Research Reports

Q1 总营收 $209M，同比+20%，创历史新高（CEO/prepared）；云通信营收 $150M（剔除 $59M 消息附加费），同比+13%（CFO）
非 GAAP 毛利润 $89M，同比+14%；非 GAAP 毛利率 59.5%，环比改善 50bps（CFO）
调整后 EBITDA $26M，同比+17%，创 Q1 纪录（CEO）；非 GAAP EPS $0.38，同比+6%（CFO）
语音收入 $121M，同比+12%；其中全球语音 +12%，企业语音 $13M，同比+14%（CFO）
可编程消息收入约 $30M，同比+15%，超出预期（CFO）
净留存率 102%，商业调整后 110%；客户留存率 >99%；平均客户年收入 $244K，创历史新高（CFO）
软件服务收入同比几乎翻番，ARR 退出率 $25M（环比增长 67%）（CFO）
资本配置：回购 $11M 股票（70 万股，均价 $15.93），并折价回购 $100M 2028 年可转债，杠杆率 <1.25x（CFO）
Q2 2026 指引：营收 $214M–$220M（同比+20%），调整后 EBITDA $24M–$27M（同比+20%），非 GAAP EPS $0.35–$0.37（CFO）
2026 全年指引上调：总营收 $880M–$900M（中点同比+18%），云通信 $616M–$624M（中点同比+10%），调整后 EBITDA $119M–$125M（中点同比+31%），非 GAAP EPS $1.77–$1.83（中点同比+26%）（CFO）
资本支出指引 $24M–$26M；加权平均稀释股份约 35M；有效税率 20%–21%（CFO）

“Bandwidth has entered 2026 with historic momentum. In the first quarter, we exceeded our expectations with record revenue of $209 million.” (CEO)
“Salesforce selected Bandwidth as its critical infrastructure partner to power voice and messaging for their groundbreaking new agent force contact center platform.” (CEO)
“Our first quarter performance was exceptionally strong, with demand for both voice and messaging exceeding our projections and driving results above the top end of our guidance ranges.” (CFO)
“We now expect the full year 2026 total revenue to be in the range of $880 million and $900 million, representing 18% growth year-over-year at the midpoint.” (CFO)
“These examples demonstrate our continued strong momentum in financial services, where scalability, compliance, and resiliency are nonnegotiable.” (CEO)

Metric	Value	Speaker/Context
Q1 Total Revenue	$209M (YoY +20%)	CEO/prepared
Q1 Cloud Comms Revenue	$150M (YoY +13%)	CFO
Q1 Non-GAAP Gross Margin	59.5% (+50bps YoY)	CFO
Q1 Adjusted EBITDA	$26M (YoY +17%)	CEO/prepared
Q1 Non-GAAP EPS	$0.38 (YoY +6%)	CFO
Q1 Net Retention Rate (Reported)	102%	CFO
Q1 Commercial Net Retention (Adj.)	110%	CFO
Q1 Average Revenue per Customer	$244K (new high)	CFO
Q2 Revenue Guidance	$214M–$220M (YoY +20%)	CFO
FY2026 Total Revenue Guidance	$880M–$900M (midpoint YoY +18%)	CFO
FY2026 Adjusted EBITDA Guidance	$119M–$125M (midpoint YoY +31%)	CFO
FY2026 Non-GAAP EPS Guidance	$1.77–$1.83 (midpoint YoY +26%)	CFO

Topic: Frontier AI voice model advances and impact on Bandwidth
Key points:
- Frontier models (Google, OpenAI) are improving text-to-speech/speech-to-text; recent Gemini/OpenAI voice model announced in last 10 days.
- One model reportedly resolved 70% of tickets in contact center environment last week.
- Bandwidth supports voice agent PSTN delivery across 80+ countries.
Mgmt stance: Bullish – these advances are a tailwind for Bandwidth’s platform; no reason they cannot fully support these models.

Topic: Salesforce partnership and Bandwidth’s revenue model
Key points:
- Salesforce is “headless,” taking UI off Agentforce; every sales call becomes a conference call with full context.
- Bandwidth makes money via usage-based model per interaction; multiple usage units per call with AI involved.
- Already powering announcements on every one of those calls.
Mgmt stance: Bullish – Salesforce vision is “revolutionary”; companies have no choice but to adopt; Bandwidth benefits from multiple usage components.

Topic: Global voice plan revenue growth and $1M+ customer ramp
Key points:
- Global voice plan revenue grew 12% YoY; driven by broad-based AI/voice agent adoption by existing customers and new AI-native entrants.
- Of 6 new $1M+ deals, 5 are less than 50% deployed; one is fully deployed and now exceeding 120% of initial contract value.
- Added two $1M+ deals this quarter; pipeline pacing to match or exceed last year’s number.
Mgmt stance: Bullish – inflection in enterprise and second-half acceleration expected; land-and-expand model working.

Topic: Programmable messaging strength and AI impact on revenue model
Key points:
- Q1 messaging grew YoY despite typical seasonal headwinds; driven by commercial and civic engagement messaging, plus new messaging customers onboarded.
- No political impact in Q1; commercial consumer brand win (retail/restaurant verticals) was major driver.
- Over next 2 years, Bandwidth expects next billion PSTN users to be voice agents; launched CLI for autonomous agent sign-up.
Mgmt stance: Bullish – AI is starting to appear in results; helping customers harmonize human and voice agents creates big opportunity.

Topic: Political messaging, cloud conversions, and SEC regulatory impact
Key points:
- No meaningful political impact in Q1; full-year guide still at ~$15 million net effect in cloud communications revenue, second-half weighted.
- Cloud conversions enabling enterprise adoption of voice agents; Maestro can voice-agent-enable even on-prem customers.
- SEC proposals on human onshoring: no negative impact; Bandwidth’s global/domestic network supports call volumes.
Mgmt stance: Neutral on political (cycle timing); bullish on cloud conversions and regulatory environment (no deterrence).