BAND (Bandwidth Inc.) Stock Financials & Earnings | Market Cap Arena

BAND (Bandwidth Inc.) Stock Financials & Earnings | Market Cap Arena

BANDBandwidth Inc.

Mkt Cap$496M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Revenue (TTM)$754M

Net Income (TTM)-$13M

EPS (TTM)-$0.43

Free Cash Flow (TTM)$65M

Gross Margin38.3%

Op. Margin-1.9%

Net Margin-1.7%

FCF Margin8.6%

P/S Ratio (TTM)0.7x

P/E Ratio (TTM)—

YoY Rev Growth+0.7%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$138M	$56M	-$12M
Q2 23	$146M	$59M	-$8M
Q3 23	$152M	$59M	-$6M
Q4 23	$165M	$62M	-$10M
Q1 24	$171M	$65M	-$10M
Q2 24	$174M	$65M	-$6M
Q3 24	$194M	$73M	-$898K
Q4 24	$210M	$77M	-$3M
Q1 25	$174M	$72M	-$5M
Q2 25	$180M	$72M	-$4M
Q3 25	$192M	$74M	-$2M
Q4 25	$208M	$72M	-$4M

Valuation

Quarter	P/S	P/E
Q1 23	0.9x	16.6x
Q2 23	0.8x	15.3x
Q3 23	0.8x	17.7x
Q4 23	0.8x	—
Q1 24	0.8x	—
Q2 24	0.7x	—
Q3 24	0.7x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.7x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$6M	-$11M
Q2 23	$3M	$2M
Q3 23	$23M	$18M
Q4 23	$19M	$13M
Q1 24	$2M	-$4M
Q2 24	$24M	$18M
Q3 24	$20M	$14M
Q4 24	$37M	$30M
Q1 25	-$3M	-$10M
Q2 25	$32M	$28M
Q3 25	$22M	$16M
Q4 25	$39M	$31M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$5M
Q2 23	$970K
Q3 23	$5M
Q4 23	$6M
Q1 24	$7M
Q2 24	$6M
Q3 24	$6M
Q4 24	$6M
Q1 25	$7M
Q2 25	$4M
Q3 25	$6M
Q4 25	$8M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+4.9%	+8.2%
Q2 23	+6.9%	+5.4%
Q3 23	+2.5%	+5.6%
Q4 23	+5.4%	+7.0%
Q1 24	+24.1%	+21.3%
Q2 24	+19.0%	+17.1%
Q3 24	+27.5%	+23.2%
Q4 24	+27.0%	+21.2%
Q1 25	+1.9%	-1.4%
Q2 25	+3.7%	+2.3%
Q3 25	-1.0%	-0.5%
Q4 25	-1.1%	-0.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$7M	5.4%
Q2 23	$0	0.0%
Q3 23	$7M	4.6%
Q4 23	$15M	8.9%
Q1 24	$12M	7.2%
Q2 24	$11M	6.5%
Q3 24	$11M	5.9%
Q4 24	$13M	6.3%
Q1 25	$14M	7.8%
Q2 25	$13M	7.0%
Q3 25	$12M	6.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$26M	$17M	$25M
Q2 23	$25M	$16M	$26M
Q3 23	$26M	$16M	$25M
Q4 23	$29M	$17M	$26M
Q1 24	$29M	$18M	$29M
Q2 24	$28M	$17M	$26M
Q3 24	$30M	$18M	$26M
Q4 24	$31M	$20M	$28M
Q1 25	$31M	$19M	$26M
Q2 25	$32M	$19M	$25M
Q3 25	$33M	$18M	$25M
Q4 25	$35M	$19M	$26M

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	4.9%	-2.1%	2.9
Q2 23	6.9%	5.5%	12.4
Q3 23	2.5%	2.7%	5.1
Q4 23	5.4%	3.1%	8.4
Q1 24	24.1%	1.8%	25.9
Q2 24	19.0%	9.6%	28.6
Q3 24	27.5%	5.9%	33.5
Q4 24	27.0%	10.7%	37.6
Q1 25	1.9%	3.7%	5.6
Q2 25	3.7%	5.5%	9.2
Q3 25	-1.0%	6.1%	5.1
Q4 25	-1.1%	5.3%	4.2

Revenue Segments

Quarter

Revenue by Geography

Quarter	Non North America	North America	Non-US	United States
Q1 23	$22M	$116M	—	—
Q2 23	$21M	$124M	—	—
Q3 23	$21M	$131M	—	—
Q4 23	$22M	$143M	—	—
Q1 24	$22M	$149M	—	—
Q2 24	$22M	$152M	—	—
Q3 24	$24M	$170M	—	—
Q1 25	—	—	$22M	$152M
Q2 25	—	—	$23M	$157M
Q3 25	—	—	$26M	$166M
Q4 25	—	—	$28M	$180M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$85M	$38M	$124M
Q2 23	$92M	$31M	$123M
Q3 23	$108M	$32M	$139M
Q4 23	$132M	$21M	$153M
Q1 24	$105M	$42M	$147M
Q2 24	$62M	$14M	$77M
Q3 24	$75M	$5M	$80M
Q4 24	$82M	$2M	$84M
Q1 25	$36M	$6M	$42M
Q2 25	$60M	$8M	$68M
Q3 25	$73M	$7M	$80M
Q4 25	$103M	$8M	$112M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	29M	-3.9%
Q2 23	26M	-12.7%
Q3 23	26M	+0.2%
Q4 23	26M	+0.8%
Q1 24	26M	+2.6%
Q2 24	30M	+11.3%
Q3 24	29M	-3.0%
Q4 24	28M	-2.6%
Q1 25	29M	+3.9%
Q2 25	30M	+3.1%
Q3 25	30M	+1.3%
Q4 25	31M	+1.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	—	—
FY 16	—	—
FY 17	$431K	378
FY 18	$334K	611
FY 19	$301K	772
FY 20	$357K	960
FY 21	$446K	1K
FY 22	$521K	1K
FY 23	$546K	1K
FY 24	$680K	1K
FY 25	$685K	1K