tax liability	(941)	(941)
Conversion of Class B voting common stock to Class A voting common stock (in shares)						7,142		(7,142)
Conversion of Class B voting common stock to Class A voting common stock	0
Unrealized gain (loss) on marketable securities	(248)		(248)
Foreign currency translation	15,698		15,698
Unrealized gain on employee benefit pension plan	(30)		(30)
Stock-based compensation	26,662	26,662
Net (loss) income	(16,343)			(16,343)
Ending balance (in shares) at Dec. 31, 2023						24,206,140		1,958,028
Ending balance at Dec. 31, 2023	297,390	391,048	(28,794)	(64,890)		$ 24		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						17,305
Exercises of vested stock options	167	167
Vesting of restricted stock units (in shares)						2,483,600
Vesting of restricted stock units	3					$ 3
Equity awards withheld for tax liability (in shares)						(118,357)
Equity awards withheld for tax liability	(2,296)	(2,296)
Unrealized gain (loss) on marketable securities	(61)		(61)
Foreign currency translation	(23,306)		(23,306)
Unrealized gain on employee benefit pension plan	152		152
Stock-based compensation	47,008	47,008
Net (loss) income	(6,524)			(6,524)
Ending balance (in shares) at Dec. 31, 2024					26,588,688	26,588,688	1,958,028	1,958,028
Ending balance at Dec. 31, 2024	312,533	435,927	(52,009)	(71,414)		$ 27		$ 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of vested stock options (in shares)						11,414
Exercises of vested stock options	109	109
Vesting of restricted stock units (in shares)						2,969,717
Vesting of restricted stock units	2					$ 2
Equity awards withheld for tax liability (in shares)						(183,950)
Equity awards withheld for tax liability	(2,945)	(2,945)
Unrealized gain (loss) on marketable securities	24		24
Foreign currency translation	50,297		50,297
Unrealized gain on employee benefit pension plan	120		120
Stock-based compensation	52,745	52,745
Net (loss) income	(12,912)			(12,912)
Ending balance (in shares) at Dec. 31, 2025					29,385,869	29,385,869	1,958,028	1,958,028
Ending balance at Dec. 31, 2025	$ 399,973	$ 485,836	$ (1,568)	$ (84,326)		$ 29		$ 2

Financial Statement Components (Tables)

12 Months Ended

Dec. 31, 2025

Financial Statement Components [Abstract]

Schedule of Accounts Receivable and Components for Expected Credit Losses

Accounts receivable, net of allowances consist of the following:



	As of December 31,
	2025		2024

	(In thousands)
Trade accounts receivable	$	34,322	$	41,727
Unbilled accounts receivable	57,400		46,795
Allowance for doubtful accounts and reserve for expected credit losses	(537)		(2,172)
Other accounts receivable	224		105
Total accounts receivable, net	$	91,409	$	86,455

Components of the allowance for expected credit losses are as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Balance, beginning of period		$	(2,172)	$	(1,128)	$	(1,191)
Charged to credit loss expense, net of reversals		(1,288)		(2,984)		(733)
Deductions (1)		3,071		1,896		807
Impact of foreign currency translation		(148)		44		(11)
Balance, end of period		$	(537)	$	(2,172)	$	(1,128)

________________________

(1) Write-off of uncollectible accounts after all collection efforts have been exhausted.

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of December 31,
	2025		2024

	(In thousands)
Accrued expense	$	60,808	$	63,665
Accrued compensation and benefits	20,405		25,992
Accrued sales, use, VAT and telecommunications related taxes	4,421		7,898




Customer deposits	4,320		3,710
Other accrued expenses	1,197		554
Total accrued expenses and other current liabilities	$	91,151	$	101,819

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Unamortized software development costs	$ 25.7	$ 22.4
Capitalized software development costs	10.5	11.7	$ 10.6
Amortization expense of capitalized software development costs	$ 6.9	$ 4.2	$ 3.2

Leases - Schedule of Other Supplemental Information Related to Operating Leases (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	17 years 3 months	18 years 3 months 14 days	19 years 3 months 18 days
Weighted average discount rate (as percent)	8.75%	8.76%	8.76%

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	12. Segment Reporting The Company manages its business activities on a consolidated basis and operates in one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the Chief Operating Decision Maker (the “CODM”) in deciding how to make operating decisions, allocate resources and in assessing performance. The Company’s CODM is its Chief Executive Officer. The CODM utilizes the Company’s budgeted and forecasted expense information as a key input to resource allocation. The CODM makes decisions on resource allocation, assesses performance of the business and monitors budget versus actual results using net loss, as reported in the accompanying consolidated statements of operations. Significant expenses within net loss include cost of revenue, research and development, sales and marketing, and general and administrative expenses, which are each separately presented on the Company’s consolidated statements of operations. Other segment items within net loss include net gain on extinguishment of debt, gain on business interruption insurance recoveries, interest expense, net, other (expense) income, net, and income tax benefit.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 22,843	$ 23,106	$ 15,655
Sublease income	(2,199)	0	0
Total net lease cost	$ 20,644	$ 23,106	$ 15,655

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Unit Activity

The following summarizes the RSU activity for the year ended December 31, 2025:


	Number of awards outstanding	Weighted-average grant date fair value (Per share)
Nonvested RSUs as of December 31, 2024	4,364,486	$	19.25
Granted	4,510,702	14.63
Vested	(2,969,717)	18.56
Forfeited	(370,814)	18.18
Nonvested RSUs as of December 31, 2025	5,534,657	$	15.91


	Year ended December 31,
		2025		2024		2023

Weighted average grant date fair value of RSUs granted (per share)		$	14.63	$	21.23	$	11.35
Total fair value of RSUs vested (in thousands)		55,123		49,636		25,186

Schedule of Total Stock-Based Compensation Expense

The Company recognized total stock-based compensation expense as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenue		$	2,159	$	1,638	$	1,136
Research and development		23,133		20,433		15,661
Sales and marketing		7,850		8,105		6,273
General and administrative		19,190		18,186		13,922
Total		$	52,332	$	48,362	$	36,992

Property, Plant and Equipment - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 35,670	$ 31,739	$ 24,443
Cost of revenue
Property, Plant and Equipment [Line Items]
Total depreciation expense	20,673	18,532	16,273
Research and development
Property, Plant and Equipment [Line Items]
Total depreciation expense	7,243	6,476	3,977
Sales and marketing
Property, Plant and Equipment [Line Items]
Total depreciation expense	4,903	4,455	2,628
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation expense	$ 2,851	$ 2,276	$ 1,565

Goodwill and Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 18,603
2027	18,603
2028	18,603
2029	18,603
2030	17,190
Thereafter	46,516
Net Carrying Value	$ 138,118

Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue and Long-Lived Assets by Geographical Region

The following table summarizes the Company’s revenue by geographic region, which is apportioned based on the destination of the service:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
United States		$	653,973	$	658,735	$	514,048
International		99,844		89,752		87,069
Total		$	753,817	$	748,487	$	601,117

The following table summarizes the Company’s long-lived assets by geographic region:



	As of December 31,
		2025		2024

		(In thousands)
United States		$	320,406	$	326,634
International		6,795		3,790
Total		$	327,201	$	330,424

Schedule of Receivables and Contract Liabilities From Contracts with Customers

The following table provides information about receivables and contract liabilities from contracts with customers:


	As of December 31,
	2025		2024

	(In thousands)
Receivables (1)	$	91,409	$	86,455
Contract liabilities (2)	13,714		14,986

________________________

(1) Included in accounts receivable, net of allowances on the consolidated balance sheets.

(2) Included in current portion of deferred revenue and deferred revenue, net of current portion on the consolidated balance sheets.

Debt - 2028 Convertible Notes (Details)	1 Months Ended
Debt - 2028 Convertible Notes (Details)	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares	Feb. 28, 2020 $ / shares
Class A voting common stock
Debt Instrument [Line Items]
Common stock, par value (in usd per share) \| $ / shares	$ 0.001	$ 0.001	$ 0.001	$ 0.001
2028 Convertible Notes: \| Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount \| $	$ 250,000,000.0	$ 250,000,000	$ 250,000,000
Stated rate (as percent)	0.50%
Total net proceeds \| $	$ 217,000,000.0
Effective interest rate (as percent)	0.442%
Conversion price (in usd per share) \| $ / shares	$ 179.27
2028 Convertible Notes: \| Convertible Notes \| Class A voting common stock
Debt Instrument [Line Items]
Conversion ratio	0.0055781

Geographic Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 753,817	$ 748,487	$ 601,117
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	653,973	658,735	514,048
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 99,844	$ 89,752	$ 87,069

- Definition

+ References

+ Details

Financial Statement Components - Schedule of Accounts Receivable, Net of Allowances (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Financial Statement Components [Abstract]
Trade accounts receivable	$ 34,322	$ 41,727
Unbilled accounts receivable	57,400	46,795
Allowance for doubtful accounts and reserve for expected credit losses	(537)	(2,172)
Other accounts receivable	224	105
Total accounts receivable, net	$ 91,409	$ 86,455

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The change in carrying amount of goodwill was as follows:


	Total

	(In thousands)
Balance as of December 31, 2023	$	335,872


Foreign currency translation adjustments	(18,629)
Balance as of December 31, 2024	317,243


Foreign currency translation adjustments	39,529
Balance as of December 31, 2025	$	356,772

Schedule of Finite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2025 and 2024 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,

	2025						2024

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,492	$	(57,344)	$	97,148	$	145,625	$	(44,754)	$	100,871



Developed technology	84,765		(43,795)		40,970		75,189		(31,329)		43,860
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	242,709	$	(103,967)	$	138,742	$	224,266	$	(78,911)	$	145,355

Schedule of Infinite Lived Intangible Assets

The useful lives of the Company’s intangible assets as of December 31, 2025 and 2024 are as follows:


Customer relationships			15 - 20 years



Developed technology			10 years
Other, definite lived			2 - 7 years
Licenses, indefinite lived			Indefinite

Intangible assets, net consisted of the following:


	As of December 31,

	2025						2024

	Gross Amount		Accumulated Amortization		Net Carrying Value		Gross Amount		Accumulated Amortization		Net Carrying Value

	(In thousands)
Customer relationships	$	154,492	$	(57,344)	$	97,148	$	145,625	$	(44,754)	$	100,871



Developed technology	84,765		(43,795)		40,970		75,189		(31,329)		43,860
Other, definite lived	2,828		(2,828)		—		2,828		(2,828)		—
Licenses, indefinite lived	624		—		624		624		—		624







Total intangible assets, net	$	242,709	$	(103,967)	$	138,742	$	224,266	$	(78,911)	$	145,355

Schedule of Amortization Expense

The Company recognized amortization expense as follows:


	Year ended December 31,
		2025		2024		2023

		(In thousands)
Cost of revenue		$	8,142	$	7,811	$	7,810

Sales and marketing		9,952		9,692		9,464

Total amortization expense		$	18,094	$	17,503	$	17,274

Schedule of Future Estimated Amortization Expense

Future estimated amortization expense for definite lived intangible assets is as follows:


	As of December 31,
	2025

	(In thousands)

2026	$	18,603
2027	18,603
2028	18,603
2029	18,603
2030	17,190
Thereafter	46,516
	$	138,118

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Description of Business and Summary of Significant Accounting Policies - Deferred Costs and Internal-Use Software Development Costs (Details)	Dec. 31, 2025
Internal-use software development
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization period (in years)	4 years