Spok Holdings Inc

spok.com

What Do They Do?

Develops and sells paging services and clinical communication software to healthcare organizations, government agencies and large enterprises.

How Do They Make Money?

Paging customers pay periodic fees, generally billed monthly as the service is provided. Software customers usually pay a substantial part of the contract price when signing, with the rest due when products are delivered or services begin and, sometimes, when services are completed.

revenue

Segment	Share	How money arrives
Paging revenue Recurring	49% FY2022: 55%	Recurring
Product and other revenue Sold outright	2.8% FY2022: 1.7%	Sold outright
License Licensed	5.3% FY2022: 5.4%	Licensed
Professional services - projects Recurring	11% FY2022: 8.6%	Recurring
Professional services - managed services Recurring	4.7% FY2022: 0.7%	Recurring
Hardware Sold outright	0.9% FY2022: 1.6%	Sold outright
Maintenance and subscription Recurring	26%	Recurring

Who Are Their Customers?

Healthcare organizations are Spok's primary customers, alongside government agencies and large enterprises. It sells directly through its sales force and indirectly through alliance partners; wireless resellers also buy devices to lease or resell.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 18 cents into free cash flow.

Operating income, FY2025

14% of revenue

▲ +4% vs FY2024 ($19M, 14%)

Net income, FY2025

11% of revenue

▲ +6% vs FY2024 ($15M, 11%)

Free cash flow, FY2025

18% of revenue

▼ −2% vs FY2024 ($25.7M, 19%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −2%; vs $35.7M in Q2 FY2025
Net income: ▼ −9%; vs $4.6M in Q2 FY2025

Paging revenue share of revenue vs 48.2% in Q2 FY2025

Jul 29, 2026 Sells narrowband licenses and lowers 2026 revenue guidance The $8 million sale closed July 20, 2026; the revenue-guidance midpoint is $136 million.
Apr 14, 2026 Michael Wallace takes over as CFO as Calvin Rice departs

Flat. Revenue was $139.7M in FY2025, about the same as the $142.2M of FY2021.

Software development investment The older report said Care Connect development would continue at a significantly reduced rate relative to prior years; the latest describes investment at a rate similar to the prior year.

Revenue over time

Paging revenue Product and other revenue License Professional services - projects Professional services - managed services Hardware Maintenance and subscription Professional services Maintenance

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with American Messaging Service, AT&T Mobility, T-Mobile USA, Verizon Wireless, CareCloud, Consensus Cloud Solutions, Domo, eGain, Health Catalyst, HealthStream, Kaltura, KORE Group Holdings, LifeMD, National Research, Ooma, OptimizeRx, Synchronoss Technologies, TruBridge, and Weave Communications

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