Bandwidth Inc-A 2025年度报告
Dear Bandwidth Shareholders and Friends: In 2025, we rallied around a simple but powerful theme that captured theenormous opportunities ahead: Reach. Reach is the gap between artificial intelligence experimentation and full-scaledeployment. It’s the distance between how our customers communicate today andhow they are building for tomorrow. It’s also the stretch we asked of each Bandmateas we incorporate AI into every aspect of our business. AI is transforming how enterprises connect with their end users, creating betterexperiences and more valuable business outcomes. During 2025, Bandwidth played acritical role in making those interactions possible as our customers advanced from AIexperimentation to production. "AI is also reshaping how we operate as a company. Throughout last year, weexpanded the use of AI across Bandwidth, including equipping our teams with new AItools and training, utilizing AI to deliver enhanced customer support, and launching{ÅĒ#āwÄ{ĒÅ Ô Å±Ē Ē »ĒTÄ{±gĒDg· ì Đ Together, these efforts added up to a year of reaching new heights in bothfinancialand operational performance, new levels of AI implementation, and an elevated role forBandwidth in powering mission-critical communications for the world’s largest enterprises. SOLID FINANCIAL PERFORMANCEAND CUSTOMER LOYALTY AI INNOVATION AND PLATFORM LEADERSHIP As conversational AI becomes a foundationallayer for customer experience, the needfor reliable, programmable, AI-poweredcommunications will only grow. Bandwidth’sCommunications Cloud and Maestrosoftware are proving to be mission-criticalinfrastructure for AI. Our unique, owned-and-operated network covering nearly 70 countriesprovides the ultra-low latency, quality, andresilience AI voice needs to function globally,while Maestro gives enterprises multiplepathways to deploy and scale AI voice agents.These capabilities form a powerful competitivemoat that has driven durable growth over thelast decade, and positions us for continuedlong-term growth in the AI era. Throughout 2025, we delivered steadyprogress across revenue, profitability, and freecashflow as our AI voice tools, trust portfolio,global Communications Cloud, and Maestro™orchestration software yielded tangible results: •Total revenue reached $754 million,representing 10% organic growth, ascustomers moved AI communicationsfrom pilots to production. •Non-GAAP gross margin expandedto 58%, driven by favorable mix andoperating leverage. •Adjusted EBITDA hit a record $93 million,while free cashflow grew to $57 million,underscoring the durability of our businessmodel. In 2025, our enterprise customers increasinglydeployed AI-driven communications at scaleacross their customer experiences. Here arejust three examples: •We closed a record number of $1 million-plus deals and average annual customerrevenue increased to $232,000, up 36%from $171,000 three years ago. •The world’s largest hotel franchisingcompany now serves every guest, fromcheck-in to check-out, with AI-poweredcall handling and a conversational AIconcierge service. •Customer name retention stayed above 99%,top-20 accounts now average 12 years withus, and organic net retention reached 107%,as our enduring customer partnershipscontinued to grow. •A leading digital commerce platformconnects millions of restaurant customersthrough a centralized AI voice orderingsystem built on Bandwidth. These results demonstrate the power ofour platform and the increasingly strategicrole Bandwidth plays as we modernizecommunications for the AI era. •An innovative low-cost U.S. airline engagestravelers seamlessly across text, chat, andvoice with AI-driven support that followsthem everywhere. CULTURE AND SERVICE EXCELLENCE By investing in our people and our culture,we strengthen the foundation that powersinnovation, deepens customer relationships,and advances our mission to develop anddeliver the power to communicate. Our progress in 2025 was powered by thetalent, commitment, and creativity of ourBandmates around the world. We are proud of our culture where peoplecan grow professionally while bringing theirbest selves to work. Programs like our Strikea Chord speaker series connect Bandmateswith inspiring leaders who share lessons onresilience, leadership, and bold career paths.Across the company, quarterly challengesencourage growth in mind, body, and spirit,while town halls and team celebrations bringBandmates together to recognize milestonesand achievements. We believe theseprograms create an inherent competitiveadvantage. REACHING HIGHER Looking ahead, we will reach higher, broadenMaestro’s AI orchestration capabilities,expand our global network, and help evenmore customers turn conversational AIinto a true competitive advantage. Theopportunities in front of us have never beenlarger or more exciting. To our valued customers: Thank you for yourcontinued trust and partnership. Our culture extends beyond our walls.Through Bandwidth Cares, Bandmates aroundthe wor
