Spok Holdings Q3 revenue falls, adjusted EBITDA rises
Spok’s 2026 outlook lists total revenue of $132.5 million to $139.5 million and adjusted EBITDA of $28 million to $32 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Spok Holdings, Inc. reported third-quarter 2026 revenue of $33.0 million, compared with $33.9 million in the year-earlier quarter. Wireless revenue was $17.0 million versus $17.8 million, and software revenue was $16.0 million versus $16.1 million. Adjusted EBITDA was $8.6 million, up from $6.6 million. The presentation also reported third-quarter increases of 29.5% in software license revenue and 30.3% in managed services revenue.
Spok returned $6.5 million to stockholders through its regular quarterly dividend in the third quarter. Cash and cash equivalents were $30.1 million as of September 30, 2026, and the company reported no debt.
2026 guidance lists total revenue of $132.5 million to $139.5 million and adjusted EBITDA of $28 million to $32 million. Guidance also lists wireless revenue of $67.0 million to $70.0 million and software revenue of $65.5 million to $69.5 million.
2 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter adjusted EBITDA was $8.6 million, compared with $6.6 million in the year-earlier quarter.
- Moderate pointThird-quarter software license revenue and managed services revenue increased 29.5% and 30.3%, respectively.
Negative
- None.
Filing Explained
The deck lists a current
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $33.0 million
Adjusted EBITDA: $8.6 million
Software license revenue increase: 29.5%
+5 more
8 metrics
Third-quarter revenue
$33.0 million
Three months ended September 30, 2026; $33.9 million in 2025
Adjusted EBITDA
$8.6 million
Three months ended September 30, 2026; $6.6 million in 2025
Software license revenue increase
29.5%
Third quarter of 2026
Managed services revenue increase
30.3%
Third quarter of 2026
Capital returned to stockholders
$6.5 million
Third quarter of 2026, through the regular quarterly dividend
Cash and cash equivalents
$30.1 million
As of September 30, 2026
2026 total revenue guidance
$132.5 million to $139.5 million
Current guidance
2026 adjusted EBITDA guidance
$28 million to $32 million
Current guidance
Key Terms
Adjusted EBITDA, ARPU, deferred tax assets, software operations bookings
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA represents net income/(loss) before interest income/expense"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
ARPU financial
"Wireless Revenue Stabilization: reduced unit churn and positive ARPU"
ARPU, or Average Revenue Per User, measures how much money a company earns, on average, from each of its customers over a set period. It helps investors understand how effectively a business is generating income from its customer base, similar to calculating how much each customer spends at a store. Higher ARPU often indicates stronger sales per customer and better revenue performance.
deferred tax assets financial
"Significant deferred tax assets to shield income from federal taxes"
An item on a company’s balance sheet showing tax benefits it can use later to reduce future tax bills — think of it as an IOU from the tax system for past losses or timing differences. It matters to investors because it can boost future cash flow and apparent value if the company expects profits ahead, but those benefits vanish if the company cannot generate taxable income and the asset must be reduced.
software operations bookings financial
"software operations bookings total 42 six-and seven-figure customer agreements"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much capital did SPOK return in the third quarter of 2026?
Spok returned $6.5 million to stockholders in the third quarter of 2026 through its regular quarterly dividend. Cash and cash equivalents were $30.1 million as of September 30, 2026, and the company reported no debt.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 29, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
, | ||||||||||||||
, | ||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (800 ) 611-8488
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||||||||
Item 7.01 Regulation FD Disclosure.
On October 29, 2026 , Spok Holdings, Inc. posted an investor presentation on its website at www.spok.com. A copy of the presentation is filed herewith as Exhibit 99.1 and is incorporated by reference herein.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit | ||||||||
| No. | Description | |||||||
| 99.1 | Ex 99.1 Investor Deck | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Spok Holdings, Inc. | |||||||||||||||||||||||||||||
| Date: | By: | /s/ Michael W. Wallace | |||||||||||||||||||||||||||
| Name: | Michael W. Wallace | ||||||||||||||||||||||||||||
| Title: | Chief Financial Officer | ||||||||||||||||||||||||||||
Investor Presentation October 2026
2 Safe Harbor Statement Statements contained herein or in prior press releases which are not historical fact, such as statements regarding our future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause our actual results to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, our ability to manage wireless network rationalization to lower our costs without causing disruption of service to our customers; our ability to retain key management personnel and to attract and retain talent within the organization; the productivity of our sales organization and our ability to deliver effective customer support; our ability to identify potential acquisitions, finance, consummate and successfully integrate such acquisitions, and achieve the expected benefits of such acquisitions; economic conditions, such as recessionary economic cycles, the impact of trade disputes, tariffs and other trade protection measures, higher interest rates, inflation and higher levels of unemployment; risks related to our overall business strategy, including maximizing revenue and cash generation from our established businesses and returning capital to stockholders through dividends and repurchases of shares of our common stock; competition for our services and products from new technologies or those offered and/or developed from firms that are substantially larger and have much greater financial and human capital resources; continuing decline in the number of paging units we have in service with customers, commensurate with a continuing decline in our wireless revenue; our ability to address changing market conditions with new or revised software solutions; undetected defects, bugs, or security vulnerabilities in our products; our dependence on the United States healthcare industry; long sales cycle of our software solutions and services; our reliance on third-party vendors to supply us with wireless paging equipment; our ability to maintain successful relationships with our channel partners; our ability to protect our rights in intellectual property that we own and develop and the potential for material litigation claiming intellectual property infringement by us; our use of open source software, third-party software and other intellectual property; our reliance on data centers and other computer systems, hardware, software and satellite networks and telecommunications systems infrastructure (collectively, "IT Systems") and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties; cyberattacks, data breaches, system disruptions or other compromises to our or our critical third parties’ IT Systems, data, products or services; our ability to realize the benefits associated with our deferred income tax assets; future impairments of our long-lived assets or goodwill; risks related to data privacy and protection-related laws and regulation; and our ability to manage changes related to regulation, including laws and regulations affecting hospitals and the healthcare industry generally, as well as other risks described from time to time in our periodic reports and other filings with the Securities and Exchange Commission. Although Spok believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Spok disclaims any intent or obligation to update any forward-looking statements.
Our Mission & Investment Highlights
4 Key Investment Highlights Significant Annual Free Cash Flow Generation and Strong Balance Sheet Substantial cash flow being returned to shareholders through considerable quarterly dividend, no debt Software Operations Bookings Momentum, Large Identified Pipeline Expanding software pipeline converting to growth in sales Stable Re-occurring Software Maintenance, Managed Services and Wireless Segment Revenue >80% of Spok’s revenue is re-occurring in nature due to maintenance and managed services revenue from contact center and wireless paging revenue Long-standing Customer Relationships with the “Best Hospitals” All 11 of the Top U.S. News & World Report’s Children’s Hospitals and 18 of the Top 20 Adult Hospitals are Spok customers, with an average tenure of 27 years 5 2 3 1 Clear Roadmap Developed to Execute Strategy Multiple avenues of organic and inorganic growth across new and existing customers and product development 4
5 Strategic Goal: Run the business profitably and generate cash Returning capital to stockholders is our goal as well as our legacy • Nearly $750 million returned to stockholders since 2004 • 2024 capital return - $26.4 million • 2025 capital return - $27.3 million • 2026 capital return - >$27 million anticipated Focus on maximizing cash over the long term • Incremental investments in wireless and software solutions to grow revenue • Efficient expense management • Stockholder-friendly capital allocation $10.0 $25.0 $25.6 $26.4 $27.3 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 2021 2022 2023 2024 2025 Cash Returned to Stockholders ($ millions)
6 Continuing History of Service and Commitment Leader in healthcare communications - A critical communications & collaboration solution provider. Significant experience integrating to critical hospital contact centers, EHRs and many other core healthcare information systems. We continue to invest in and enhance our solutions. Largest paging carrier in the U.S. with approximately 634K pagers. Blue chip and sticky customer base with over 2,000 hospitals in total. Spok has built intellectual property via decades of R&D investments. Operational excellence in execution, generating free cash flow while debt free and paying little in taxes. Pioneer in healthcare communications, putting the customer first in all we do, honoring our core values and good business ethics. $139.7M 2025 Revenue $115.6M 2025 Reoccurring Revenue(1) $0 Total Debt > 80% Percent of Revenue Is Reoccurring(1) ~634K Wireless Units in Service As of 9/30/26 Key Facts Spok By The Numbers Spok’s Integrated Solution Ecosystem (1) Company classifies reoccurring revenue as revenue from Spok Care Connect maintenance, subscription, managed services, and wireless. . 2,000+ Hospitals use Spok communications
Our Plan Growth in value and return of capital 7 Long-term objective • Growing cash flow while growing our top line through growth in software revenue Short-term energy focus 1. Software Bookings: Achieve plan and show YoY growth 2. Product Roadmap Progress: Demonstrable benefit to the business and future sales 3. Wireless Revenue Stabilization: reduced unit churn and positive ARPU a) Price increases b) GenA pager placements with related ARPU uplift
8 Healthcare responds to fiscal challenges Changes in economic conditions Fiscal alignment of healthcare IT strategy Staff Shortages (Nursing, IT and others) High Labor Costs Higher Capital Cost/Reduced Capital Spending High Inflation Economic Recession Thinner Margins Tighter IT Budgets Reduce, eliminate or postpone new IT initiatives Maintain existing information systems investments Maintain supported versions/prevent cyber risks Maximize value of current assets/investments Implement unutilized capabilities/improve ROI
9 Spok responds to fiscal challenges New product release cadence Provide 3- or 5-year managed maintenance & services agreement Limit costly major upgrades to a 3- to 4-year cycle Deliver product enhancements releases twice/year with minor in-place upgrades Perform benefit realization assessment to identify unrealized ROI Established pre-planned upgrade roadmap, ensuring benefit realization with minimum disruption Ensure OS, DB and 3rd party components are supported minimizing cyber risk and enhancing system availability Maximize Value and Smooth Out Expenses with level billing across contract period Inflation protection with no pricing increases during contract period
10 Secure Messaging & Clinical Communications Solutions • Survey period: Q4 2025 – Q1 2026 • 1,416 respondents representing health systems, critical access hospitals, academic medical centers, diagnostic service providers, and others • Black Book collects ballot results on 18 performance areas of operational excellence Spok Earns Top Client Satisfaction Scores for Ninth Consecutive Year Total No. 1 criteria ranks VendorOverall rank 10Spok1 3PerfectServe2 4TigerConnect3 0Stryker / Vocera4 1OnPage5
11 Critical Alert Messaging & Management Solutions • Survey period: Q2 2025 – Q1 2026 • 854 respondents representing health systems, critical access hospitals, academic medical centers, diagnostic service providers, and others • Black Book collects ballot results on 18 performance areas of operational excellence Spok Earns Top-Rated Spot for Second Consecutive Year Total No. 1 criteria ranks VendorOverall rank 11Spok1 4PagerDuty2 1PerfectServe3 1Qgenda4 1Ascom8
12 Longstanding customer relationships Spok has an average relationship tenure of 27 years with the U.S. News & World Report’s “Best Hospitals” TenureWirelessSoftwareCustomer 24 33 47 32 29 17 33 Florida TenureWirelessSoftwareCustomer 40 30 25 23 23 19 21 Top 20 adult hospitals (2026-2027) TenureWirelessSoftwareCustomer 16 39 23 27 27 37 29 Top 11 children’s hospitals (2026-2027) * 9 35 23 40 -- -- -- 23 Arizona -- -- -- 17 Rochester 36 16
13 2026 Spok US hospital customers by lines of business* Wireless Only 866 51% Software Only 492 29% Both 327 19% 1,685 total Spok customers Total Population 7,114* 23% Market Penetration Software market share by bed size *As of October 2026. Assessment based on Company estimates. Subject to change. 5% 27% 1-199 Beds 292 customers 51% 200-599 Beds 348 customers 600+ Beds 159 customers 5,790 1,276 322 3Q 2026
14 Spok Leadership Team Sharon Woods Keisling Corporate Secretary and Treasurer Renee Hall Chief Compliance Officer VP of Human Resources Vince Kelly Chief Executive Officer Mike Wallace Chief Operating Officer and Chief Financial Officer Jonathan Wax EVP of Global Sales Mike Czop Chief Information Officer and Chief Information Security Officer Shiv Gopalkrishnan EVP & General Manager
Business Strategy
16 Overall Strategy Critical Communications Purpose Built Over Time Evolution of Spok • Acquiring new customers by further penetrating the hospitals domestically with significant opportunity outside the U.S. • Continuing to expand relationships within the existing customer base with additional R&D spend on Spok Care Connect to maintain foundational capabilities and deliver enhanced feature function Grow software revenue and bookings through effective delivery of existing solutions 1 Maximize Free Cash Flow3 Minimize churn and revenue erosion in wireless products 2 • Maximize existing revenue sources in both our Software and Wireless businesses • Sustain disciplined operating-expense management and high-margin cash conversion across Software and Wireless to protect and expand Adjusted EBITDA margin • Return capital to shareholders through our regular quarterly dividend, supported by a debt-free balance sheet and $30 million in cash • Valuable wireless presence in the healthcare market, particularly in larger hospitals ̶ Comprehensive suite of wireless messaging products and services focused on healthcare • Network reliability and customer service minimizes the rate of revenue attrition • Decreasing wireless cost structure and consolidated operations ensures the lowest cost operational platform for the business • Development of the GenA pager to increase functionality, drive retention, and increase ARPU
17 Software Strategy • With Spok Care Connect, the contact center is the base, with products like Spok® Messenger and Spok Mobile® sold as accessories to our contact center solution, which are all on- premise solutions Wireless Network Integration Spok Care Connect… …Product Direction • Spok has redoubled its software platform modernization efforts while maintaining its highly performant solutions for existing customers. We continue our commitment to deliver solutions our customers need and demand for critical communications for life and patient safety • We continue to expand interoperability options according to market direction and needs including collaboration with EMRs, device vendors, and cloud-based solution providers (e.g. telephony) • Spok is advancing its platform based, API-native, shared services offerings that will deliver enterprise rigor, configurability and workflow solutions true to its heritage with a keen eye to customer TCO and ROI • Wireless is compatible with Spok Care Connect, providing a comprehensive communication strategy for hospitals • Use a wide array of certified smartphones, soft phones, or tablets to access the organization’s directory and schedule to send secure messages to any staff member, including the right on-call staff • Support a wide variety of smartphones, pagers, and other devices for maximum flexibility • Spok has been successful in selling upgrades and multi-year engagements to lock in our blue chip customer base for the long haul • The core services such as the directory, on-call scheduling, and message routing are embedded within all the contact center solutions
18 Wireless Strategy Spok continues to maximize Wireless cash flow by pursuing a strategy of simultaneously minimizing churn and revenue erosion while maximizing margins through network cost reduction efforts Network Rationalization Plan The Company has ongoing efforts to manage network capacity and to improve overall network efficiency by consolidating subscribers onto fewer, higher capacity networks with increased transmission speeds Overhead Cost management effort focused on rightsizing and headcount reduction Release New ProductsMaximize Margins Through Cost Savings • To mitigate wireless subscriber erosion and provide uplift to ARPU, the Company launched a new pager (GenA® Pager) in 2022 and a virtual pager (Spok PageLink ) in 2025 – New user interface is intuitive to users with smartphone UI • Development started mid-2020 of a next generation one-way pager to replace the current T5 and a very modest investment GenA Pager Maximize Margins Through Rate Increases Nominal Rate Increases Balance risk of returns, inflation, margin erosion with periodic small rate increases
61% H e a l t h c a r e Other Large Enterprise Government 2012 19 Focus on Healthcare >85% H e a l t h c a r e Government Large Enterprise Other 2026 Percentage of revenue
20 Spok Care Connect Market Size 7.37 billion (2025 $2.54B) Total Addressable Market (by 2035) 11.24 CAGR from 2026 to 2035 Growth Rate Largest Market 30% 762 million In 2025 North America Market Size Source: Precedence Research
21 Spok Care Connect Competitive Positioning Key value propositions Strategic partner that solves enterprise challenges from one platform allowing the right message to get to the right person on the right device Source of truth, especially in complex IDNs, for the directory and on-call schedules Interoperability is at the core of Spok’s mission to connect many systems to the required endpoints On Call Scheduling Clinical Alerting System Care Coordination Contact Center Solutions
Financials
Third Quarter 2026 Financial Results 23 For the Nine Months Ended September 30, For the Three Months Ended September 30, 2025202620252026 $105.8$101.2$33.9$33.0Total Revenue $54.7$51.7$17.8$17.0Wireless $51.1$49.5$16.1$16.0Software $22.3$23.0$6.6$8.6Adjusted EBITDA(1) • Capital returned to stockholders in the third quarter of 2026 totaled $6.5 million in the form of the Company’s regular quarterly dividend • Cash and cash equivalents balance of $30.1 million at September 30, 2026, and no debt (Dollars in millions) (1) Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation and accretion expense, stock-based compensation expense, impairment of intangible assets, legal costs unrelated to core business activities and non-recurring in nature, and severance and restructuring. .
2026 Third Quarter Sales Highlights • Through the first three quarters of 2026, software operations bookings total 42 six-and seven-figure customer agreements • Software license revenue and managed services revenue up 29.5% and 30.3%, respectively, in the third quarter • Year-over-year wireless revenue in Q3 down only 4.5% due to sustained ARPU levels and reduced unit attrition over that period
25 Balance Sheet • Exceptionally clean and simple balance sheet • No debt • Common stock only • $30.1 million of cash and equivalents • Significant deferred tax assets to shield income from federal taxes for many years
2026 Financial Outlook 26 (Dollars in millions) ((1) Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, depreciation and accretion expense, stock-based compensation expense, impairment of intangible assets, legal costs unrelated to core business activities and non-recurring in nature, and severance and restructuring. Current Guidance ToFrom $139.5$132.5Total Revenue: $70.0$67.0Wireless Revenue $69.5$65.5Software Revenue $32.0$28.0Adjusted EBITDA(1)
Capital Allocation
Capital Allocation Return of Capital • Higher $1.25 per share annual dividend since February 2022 • Opportunistic capital deployment for shareholder value via share repurchase authorization – current basket of $10.0 million M&A • Not a current focus/priority • Will be opportunistic for potential to leverage our cash flow prioritization strategy Internal Investment • Product innovation and technology expansion with our Spok Care Connect Suite to grow software revenue • Automation and efficiency initiatives
29 History of Adjusted FCF generation and return of capital • Since the 2004 merger, Spok has generated nearly $1.1 billion in cumulative free cash flow. • Both our Wireless and Software businesses drive significant FCF and allow for the continued investment in our software business. 0 200 400 600 800 1000 1200 Cumulative Adjusted Free Cash Since 2004 Merger Long-term Debt Repayment Distributions to Stockholders Stock Repurchase Acquisitions* Cash Balance $1,091.5 Spok Holdings, Inc. Cumulative Adjusted Free Cash Generated Since 2004 Merger as of 9/30/2026 (in millions) $191.9 $632.8 $115.5 $121.2 $30.1 *Amcom Software = $118.2 million actual cash invested exclusive of debt; IMCO CTRM application = $3.0 million.
30 Wrap-Up Enormous customer base and strong relationships with leading healthcare providers Largest wireless paging network in the country with 634,000 units in service No debt, $30.1 million cash balance, significant deferred tax assets, substantial dividend yield currently Stable re-occurring wireless and software maintenance and subscription, and managed services revenue with opportunities to grow total revenue
Thank You Contact Investor Relations: Al Galgano + 1 (952) 224-6096 al.galgano@spok.com