Slide 1: 1Q26 Earnings Results
1Q26 Earnings Results April 30, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending June 30, 2026 and year ending December 31,
Slide 3: A global communications leader orchestrating AI, voice & messaging
A global communications leader orchestrating AI, voice & messaging across cloud communications 3
Slide 4: Providing Global Comms at Scale Across Three Customer Categories
Providing Global Comms at Scale Across Three Customer Categories Powering hyperscalers and global cloud platforms across Contact Center, Global Voice CRM, and Unified Communications Plans Powering mission-critical, AI-driven communications for Global 2000 Enterprise enterprises elevating customer ex
Slide 5: Bandwidth's Competitive Edge
Bandwidth’s Competitive Edge Global Communications Infrastructure Owned network and regulatory licenses across nearly 70 countries with ~7,000 direct carrier connections worldwide → Structural margin advantage and durable barriers to entry AI Voice Orchestration Platform Maestro enables enterprises
Slide 6: Bandwidth: Critical Infrastructure in the AI Tech Stack
Bandwidth: Critical Infrastructure in the AI Tech Stack • More interactions from AI agents Usage Model Continuous, automated communication expands with AI • flows increase platform usage Higher value per interaction voice adoption Additional call legs, services, and software expand revenue per inter
Slide 7: 1Q26 TTM Financial Highlights
1Q26 TTM Financial Highlights $788m $578m $97m $69m Total revenue Cloud communications Adjusted EBITDA Free cash flow4 revenue2 13% 1 10% 3 10% 40% Total revenue Cloud communications Adjusted EBITDA4 Free cash flow4 y/y growth revenue2 y/y growth y/y growth y/y growth 1 Normalized for political camp
Slide 8: Strong Customer Retention
Strong Customer Retention 99% 110% 1 12 years Customer Name Top 20 Customer Net Retention Rate Retention Median Tenure 1 Net retention rate is calculated as the four-quarter average of dollar-based net retention, excluding $54M of campaign revenue from 2Q’24–4Q’24. Note: Customer metrics as of March
Slide 9: Revenue Performance
Revenue Performance $209 $171 $174 20% $138 $150 1Q26 Total revenue growth y/y $128 $133 $114 13% $23 $43 $41 $59 1Q26 Cloud communications 1Q23 1Q24 1Q25 1Q26 revenue1 growth y/y (USD Millions) Cloud communications revenue1 Messaging surcharges2 1 Cloud communications revenue is total revenue less
Slide 10: Cloud Communications Revenue by Customer Category
Cloud Communications Revenue by Customer Category 1Q26 % of revenue 71% Global Voice Plans 12% y/y $150m 1 9% Enterprise Voice 14% y/y 20% Programmable Messaging 15% y/y 10 1 Represents Cloud communications revenue, which is total revenue less pass-through messaging surcharge revenue, for the quarte
Slide 11: Customer Metrics
Customer Metrics Adjusted Net Retention Rate1 $244k 102% 113% 109% 110% Average annual customer revenue 16% 2 Average annual customer revenue growth y/y 1Q23 1Q24 1Q25 1Q26 1 Normalized for campaign messaging revenue of $37m and $54m for the TTM periods ending Q1’23, and Q1’25, respectively. 2 Norma
Slide 12: Non-GAAP Gross Margin Performance
Non-GAAP Gross Margin Performance Quarterly Annual 59% 60% 59% 58% 57% 57% 14% 54% Gross Profit growth y/y 1Q23 1Q24 1Q25 1Q26 2024 2025 2026E Note: We calculate non-GAAP gross margin by dividing non-GAAP gross profit by Cloud communications revenue, which is total revenue less pass-through messagin
Slide 13: Adjusted EBITDA Performance
Adjusted EBITDA Performance Quarterly Annual $122 17% $22 $26 $82 $93 1Q26 Adjusted EBITDA 1 margin $16 17% $5 Adjusted EBITDA growth y/y 1Q23 1Q24 1Q25 1Q26 2024 2025 2026E2 (USD Millions) 1 Calculated by dividing Adjusted EBITDA by Cloud communications revenue, which is total revenue less pass-thr
Slide 14: Non-GAAP EPS Performance
Non-GAAP EPS Performance Quarterly Annual $0.38 $1.77 - $1.83 $0.36 6% $1.43 1Q26 Non-GAAP EPS $0.27 $1.34 growth y/y Accelerated value $0.05 creation 1Q23 1Q24 1Q25 1Q261 2024 2025 2026E1 1 Weighted average diluted share count of approximately 33.8 million in 1Q 2026 and estimated weighted average
Slide 15: Free Cash Flow Performance (TTM)
Free Cash Flow Performance (TTM) Trailing Twelve Months $69 12% 1 $50 1Q26 Free cash flow margin $26 40% FCF growth y/y ($9) 1Q23 1Q24 1Q25 1Q26 (USD Millions) 1 Calculated by dividing Free cash flow by Cloud communications revenue, which is total revenue less pass-through messaging surcharge revenu
Slide 16: Balanced Capital Allocation Strategy
Balanced Capital Allocation Strategy • Repurchased $100 million of 0.5% convertible notes due 2028 at a discount 1Q26 Debt • Fully retired 0.25% convertible senior notes due 2026 reduction • Lowered long-term debt leverage ratio to 1.23x ($150 million outstanding / $122 million 2026 Adjusted EBITDA
Slide 17: 2Q26 and Full Year 2026 Outlook
2Q26 and Full Year 2026 Outlook 2Q 2026 FY 2026 18% Revenue $214m - $220m $880m - $900m Total revenue growth y/y $24m - $27m $119m - $125m 2026 guidance Adjusted EBITDA1 Non-GAAP EPS1,2 $0.35 - $0.37 $1.77 - $1.83 31% Full year 2026 guidance is based upon the following estimates and assumptions: Adj
Slide 18: 1Q26 Earnings Results Key Takeaways
1Q26 Earnings Results Key Takeaways Raising Outlook on Strong Performance Achieved record quarterly revenue of $209 million, up 20% y/y, and Momentum in Large Enterprise Market Adjusted EBITDA of $26 million, up 17% y/y. Secured multi-million-dollar deals in financial services, emphasizing our leade
Slide 19: Thank you!
Thank you! @& bandwidth
Slide 20: Appendix
Appendix @ bandwidth 2
Slide 21: Historical Metrics
Historical Metrics USD millions, except for Average Annual Customer Revenue in USD thousands FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Total Revenue 601.1 171.0 173.6 193.9 210.0 748.5 174.2 180.0 191.9 207.7 753.8 208.8 Cloud communications 478.9 128.5 128.4 138.8 144.1 539.8 133.
Slide 22: GAAP to Non-GAAP Reconciliation - Net Income
GAAP to Non-GAAP Reconciliation - Net Income USD millions, except per share amounts FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Net income (loss) (16.3) (9.2) 4.1 0.4 (1.8) (6.5) (3.7) (4.9) (1.2) (3.0) (12.9) 4.1 Stock-based compensation 37.0 12.3 11.4 11.4 13.2 48.4 13.6 12.5 12.3
Slide 23: GAAP to Non-GAAP Reconciliation - Earnings Per Share
GAAP to Non-GAAP Reconciliation - Earnings Per Share USD millions, except per share amounts FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Net income (loss) per share Basic (0.64) (0.35) 0.15 0.02 (0.06) (0.24) (0.13) (0.16) (0.04) (0.10) (0.43) 0.13 Diluted (0.64) (0.35) (0.17) 0.01 (0
Slide 24: GAAP to Non-GAAP Reconciliation – Gross Profit, Adjusted EBITDA, Free Cash Flow
GAAP to Non-GAAP Reconciliation – Gross Profit, Adjusted EBITDA, Free Cash Flow USD millions, except per share amounts FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Gross Profit 236.2 65.5 64.8 73.1 76.5 280.0 71.5 71.7 73.8 78.1 295.1 77.9 Gross Margin % 39 % 38 % 37 % 38 % 36 % 37 %
Slide 25: Definitions
Definitions Adjusted EBITDA: Net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense,