News Release

Spok Reports Second Quarter 2026 Results

Company Generates $4.1 Million of Net Income and $9.1 Million of Adjusted EBITDA
Software Operations Bookings Up Nearly 92% From the Prior Quarter
Executes Agreement to Sell Narrowband Licenses for $8 Million

Plano, Tx. (July 29, 2026) – Spok Holdings, Inc. (NASDAQ: SPOK), a global leader in healthcare communications, today announced results for the second quarter ended June 30, 2026. In addition, the Company’s Board of Directors declared a regular quarterly dividend of $0.3125 per share, payable on September 9, 2026, to stockholders of record on August 19, 2026.

Recent Highlights:

  • Adjusted EBITDA totaled $9.1 million in the second quarter of 2026, up 22.1% from the prior year period. Second-quarter net income of $4.1 million, which included $1.5 million of severance and restructuring charges related to the previously announced strategic realignment, was down from second quarter 2025 net income of $4.6 million, which included a $0.7 million gain on the sale of one of its domain names
  • Second-quarter software operations bookings totaled $9.5 million and included 14 six-figure customer contracts and 1 seven-figure customer contract
  • Software revenue in the second quarter was up more than 3% from the prior year period, driven by a nearly 52% year-over-year growth in license revenue and a 53% year-over-year increase in managed services revenue
  • Software backlog totaled $57.1 million at June 30, 2026, as the Company continues to focus on multi-year and managed services bookings
  • Second quarter 2026 wireless average revenue per unit (ARPU) was $8.20, consistent with the prior year period
  • Wireless units in service declined by 1.8% in the second quarter, an 84-basis point improvement from the first quarter decline and consistent with prior year levels
  • Capital returned to stockholders in the second quarter of 2026 totaled $6.5 million
  • Research and development costs totaled $3.3 million in the second quarter of 2026, supporting Spok’s incorporation of Artificial Intelligence and further enhancements in the Company’s industry-leading solutions
  • Cash and cash equivalents balance of $16.6 million at June 30, 2026, and no debt
  • Spok executed an agreement to sell certain narrowband spectrum licenses in its two-way paging inventory for $8 million in cash which subsequently closed on July 20, 2026

“Our focus continues to be on generating cash flow and returning capital to stockholders, while responsibly investing for future growth,” said Vincent D. Kelly, chief executive officer of Spok Holdings, Inc. “In the second quarter, we were able to deliver a nearly 92% increase in software operations bookings compared to the first quarter, a more than 3% year-over-year increase in software revenue, and an 84-basis point improvement in wireless unit attrition from the first quarter, as well as stable year-over-year wireless average revenue per unit. Additionally, we generated adjusted EBITDA totaling $9.1 million, a nearly 74% increase from the first quarter and a more than 22% increase from the prior year period.

 “As part of the strategic realignment that we outlined last quarter, we completed the sale of certain of our narrowband spectrum licenses as we continue to find efficiencies within our organization and monetize our valuable asset base. We are confident that actions such as this will continue to create significant value for stockholders, while supporting both our investment in our Care Connect® Suite and our quarterly dividend, which currently represents a yield in excess of 10% for our stockholders. Additionally, Spok is actively implementing artificial intelligence to drive further operational efficiencies across the organization, with a particular focus on accelerating product development timelines, reducing time to market for new Care Connect Suite capabilities and other internal uses.

“Based on the anticipated full-year financial impact of the strategic realignment, first half software operations bookings levels and our visibility into our product sales pipeline, we are adjusting our full year 2026 financial guidance estimates for revenue, while maintaining the midpoint of our guidance for adjusted EBITDA. We now expect the midpoint for total revenue to be $136 million, while the midpoint for adjusted EBITDA remains at $30 million. The detail for this guidance is contained in the table attached to our press release,” concluded Kelly.

Financial Highlights:

 For the three months ended June 30, For the six months ended June 30,
(Dollars in thousands)2026 2025 Change (%) 2026 2025 Change (%)
Revenue           
Wireless revenue           
Paging revenue$           16,011  $           17,192  (6.9) % $         32,580  $         34,799  (6.4) %
Product and other revenue               1,202                 1,248  (3.7) %              2,119               2,115  0.2  %
Total wireless revenue$           17,213  $           18,440  (6.7) % $         34,699  $         36,914  (6.0) %
            
Software revenue           
License$             3,632  $             2,394  51.7  % $           4,994  $           5,025  (0.6) %
Professional services – projects               2,768                 3,831  (27.7) %              6,096               8,302  (26.6) %
Professional services – managed services               2,332                 1,520  53.4  %              4,391               2,835  54.9  %
Hardware                  128                    376  (66.0) %                  314                   697  (54.9) %
Maintenance and subscription               8,938                 9,125  (2.0) %            17,743             18,207  (2.5) %
Total software revenue$           17,798  $           17,246  3.2  % $         33,538  $         35,066  (4.4) %
Total revenue$           35,011  $           35,686  (1.9) % $         68,237  $         71,980  (5.2) %

 For the three months ended June 30, For the six months ended June 30,
(Dollars in thousands)2026 2025 Change(%) 2026 2025 Change(%)
GAAP           
Operating expenses$           29,586  $           30,294  (2.3) % $          60,368  $          60,570  (0.3) %
Net income$             4,120  $             4,552  (9.5) % $            6,107  $            9,748  (37.4) %
Cash and cash equivalents (as of period end)$           16,592  $           20,242  (18.0) % $          16,592  $          20,242  (18.0) %
Capital returned to stockholders$             6,536  $             6,477  0.9  % $          14,494  $          14,424  0.5  %
            
Non-GAAP           
Adjusted operating expenses$           27,112  $           29,420  (7.8) % $          56,580  $          58,780  (3.7) %
Adjusted EBITDA$             9,143  $             7,489  22.1  % $          14,400  $          15,693  (8.2) %

 For the three months ended June 30, For the six months ended June 30,
(Dollars in thousands, excluding units in service and ARPU)2026 2025 Change(%) 2026 2025 Change(%)
Key Statistics           
Wireless units in service (000’s) (as of period end)                  645                    694  (7.1) %                  645                   694  (7.1) %
Wireless average revenue per unit (ARPU)$               8.20  $               8.20  — % $              8.23  $              8.21  0.2  %
Software operations bookings(1)$             9,467  $           11,661  (18.8) % $         14,406  $         19,998  (28.0) %
Software backlog (as of period end)(2)$           57,108  $           65,187  (12.4) % $         57,108  $         65,187  (12.4) %

(1) Software operations bookings includes net new (i.e., new customers or incremental add-on sales to existing customers) sales of license, professional services, equipment, and first-year maintenance.

(2) Software backlog excludes $17.0 million and $10.1 million of contractual obligations that are deemed cancellable by the customer without significant penalty as of June 30, 2026 and 2025, respectively.

Financial Outlook:

The Company is updating its prior financial guidance and now expects the following for the full year 2026:

(Unaudited and in millions) Current Guidance Full Year 2026 Prior Guidance Full Year 2026
  From To From To
Revenue        
Wireless $                          67.0  $                          70.0  $                             68.0  $                             71.0 
Software $                          65.5  $                          69.5  $                             68.0  $                             72.0 
Total Revenue $                        132.5  $                        139.5  $                           136.0  $                           143.0 
         
Adjusted EBITDA $                          28.0  $                          32.0  $                             27.5  $                             32.5 

2026 Second Quarter Call:

Management will host a conference call and webcast to discuss these financial results on Wednesday, July 29, 2026, at 5:00 p.m. Eastern Time. The presentation is open to all interested parties and may include forward-looking information.

Conference Call Details
Date/Time:Wednesday, July 29, 2026, at 5:00 p.m. ET
Webcast:https://www.webcast-eqs.com/registration/Spok_Q2_2026
U.S. Toll-Free Dial In:877-407-0890
International Dial In:1-201-389-0918

To access the call, please dial in approximately ten minutes before the start of the call. For those unable to join the live call, an OnDemand version of the webcast will be available following the call under the URL link and on the investor relations website.

Non-GAAP Financial Measures

This press release contains the following non-GAAP financial measures: adjusted operating expenses and adjusted EBITDA. Adjusted operating expenses excludes depreciation and accretion expense, impairment of intangible assets and severance and restructuring costs. 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. With respect to our expectations under “Financial Outlook” above, reconciliation of adjusted EBITDA to net income is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and uncertainty with respect to certain items included in net income that are excluded from adjusted EBITDA, in particular, income tax benefit/expense, stock-based compensation expenses, impairment of intangible assets, severance and restructuring and other non-recurring expenses. These items can have unpredictable fluctuations based on unforeseen activity that is out of our control and/or cannot be reasonably predicted.

We believe that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Spok’s financial condition and results of operations. We use these non-GAAP measures for financial, operational, and budgetary decision-making purposes, to understand and evaluate our core operating performance and trends, and to generate future operating plans. We believe that these non-GAAP financial measures permit us to more thoroughly analyze key financial metrics used to make operational decisions and allow us to assess our core operating results. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with other software companies who present similar non-GAAP financial measures. We adjust for certain items because we do not regard these costs as reflective of normal costs related to the ongoing operation of the business in the ordinary course. In general, these items possess one or more of the following characteristics: non-cash expenses, factors outside of our control, items that are non-operational in nature, and unusual items not expected to occur in the normal course of business. We believe it is important to exclude these costs, given that they do not represent future operational costs under this strategic business plan. This allows us to assess the underlying performance of our core business under this new strategic business plan.

We do not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principle of these non-GAAP financial measures is that they exclude significant amounts that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures which are included in this press release, and not to rely on any single financial measure to evaluate our business.

Tables to Follow

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands except share, per share amounts and ARPU)

  For the three months ended For the six months ended
  6/30/2026 6/30/2025 6/30/2026 6/30/2025
Revenue:        
Wireless $          17,213     $          18,440     $          34,699     $          36,914    
Software             17,798                 17,246                 33,538                 35,066    
Total revenue             35,011                 35,686                 68,237                 71,980    
Operating expenses:        
Cost of revenue (exclusive of items shown separately below)               6,836                  7,403                14,565                 14,687    
Research and development               3,280                  3,065                  6,737                  6,159   
Technology operations               5,870                  6,233                12,032                 12,423    
Selling and marketing               3,923                  4,349                  8,411                   9,274   
General and administrative               7,203                  8,370                14,835                 16,237    
Depreciation and accretion                 929                    854                  1,921                  1,713   
Severance and restructuring               1,545                      20                  1,867                      77   
Total operating expenses             29,586                 30,294                 60,368                 60,570    
% of total revenue 84.5  % 84.9  % 88.5  % 84.1  %
Operating income               5,425                  5,392                  7,869                11,410    
% of total revenue 15.5  % 15.1  % 11.5  % 15.9  %
Interest income                 222                    256                    396                    475   
Other (expense) income                  (11)                    734                      (6)                    756   
Income before income taxes               5,636                  6,382                  8,259                12,641    
Provision for income taxes             (1,516)                (1,830)                (2,152)                (2,893)   
Net income $            4,120    $            4,552    $            6,107    $            9,748   
Basic net income per common share $              0.20    $              0.22    $              0.29    $              0.48   
Diluted net income per common share $              0.20    $              0.22    $              0.29    $              0.47   
Basic weighted average common shares outstanding      20,899,901          20,580,044          20,835,558          20,510,561    
Diluted weighted average common shares outstanding      21,084,776          20,750,971          21,189,123          20,746,786    
Cash dividends declared per common share             0.3125                 0.3125                 0.6250                 0.6250    

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

  6/30/2026 12/31/2025
ASSETS (Unaudited)  
Current assets:    
Cash and cash equivalents $                           16,592  $                           25,280 
Accounts receivable, net                             23,491                              22,644 
Prepaid expenses                               9,878                               8,909
Other current assets                                  671                               1,051
Total current assets                             50,632                              57,884 
Non-current assets:    
Property and equipment, net                               5,351                               5,723
Operating lease right-of-use assets                               5,327                               6,477
Goodwill                             99,175                              99,175 
Deferred income tax assets, net                             34,955                              36,530 
Other non-current assets                                  171                                  322
Total non-current assets                            144,979                             148,227 
Total assets $                         195,611  $                         206,111 
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable $                             4,460 $                             3,975
Accrued compensation and benefits                               5,687                               7,361
Deferred revenue                             30,294                              30,452 
Operating lease liabilities                               2,360                               2,676
Other current liabilities                               3,505                               4,645
Total current liabilities                             46,306                              49,109 
Non-current liabilities:    
Asset retirement obligations                               4,955                               4,902
Operating lease liabilities                               3,386                               4,263
Other non-current liabilities                               1,097                               1,458
Total non-current liabilities                               9,438                             10,623 
Total liabilities                             55,744                              59,732 
Commitments and contingencies    
Stockholders’ equity:    
Preferred stock $                                  — $                                  —
Common stock                                      2                                      2
Additional paid-in capital                            109,179                             108,212 
Accumulated other comprehensive loss                              (1,774)                              (1,756)
Retained earnings                             32,460                              39,921 
Total stockholders’ equity                            139,867                             146,379 
Total liabilities and stockholders’ equity $                         195,611  $                         206,111 

SPOK HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)

 For the six months ended
 6/30/2026 6/30/2025
Operating activities:   
Net income$                             6,107 $                             9,748
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and accretion                              1,921                               1,713
Deferred income tax expense                              1,573                               2,615
Stock-based compensation                              2,853                               2,493
Gain on sale of domain name                                   —                                 (701)
Provisions for credit losses, service credits and other                                 691                                  539
Changes in assets and liabilities:   
Accounts receivable                             (1,357)                              (4,415)
Prepaid expenses and other assets                                (614)                                  (18)
Net operating lease liabilities                                 (43)                                    (6)
Accounts payable and other liabilities                             (1,974)                              (3,201)
Deferred revenue                                (235)                                  523
Net cash provided by operating activities                              8,922                               9,290
Investing activities:   
Purchases of property and equipment                             (1,212)                              (1,791)
Proceeds from sale of domain name                                   —                                  701
Net cash used in investing activities                             (1,212)                              (1,090)
Financing activities:   
Cash distributions to stockholders                           (14,494)                            (14,424)
Proceeds from issuance of common stock under the Employee Stock Purchase Plan                                 184                                  142
Purchase of common stock for tax withholding on vested equity awards                             (2,070)                              (2,843)
Net cash used in financing activities                           (16,380)                            (17,125)
Effect of exchange rate on cash and cash equivalents                                 (18)                                    22
Net decrease in cash and cash equivalents                             (8,688)                              (8,903)
Cash and cash equivalents, beginning of period                            25,280                              29,145 
Cash and cash equivalents, end of period$                           16,592  $                           20,242 
Supplemental disclosure:   
Income taxes paid$                               309 $                               114 

SPOK HOLDINGS, INC.
UNITS IN SERVICE, MARKET SEGMENTS,
AND AVERAGE REVENUE PER UNIT (ARPU)
(Unaudited and in thousands)

  For the three months ended
  6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024
Account size ending units in service (000’s)                
1 to 100 units            34               35               36               37               38               39               40               41   
101 to 1,000 units          107             110              112              113              116              121             120             125   
>1,000 units          504             512             527             534             540             545             560             564   
Total          645             657             675             684             694             705             720             730   
                 
Market segment as a percent of total ending units in service                
Healthcare 83.2  % 83.6  % 83.6  % 84.1  % 85.7  % 85.5  % 85.6  % 85.7  %
Government 5.1 % 5.0 % 4.9 % 5.0 % 4.0 % 4.0 % 4.0 % 4.1 %
Large enterprise 3.7 % 3.7 % 3.8 % 3.7 % 3.8 % 3.8 % 3.9 % 4.0 %
Other(1) 8.0 % 7.7 % 7.7 % 7.2 % 6.5 % 6.7 % 6.5 % 6.2 %
Total 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %
                 
Account size ARPU                
1 to 100 units $    12.97    $    13.21    $    13.26    $    12.92    $    12.88    $    13.04    $    13.08    $    12.70   
101 to 1,000 units         9.91            9.95            9.97            9.83            9.72            9.64            9.60            9.19   
>1,000 units         7.51            7.61            7.56            7.51            7.54            7.59            7.50            7.33   
Total $      8.20    $      8.29    $      8.26    $      8.19    $      8.20    $      8.24    $      8.16    $      7.95   
                 
(1) Other includes hospitality, resort and indirect units

RECONCILIATION OF ADJUSTED OPERATING EXPENSES
(Unaudited and in thousands)

  For the three months ended For the six months ended
  6/30/2026 6/30/2025 6/30/2026 6/30/2025
Operating expenses $                  29,586  $                  30,294  $                  60,368  $                  60,570 
Add back:        
Depreciation and accretion                        (929)                        (854)                     (1,921)                     (1,713)
Severance and restructuring                     (1,545)                          (20)                     (1,867)                          (77)
Adjusted operating expenses $                  27,112  $                  29,420  $                  56,580  $                  58,780 

RECONCILIATION OF ADJUSTED EBITDA
(Unaudited and in thousands)

  For the three months ended For the six months ended
  6/30/2026 6/30/2025 6/30/2026 6/30/2025
Net income $                    4,120 $                    4,552 $                    6,107 $                    9,748
Add back:        
Provision for income taxes                       1,516                       1,830                       2,152                       2,893
Other (expense) income                           11                         (734)                             6                        (756)
Interest income                        (222)                        (256)                        (396)                        (475)
Depreciation and accretion                         929                         854                       1,921                       1,713
EBITDA $                    6,354 $                    6,246 $                    9,790 $                  13,123 
Adjustments:        
Stock-based compensation                       1,244                       1,223                       2,673                       2,493
Severance and restructuring                       1,545                           20                       1,867                           77
Legal costs unrelated to core business activities and non-recurring in nature $                         — $                         — $                        70 $                         —
Adjusted EBITDA $                    9,143 $                    7,489 $                  14,400  $                  15,693 

About Spok

Spok, Inc., a wholly owned subsidiary of Spok Holdings, Inc. (NASDAQ: SPOK), headquartered in Plano, Texas, is proud to be a global leader in healthcare communications. We deliver clinical information to care teams when and where it matters most to improve patient outcomes. Top hospitals rely on the Spok Care Connect® platform to enhance workflows for clinicians and support administrative compliance. Our customers send over 70 million messages each month through their Spok® solutions. Spok enables smarter, faster clinical communication.

Spok is a trademark of Spok Holdings, Inc. Spok Mobile and Spok Care Connect are trademarks of Spok, Inc.

Safe Harbor Statement under the Private Securities Litigation Reform Act: 

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 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 (as defined below), 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.

Media Inquiries

Al Galgano
+1 (952) 224-6096
al.galgano@spok.com