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- **Revenue Growth**: 11% YoY to $192M, driven by enterprise voice (22% YoY) and global voice plans (7% YoY). 
- **AI Expansion**: 100+ million-dollar-plus deals YTD, including digital commerce AI voice deployment. 
- **Profitability**: 58% gross margin, $24M adj. EBITDA (vs. $19M prior year), and 12M trailing FCF up 35% YoY. 
- **2026 Targets**: 15-20% CAGR, 60%+ gross margin, and $91M adj. EBITDA (2025). 
- **Customer Loyalty**: 105% net retention, $231K ARR/customer, and 99%+ customer name retention. 
- **Innovation**: AI receptionist prototype, NRM expansion, and Maestro Activation Agent for compliance automation.


**【CEO Summary Section】**
- **Revenue Growth and AI Momentum**: CEO highlighted 11% YoY total revenue growth ($192M) driven by enterprise voice (22% YoY) and global voice plans (7% YoY). AI voice adoption accelerated with 100+ million-dollar-plus deals YTD, including a digital commerce platform integrating AI for nationwide food ordering. 
- **Innovation Showcase**: At Reverb25, Bandwidth demonstrated AI receptionist, Maestro Activation Agent, and Number Reputation Management (NRM) expansion to global voice plans. NRM drove a 300,000-number migration win for a property management software provider.
- **Customer Trust and Retention**: 105% net retention rate (107% ex-political), 99%+ customer name retention, and $231K ARR/customer record.

**【CFO Financial Commentary】**
- **Profitability**: Non-GAAP gross margin 58%, adjusted EBITDA $24M (vs. $19M prior year). Free cash flow $13M, with 12M trailing FCF up 35% YoY.
- **2026 Targets**: Guidance for 15-20% CAGR, 60%+ gross margin, 20%+ EBITDA margin, and 15%+ FCF margin. 2025 full year adj. EBITDA raised to $91M midpoint.
- **Software Growth**: Software MRR >$10M annualized, with AI-driven solutions like NRM and Maestro contributing to 8% cloud comms growth.

**【Q&A Highlights】**
- **Demand Trends**: 70%+ of Q3 wins >$1M, with 99%+ customer name retention. Property management software win ported 300K numbers, activating transcription APIs.
- **Onboarding Speed**: 90-day ramp for new customers, with Maestro enabling complex call flows for a $2T AUM financial services firm.
- **Gross Margin**: 58% gross margin sustained via software expansion (e.g., NRM, Maestro), offsetting lower messaging surcharges. 2026 targets include 60%+ gross margin.
- **AI Strategy**: Bandwidth's open platform supports 4 AI integration paths (native, partner, BYO, API), with MCP server enabling real-time AI voice actions.
- **Trust Services**: NRM expanded to global voice plans, driving 7% YoY growth. AI receptionist prototype showcased as IVR replacement for enterprises.


Bandwidth Inc. (BAND) Q3 2025 Earnings Call Transcript

Revenue

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BAND

BAND fundamentals

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