Bandwidth Inc. announced robust financial results for the third quarter ended September 30, 2024, exceeding both revenue and profitability guidance. Total revenue reached $194 million, marking a 28% increase year-over-year. Adjusted EBITDA grew significantly by 74% year-over-year to $24 million.
The company reported a Non-GAAP Gross Margin of 58%, a 3 percentage point improvement from the prior year, reflecting operational discipline. Net income for the quarter was $0.4 million, with GAAP earnings per share at $0.01 and Non-GAAP earnings per share at $0.43. Free Cash Flow for the quarter was $14 million.
Following these strong results, Bandwidth raised its full-year 2024 guidance, projecting revenue between $737 million and $747 million, and Adjusted EBITDA between $78 million and $80 million. For the fourth quarter of 2024, the company anticipates revenue in the range of $198 million to $208 million and Adjusted EBITDA between $19 million and $21 million.
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