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Item 1. Business

2026-02-19 compared with 2025-02-20 · 108 added, 121 removed, 252 unchanged (48% of the section changed)

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We enable innovative organizations—from startup app developers to the world’s largest enterprises—to engage their end-users and deliver exceptional experiences everywhere people live, learn, work, and play.

Backed by the Bandwidth Communications Cloud, our global owned-and-operated network spanning more than 65 countries reaching over 90 percent of global gross domestic product (“GDP”), innovative enterprises use Bandwidth’s Application Programming Interfaces (“APIs”) to easily embed voice, messaging and emergency services capabilities into software and applications.

Backed by the Bandwidth Communications Cloud, our global owned-and-operated network spanning more than 65 countries reaching over 90 percent of global gross domestic product (“GDP”), innovative enterprises use Bandwidth’s Application Programming Interfaces (“APIs”) to easily embed voice, messaging, emergency services, and artificial intelligence (“AI”) capabilities into software and applications.

Bandwidth was the first cloud communications provider to offer a robust selection of APIs built on our own cloud platform.

Our award-winning support teams help businesses around the world solve complex communications challenges every day.

Bandwidth’s business benefits from multiple global megatrends, including enterprise migration to the cloud, adoption of Contact Center as a Service platforms, the need to be able to work from anywhere, reinvention of customer experience, growth in messaging applications to engage directly with consumers, and application of artificial intelligence (“AI”) technologies to cloud communications use cases.

We believe these megatrends, which have created sizable total addressable markets, are secular, long-lasting and still early in the adoption curve.

With the combination of our software APIs, our global Communications Cloud and our broad range of experience with global regulatory frameworks, we believe Bandwidth is one of the best-positioned providers in our space to deliver mission-critical communications for global enterprises.

In fact, Bandwidth already powers all the 2024 Gartner Ⓡ Magic Quadrant Leaders in the key cloud communications categories of Unified Communications as a Service (“UCaaS”) and Contact Center as a Service (“CCaaS”).

Our long-term vision is to continue strengthening this position as the key enabling platform for communications transformation.

Our award-winning support teams help businesses around the world transform their communications every day.

Bandwidth is strategically positioned at the intersection of enterprise communications and AI.

As global enterprises adopt AI-driven tools to modernize customer experiences, we believe AI voice will become a critical new layer of value creation.

Our Maestro™ platform and Communications Cloud are designed to support this evolution, enabling the orchestration of AI voice agents across diverse environments with superior quality, reliability, and scale.

We see our emerging leadership in AI Voice as a natural extension of our long-term strategy to power trusted, mission-critical communications for the world’s largest enterprises.

Bandwidth’s business continues to benefit from the application of AI technologies to cloud communications use cases, the enterprise migration to the cloud, adoption of Contact Center as a Service platforms, the need to be able to work from anywhere, the reinvention of customer experience, and the growth in messaging applications to engage directly with consumers.

We believe these market trends are secular, long-lasting, and still early in the adoption curve.

With the combination of our software APIs, our global Communications Cloud, our AI orchestration capabilities, and our broad range of experience with global regulatory frameworks, we believe Bandwidth is one of the best-positioned providers in our space to deliver mission-critical communications for global enterprises.

In fact, Bandwidth already powers all the 2025 Gartner Ⓡ Magic Quadrant Leaders in the key cloud communications categories of Unified Communications as a Service (“UCaaS”) and Contact Center as a Service (“CCaaS”), along with leading hyperscalers and Software as a Service (“SaaS”) platforms.

We aim to be the key enabling platform for communications transformation in the AI era.

We will seek to do this in three ways:

(1) cross-sell and up-sell our existing customers as they benefit from our global footprint and powerful APIs to automate and scale cloud communications;

(2) focus on direct-to-enterprise growth to serve Global 2000 enterprises that directly leverage Bandwidth services to accelerate their digital transformations, and (3) aim to be the preferred provider for Software as a Service (“SaaS”) platforms that use conversational voice and messaging to create digital engagements that enhance the customer experience.

(1) cross-sell and up-sell our existing customers as they benefit from our global footprint, powerful APIs, and AI orchestration capabilities to automate and scale cloud communications;

(2) focus on direct-to-enterprise growth to serve Global 2000 enterprises that directly leverage Bandwidth services to accelerate their digital transformations;

and (3) be the preferred provider for enterprises and SaaS platforms that use conversational voice and messaging to create digital engagements that enhance the customer experience.

These three strategies are the foundation of the durable business we seek to build.

Operating Segments

We currently operate in one operating segment.

Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker, who is our Chief Executive Officer, in deciding how to allocate resources and in assessing performance.

Our chief operating decision maker allocates resources and assesses performance based upon consolidated financial information.

We operate in a single reportable segment.

Refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, and Part II, Item 8, “Financial Statements” in this Annual Report on Form 10-K, for a discussion of the results of our operations.

Go-to-Market Strategy

Bandwidth’s go-to-market strategy is designed around the global shift from on-premises based technology to cloud-based communications.

We believe we are the only global Communications Platform as a Service (“CPaaS”) provider that also owns and operates our own cloud communications network.

This competitive differentiator has enabled Bandwidth to power the forces behind successive waves of the cloud communications revolution–from the growth of unified communications hyperscalers, to the acceleration of messaging platform leaders, and to directly powering global enterprise communications.

As each of these customer categories uses services on the Bandwidth Communications Cloud in its own unique way, we have designed three key market offerings to power digital communications transformation:

• Market Offering 1:

Global Voice Plans.

This category serves the leading power platforms at the forefront of the communications transformation in UCaaS and CCaaS.

We enable these customers to rapidly automate voice, global number management, emergency services, and many other services on a scalable, global basis.

• Market Offering 2:

Programmable Messaging.

This comprises our text messaging solutions, through which we support innovative SaaS platforms with use cases like retail and eCommerce promotions, financial services identity authentication, and healthcare patient engagement.

Programmable Messaging customers come to our Bandwidth Communications Cloud because we offer high capacity, volume and deliverability.

We believe this category represents a significant opportunity for future growth due to our ability to scale with customer demand, and innovative products and features such as the emergence of Rich Communication Services (“RCS”) in the U.S.

• Market Offering 3:

Enterprise Voice.

In this category, Global 2000 enterprises engage directly with us to leverage our voice, global number management, emergency services and other services in their digital transformation.

Bandwidth’s Maestro TM platform (described below) is designed to accelerate these customers’ transitions from on-premises equipment to a hybrid or fully cloud-based solution utilizing integrations with leading UCaaS, CCaaS, voice authentication, conversational AI, and other platforms.

Bandwidth’s platform architecture provides flexibility, resiliency, and simplicity for enterprises who are modernizing their communications stacks.

We believe we are the only Communications Platform as a Service (“CPaaS”) provider that also owns and operates a cloud communications network with our global reach.

This competitive differentiator has enabled Bandwidth to power the forces behind successive waves of the cloud communications revolution–from the growth of unified communications hyperscalers, to the acceleration of messaging platform leaders, to directly powering global enterprise communications, and now to the adoption of AI voice services.

Each of our customer categories uses services on the Bandwidth Communications Cloud in its own unique way, and we have designed three key market offerings to power digital communications transformation.

Market Offering 1:

Global Voice Plans

Through our Global Voice Plans market offering, we power all the leaders in UCaaS and CCaaS, as recognized by the research firm Gartner, including Microsoft, Google, Zoom, RingCentral, Genesys, and Five9.

Through our Global Voice Plans market offering, we power all the leaders in UCaaS and CCaaS, as recognized by the research firm Gartner, including Microsoft, Google, Zoom, Cisco, RingCentral, Genesys, and Five9.

We have been co-creating with many of these customers for more than a decade.

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These platforms are global in nature, and they expect a communications partner who can provide direct global coverage and regulatory insight.

We believe our leadership in this market continues to expand with our global footprint.

In many cases, these partners are embedding conversational AI capabilities into their own platforms, and they rely on Bandwidth’s Communications Cloud to support those next-generation experiences.

We believe our leadership in this market continues to expand with our global footprint and the addition of new capabilities.

We believe Bandwidth’s toll-free voice solution is a major reason contact center platforms build with Bandwidth for their North American business.

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Our four additional peered networks further enable best-in-class coverage as well as resilience—so if one network experiences quality-impacting issues, calls can be routed to a different network seamlessly, before impacts are even felt.

Bandwidth’s unique Call Assure TM solution provides hands-free alternative routing that is fully insulated from the core network to protect against an extraordinary disruption, such as a fire, natural disaster or cyberattack.

Bandwidth’s unique Call Assure TM solution provides further redundancy with hands-free alternative routing that is fully insulated from the core network, to protect against an extraordinary disruption, such as a fire, natural disaster or cyberattack.

Market Offering 2:

Enterprise Voice

In this category, Global 2000 enterprises engage directly with Bandwidth to leverage our voice, global number control, emergency services, pre-built integrations with leading UCaaS and CCaaS platforms, easy-to-build call flows, AI voice orchestration, and other services in their digital transformation.

Bandwidth provides enterprises a fully or hybrid cloud-based communications solution to transition from their on-premises communications infrastructure to a software-enabled digital environment.

By partnering with Bandwidth, global enterprises can simplify their migrations to the cloud, as well as cloud-to-cloud migrations, while reducing complexity, gaining greater control, centralizing communication resources and operational workloads, adding new AI voice services, and better preparing for future scale.

We believe Ba ndwidth’s history as an enabler to the platform leaders creates additional competitive benefits, such as deep automation of communications services, enterprise-grade quality and support, as well as deep operational relationships with the largest UCaaS and CCaaS platforms.

Bandwidth Maestro TM ( “ Maestro ” ) is a first-of-its-kind, next-generation enterprise cloud communications platform that enables customers to solve the key challenge of integrating best-in-class, real-time voice applications across their UCaaS, CCaaS, AI, and fraud mitigation platforms.

We believe Maestro ’ s open approach, designed to integrate technologies developed by third parties, is unique in the cloud communications space.

It provides a critical technology bridge and software orchestration layer that enterprises need to build a modern customer experience stack without complex and costly integration, which results in faster time to value, and enhanced customer and employee experiences and loyalty.

Our Maestro platform is key to Bandwidth ’ s AI innovation strategy.

We believe it is the most open and flexible solution for enterprises to integrate conversational AI into cloud communications, through Native AI within CCaaS platforms, pre-built partner integrations, Bring Your Own AI with third-party apps, and Public APIs like OpenAI’s Realtime interface.

Whatever path customers choose, our MCP, or Model Context Protocol, server will empower AI voice agents to control Bandwidth APIs in real time using natural language, enabling actions like searching phone numbers, sending texts, or triggering other actions mid-conversation – without requiring custom code.

Market Offering 3:

Programmable Messaging

Our Programmable Messaging market offering is aimed at large messaging customers that use Bandwidth to deliver digital engagement experiences, primarily through our text messaging solutions.

With a significantly higher open rate by end users than email, text messaging has become a key channel to reach consumers.

With a significantly higher open rate by end users than email, text messaging is a key channel to reach consumers.

Our easy-to-use APIs and proven track record for deliverability have made Bandwidth a top choice for many leading platforms in text messaging.

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Use cases include retail and eCommerce promotions, financial services identity authentication, healthcare patient engagement, and many more.

Bandwidth offers a full suite of messaging products, including Application to Person (“A2P”) messaging solutions supporting both SMS and MMS on Local Numbers (“10DLC”), Toll Free Numbers, and Short Codes.

All our solutions support bi-directional unicode, including emojis.

Bandwidth’s capacity, high deliverability, regulatory know-how and exceptional human-based support has positioned us as a leading provider for messaging platforms.

Bandwidth’s suite of Application to Person (“A2P”) messaging solutions include SMS and MMS on Local Numbers (“10DLC”), Toll Free Numbers, Short Codes, and rich communication services (“RCS”) for Business.

Bandwidth’s capacity, high deliverability, messaging campaign registration and monitoring tools, regulatory know-how, automated support tools, and exceptional human-based support have positioned us as a leading provider for messaging platforms.

We believe we will continue to win high-volume contracts from customers that have run out of capacity with our competitors or who seek the robustness, reliability, and resilience of our service.

Market Offering 3:

Enterprise Voice

Much as the leading platforms in cloud communications have done for years, followed by the messaging leaders in SaaS, now Global 2000 enterprises need to accelerate their digital transformations.

Bandwidth can help these large enterprises transition from on-premises communications infrastructure to a fully or hybrid cloud-based solution.

By partnering with Bandwidth, global enterprises can reduce complexity, gain greater control, centralize communication resources and operational workloads, and better prepare for future scale.

Bandwidth Maestro TM ( “ Maestro ” ), launched in 2023, is a first-of-its-kind, next-generation enterprise cloud communications platform that enables customers to solve the key challenge of integrating best-in-class, real-time voice applications across their UCaaS, CCaaS, AI and machine learning platforms.

We believe Maestro ’ s open approach, designed to accommodate technologies developed by third parties, is unique in the cloud communications space.

It provides a critical technology bridge that enterprises need to orchestrate a modern customer experience stack without months of costly integration work, which results in faster time to value and enhanced customer and employee experiences and loyalty.

Maestro is a key platform for Bandwidth ’ s AI innovation strategy.

In 2023, Bandwidth launched AIBridge, a solution integrated with Maestro, which enables enterprises to easily deploy voice-based AI tools in their contact centers to resolve calls faster and more efficiently in the communications cloud.

With these three market offerings, we aim for Bandwidth to be a strategic partner and critical enabler for global enterprises, SaaS platforms, and cloud communications platforms.

We believe the combined power of our software platform and global Communications Cloud helps our customers to future-proof their strategy for the integrations of today, and new services to come.

The Bandwidth Communications Cloud

We believe one of our key competitive differentiators is the Bandwidth Communications Cloud.

Our Bandwidth Communications Cloud is the foundation of our business.

It provides a communications developer platform on top of an all-IP, owned-and-operated network with global reach.

We believe the benefits to our customers include reliability, scalability, and usage-based control for global business-critical communications.

With programmable access to voice and messaging, our Communications Cloud enables enterprises to deploy AI voice and orchestrate complex communications workflows.

We believe the benefits to our customers include reliability, scalability, high fidelity, low latency, and usage-based control for global business-critical communications.

Other features include:

Automation and Workflow

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Below are some of the major product offerings and use cases supported:

We offer customers the ability to interact with our voice services through SIP or programmable voice API.

Our voice services are used to build voice calling in applications and platforms, orchestrate call flows between users or machines, record and bridge calls, initiate text-to-speech for interactive voice response and more.

Approximately 60% of our consolidated revenue for the year ended December 31, 2025 was earned from our Voice domain serving the Global Voice Plans and Enterprise Voice customer categories.

We offer customers the ability to interact with our voice services through SIP, WebRTC, and programmable voice API.

Our voice services are used to build voice calling in applications and platforms, orchestrate call flows between users or machines, utilize AI voice agents for interactive voice response, conversational AI, and other use cases, record and bridge calls, initiate text-to-speech, and more.

Enterprises can customize high-quality call routing for business voice use cases and global reach.

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We enhance our enterprise customers’ ability to connect with consumers instantly.

Our programmable voice API enables many use cases including call notifications and surveys, advertising campaigns, etc.

• Transitioning from traditional premise focused communications to cloud based services:

Our programmable voice API enables many use cases including call notifications and surveys, and advertising campaigns.

• Transitioning from traditional premises-focused communications to cloud based services:

As enterprises migrate from on-premises equipment to the cloud, Bandwidth can fuel their digital transformation with our software-driven SIP trunking services designed to integrate in hybrid or full cloud deployments.

Messaging API.

Our software APIs for messaging deliver a full suite of A2P messaging capabilities, designed to help brands engage with their customers.

Bandwidth’s North American messaging services are enabled for local and toll-free phone numbers as well as short codes.

While we provide a wide range of functionalities, some of the common use cases are:

• Automated real-time notification and alerts:

Our APIs empower product leaders and enterprise developers with predefined functionalities to send and receive A2P messages, uniquely integrated with their own business processes or tech stacks.

• Two-factor authentication:

We enable enterprises to verify the identity and maintain security of end users through our software-based, multi-channel verification service that sends unique codes to end users to log in to mobile and web applications.

• Group messaging:

Product owners utilize our platform to build messaging applications that enable their end-users to share SMS and MMS messages, videos, carry out polls and surveys amongst other uses without leaving the application.

• Mitigating fraud with Trust Services:

Our number reputation management solution enables enterprises to protect call answer rates, mitigate fraud, and maintain customer trust.

Our Trust Services portfolio also includes STIR/SHAKEN attestation, voice bio-authentication, inbound call verification, campaign registration support, and fraud monitoring capabilities .

Emergency Services.

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• Emergency calling API:

One global API that connects apps to the public safety infrastructure without the need for on-premise technology or telephony expertise.

One global API that connects apps to the public safety infrastructure without the need for on-premises technology or telephony expertise.

• Emergency notification API:

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This allows for a more reliable end-user experience with controlled scheduling and triggered porting activation.

Bandwidth Insights gives customers a detailed view of their voice and messaging performance to make data-driven decisions and ensure quality of service.

• Understand and solve for deliverability issues:

Real-time error codes and alerting allows enterprises to understand and solve for SMS deliverability challenges in an ever-changing text messaging environment.

• Real-time call quality analytics:

We provide our customers with real-time call analytics including data such as call duration, customer sentiment and other attributes to better understand call performance and customer experience.

• Track trends, benchmarks and usage:

Our Insights API shows trends, delivery rates and usage patterns by product and carrier.

Bring your own carrier ( “ BYOC ” ) Integrations.

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Once numbers are in the Bandwidth Communications Cloud, they can be moved from platform to platform without leaving Bandwidth, decreasing cloud migration risk and complexity.

This includes:

Our BYOC Integrations include:

• UCaaS Integrations:

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• Conversational AI Integrations:

We have BYOC partnerships with leading conversational AI platforms, including Cognigy and Google Cloud’s Dialogflow.

• Speech-to-Text/Text-to-Speech:

We have BYOC partnerships with leading conversational AI platforms.

We also enable conversational AI integrations with third-party apps, native AI within CCaaS platforms, and public APIs like OpenAI’s Realtime interface.

• Fraud Mitigation:

Our BYOC partnership with Pindrop enables enterprises to utilize Pindrop’s voice bio-authentication and anti-fraud services.

Our partnership with Amazon Web Services STT/TTS provides access to AWS’s speech-to-text and text-to-speech solutions to enable virtual agents with Bandwidth AIBridge.

• Speech-to-Text/Text-to-Speech:

Our partnership with Amazon Web Services STT/TTS provides access to AWS’s speech-to-text and text-to-speech solutions to enable virtual agents with Bandwidth Maestro.

Approximately 40% of our consolidated revenue for the year ended December 31, 2025 was earned from the Programmable Messaging customer category.

Our software APIs for messaging deliver a full suite of A2P messaging capabilities, designed to help brands engage with their customers.

Bandwidth’s North American messaging services are enabled for local and toll-free phone numbers, short codes, and RCS for Business.

While we provide a wide range of functionalities, some of the common use cases are:

• Automated real-time notification and alerts:

Our APIs empower product leaders and enterprise developers with predefined functionalities to send and receive A2P messages, uniquely integrated with their own business processes or tech stacks.

• Branded messaging experiences:

Bandwidth supports RCS for Business, enabling enterprises to deliver richer, more interactive branded messaging experiences that increase end-user engagement and trust.

• Two-factor authentication:

• Group messaging:

Product owners utilize our platform to build messaging applications that enable their end-users to share SMS and MMS messages, share videos, and carry out polls and surveys, among other uses, without leaving the application.

Bandwidth Insights gives customers a detailed view of their voice and messaging performance to make data-driven decisions and ensure quality of service.

• Understand and solve for deliverability issues:

Real-time error codes and alerting allows enterprises to understand and solve for messaging deliverability challenges in an ever-changing messaging environment.

• Real-time call quality analytics:

We provide our customers with real-time call analytics including data such as call duration, customer sentiment, and other attributes to better understand call performance and customer experience.

• Track trends, benchmarks, and usage:

Our Insights API shows trends, delivery rates, and usage patterns by product and carrier.

Competitive Strengths

We believe three elements give Bandwidth a competitive advantage.

First, we have an all-IP platform with global reach.

The Bandwidth Communications Cloud provides the connectivity, APIs, security, privacy, workflows, and tools to give enterprises of all sizes a simple, scalable way to consume our services.

Second, our API-first approach facilitates the embedding of automation, enterprise-grade tooling, and simple UX/UI throughout the Bandwidth Communications Cloud.

Third, we have a broad range of experience with global regulatory frameworks informed by our communications services offerings.

We believe customers view Bandwidth as a trusted resource, helping them navigate constant change in the global regulatory landscape.

In addition, our innovation-rich culture, customer-centric solutions and track record of successful execution provide us with the following competitive strengths:

A full-stack, open Communications Cloud:

We built the Bandwidth Communications Cloud to be enterprise grade.

As a result, we believe our deployment is fast, our software APIs are flexible and we enable enterprises to launch and scale quickly.

The scale and quality of our Communications Cloud allows us to serve large-scale Internet companies and cloud service providers.

It also allows us to provide enterprises with one of the broadest, most complete communications services solutions in the industry--solutions that are ready to integrate with leading UC and contact center platforms to create customized, best-of-breed solutions.

Our large library of APIs (including voice, messaging, numbers, emergency services, insights and integrations) allows customers to incorporate a broad range of capabilities into their products and services that would be otherwise unattainable.

Global reach from a single source:

Our Communications Cloud provides coverage in more than 65 countries covering more than 90 percent of global GDP.

This means our customers can consolidate their communications vendor relationships with Bandwidth, while gaining global reach, resiliency and efficiency for their communications stack.

We offer greater quality and delivery assurance than providers that offer aggregated services across the public Internet or that simply resell partner networks.

We believe that the control we have over our Communications Cloud gives us distinct competitive advantages that include:

enabling our customers to deploy cloud-native services, consistent high quality, in-depth enterprise support, real-time traffic visibility and economies of scale.

Bandwidth has developed a set of competitive strengths that we believe provide durable advantages in the global communications market.

These strengths differentiate our platform, enhance our ability to win and retain enterprise customers, and position us to lead as communications become more intelligent, automated, and AI-driven.

High-quality, secure global platform for mission-critical communications:

Our owned-and-operated network platform, the Bandwidth Communications Cloud, delivers the global reach, scalability, resiliency, and low latency required for mission-critical customer communications and emerging AI voice workloads.

Advanced controls, including fraud mitigation, number reputation management, authentication, and routing intelligence, enable enterprises to deliver secure, trusted, high-fidelity conversations at scale.

Enterprise-grade APIs, integrations, and orchestration:

Our enterprise-grade APIs, Maestro software integrations and call orchestration provide customers with the flexibility to embed communications into their applications, workflows, and customer engagement platforms while maintaining flexibility and control over their technology stack.

Our Maestro platform provides enterprises with the freedom to choose from the industry’s largest ecosystem of BYOC integrations and orchestrate more intelligent, composable customer journeys.

Broad experience with global regulatory frameworks:

Bandwidth has broad regulatory experience as a global network owner and national operator, which positions us as a trusted resource with customers to navigate constant change in the global regulatory landscape.

CPaaS-based emergency calling capabilities:

We believe we are one of the only CPaaS providers with a full suite of emergency service capabilities.

In many countries, it is a legal obligation to ensure on-premise access to local emergency services.

In many countries, it is a legal obligation to ensure on-premises access to local emergency services.

Our customers can meet compliance commitments using a single provider in multiple markets where they do business—across North America, Europe, and Asia-Pacific.

Moreover, our dynamic geospatial routing capability can route emergency calls over our E911 network based on a real-time location of the caller to produce industry-leading results.

Experience & expertise:

Experience and expertise:

Our senior leadership team consists of both new and long-tenured leaders – each an expert with deep and proven experience in the telecommunications and SaaS space.

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We address the complex needs of the customers we serve, and as a result, these enterprises have continued to innovate and grow with our platform over many years.

A number of our largest enterprise customers have been on our platform for more than ten years.

At the end of 2025, our twelve-month customer retention rate stood at greater than 98.8 percent, with a number of our largest enterprise customers having been on our platform for more than ten years.

Our relationship with each of the enterprises we serve often spans product suites, divisions, and use cases over time.

Based on surveys conducted after customer interactions in 2024, our customers have expressed a greater than 97% satisfaction rate.

Based on surveys conducted after customer interactions in 2025, our customers have expressed a greater than 97 percent satisfaction rate.

On G2, a customer review platform, Bandwidth has been a Leader in CPaaS Platforms for 32 consecutive quarters.

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These benefits, which vary based on country location and applicable laws, include:

robust medical benefits in which we pay 100% of the premiums for medical, dental and vision insurance;

robust medical benefits in which we pay 100 percent of the premiums for medical, dental, and vision insurance;

industry leading parental leave;

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We benefit from long-standing relationships with some of the largest technology companies, well-recognized enterprise customers, and innovative SaaS platforms.

Many of our customers have multi-year contracts, with no single customer representing 10% or more of total revenue for the year ended December 31, 2024.

Many of our customers have multi-year contracts, with no single customer representing 10 percent or more of total revenue for the year ended December 31, 2025.

Our management is highly focused on creating and maintaining strategic partnerships beyond standard transactional customer relationships.

We seek to empower enterprises to create, scale and operate mission-critical services across any mobile application or connected device, and this capability reinforces our customer relationships.

We seek to empower enterprises to create, scale, and operate mission-critical services, and the significance of this capability for enterprises reinforces our customer relationships.

The majority of our customers sign master service agreements (“MSAs”) containing standard terms and conditions, including billing and payment, default, termination, limitations of liability, confidentiality, assignment and notification, and other key terms and conditions.

Customers order specific services in separate service order forms that incorporate the applicable MSA.

Each service order form details the minimum contract duration, any

applicable monthly recurring charge and applicable non-recurring charges.

Each service order form details the minimum contract duration, any applicable monthly recurring charge and applicable non-recurring charges.

The terms and conditions for each order are also specified in the applicable service order form.

Sales and Marketing

Our sales and marketing teams are part of a single revenue organization and work closely together to identify and acquire new customers, expand relationships with existing enterprises, and integrate them with the Bandwidth Communications Cloud.

Our marketing team generates marketing qualified leads and pipeline for sales through a number of demand-generating channels, including our website, marketing campaigns, webinars, sponsored virtual and live events, white papers and blogs, public relations, social media, analyst relations, paid search and search engine optimization and outbound lead development efforts.

These marketing initiatives enhance awareness, preference and adoption of our services, and help us cross-sell opportunities with existing customers.

Our sales and marketing teams work closely together to identify and acquire new customers, expand relationships with existing enterprises, and integrate them with the Bandwidth Communications Cloud.

Our marketing team generates marketing qualified leads and pipeline that converts to revenue through a number of demand-generating channels, including our website, marketing integrated campaigns, webinars, sponsored virtual and live events, white papers and blogs, public relations, social media, analyst relations, paid search, AI and search engine optimization, and outbound lead development efforts.

These marketing initiatives enhance awareness, preference, and adoption of our services, and help us cross-sell and up-sell opportunities with existing customers.

We engage potential customers and existing customers through an enterprise-focused sales approach.

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Our sales and marketing executives work to educate these decision makers and their teams about the benefits of using the Bandwidth Communications Cloud to engage their end-users and deliver exceptional experiences everywhere people live, learn, work, and play.

Our sales team includes a full stack of sales development, inside sales, field sales, revenue enablement and sales engineering functions.

Our sales team includes a full stack of sales development, inside sales, field sales, and sales engineering functions.

Research and Development

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Our vision for the Bandwidth Communications Cloud is to be viewed as a singular resource for global enterprise communications.

Our near-term roadmap includes a range of solutions to help enterprises create a better total experience for consumers and employees whether through the contact center, hybrid work, text messaging engagement, intelligent emergency services, new AI technologies or a combination thereof.

Our near-term roadmap includes a range of solutions to help enterprises create a better total experience for consumers and employees–whether through the contact center, hybrid work, messaging engagement, intelligent emergency services, new AI technologies, or a combination thereof.

The CPaaS market is rapidly evolving and increasingly competitive.

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• credibility with product executives and developers.

We believe that we compete favorably based on the factors listed above and believe that none of our competitors currently competes directly with us across the combination of our global scale, all-IP Communications Cloud, enterprise-grade APIs, and broad regulatory experience gained through our service offerings.

We believe that we compete favorably based on the factors listed above and believe that none of our competitors currently competes directly with us across the combination of our global scale, all-IP Communications Cloud, enterprise-grade APIs, and broad experience with regulatory frameworks gained through our service offerings.

Our competitors fall into two primary categories:

• CPaaS companies that may offer a broader set of software APIs and services, but may have more limited global reach, less robust customer support or fewer other features while relying on third-party networks and physical infrastructure;

• Incumbent network operators that offer limited geographical reach and limited developer functionality on top of their networks and physical infrastructure.

• CPaaS companies that may offer a broader set of software APIs and services, but may be limited by a higher messaging concentration, have more limited global reach, less robust customer support or fewer other features while relying on third-party networks and physical infrastructure;

• Incumbent telecommunications operators that offer limited geographical reach and limited developer functionality on top of their networks and physical infrastructure.

Some of our competitors have greater financial and technical resources, geographic reach, name recognition, or intellectual property portfolios than we do.

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As of December 31, 2025, we had 38 U.S.

patents and six U.S.

patents and four U.S.

patent applications pending.

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In addition, congressional legislative efforts to rewrite the 1996 Act or enact other telecommunications legislation impacting our operations, including but not limited to, legislation focused around issues of telecommunications, cybersecurity, and AI such as the Telephone Robocall Abuse Criminal Enforcement and Deterrence (“TRACED”) Act, as well as various state legislative initiatives, may cause major industry and regulatory changes.

We cannot predict the outcome of these proceedings or legislative initiatives or the effects, if any, that these proceedings or legislative initiatives may have on our business and operations.

predict the outcome of these proceedings or legislative initiatives or the effects, if any, that these proceedings or legislative initiatives may have on our business and operations.

Anti-Fraud and Abuse Regulation.

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Some communications services provided through our software APIs may qualify as Voice-over Internet Protocol (“VoIP”).

The FCC has imposed regulatory requirements on VoIP providers that previously applied only to traditional telecommunications providers, such as obligations to provide 911 functionality, to contribute to the federal universal service fund, to comply with regulations relating to local number portability, to abide by the FCC’s service discontinuance rules, to contribute to the Telecommunications Relay Services fund and to abide by the regulations concerning Customer Proprietary Network Information (“CPNI”), outage reporting, access for persons with disabilities, the Communications Assistance for Law Enforcement Act and

expanded obligations with respect to the transmission of emergency calls.

In some instances, these regulations indirectly affect us because they directly apply to our customers.

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There is some ambiguity in the rules as to the specific obligations of each party involved in the service delivery chain and the rules have not yet been further interpreted by the FCC or a court.

By April 15, 2025, Bandwidth and its service provider customers will be required to comply

with the FCC’s new 911 outage reporting requirements.

By April 15, 2025, Bandwidth and its service provider customers will be required to comply with the FCC’s new 911 outage reporting requirements.

We expect that this will impact our business, but cannot predict the extent of that impact at this time.

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The Code sets forth the European regulatory framework and harmonized rules across the EU and EEA, which govern the provision of electronic communications networks and services.

While the Code provides a harmonized framework, laws of each jurisdiction of the EU and the EEA, and related regulations, will differ from country to country (e.g., rules around suballocation of numbering resources), which can increase operational costs and, at times, prevent us from serving certain jurisdictions.

While the Code provides a harmonized framework, laws of each jurisdiction of the EU and the EEA, and related regulations, will differ from country to country (e.g.0, rules around suballocation of numbering resources), which can increase operational costs

and, at times, prevent us from serving certain jurisdictions.

Prior to the 2020 departure of the United Kingdom (“U.K.”) from the EU, much of the Code had been transposed into U.K.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business