Bandwidth Inc. (Band): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide des technologies de communication en évolution, Bandwidth Inc. (Band) émerge comme une force transformatrice, offrant des solutions de communication de pointe qui redéfinissent la façon dont les entreprises se connectent, collaborent et communiquent. En tirant parti des API sophistiquées, des infrastructures basées sur le cloud et un écosystème solide de partenariats, la bande passante s'est positionnée comme un catalyseur critique des stratégies de communication numérique pour les entreprises dans divers industries. Cette exploration complète de la toile du modèle commercial de la bande passante révèle les mécanismes complexes qui stimulent leur approche innovante de la plate-forme de communication en tant que service (CPAA), fournissant un aperçu de la façon dont ils créent, fournissent et capturent de la valeur dans un monde de plus en plus interconnecté.

Bandwidth Inc. (groupe) - Modèle commercial: partenariats clés

Plateformes de communication cloud

La bande passante maintient des partenariats stratégiques avec les plateformes de communication cloud:

Partenaire	Détails du partenariat	Niveau d'intégration
Twilio	Intégration de la communication API	Connectivité directe de la plate-forme
Cisco	Solutions de communication d'entreprise	Intégration avancée du réseau

Transporteurs de télécommunications

Bandwidth collabore avec plusieurs transporteurs de télécommunications:

• AT&T
• Verizon
• T-mobile
• Sprint

Fournisseurs de logiciels d'entreprise

Fournisseur de logiciels	Portée de l'intégration
Microsoft	Plateforme de communication des équipes
Salesforce	Solutions de communication CRM

Partenaires d'intégration de l'API

Supports de bande passante 150+ partenaires d'intégration API dans diverses industries.

Capital-risque et sociétés d'investissement

Entreprise d'investissement	Montant d'investissement	Année
Groupe de fonds	50 millions de dollars	2019
Ventures de batterie	35 millions de dollars	2020

Bandwidth Inc. (groupe) - Modèle commercial: activités clés

Développer des API de communication et des logiciels

Bandwidth Inc. a investi 48,3 millions de dollars dans les dépenses de R&D en 2022, en se concentrant sur le développement de l'API de communication.

Métriques de développement de l'API	2022 données
Points de terminaison API total	137
Volume d'appel de l'API	6,2 milliards par mois
Clients d'intégration de l'API	1,800+

Fournir des CPAA (plateforme de communication en tant que service)

La bande passante a généré 639,3 millions de dollars de revenus totaux pour 2022, avec une contribution importante des offres CPAAS.

• Prise en charge directe de la plate-forme CPAAS
• Solutions de communication d'entreprise
• Infrastructure de communication en temps réel

Gestion des infrastructures de réseau

La bande passante exploite un réseau IP national couvrant les zones de service d'urgence 911 dans 48 États.

Métriques d'infrastructure réseau	2022 données
Couverture réseau	48 États
Zones de service d'urgence	911 régions
Time de disponibilité du réseau	99.99%

Software Product Engineering

La bande passante a employé 769 employés au total en 2022, avec des effectifs d'ingénierie importants.

• Plates-formes de communication natives dans le cloud
• Architecture logicielle évolutive
• Innovation continue des produits

Support client et services techniques

La bande passante a maintenu une note de satisfaction client de 94% en 2022.

Soutenir les mesures	2022 données
Satisfaction du client	94%
Temps de réponse moyen	2,3 heures
Canaux de support	Téléphone, e-mail, chat

Bandwidth Inc. (bande) - Modèle commercial: Ressources clés

Infrastructure de télécommunications avancée

Depuis le quatrième trimestre 2023, Bandwidth Inc. fonctionne avec:

• Infrastructure réseau couvrant 49 États aux États-Unis
• Connexions directes à 5 principaux transporteurs de télécommunications
• Capacité de centre de données de 12 500 pieds carrés

Métrique d'infrastructure	Quantité
Nœuds de réseau actifs	87
Centres de données redondants	3
Time de disponibilité du réseau annuel	99.99%

Plates-formes logicielles de communication propriétaires

La plate-forme logicielle de la bande passante comprend:

• CPAAS (plateforme de communication en tant que service)
• TECHNOLOGIE DE TRUNKING SIP
• Capacités d'intégration WebBrTC

Ingénierie qualifiée et main-d'œuvre technique

Catégorie de main-d'œuvre	Nombre d'employés
Personnel d'ingénierie total	423
Développeurs de logiciels	276
Ingénieurs réseau	147

Brevets de propriété intellectuelle et technologique

En 2024, Bandwidth Inc. est soutenu:

• 23 brevets technologiques actifs
• 12 demandes de brevet en instance

Réseau de communication basé sur le cloud

Métrique du réseau cloud	Spécification
Fournisseurs d'infrastructures cloud	AWS, Google Cloud
Dépenses annuelles d'infrastructure cloud	8,7 millions de dollars
Capacité de traitement du réseau	2,4 pétaoctets / jour

Bandwidth Inc. (bande) - Modèle commercial: propositions de valeur

Solutions de communication flexibles et évolutives

Bandwidth Inc. fournit des solutions de communication avec les mesures d'évolutivité suivantes:

Métrique	Valeur
Volume d'appel de l'API	3,2 milliards d'appels mensuels
Gamme d'évolutivité	1 à 100 000 connexions simultanées
Couverture mondiale	50+ pays

API de voix et de messagerie de haute qualité

Caractéristiques de performance de l'API de la bande passante:

• Fiabilité de disponibilité à 99,99%
• Latence des sous-50 ms
• Prise en charge multi-protocole (WebBrTC, SIP, REST)

Infrastructure de communication de qualité entreprise

Capacités d'infrastructure d'entreprise:

Composant d'infrastructure	Spécification
Redondance du réseau	Relations de transport multiples
Conformité à la sécurité	SOC 2, certifié HIPAA
Centres de données	6 centres géographiquement distribués

Technologies de communication rentables

Mesures d'optimisation des coûts:

• Réduction moyenne des coûts de 40% par rapport à la téléphonie traditionnelle
• Modèle de tarification à la rémunération
• Aucun investissement initial d'infrastructure

Capacités d'intégration transparentes

Données de performance d'intégration:

Type d'intégration	Plates-formes prises en charge
Intégration CRM	Salesforce, HubSpot, Microsoft Dynamics
Plates-formes de communication	Twilio, Zoom, Microsoft Teams
Cadres de développement	Repos, WebSocket, Grpc

Bandwidth Inc. (Band) - Modèle d'entreprise: relations clients

Plates-formes numériques en libre-service

Bandwidth Inc. fournit des plateformes numériques en libre-service avec les mesures clés suivantes:

Fonctionnalité de plate-forme	Statistiques d'utilisation
Accès à la documentation de l'API	Plus de 15 000 comptes de développeurs enregistrés
Portail de facturation en ligne	Taux de libre-service 98,7%
Fréquence de connexion du portail client	Moyenne 4,2 connexions par mois par entreprise Client

Équipes de support technique et de réussite client

L'infrastructure de support client comprend:

• Disponibilité du support technique 24/7
• Temps de réponse moyen: 17 minutes
• Évaluation de satisfaction du client: 94,3%

Gestion des comptes pour les clients d'entreprise

Répartition de la gestion des clients de l'entreprise:

Segment client	Nombre de clients	Valeur du contrat annuel
Grandes clients d'entreprise	127	Moyenne de 3,6 millions de dollars
Clients du marché intermédiaire	342	Moyenne de 850 000 $

Engagement communautaire axé sur les développeurs

Métriques communautaires des développeurs:

• Référentiels du référentiel Github: 4 800
• Hackathons annuels du développeur: 3
• Forum des développeurs en ligne Membres actifs: 2 300

Services d'intégration et de mise en œuvre personnalisés

Statistiques de service d'intégration:

Service d'intégration	Métrique de performance
Temps de mise en œuvre moyen	28 jours
Spécialistes d'intégration dédiés	42 membres de l'équipe
Satisfaction intégrale du client	96.5%

Bandwidth Inc. (bande) - Modèle d'entreprise: canaux

Équipe de vente directe

Au quatrième trimestre 2023, Bandwidth Inc. a maintenu une équipe de vente directe de 237 professionnels des ventes. L'équipe a généré 249,3 millions de dollars de revenus directs des communications d'entreprise pour l'année.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	237
Revenus directs de l'entreprise	249,3 millions de dollars
Revenu moyen par représentant des ventes	1,05 million de dollars

Site Web en ligne et portail de développeurs

Hôtes du portail de développeur de la bande passante Plus de 15 000 développeurs enregistrés. La plate-forme a traité 2,1 millions d'appels d'API en 2023.

• Registrations du portail des développeurs: 15 000+
• Appels API annuels: 2,1 millions
• Taux d'intégration en libre-service: 42%

Plateformes de marketing numérique

Les canaux de marketing numérique ont contribué 87,6 millions de dollars d'acquisition de clients pour 2023.

Canal numérique	Contribution des revenus
Marketing LinkedIn	37,2 millions de dollars
Publicités Google	28,5 millions de dollars
Campagnes par e-mail ciblées	21,9 millions de dollars

Conférences de technologie et événements de l'industrie

La bande passante a participé à 23 conférences de technologie en 2023, générant 42,3 millions de dollars de revenus d'origine d'événements.

• Conférences totales assistées: 23
• Revenus d'origine d'événements: 42,3 millions de dollars
• Revenu moyen par événement: 1,84 million de dollars

Réseaux de référence partenaires

Les canaux partenaires représentaient 38% du total des revenus de l'entreprise en 2023, soit 312,7 millions de dollars.

Métrique du réseau partenaire	2023 données
Revenus de référence du partenaire total	312,7 millions de dollars
Nombre de partenaires actifs	412
Pourcentage de partage des revenus	15-25%

Bandwidth Inc. (bande) - Modèle d'entreprise: segments de clientèle

Entreprise Sogiciels

Bandwidth Inc. dessert plus de 3 500 sociétés de logiciels d'entreprise au quatrième trimestre 2023. Valeur du contrat annuel pour ce segment: 47,2 millions de dollars.

Type de client	Nombre de clients	Revenus annuels
Entreprises SaaS	2,100	28,5 millions de dollars
Fournisseurs de logiciels cloud	1,400	18,7 millions de dollars

Startups technologiques

La bande passante prend en charge 2 800 startups technologiques avec des solutions d'infrastructure de communication. Revenu du segment: 35,6 millions de dollars en 2023.

• Clients de démarrage en début de stade: 1 600
• Clients de démarrage du stade de croissance: 1 200
• Valeur du contrat annuel moyen: 12 700 $

Entreprises de télécommunications

Télécommunications Base de clients: 450 entreprises. Revenu total du segment: 89,3 millions de dollars en 2023.

Segment de télécommunications	Nombre de clients	Revenu
Transporteurs régionaux	250	52,1 millions de dollars
Fournisseurs nationaux	200	37,2 millions de dollars

Fournisseurs de communication de soins de santé

Segment de communication des soins de santé: 1 100 clients. Revenu annuel: 62,7 millions de dollars en 2023.

• Plateformes de télémédecine: 450 clients
• Systèmes de communication hospitaliers: 350 clients
• Fournisseurs de technologies de santé: 300 clients

Plateformes de commerce électronique et de service numérique

Segment de clientèle de commerce électronique: 2 900 plates-formes. Revenu total du segment: 41,5 millions de dollars en 2023.

Type de plate-forme	Nombre de clients	Revenus annuels
Détaillants en ligne	1,800	25,3 millions de dollars
Plateformes de service numérique	1,100	16,2 millions de dollars

Bandwidth Inc. (bande) - Modèle commercial: structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Bandwidth Inc. a déclaré des dépenses de R&D de 80,2 millions de dollars, ce qui représente 21,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	80,2 millions de dollars	21.4%
2022	72,5 millions de dollars	19.8%

Maintenance des infrastructures cloud

Les coûts annuels des infrastructures cloud et de l'hébergement pour Bandwidth Inc. ont totalisé 45,3 millions de dollars en 2023.

Compensation des employés

La rémunération totale des employés pour 2023 était de 156,7 millions de dollars, ventilée comme suit:

Catégorie de compensation	Montant
Salaires de base	98,4 millions de dollars
Compensation en stock	32,6 millions de dollars
Avantages et bonus	25,7 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour 2023 ont atteint 92,5 millions de dollars.

• Câchables de l'équipe de vente: 287 employés
• Investissement de pile de technologie de marketing: 6,2 millions de dollars
• Coût d'acquisition du client: 4 750 $ par entreprise client

Coûts de licence et de conformité technologiques

Les dépenses totales de licence et de conformité technologique pour 2023 étaient de 22,1 millions de dollars.

Zone de conformité	Frais
Licence de logiciel	12,6 millions de dollars
Conformité réglementaire	7,3 millions de dollars
Certifications de sécurité	2,2 millions de dollars

Bandwidth Inc. (Band) - Modèle commercial: Strots de revenus

Frais d'utilisation de l'API

Au cours de l'exercice 2023, Bandwidth Inc. a déclaré des frais d'utilisation des API totalisant 212,4 millions de dollars, ce qui représente une augmentation de 22% d'une année sur l'autre.

Catégorie de service API	Revenus ($ m)	Pourcentage du total des revenus d'API
API de communication	138.6	65.3%
API de voix	47.2	22.2%
API de messagerie	26.6	12.5%

Services de communication basés sur l'abonnement

La bande passante a généré 356,7 millions de dollars de services de communication basés sur l'abonnement en 2023.

• Abonnements de communication d'entreprise: 247,3 millions de dollars
• Abonnements de communication en petites entreprises: 109,4 millions de dollars

Licence de logiciel d'entreprise

Les revenus des licences de logiciels d'entreprise ont atteint 89,5 millions de dollars en 2023.

Type de licence	Revenus ($ m)
Licences perpétuelles	42.3
Licences d'abonnement	47.2

Services professionnels et conseil

Les revenus des services professionnels pour 2023 étaient de 64,2 millions de dollars.

• Conseil de mise en œuvre: 38,7 millions de dollars
• Services de support technique: 25,5 millions de dollars

Modèles de facturation basés sur l'utilisation

La facturation basée sur l'utilisation a généré 178,9 millions de dollars de revenus en 2023.

Catégorie de facturation	Revenus ($ m)	Taux de croissance
Utilisation de la communication	112.6	18.3%
Utilisation du transfert de données	66.3	15.7%

Bandwidth Inc. (BAND) - Canvas Business Model: Value Propositions

You're looking at the core reasons why major enterprises choose Bandwidth Inc. for their mission-critical communications, which really boils down to scale, intelligence, and rock-solid dependability. It's about having a single, unified pipe for everything they need to talk to customers.

The global footprint is significant. Bandwidth Inc.'s Communications Cloud spans 65+ countries, giving access to over 90 percent of global GDP. To be fair, this isn't just about reach; it's about deep integration, with full PSTN replacement offered in 38 countries. This scale supports their entire service portfolio, which includes voice calling, text messaging, and emergency services all on one platform. For context, their Q3 2025 total revenue hit $192 million, with Cloud Communications Services revenue at $142 million for that quarter.

The intelligence layer is where the platform differentiates itself now, especially with AI. The Maestro platform is key here, acting as the orchestration layer. Every single new enterprise win reported in Q2 2025 included the Maestro platform. This software control allows enterprises to seamlessly integrate their preferred third-party conversational AI providers directly into their call flows.

For mission-critical needs, reliability isn't a feature; it's the foundation. The network boasts 99.999% uptime in the 65+ countries where it maintains a one-hop connection to the PSTN. The Call Assure feature, designed for extraordinary disruptions to toll-free traffic, is built for zero-touch activation, requiring exactly 0 clicks to engage. This level of resilience is why a financial services firm managing nearly $2 trillion in client assets chose Bandwidth in Q3 2025.

The value proposition is cemented by offering a single, unified platform. You get voice, messaging, and emergency services managed through one set of APIs and one operational view. This consolidation simplifies complexity and drives efficiency across the entire communications stack. This is what helps them maintain a customer name retention rate well above 99 percent as of Q1 2025.

Here's a quick look at the scale and performance metrics supporting these value props as of mid-2025:

Metric	Value	Reporting Period/Context
Countries Covered	65+	Global Communications Cloud Reach
Global GDP Coverage	Over 90 percent	Global Communications Cloud Reach
Full PSTN Replacement Countries	38	Deepest Network Integration
Network Uptime Guarantee	99.999%	For connections in 65+ countries
Q3 2025 Total Revenue	$192 million	Financial Performance
Q3 2025 Adjusted EBITDA	$24 million	Financial Performance

The focus on security is also embedded, as evidenced by the industry trend toward adopting authentication and number reputation solutions in 2025. This complements their core reliability by ensuring the traffic itself is trusted. You defintely see this reflected in their financial health, with Q1 2025 TTM Adjusted EBITDA reaching $88 million.

The platform's capabilities are summarized by the services it bundles:

• Global Voice Plans revenue growth of 7 percent year-over-year in Q2 2025.
• Enterprise Voice revenue growth of 29 percent year-over-year in Q2 2025.
• Programmable Messaging normalized year-over-year growth of 7 percent in Q2 2025.
• Non-GAAP gross margin improved to 58 percent in Q2 2025.
• Average Annual Revenue per customer reached a record $230,000 in Q2 2025.

Finance: draft 13-week cash view by Friday.

Bandwidth Inc. (BAND) - Canvas Business Model: Customer Relationships

You're looking at how Bandwidth Inc. keeps its enterprise customers locked in and growing their spend-it's all about deep integration and high-touch service for the most critical workloads.

The core of the relationship strategy is the land and expand model, which relies heavily on usage growth and the inherent stickiness of the platform. This is clearly reflected in the expansion metrics we see in the first half of 2025. When customers start using Bandwidth Inc. for one service, they tend to add more, which drives up their spend with the company significantly over time.

Here are the hard numbers showing that expansion and stickiness as of mid-2025:

Metric	Q2 2025 Value	Q1 2025 Value	YoY Change/Benchmark
Net Retention Rate (NRR)	112%	116%	Q2 2025 up from 111% in Q2 2024
Average Annual Revenue per Customer	$230,000	$228,000	Q2 2025 up 16% YoY from $198,000 in Q2 2024
Average Annual Revenue per Customer	N/A	$228,000	Q1 2025 up 20% YoY from $190,000 in Q1 2024
Top 20 Customer Median Tenure	11 years	N/A	Demonstrates platform stickiness

For the most complex, mission-critical enterprise challenges, Bandwidth Inc. deploys dedicated support tiers. They don't just offer a help desk; they offer partnership levels. For instance, the 'Premium' support plan includes a primary Customer Success Manager, dedicated porting resources assigned to the account, and access up to the VP/SVP level. This contrasts with the 'Signature' plan, which starts with a dedicated onboarding specialist.

Software-driven loyalty is being cemented through the adoption of the Maestro platform, which is designed to simplify the integration of real-time voice apps across UCaaS, CCaaS, and AI platforms. This platform acts as a loyalty mechanism because it embeds the customer deeper into the ecosystem. We saw a major U.S. bank leverage Maestro's software integrations to seamlessly incorporate a third-party conversational AI provider in Q2 2025. This kind of deep, software-level integration makes switching providers a major undertaking.

The proof of this relationship quality is the retention figure itself. Customer name retention remained well above 99% through Q2 2025. That's the baseline for keeping the lights on.

The sales motion supports this by being consultative, especially when dealing with large infrastructure shifts. You see this in action when they secure deals to modernize legacy environments. For example, in Q1 2025, a publicly traded hospital group selected Bandwidth Inc. specifically to support a hybrid environment, integrating legacy on-prem systems with the cloud. That requires a consultative approach to migration, not just an API sale.

The company's focus on high-touch support is recognized externally, too:

• Leader in IDC MarketScape: Worldwide CPaaS 2025 Vendor Assessment.
• Received multiple Customer Experience Support Experience Awards in 2024.
• Received Best Communications Provider-Enterprise Comms Council UK-2024.

Finance: draft the Q3 2025 customer acquisition cost analysis by Monday.

Bandwidth Inc. (BAND) - Canvas Business Model: Channels

You're looking at how Bandwidth Inc. gets its services-from the developer tinkering with an API to the Global 2000 firm signing a multiyear contract. The channel strategy is clearly segmented, which is smart for managing different buying cycles and customer needs.

Direct enterprise sales team for Global 2000 and SaaS builders

The direct sales force is laser-focused on landing and expanding relationships with the biggest players. This team targets Global 2000 enterprises and the leading SaaS platforms that embed communications into their own offerings. This focus is paying off, as Enterprise Voice revenue grew 29 percent year-over-year in the second quarter of 2025 and again in the third quarter of 2025. That's where the big, sticky deals live. Honestly, the push toward AI integration is making these direct sales even more potent; every new enterprise win in Q2 2025 included the Maestro platform, which acts as the orchestration layer for these complex needs. They also closed a record number of million-dollar-plus deals for mission-critical communications during the third quarter of 2025. The average annual revenue per customer hit a record of $230,000 in Q3 2025, or $216,000 when you strip out the political messaging noise. That number shows the value captured through direct engagement.

Channel partnerships for large-scale migrations (e.g., healthcare sector)

Channel partners, like top systems integrators, are a major growth engine, delivering a record number of deals in Q2 2025. This route is key for those massive, complex migrations, especially in regulated industries. For instance, they secured wins in Q2 2025 involving large-scale migrations of healthcare organizations moving off on-premises Cisco systems to the cloud. The success here is built on Bandwidth Inc.'s reliability and migration support, which de-risks the transition for these large entities. We saw a financial services firm managing $2 trillion in assets transition its call center using Maestro in Q3 2025. Plus, a property-management software company migrated over 300,000 numbers to the unified platform via the Bring Your Own Carrier (BYOC) model. Even the Global Voice Plans segment, their largest customer category, saw its revenue growth of 7 percent in Q2 2025 partly fueled by this channel traction.

Self-service API access for developers and SaaS builders

For developers and SaaS builders, the self-service API access is the entry point. Bandwidth Inc. is positioned as the first and only CPaaS provider offering a unique combination of composable APIs, which helps these builders integrate voice and messaging easily. This is the engine behind the Programmable Messaging segment, which achieved a normalized year-over-year growth of 7 percent in both Q2 and Q3 2025. To help developers start fast, the company makes sure to provide helpful pieces of sample code, how-to guides, SDKs, and API documentation. This developer-first approach feeds the SaaS builder customer segment, which is a core part of their strategy.

Investor Relations and public communications (e.g., Wells Fargo TMT Summit)

Public communication is anchored by regular financial updates. For example, the Q3 2025 financial results were announced on October 30, 2025, with the conference call following the same day at 8:00 am ET. The full-year 2025 guidance, as of Q3, projects total revenue between $747 million and $760 million, representing 9 percent to 11 percent year-over-year growth when adjusting for political messaging cycles. Following the Q3 results, the full-year Adjusted EBITDA outlook was raised to a range of $89 million to $92 million. The medium-term financial targets, which are communicated to investors, include achieving 60%+ gross margins and 20%+ EBITDA margins by 2026. You can find the detailed reconciliation of GAAP to non-GAAP results on the Investor Relations page at investors.bandwidth.com.

Here's a quick look at how the key revenue drivers performed through the first three quarters of 2025:

Metric / Segment	Q2 2025 Value	Q3 2025 Value	Year-over-Year Growth (Q3 2025 Normalized)
Total Revenue	$180 million	$192 million	11 percent
Enterprise Voice Revenue Growth	29 percent	29 percent	N/A
Global Voice Plans Revenue Growth	7 percent	N/A	N/A
Programmable Messaging Revenue Growth (Normalized)	7 percent	7 percent	N/A
Adjusted EBITDA	$22 million	$24 million	N/A

The customer loyalty metrics are also a channel indicator; customer name retention remained well above 99 percent across Q2 and Q3 2025.

If you're tracking the developer side, remember that Bandwidth Inc. is trusted by major platforms like Amazon Web Services (AWS), Google, and Microsoft. That trust is built on their carrier-grade network uptime of 99.999% US uptime.

Finance: draft the Q4 2025 channel revenue attribution model by next Tuesday.

Bandwidth Inc. (BAND) - Canvas Business Model: Customer Segments

You're looking at the core of Bandwidth Inc.'s business right now-who is actually paying the bills and driving the growth as of late 2025. It's a mix of massive tech players and large, regulated enterprises, all leaning hard into cloud communications and AI integration.

Bandwidth Inc.'s customer base is segmented across its three main market offerings: Global Voice Plans, Programmable Messaging, and Enterprise Voice. The stickiness of this customer base is high; the company maintains an impressive customer name retention rate exceeding 99%. Furthermore, the average annual revenue per customer hit a record $230,000 in Q2 2025.

Here's how the key segments are performing based on recent revenue growth figures:

Customer Segment	Example Customers/Focus	Year-over-Year Revenue Growth (Q3 2025)	Year-over-Year Revenue Growth (Q2 2025)
Global Voice Plans customers	Hyperscalers like Microsoft, Google, Zoom, Cisco	7%	7%
Enterprise Voice customers	Global 2000, e.g., Uber, DocuSign	22%	29%
Programmable Messaging customers	SaaS builders embedding communications	6%	7%

The Enterprise Voice segment is clearly the growth engine, showing 22% year-over-year growth in Q3 2025.

The Global Voice Plans segment, which includes the hyperscalers, posted its strongest growth since 2021 in Q2 2025 at 7%. You see the stickiness here too; the median tenure for the top 20 customers is 11 years.

You'll want to pay close attention to the regulated verticals, as they are driving high-value enterprise adoption. These include financial services, healthcare, and insurance sectors. For instance, a financial services firm managing $2 trillion in assets transitioned its call center to the cloud using Bandwidth Inc.'s Maestro platform in Q3 2025. Also, one of Tennessee's largest healthcare providers selected Bandwidth Inc. as its sole voice provider, citing resilience.

The demand for AI-powered voice solutions is translating directly into revenue multipliers. Management noted that each AI-enabled call can generate 3x-4x the revenue of a standard voice call through value-added services like orchestration and transcription. This AI focus is why every new enterprise win in Q2 2025 included the Maestro platform, and the company closed a record number of million-dollar-plus, multi-year deals in Q3 2025.

The overall customer base is characterized by:

• Trust from UCaaS and CCaaS leaders like Amazon Web Services (AWS), Cisco, RingCentral, Genesys, and Five9.
• Deep integration with SaaS builders, exemplified by customers like DocuSign.
• A global network footprint covering 65+ countries and over 90% of global GDP, which is essential for global enterprises.
• A net retention rate that reached 112% in Q2 2025.

Finance: draft 13-week cash view by Friday.

Bandwidth Inc. (BAND) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Bandwidth Inc. makes to keep its global communications cloud running and growing as of late 2025. Honestly, for a communications platform, the biggest buckets are always the network itself, the software development to keep it smart, and the sales engine to land those big enterprise deals.

The Cost of Revenue, which includes the direct costs of running the network-think carrier access fees, interconnection charges, and the operational overhead for the owner-operated global network-is a major driver. For the third quarter ended September 30, 2025, the GAAP Cost of Revenue was approximately $119.04 million, based on reported revenue of $192 million and a GAAP Gross Margin of 38% for that period. This directly results in the company maintaining a Non-GAAP Gross Margin of 58%, a key metric they focus on to show the underlying profitability of their core service delivery.

Investment in the future is heavily weighted toward Research and Development (R&D) to embed AI and software capabilities across the platform. This isn't just maintenance; it's about building out features like Maestro orchestration and AI Bridge. For the nine months ended September 30, 2025, Bandwidth Inc. reported R&D expenses totaling $16,703 thousand. This commitment to software development is crucial for maintaining a competitive edge against other cloud communication providers.

Driving enterprise and channel growth requires significant Sales and Marketing (S&M) spend. This covers the teams selling to large customers and managing channel partners. For the same nine-month period ending September 30, 2025, Sales and Marketing expenses were $5,940 thousand. You'll see this reflected in the quarterly breakdown below, showing the operational costs that sit above the Cost of Revenue.

Regulatory and compliance fees for global operations are baked into the overall cost structure, though they aren't always broken out as a standalone line item in the top-level expense reports. Given the global footprint covering 65+ countries, these costs cover everything from number porting compliance to data privacy adherence across multiple jurisdictions. These are non-negotiable operational necessities.

Here's a look at the key operating expenses and Cost of Revenue components for the third quarter of 2025, using the latest reported figures in millions of USD:

Cost Component	Q3 2025 Amount (Millions USD)	Period Covered
Cost of Revenue (GAAP Inference)	119.04	Three months ended September 30, 2025
Research and Development (R&D)	16.703	Nine months ended September 30, 2025
Sales and Marketing (S&M)	5.940	Nine months ended September 30, 2025
Stock-Based Compensation within Cost of Revenue	0.542	Three months ended September 30, 2025

The focus on improving the Non-GAAP Gross Margin to 58% suggests management is successfully scaling the network while managing pass-through costs. Still, if onboarding takes 14+ days, churn risk rises, which impacts the efficiency of those S&M dollars.

• Network operating costs are a primary driver within the Cost of Revenue.
• R&D investment for the nine months ended September 30, 2025, was $16,703 thousand.
• Sales and Marketing spend for the nine months ended September 30, 2025, was $5,940 thousand.
• The company achieved a Non-GAAP Gross Margin of 58% in Q3 2025.
• Regulatory and compliance fees are embedded within operating costs and CoR.

Finance: draft 13-week cash view by Friday.

Bandwidth Inc. (BAND) - Canvas Business Model: Revenue Streams

You're looking at how Bandwidth Inc. actually brings in the money, which is key for understanding its long-term value. The revenue streams are a mix of traditional usage and modern software layers, which is exactly what you'd expect from a company pushing AI integration.

The foundation of the revenue still rests on volume. This includes the usage-based fees for voice minutes and text messages that flow through their Communications Cloud. This is the core utility aspect of their business, but the real story is how they are layering on software to increase the value of every interaction.

A significant portion comes from recurring revenue from Global Voice Plans and Enterprise Voice offerings. These segments show strong customer commitment. For instance, in the third quarter of 2025, Enterprise Voice revenue saw a substantial increase of 22% year-over-year, showing the success of their direct enterprise push. Global Voice Plans, which is their largest customer category, grew revenue by 7% year-over-year in the same period. Cloud communications revenue, which encompasses these voice services, hit $142 million in Q3 2025.

The strategic shift is clearly visible in the growth of software-driven revenue from Maestro and AI Bridge platform features. Bandwidth Inc. is actively evolving its model toward this higher-margin mix. The Maestro platform, for example, is now included in every new enterprise win, acting as a core software differentiator that drives deeper integration and higher revenue per customer. This software intelligence layer is what allows them to monetize AI adoption.

Furthermore, they generate revenue from value-added services like Trust Services and fraud detection. These services are essential for mission-critical communications, especially in regulated sectors like financial services and healthcare. The potential here is substantial; for example, an AI-powered call utilizing these integrated services could potentially generate as much as 3 to 4 times the revenue of a standard voice call, acting as a powerful consumption multiplier.

Here's a quick look at the key revenue drivers and performance metrics from the latest reported quarter and the full-year outlook:

• Total Q3 2025 revenue was $192 million.
• Customer name retention remained well above 99%.
• Net retention rate was 105% (or 107% excluding 2024 political campaign revenue).
• Average annual revenue per customer set a record at $231,000.

The company's forward-looking expectation for the year solidifies this revenue strategy:

Metric	Guidance/Value
Full-Year 2025 Revenue Guidance Midpoint	$753.5 million
Projected Full-Year 2025 Organic Revenue Growth	10%
Projected Full-Year 2025 Cloud Communications Revenue Growth (Organic)	8%
Raised Full-Year 2025 Adjusted EBITDA Guidance (Midpoint)	$91 million

To be fair, the growth is broad-based, but the emphasis on software is what analysts watch closely. They are embedding intelligence everywhere, which means the revenue per customer should keep climbing, even if raw minute volume growth moderates. Finance: draft 13-week cash view by Friday.