SPOK 10-K & 10-Q changes, risk factors and insider trading
Spok Holdings, Inc · Nasdaq · Radiotelephone Communications · CIK 1289945 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
We and our service providerssee in full comparisonareregularlyroutinelyexperiencesubjectedcyberattackstoandcyberattacks,othersuchincidents,asand we expect that attacks and incidents will continue in varying degrees. For example, we have experienced distributed denial ofservice,serviceattempted(DDoS)unauthorized network intrusions, malware, viruses,attacks, social engineering/phishing/business email compromise (phishingBEC),ransomwareattacks, supply chain attacks, malware, and attacks on various of our third-party service providers. While to date no attacks orotherincidentspersistenthavecyberhadthreats.a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. In addition, remote working arrangements at our Company and many third-party providers, increase cybersecurity risks due to the IT challenges associated with managing remote computing assets and vulnerabilities inherent in many non-corporate and home networks. There can also be no assurance that our or our third-party providers’ cybersecurity risk management programs, including relevant policies, processes and controls, will be fully implemented, complied with or effective in protecting IT Systems or Confidential Information that are critical to our business from materially adverse events.
Our business is sensitive to recessionary economic cycles, the impact of trade disputes, tariffs and other trade protection measures, higher interest rates,see in full comparisoninflation,inflation and higher levels of unemployment, higher tax rates and other changes in tax laws, or other economic factors that may affect business spending or buying habits that could adversely affect the demand for our services. Adverse economic conditions could increase the rate of gross subscriber cancellations and/or the level of revenue erosion for our wireless business and could cause delays in or the loss of software revenue or bookings, which impacts license, professional services, hardware and subscription revenues.
Intellectual property infringement litigation has become commonplace, particularly in the wireless and software industries in which wesee in full comparisonoperate.operate, and from time to time we are involved in intellectual property disputes. Litigation can be protracted, expensive, and time consuming. There is no assurance thatwelitigation willremainnotimmunemateriallytoimpactthis litigation.us. Any such claims, whether meritorious or not, could be time-consuming and costly in terms of both resources and management time.
We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of IT Systems and Confidential Information. Accidental or willful cyberattacks, breaches or other unauthorized access events committed or enabled by third parties or by our employees or contractors (for example, due to social engineering or phishing attacks) impact the security and integrity of our facilities, our systems or the systems of our third-party providers, and the information maintained in such systems. In addition, we are vulnerable to computer viruses, malware (for example, ransomware)see in full comparisonorand both known and unknown security vulnerabilities in our or our service providers' data, software, products or services, as well as external cyberattacks and databreaches,breaches that expose us to the risks of material corruption, loss, and misappropriation of proprietary and confidential information. We also routinely transmit and receive proprietary and Confidential Information, including through third parties, which makes that information vulnerable to interception, misuse or mishandling that may materially impact our business.
The frequency and scope of cyberattacks has been steadily increasing, and attackers are increasingly sophisticated, using tools and techniques, including artificial intelligence, to evade detection or cause significant delays in detection and identification. Even once identified, investigation and remediation of an incident is increasingly challenging due to attackers taking steps to obfuscate or remove forensic evidence and to circumvent logging tools and counter-measures, which renders us unable to fully anticipate or implement adequate preventative or restorative measures. Any integration of artificial intelligence in our or any third-party provider’s operations, products or services is expected to pose new or unknown cybersecurity risks.see in full comparison
We have significant deferred income taxsee in full comparisonassetsassets, including net operating loss ("NOL") carryforwards, that are available to offset future taxable income and increase cash flows from operations.TheOuruseabilityofto realize thesedeferredbenefitsincome tax assets is dependentdepends onthegeneratingavailability ofsufficient taxable incomeinbeforefutureexpirationperiods.and avoiding limitations under Section 382 of the Internal Revenue Code ("IRC"). The availability of future taxable income is dependent on our ability to profitably manage our operations to support a growing base of software revenue offset by declining wireless subscribers and revenue. To the extent that anticipated reductions in wireless operating expenses do not occur or sufficient revenue is not generated, we may not achieve sufficient taxable income to allow for use of our deferred income taxassets.assets before they expire. The accounting for deferred income tax assets is based upon an estimate of future results, and any valuation allowance we may apply to our deferred tax assets may be increased or decreased as conditionschangechange, tax laws or interpretations change, or if we are unable to implement certain tax planning strategies. If we are unable to use these deferred income tax assets, our financial condition and results of operations may be materially affected. In addition, a significant portion of our deferred income tax assets relate tonet operating losses. If our ability to utilize these losses is limited, due to Internal Revenue Code ("IRC") Section 382, our financial condition and results of operations may be materially affected.NOLs. For example, wemaintainedhad a valuation allowance of $1.9 million and $2.3 million at December 31,20242025 and20232024, respectively, to reduce net deferred income tax assets as their realization did not meet the applicable more-likely-than-not criterion. In addition, if we use all of our deferred income tax assets, those benefits will not be available for future periods, which would negatively impact our financial condition and results of operations in such future periods.
Full comparison: every changed paragraph (20)
From time to time, itwe mayhave be necessaryneeded to reorient our sales representatives to focus on specific market segments, product lines or new software solutions or to remove underperforming individuals, which has required and in the future may require additional resources to maintain productivity. The impact of these changes could adversely impact our ability to achieve our sales productivity goals. We have also identified the following risks that could impact our sales productivity:
•Training. Training of our marketing and sales personnel regarding the clinical requirements of our healthcare customers and the complexity of our service offerings,offerings takes time and requires a substantial, continuing investment for both new hires and long-term employees.
We cannot provide any assurances that we will be successful in finding such acquisitions or consummating future acquisitions on favorable terms. We anticipate that future acquisitions will be financed through a combination of methods, including, but not limited to, the use of available cash on hand, and, if necessary, borrowings from third-party financial institutions. Disruptions or volatility in credit markets may impede our access to capital markets, including higher borrowing costs, less available capital, more stringent terms and tighter covenantscovenants, which may limit our ability to finance acquisitions.
Our business is sensitive to recessionary economic cycles, the impact of trade disputes, tariffs and other trade protection measures, higher interest rates, inflation,inflation and higher levels of unemployment, higher tax rates and other changes in tax laws, or other economic factors that may affect business spending or buying habits that could adversely affect the demand for our services. Adverse economic conditions could increase the rate of gross subscriber cancellations and/or the level of revenue erosion for our wireless business and could cause delays in or the loss of software revenue or bookings, which impacts license, professional services, hardware and subscription revenues.
We may experience a long sales cycle for our software products.
Our software revenue growth results from a long sales cycle that from initial contact to final sales order may taketakes six to 18 months, depending on the type of software solution. Our software sales and marketing efforts involve educating our customers on the technical capabilities of our software solutions and the potential benefits from the deployment of our software, as well as educating ourselves as to the clinical needs of our customers. The inherent unpredictability of decision-making in our target market segment of healthcare, resulting from customer budget constraints, multiple approvals and administrative issues, may result in fluctuating bookings and revenue from month to month, quarter to quarter and year to year. Our bookings and corresponding revenue are dependent on actions that have occurred in the past. Each month, we need to spend substantial time, effort, and expense on our marketing and sales efforts that may not result in future revenue.
We may be unable to find vendors that are able to supply us with wireless paging equipment based on future demands.demand.
We use channel partners, such as resellers, consulting firms, original equipment manufacturers,manufacturer, and technology partners, to license and support our products. We rely, to a significant degree, on each of our channel partners to select, screen and maintain relationships with its respective distribution network and to distribute our offerings in a manner that is consistent with applicable law and regulatory requirements and our quality standards. Contract defaults by any of these channel partners or the loss of our relationships with them may materially adversely affect our ability to develop, market, sell, or support our communication solution offerings. If our indirect distribution channel is disrupted, we may be required to devote more resources to distribute our offerings directly and support our customers, which may not be as effective and could lead to higher costs, reduced revenue and growth that is slower than expected.
We may experience material litigation claiming intellectual property infringement by us, and we may not be able to protect our rights in intellectual property that we own and develop.
Intellectual property infringement litigation has become commonplace, particularly in the wireless and software industries in which we operate.operate, and from time to time we are involved in intellectual property disputes. Litigation can be protracted, expensive, and time consuming. There is no assurance that welitigation will remainnot immunematerially toimpact this litigation.us. Any such claims, whether meritorious or not, could be time-consuming and costly in terms of both resources and management time.
Our portfolio of issued patents and copyrights may be insufficient to defend ourselves against material intellectual property infringement claims, and the validity and scope of our patents could be challenged by third parties were we to seek to enforce them.
The performance and reliability of computer systems, hardware, software and satellite networks and telecommunications systems infrastructure (collectively, “IT Systems”) is critical to our operations. We own and manage certain IT Systems but rely heavily on critical IT Systems that are owned and/or managed by third parties. These IT Systems are vulnerable to material damage or interruption from natural disasters, power loss, telecommunication failures, terrorist attacks, software errors and other events. Any IT System (such as a satellite network) error or failure, regardless of cause, could result in a substantial outage that materially disrupts our operations. In addition, we face the threat of material compromise to our computer systems, or those of our service providers, of unauthorized access, computer hackers, computer viruses, malicious code, organized cyberattacks and other security problems and system disruptions (e.g., distributed denial of service (DDoS) attacks or ransomware attacks). Our wireless services depend on connectivity provided by third-party satellite network servicesservices, where failure would result in a loss of service to our customers. With respect to our Enterprise Reporting and Management systems and data storage, and other operational needs, we rely on third-party data centers and services for maintaining accessibility, reliability and uninterrupted connectivity, among other things.
We rely heavily on a range of IT Systems for critical business operations. In addition, we and various third parties collect, process and store our customers’, suppliers’ and employees’ confidential information, as well as our own proprietary business information (collectively, "Confidential Information"). We are also dependent on a number of third-party providers of various technology, tools and services relating to, among other things, human resources, electronic communications, data storage, finance, and other business functions, and we are, of necessity, dependent on but do not control the security systems of these providers.
We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of IT Systems and Confidential Information. Accidental or willful cyberattacks, breaches or other unauthorized access events committed or enabled by third parties or by our employees or contractors (for example, due to social engineering or phishing attacks) impact the security and integrity of our facilities, our systems or the systems of our third-party providers, and the information maintained in such systems. In addition, we are vulnerable to computer viruses, malware (for example, ransomware) orand both known and unknown security vulnerabilities in our or our service providers' data, software, products or services, as well as external cyberattacks and data breaches,breaches that expose us to the risks of material corruption, loss, and misappropriation of proprietary and confidential information. We also routinely transmit and receive proprietary and Confidential Information, including through third parties, which makes that information vulnerable to interception, misuse or mishandling that may materially impact our business.
The frequency and scope of cyberattacks has been steadily increasing, and attackers are increasingly sophisticated, using tools and techniques, including artificial intelligence, to evade detection or cause significant delays in detection and identification. Even once identified, investigation and remediation of an incident is increasingly challenging due to attackers taking steps to obfuscate or remove forensic evidence and to circumvent logging tools and counter-measures, which renders us unable to fully anticipate or implement adequate preventative or restorative measures. Any integration of artificial intelligence in our or any third-party provider’s operations, products or services is expected to pose new or unknown cybersecurity risks.
We and our service providers areregularly routinelyexperience subjectedcyberattacks toand cyberattacks,other suchincidents, asand we expect that attacks and incidents will continue in varying degrees. For example, we have experienced distributed denial of service,service attempted(DDoS) unauthorized network intrusions, malware, viruses,attacks, social engineering/phishing/business email compromise (phishingBEC), ransomwareattacks, supply chain attacks, malware, and attacks on various of our third-party service providers. While to date no attacks or otherincidents persistenthave cyberhad threats.a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. In addition, remote working arrangements at our Company and many third-party providers, increase cybersecurity risks due to the IT challenges associated with managing remote computing assets and vulnerabilities inherent in many non-corporate and home networks. There can also be no assurance that our or our third-party providers’ cybersecurity risk management programs, including relevant policies, processes and controls, will be fully implemented, complied with or effective in protecting IT Systems or Confidential Information that are critical to our business from materially adverse events.
AnyA significant cyberattack or incident that compromises the confidentiality, integrity or availability of IT Systems or Confidential Information, for example, the theft, misuse of, or unauthorized access to Confidential Information, could result in, among other things, unfavorable publicity, damage to our reputation, loss of our trade secrets and other competitive information, difficulty in marketing our products, increased costs of investigation, remediation and compliance, allegations by our customers that we have not performed our contractual obligations, litigation by affected parties (including class actions) and possible financial obligations for liabilities and damages related to the theft or misuse of such information, regulatory investigations and enforcement actions, as well as fines and other sanctions pursuant to data privacy and security rules and regulations, any or all of which could have a material adverse effect on our reputation, operations, business, profitability and financial condition. Any losses, costs and liabilities may not be covered by, or may exceed the coverage limits of, any or all of our applicable insurance policies.
We have significant deferred income tax assetsassets, including net operating loss ("NOL") carryforwards, that are available to offset future taxable income and increase cash flows from operations. TheOur useability ofto realize these deferredbenefits income tax assets is dependentdepends on thegenerating availability ofsufficient taxable income inbefore futureexpiration periods.and avoiding limitations under Section 382 of the Internal Revenue Code ("IRC"). The availability of future taxable income is dependent on our ability to profitably manage our operations to support a growing base of software revenue offset by declining wireless subscribers and revenue. To the extent that anticipated reductions in wireless operating expenses do not occur or sufficient revenue is not generated, we may not achieve sufficient taxable income to allow for use of our deferred income tax assets.assets before they expire. The accounting for deferred income tax assets is based upon an estimate of future results, and any valuation allowance we may apply to our deferred tax assets may be increased or decreased as conditions changechange, tax laws or interpretations change, or if we are unable to implement certain tax planning strategies. If we are unable to use these deferred income tax assets, our financial condition and results of operations may be materially affected. In addition, a significant portion of our deferred income tax assets relate to net operating losses. If our ability to utilize these losses is limited, due to Internal Revenue Code ("IRC") Section 382, our financial condition and results of operations may be materially affected.NOLs. For example, we maintainedhad a valuation allowance of $1.9 million and $2.3 million at December 31, 20242025 and 20232024, respectively, to reduce net deferred income tax assets as their realization did not meet the applicable more-likely-than-not criterion. In addition, if we use all of our deferred income tax assets, those benefits will not be available for future periods, which would negatively impact our financial condition and results of operations in such future periods.
For example, the FCC issued an order in October 2007 that mandated paging carriers (including the Company) along with all other CMRS providers serving a defined minimum number of subscribers to maintain an emergency back-up power supply at all cell sites to enable operation for a minimum of eight hours in the event of a loss of commercial power (the "Back-up Power Order"). Ultimately, after a hearing by the United States Court of Appeals for the DCD.C. Circuit and disapproval by the Office of Management and Budget (the "OMB") of the information collection requirements of the Back-up Power Order, the FCC indicated that it would not seek to override the OMB’s disapproval. Rather the FCC indicated that it would issue a Notice of Proposed Rulemaking with the goal of adopting revised back-up power rules. To date, the FCC has not adopted revised back-up power rules applicable to the Company, and we are unable to predict what impact, if any, revised back-up power rules to which the Company is subject could have on our business, financial condition, operating results and ability to pay cash dividends to stockholders.
As a further example, the FCC has considered changes to the rules governing the collection of universal service fees, including a flat monthly charge per assigned telephone number as opposed to assessing universal service contributions based on telecommunication carriers’ interstate and international revenue. However, there is no timetable for any rulemaking to implement this numbers-based methodology. If the FCC adopts a numbers-based methodology, our attempt to recover the increased contribution costs from our customers could significantly diminish demand for our services, and our failure to recover such increased contribution costs could have a material adverse impact on our business, financial condition and operating results. In addition, the FCC’s universal service contribution mechanism has been the subject of several recent court challenges, and the United States Supreme Court has agreed to consider the validity of the methodology on constitutional and other grounds. The outcome of this case is uncertain, but a decision by the Supreme Court invalidating the FCC’s universal service contribution mechanism could impact our business.
Management's Discussion & Analysis (MD&A)
New heading “Interest Income, Other Income (Expense) and Provision for Income Taxes”
Removed heading “Strategic Business Plan”
Removed heading “Operations Revenue”
Removed heading “Maintenance Revenue”
Removed heading “Cost of Revenue”
Removed heading “Research and Development”
Removed heading “Technology Operations”
Removed heading “Selling and Marketing”
Removed heading “General and Administrative”
Removed heading “Depreciation and Accretion”
Removed heading “Severance and Restructuring”
Removed heading “Interest Income and Provision for (Benefit from) Income Taxes”
Removed heading “Interest Income”
Removed heading “Investing Activities”
Largest changes
“Interest Income, Other Income (Expense) and Provision for Income Taxes”see in full comparison
“In February 2022, our Board of Directors announced a new strategic business plan that included a restructuring of our business to discontinue Spok Go and eliminate all associated costs and optimize the Company’s existing structure to drive continued cost improvement. Since then, the strategic business plan includes a focus on our existing and established business, including the Spok Care Connect Suite and our wireless service offerings. The restructuring efforts were completed during the fourth quarter of 2022. …”see in full comparison
Full comparison: every changed paragraph (49)
Revenue generated by wireless messaging services (including voice mail, personalized greetings, message storage and retrieval, equipment, maintenance plans and/or equipment loss protection to both one-way and two-way messaging subscribers) is presented as wireless revenue in our Consolidated Statements of Operations. Revenue generated by the sale of our software solutions, which includes revenue from our perpetual and term software license,license arrangements, revenue from the sale of hardware that facilitates the use of our software solutions, professional services (installation,revenue consultingrelated to the implementation of our solutions and training),value-added equipmentservices, procuredand bymaintenance usand subscription revenue that is generated from thirdthe partiesongoing (tosupport be used in conjunction withof our software)perpetual and post-contractterm supportsoftware (ongoinglicense maintenance),arrangements, is presented as software revenue in our Consolidated Statements of Operations. Our software is licensed to end users under an industry standard software license agreement.
Strategic Business Plan
In February 2022, our Board of Directors announced a new strategic business plan that included a restructuring of our business to discontinue Spok Go and eliminate all associated costs and optimize the Company’s existing structure to drive continued cost improvement. Since then, the strategic business plan includes a focus on our existing and established business, including the Spok Care Connect Suite and our wireless service offerings. The restructuring efforts were completed during the fourth quarter of 2022. These actions allowed us to better align costs and, as a result, continue to return capital to stockholders in the form of quarterly dividends of $0.3125 per share in 2024. We will continue to focus on optimizing costs to allow us to prioritize cash flow generation and the return of capital to stockholders.
Certain amounts in the Consolidated Financial Statements, for the years ended December 31, 2024 and 2023, have been reclassified to conform to the current presentation for the year ended December 31, 2025. Management concluded that presenting certain information technology ("IT") expenses within their respective functional expense categories provides a more meaningful and representative depiction of the nature of these costs. Accordingly, we reclassified these IT-related expenses from general and administrative to the applicable functional categories for all periods presented. These reclassifications had no effect on the reported results of operations or the statement of financial position.
To conform with the current year presentation, we reclassified previously reported operating expenses for the years ended December 31, 2024 and 2023 as follows:
Revenue generated by wireless messaging services (including voice mail, personalized greetings, message storage and retrieval, equipment, maintenance plans and/or equipment loss protection to both one-way and two-way messaging subscribers) is presented as wireless revenue in our Consolidated Statements of Operations. Revenue generated by the sale of our software solutions, which includes revenue from our perpetual and term software license,license arrangements, revenue from the sale of hardware that facilitates the use of our software solutions, professional services (installation,revenue consultingrelated to the implementation of our solutions and training),value-added equipmentservices, procuredand bymaintenance usand subscription revenue that is generated from thirdthe partiesongoing (tosupport be used in conjunction withof our software)perpetual and post-contractterm supportsoftware (ongoinglicense maintenance),arrangements, is presented as software revenue in our Consolidated Statements of Operations. Our software is licensed to end users under an industry standard software license agreement.
Wireless revenue decreased for the year ended December 31, 2025, as compared to 2024, reflective of the secular decrease in our wireless units in service, from approximately 720 thousand units as of December 31, 2024 to approximately 675 thousand units as of December 31, 2025. These decreases were partially offset by an increase in ARPU, from $7.97 for the year ended December 31, 2024 to $8.20 for the year ended December 31, 2025. The increase in ARPU was a result of price increases initiated in September 2025 and 2024, as well as general increases in pass-through fees, which effectively have corresponding costs associated with them. The decrease in paging revenue was partially offset by an increase in product revenue, driven by the pricing increase on one-time fees assessed for pagers not returned at contract termination, implemented in early 2025. Product revenue includes one-time fees when customers cancel our services and is highly variable as the fees are charged to customers when pagers are disconnected and the customer is unable to return the units.
Wireless revenue decreased for the year ended December 31, 2024, as compared to 2023, reflective of the secular decrease in our wireless units in service, from approximately 765 thousand units as of December 31, 2023 to approximately 720 thousand units as of December 31, 2024. These decreases were partially offset by an increase in ARPU as a result of price increases initiated in September 2024. ARPU was $7.97, as compared to $7.71 for the same period in 2023.
In late 2021, we began offering our newest pager, GenA. This one-way alphanumeric pager features a high resolution ePaper display, intuitive modern user interface, advanced encryption and security features, over-the-air remote programming, and an antimicrobial housing. Users can select from various font sizes, and the large GenA display also leverages proportional fonts to maximize key information on a single screen. The GenA pager is the only product available on the market with these capabilities, and we maintain an exclusive arrangement with the product's manufacturer. Given the product differentiation of the GenA pager, its development is a key initiative in providing a competitive advantage, and we expect this new technology will be popular with our customers in clinical environments and may help slow our wireless revenue attrition.
Software revenue consists of two components: operations revenue and maintenance revenue. Operations revenue consists primarily of license and subscription revenues for our healthcare communications solutions, revenue from the sale of hardware that facilitates the use of our software solutions, and professional services revenue related to the implementation of our solutions. Maintenance revenue is generated from the ongoing support of our software solutions or related hardware, typically contracted for a period of between one and three years.
ToSoftware revenue, to a large degree, software revenue corresponds to our backlog of performance obligations ready to deliver at some point in the future, and any delays in implementation may affect the timing of revenue recognition. Our software projects generally originate from fixed-bid contracts, although many involve a protracted sales cycle and may result in unforeseen complexity and deviation from the original scope. The time needed to complete projects, therefore, may not align with our original expectations, which affects our backlog. As a result, software revenue may fluctuate on a short-term basis, and we generally evaluate longer-term trends when managing this business.
Operations Revenue
Software operations revenue increased during 20242025 when compared to 2023,2024, primarily as a result of higher professional services revenue, resulting from increased sales of our managed services offering as well as targeted hiring efforts over the last 12 months, as we aligned staffing levels with our backlog, which had grown as a result of our operations bookings results.backlog. This increase was partially offset by decreases in license and hardwaremaintenance and subscription revenue, driven by lower license sales.
Maintenance Revenue
We have seen modest improvement in our gross maintenance revenue churn alongside increasing operational bookings, which drive new maintenance revenue. Given these dynamics, we believe annual maintenance revenue is likely to remain flat or increase marginally, as we continue to enhance our existing software solutions. Further enhancements are expected to provide additional avenues for license sales, which generate new maintenance revenue and help to reduce levels of gross churn.
Cost of Revenue
Cost of revenue: increased by $1.6$1.1 million, or 6.0%,3.8%, for the year ended December 31, 2024,2025, compared to 2023.2024. This increase was primarily driven by the need for additional professional services personnel to better align staffing levels with our backlog. This increase was partially offset by lower hardware costs resulting from lower hardware sales as compared to 2023.
Research and Development
Research and development expenses: increased by $1.0$0.5 million, or 9.5%,4.5%, for the year ended December 31, 2024,2025, compared to 2023.2024. This increase was driven by our continued effort to invest in the enhancement of our software solutions.
Technology Operations
Technology operations expenses: decreased by $1.5$1.0 million, or 5.9%,4.0%, for the year ended December 31, 2024,2025, compared to 2023.2024. The decrease was driven by a reduction in the number of active transmitters, resulting from our network rationalization efforts. The number of active transmitters, which directly affects our telecommunications and site rent expenses, declined 5.2%5.9% from December 31, 20232024 to December 31, 2024. As we reach certain minimum frequency commitments, as outlined by the FCC, we may be unable to continue our efforts to rationalize and consolidate our networks.2025.
Selling and marketing: increased by $1.5 million, or 9.1%, for the year ended December 31, 2025, compared to 2024. This increase was primarily driven by higher commissions and personnel costs. The second quarter of 2024 included a one-time benefit of approximately $0.9 million to adjust for commissions expense that was previously expensed as incurred under an ASC 606 practical expedient.
Selling and Marketing
Selling and marketing expenses decreased by $0.5 million, or 3.1%, for the year ended December 31, 2024, compared to 2023,. The decrease in commissions is primarily due to the amortization of certain commissions expenses, which were previously expensed as incurred under an ASC 606 practical expedient. With the growth in multi-year contracts over the last two years, more related revenue continues to extend beyond the 12-month period allowed for under this practical expedient. As a result, the associated commission expenses are now amortized in alignment with the related revenue, resulting in lower expenses compared to 2023. This resulted in a one-time benefit of approximately $0.9 million, as commissions expense was adjusted to account for the deferral of certain items that had been previously expensed.
General and Administrative
General and administrative expenses: increased by $0.1$0.6 million, or 0.4%,2.0%, for the year ended December 31, 2024,2025, compared to 2023.2024. ExpensesThis wereincrease largelywas primarily driven by technology costs, legal costs unrelated to core business activities and non-recurring in linenature, withand 2023.bad debt, partially offset by lower compensation costs.
Depreciation and Accretion
For the year ended December 31, 2024, compared to 2023, depreciation and accretion expenses decreased by $0.3 million, primarily due to decreases in asset retirement cost and pager depreciation.
Severance and Restructuring
ForSeverance and restructuring: decreased by $0.6 million, or 58.5%, for the yearsyear ended December 31, 20242025, andcompared 2023,to severance and restructuring expenses were $1.1 million and $0.6 million, respectively,2024, primarily due to expenses related to the early termination of the lease of our corporate headquarters in Alexandria, Virginia.Virginia in 2024.
Interest Income and Provision for (Benefit from) Income Taxes
Interest Income
InterestDepreciation incomeand increasedaccretion: decreased by $0.1$0.7 millionmillion, or 17.3%, for the year ended December 31, 2024,2025, compared to 2023,2024, primarily due to an increasedecreases in interestaccretion earnedand onpager thedepreciation, Company's cash balances, drivenoffset by higherincreases interestin ratesasset fromretirement macroeconomic events.cost.
Interest Income, Other Income (Expense) and Provision for Income Taxes
Interest income: decreased by $0.3 million for the year ended December 31, 2025, compared to 2024, primarily due to a decrease in interest earned on the Company's cash balances, driven by lower interest rates from macroeconomic events.
Other income (expense): other income increased by $1.0 million, for the year ended December 31, 2025, compared to 2024, primarily due to the gain on sale of a domain name for $0.7 million and a gain on asset retirement obligation settlement for $0.1 million.
Provision for (Benefitincome from) Income Taxestaxes:
The effects of foreign taxes are immaterial for all periods presented. The following provides the effective tax rate reconciliation for the years ended December 31, 2024,2025, 20232024 and 2022, respectively2023 (See Note 9, "Income Taxes" in the Notes to Consolidated Financial Statements for further discussion on our income taxes):
The provision for income taxes decreasedincreased by $1.6$0.5 million for the year ended December 31, 2024,2025, compared to 2023, primarily2024, due to aan decreaseincrease in both federal and state income taxestaxes, stemming from lowerhigher income in 2024.2025. Our investment in research and development in prior years qualified for the research and development income tax credit under Section 41 of the Internal Revenue Code.IRC. Unused research and development tax credits have a 20-year carryovercarry-over and will provide future tax benefits once Spok’s net operating losses are fully utilized. We did not qualify for the research and development tax credits in 2024.
We maintainedhad a valuation allowance of $1.9 million and $2.3 million as of December 31, 2025 and 2024, respectively, related to federal foreign tax credits and certain state net operating losses and state tax credits, as we do not believe current projections of future taxable income will be sufficient to utilize those tax assets and credits prior to expiration. The change of $0.4 million resulted from a decrease in state tax credit carry-forwards as compared to 2024.
With the successful completion of the restructuring plan and our ongoing efforts to maximize revenue and optimize costs, we anticipate positive cash flow generation will continue in future operating periods.
For the years ended December 31, 2024 and 2023, net cash provided by operating activities was $28.9 million, and $26.2 million, respectively, primarily due to an increase in cash received from customers, partially offset by cash payments for cost of revenues and operating expenses.
Investing Activities
For the years ended December 31, 20242025 and 2023,2024, net cash usedprovided inby investingoperating activities wasremained $3.2steady millionat and$28.9 $3.4 million, respectively, primarily due to capital expenditures.million.
For the years ended December 31, 2025 and 2024, net cash used in investing activities was $3.1 million and $3.2 million, respectively, primarily due to capital expenditures. For the year ended December 31, 2025, the net cash also includes proceeds from the sale of a domain name.
For the years ended December 31, 20242025 and 2023,2024, net cash used in financing activities was $28.5$29.8 million and $26.7$28.5 million, respectively, primarily due to cash distributions to stockholders of $27.3 million and $26.4 million and $25.6the million,purchase of common stock for tax withholding on vested equity awards of $2.8 million and $2.4 million , respectively.
We review each contract to determine whether to account for the various promises as one or more performance obligations. The assessment and determination of performance obligations for a given contract requires significant judgment. Wireless service contracts are generally considered to be a single promise andand. thereforetherefore, accounted for as a single performance obligation. Contracts which include goods or services related to our software solutions and subscriptions are generally sold with multiple promises, and therefore, will often include multiple performance obligations. Material performance obligations related to the sale of our software solutions include software licenses, professional services - projects, professional services - managed services, hardware and maintenance.
Our wireless, professional, maintenance,maintenance and subscription services are generally recognized over time due to a customer's simultaneous receipt and consumption of the benefit as we perform the work. As we transfer control over time, we recognize revenue based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires significant judgment and is based on the nature of the products or services to be provided. Generally, we use the time-elapsed measure of progress for performance obligations that include wireless, maintenance, professional services - managed services,services orand subscription services. We believe this method best depicts the simultaneous transfer and consumption of the benefit based on our performance as these services are generally considered standby services. For professional services - projects, we leverage an input methodology based on the number of hours worked on a project versus the total expected hours necessary to complete the project. Revenues are recognized proportionally as hours are incurred. This is a significant area of judgment as it requires an estimate at completion ("EAC") for each contract. Our initial EAC is primarily based on prior experience also taking into consideration any specific facts and circumstances for a given contract. As projects progress, the EAC is periodically updated and reviewed to ensure the timing of revenue recognition is appropriate. The creation, maintenance and review of a project's EAC requires significant judgment to determine an appropriate number of hours over which the remaining project is expected to be completed.
Deferred income tax assets and liabilities are calculated based on temporary differences between the financial statement values and the tax bases of assets and liabilities including net operating loss and tax credit carryforwards at the enacted tax rates expected to apply to taxable income when taxes are actually paid or recovered. Changes in deferred income tax assets and liabilities are included as a component of deferred income tax expense. Deferred income tax assets represent amounts available to reduce future income taxes payable. We assess the recoverability of our deferred income tax assets, which represent the tax benefits of future tax deductions, based on available positive and negative evidence and by considering the adequacy of future taxable income from all sources, including prudent and feasible tax planning strategies. This assessment is required to determine whether, based on all available evidence, it is "more likely than not" (meaning a probability of greater than 50%) that all or some portion of our deferred income tax assets will be realized in future periods. We provide a valuation allowance when we consider it "more likely than not" that a deferred income tax asset will not be fully recovered. The assessment of our deferred income tax assets requires significant judgment, however, our methods, assumptions, and estimates used in assessing the need for a valuation allowance remained materially unchanged in 2024.2025. We maintained a valuation allowance of $1.9 million and $2.3 million as of December 31, 2025 and 2024, respectively, related to federal foreign tax credits and certain state net operating losses and state tax credits, as we do not believe current projections of future taxable income will be sufficient to utilize those tax assets and credits prior to expiration. The change of $0.4 million resulted from a decrease in state tax credit carry-forwards as compared to 2024.
What changed in the latest 10-Q
Risk Factors
The risk factors included in “Item 1A. Risk Factors” of Part I of the 2025 Annual Report have not materially changed during the six months ended June 30, 2026.
Full comparison: every changed paragraph (1)
The risk factors included in “Item 1A. Risk Factors” of Part I of the 2025 Annual Report have not materially changed during the threesix months ended MarchJune 31,30, 2026.
Management's Discussion & Analysis (MD&A)
New heading “General and Administrative”
New heading “Other (expense) income”
Largest changes
“On June 23, 2026, we entered into an agreement to sell certain narrowband spectrum licenses in our two-way paging inventory to Sensus USA, Inc. for a purchase price of $8.0 million. The transaction received approval by the Federal Communications Commission ("FCC") and closed on July 20, 2026. We expect to recognize a pre-tax gain upon closing of approximately $7.5 million within other income in the Condensed Consolidated Statements of Operations, reflecting the $8.0 million purchase price less estimated transaction-related costs of approximately $0.5 million. …”see in full comparison
“Software revenue decreased during the six months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily due to reduced license and equipment revenue, resulting from lower sales, alongside lower maintenance and subscription and professional services revenue. The decrease in professional services revenue was a result of lower utilization and billable hours, driven by a reduction in billable headcount within the professional services - projects line. …”see in full comparison
Software revenuesee in full comparisondecreasedincreased during the three months endedMarchJune31,30, 2026, compared to the same period in 2025. Thedecreaseincrease was primarily due toahigherdecreaselicense revenue generated from increased license bookings, partially offset by decreases inlicense, equipment andequipment, maintenance and subscriptionrevenue, resulting from lower sales, alongside a decrease inand professional services revenue. The decrease in professional services revenue was a result of lowerutilizationbillableandhours, driven by a reduction in billablehours for the three months ended March 31, 2026, as compared to the same period in 2025headcount within the professional servicesrevenue- projects line. This decrease in projects was partially offset by our managed services offering, whichhas continued to grow andprovides additional stability due to even revenue recognition over the contractual term, as compared to a revenue stream that has historically been highly dependent on individual project factors. The decrease in equipment revenue was due to lower sales, and the decrease in maintenance and subscription revenue resulted from higher churn.
see in full comparisonSubsequent to quarter end, inIn April 2026, we announced a strategic realignment designed to further enhance our cost optimizationefforts, as described in Note 15, "Subsequent Events" in the Notes to Condensed Consolidated Financial Statements.efforts. These actions will enable us to direct resources towards continued investment in our Care Connect Suite and artificial intelligence initiatives, while sustaining our commitment to returning cash to stockholders. This realignmentwill eliminateeliminated approximately 10% of our workforce, whichwillis expected to result in annualized savings of over $6.0 million in payroll and related expenses and other operating expenses.WeTheexpect to record one-time pre-tax costsmajority ofapproximatelythe$1.6workforcemillionreductionstowere$2.0 million primarily in severance and personnel related costscompleted in the secondand third quartersquarter of 2026, withsuchthechargesremainder expected to besubstantiallycompletedcomplete byin the third quarter of 2026.
Full comparison: every changed paragraph (29)
The Company undertakes no obligation to update forward-looking statements. Investors are advised to consult all further disclosures the Company makes in its subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that it will file with the SEC. Also note that, in the 2025 Annual Report, the Company provides a cautionary discussion of risks, uncertainties and possibly inaccurate assumptions relevant to its business. These are factors that, individually or in the aggregate, could cause the Company’s actual results to differ materially from past results as well as those results that may be anticipated, believed, estimated, expected, intended, targeted or forecasted. It is not possible to predict or identify all such risk factors. Consequently, investors should not consider the risk factor discussion to be a complete discussion of all of the potential risks or uncertainties that could affect Spok's business, statementstatements of operations or financial condition, subsequent to the filing of this Quarterly Report.
Subsequent to quarter end, inIn April 2026, we announced a strategic realignment designed to further enhance our cost optimization efforts, as described in Note 15, "Subsequent Events" in the Notes to Condensed Consolidated Financial Statements.efforts. These actions will enable us to direct resources towards continued investment in our Care Connect Suite and artificial intelligence initiatives, while sustaining our commitment to returning cash to stockholders. This realignment will eliminateeliminated approximately 10% of our workforce, which willis expected to result in annualized savings of over $6.0 million in payroll and related expenses and other operating expenses. WeThe expect to record one-time pre-tax costsmajority of approximatelythe $1.6workforce millionreductions towere $2.0 million primarily in severance and personnel related costscompleted in the second and third quartersquarter of 2026, with suchthe chargesremainder expected to be substantiallycompleted complete byin the third quarter of 2026.
The following table is a summary of our Condensed Consolidated StatementStatements of Operations for the three and six months ended MarchJune 31,30, 2026 and 2025:
Wireless revenue decreased during the three and six months ended MarchJune 31,30, 2026, compared to the same periodperiods in 2025, primarily due to a decrease in paging revenue. The decrease in paging revenue was primarily driven by secular decreases in our wireless units in service, from 705694 thousand units as of MarchJune 31,30, 2025 to 657645 thousand units as of MarchJune 31,30, 2026. This decrease was partially offset by an increase in ARPU, as a result of price increases initiated in September of 2025. For the three months ended March 31, 2026, ARPU was $8.29, compared to $8.24 for the same period in 2025.
The decreases in paging revenue during the three months ended March 31, 2026, compared to the same period in 2025, was partially offset by an increase in product and other revenue. Product and other revenue includes one-time fees for customers that cancel our services and do not return their equipment within the allotted time-frame, as contractually required.
Software revenue decreasedincreased during the three months ended MarchJune 31,30, 2026, compared to the same period in 2025. The decreaseincrease was primarily due to ahigher decreaselicense revenue generated from increased license bookings, partially offset by decreases in license, equipment andequipment, maintenance and subscription revenue, resulting from lower sales, alongside a decrease inand professional services revenue. The decrease in professional services revenue was a result of lower utilizationbillable andhours, driven by a reduction in billable hours for the three months ended March 31, 2026, as compared to the same period in 2025headcount within the professional services revenue - projects line. This decrease in projects was partially offset by our managed services offering, which has continued to grow and provides additional stability due to even revenue recognition over the contractual term, as compared to a revenue stream that has historically been highly dependent on individual project factors. The decrease in equipment revenue was due to lower sales, and the decrease in maintenance and subscription revenue resulted from higher churn.
Software revenue decreased during the six months ended June 30, 2026, compared to the same period in 2025. The decrease was primarily due to reduced license and equipment revenue, resulting from lower sales, alongside lower maintenance and subscription and professional services revenue. The decrease in professional services revenue was a result of lower utilization and billable hours, driven by a reduction in billable headcount within the professional services - projects line. This decrease in projects was partially offset by our managed services offering, which provides additional stability due to even revenue recognition over the contractual term, as compared to a revenue stream that has historically been highly dependent on individual project factors. The decrease in maintenance and subscription revenue resulted from higher churn.
•Technology Operations. These are expenses associated with the operation of our paging networks. Expenses consist largely of site rent expenses for transmitter locations, telecommunication expenses to deliver messages over our paging networks, and payroll and related expenses for our engineering and pager repair functions. We actively pursue opportunities to consolidate transmitters and other service, rental and maintenance expenses in order to maintain an efficient network while simultaneously ensuring adequate service for our customers. We believe continued reductions in these expenses will occur for the foreseeable future as we continue to consolidate our networks, although the benefits of such network rationalization efforts and resulting costscost savings will continue to decline.
•Selling and Marketing. The sales and marketing staff are involved in selling our communication solutions primarily in the United States. These expenses support our efforts to maintain gross placements of units in service, which mitigatedmitigate the impact of disconnects on our wireless revenue base, and to identify business opportunities for additional or future software sales. We maintain a centralized marketing function that is focused on supporting our products and vertical sales efforts by strengthening our brand, generating sales leads and facilitating the sales process. These marketing functions are accomplished through targeted email campaigns, webinars, regional and national user conferences, monthly newsletters and participation at industry trade shows. Expenses consist largely of payroll and related expenses, commissions and other costs such as travel and advertising costs.
•General and Administrative. These are expenses associated with information technology and administrative functions, including finance and accounting, human resources and executive management. This classification consists primarily of payroll and related expenses, outside serviceservices expenses, taxes, licenses and permit expenses, and facility rent expenses.
The following is a review of our operating expense categories for the three and six months ended MarchJune 31,30, 2026, and 2025.
Cost of revenue increaseddecreased by $0.4$0.6 million, or 6.1%,7.7%, for the three months ended MarchJune 31,30, 2026, and $0.1 million, or 0.8%, for the six months ended June 30, 2026, compared to the same periodperiods in 2025. The increasedecrease was primarily driven by additionala reduction in headcount within our professional services resourcesgroup inand conjunctionlower withequipment our efforts to better align staffing levels with our backlog. This increase was mostly offset by a decrease in cost of salescosts resulting from lower hardware sales, as well as cost optimization efforts.
Research and development expenses increased by $0.4$0.2 million, or 11.7%,7.0%, for the three months ended MarchJune 31,30, 2026, and $0.6 million, or 9.4%, for the six months ended June 30, 2026, compared to the same periodperiods in 2025. The increaseincreases wasduring the three and six months ended June 30, 2026 were driven by additional headcount and increased spend in outside services in conjunction with our continued effort to investinvestment in the enhancement of our software solutions, in addition toalongside an increase in technology costs.
Selling and marketing expenses decreased by $0.4 million, or 8.9%,9.8%, for the three months ended MarchJune 31,30, 2026, and $0.9 million, or 9.3%, for the six months ended June 30, 2026, compared to the same periodperiods in 2025. The decreasedecreases wasduring the three and six months ended June 30, 2026 were primarily driven by our cost optimization efforts implementedand inthe 2026.strategic realignment.
General and Administrative
General and administrative expenses decreased by $1.2 million, or 13.9%, for the three months ended June 30, 2026, and $1.4 million, or 8.6%, for the six months ended June 30, 2026, compared to the same periods in 2025. The decreases during the three and six months ended June 30, 2026 were primarily driven by lower technology and compensation costs as a result of our cost optimization efforts and the strategic realignment.
Severance and restructuring expenses increased by $0.3$1.5 million, or 464.9%,million for the three months ended MarchJune 31,30, 2026, and $1.8 million for the six months ended June 30, 2026, compared to the same periodperiods in 2025. The increaseincreases waswere primarily related to severance expenses incurred due to the reduction in headcount during the second quarter of 2026 as a result of ourthe continuousstrategic efforts to optimize costs.realignment.
Other (expense) income
For the three and six months ended June 30, 2026, the Company recognized negligible Other expense. For the three and six months ended June 30, 2025, the Company recognized other income of $0.7 million and $0.8 million, respectively. The other income for the three and six months ended June 30, 2025 primarily consisted of a gain of $0.7 million from the sale of a domain name.
Provision for income taxes was $0.6$1.5 million and $1.1$1.8 million for the three months ended MarchJune 31,30, 2026 and 2025, respectively. Provision for income taxes was $2.2 million and $2.9 million for the six months ended June 30, 2026 and 2025, respectively. Provision for income taxes decreased for the three and six months ended MarchJune 31,30, 2026, compared to the same periodperiods in 2025, primarily due to the decrease in the pre-tax book income. Further details can be found in Note 11, "Income Taxes" in the Notes to Condensed Consolidated Financial Statements.
As of MarchJune 31,30, 2026, we held cash and cash equivalents of $17.1$16.6 million. The available cash and cash equivalents consist of cash in our operating accounts and cash invested in interest-bearing funds managed by third-party financial institutions. We maintain a majority of our cash and cash equivalents in accounts with major United States and multi-national financial institutions, and the majority of our deposits at these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we would be able to access uninsured funds in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect our business, financial condition and results of operations.
On June 23, 2026, we entered into an agreement to sell certain narrowband spectrum licenses in our two-way paging inventory to Sensus USA, Inc. for a purchase price of $8.0 million. The transaction received approval by the Federal Communications Commission ("FCC") and closed on July 20, 2026. We expect to recognize a pre-tax gain upon closing of approximately $7.5 million within other income in the Condensed Consolidated Statements of Operations, reflecting the $8.0 million purchase price less estimated transaction-related costs of approximately $0.5 million. Upon receipt, the net cash proceeds are expected to positively impact our liquidity position.
Based on current and anticipated levels of operations, we anticipate that net cash provided by operating activities, together with the available cash on hand at MarchJune 31,30, 2026, should be adequate to meet our anticipated cash requirements for the short term (next 12 months) and long term (beyond 12 months).
For the six months ended June 30, 2026, net cash provided by operating activities decreased by $0.4 million, ending at $8.9 million, compared to $9.3 million for the six months ended June 30, 2025. The decrease is primarily due to timing of receipts from customers, partially offset by lower cost of revenue and operating expenses.
For the three months ended March 31, 2026, and March 31, 2025, net cash provided by operating activities remained relatively flat, at $2.4 million and $2.3 million, respectively.
For the threesix months ended MarchJune 31,30, 2026, and 2025, net cash used in investing activities was $0.6$1.2 million and $0.7$1.1 million, respectively. Net cash used in investing activities reflects purchases of property and equipment. For the six months ended June 30, 2025, the net cash also includes proceeds from the sale of a domain name.
For the threesix months ended MarchJune 31,30, 2026, and 2025, net cash used in financing activities was $10.0$16.4 million and $10.8$17.1 million, respectively. Net cash used in financing activities primarily consists of cash distributions to stockholders and the purchase of common stock for tax withholding purposes on vested equity awards.
On AprilJuly 29, 2026, our Board of Directors declared a regular quarterly cash dividend of $0.3125 per share of common stock with a record date of MayAugust 26,19, 2026 and a payment date of JuneSeptember 24,9, 2026. This cash dividend of approximately $6.5 million, applicable to our common stock outstanding, will be paid from available cash on hand.
The following table provides the Company's significant commitments and contractual obligations as of MarchJune 31,30, 2026:
SPOK insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 2 Form 4 filings (2 insiders, 3 trade dates, 45,211 shares, about $473.4K) and open-market sales in 3 filings (2 insiders, 2 trade dates, 38,320 shares, about $429.8K). Net open-market shares: 6,891 (purchases minus sales); net value about $43.5K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | Stein Todd J |
Grant/award | 2,383 | $10.49 | $25.0K |
| 2026-10-01 | Stein Todd J |
Grant/award | 0 | — | — |
| 2026-10-01 | Stein Todd J |
Grant/award | 0 | — | — |
| 2026-10-01 | Hyun Randy |
Grant/award | 2,383 | $10.49 | $25.0K |
| 2026-10-01 | Shockley Brett A |
Grant/award | 2,383 | $10.49 | $25.0K |
| 2026-10-01 | Byrne Barbara Peterson |
Grant/award | 2,383 | $10.49 | $25.0K |
| 2026-10-01 | Cournoyer Christine |
Grant/award | 2,383 | $10.49 | $25.0K |
| 2026-08-10 | Cournoyer Christine |
Open-market sale | 8,320 | $11.28 | $93.8K |
| 2026-08-10 | Woods-Keisling Sharon |
Open-market sale | 20,000 | $11.30 | $226.0K |
| 2026-07-01 | Shockley Brett A |
Grant/award | 2,441 | $10.24 | $25.0K |
| 2026-07-01 | Cournoyer Christine |
Grant/award | 2,441 | $10.24 | $25.0K |
| 2026-07-01 | Hyun Randy |
Grant/award | 2,441 | $10.24 | $25.0K |
| 2026-07-01 | Byrne Barbara Peterson |
Grant/award | 2,441 | $10.24 | $25.0K |
| 2026-07-01 | Stein Todd J |
Grant/award | 0 | — | — |
| 2026-07-01 | Stein Todd J |
Grant/award | 2,441 | $10.24 | $25.0K |
| 2026-07-01 | Stein Todd J |
Grant/award | 0 | — | — |
| 2026-06-16 | Stein Todd J |
Open-market purchase | 0 | — | — |
| 2026-06-16 | Stein Todd J |
Open-market purchase | 0 | — | — |
| 2026-06-16 | Stein Todd J |
Open-market purchase | 35,211 | $10.41 | $366.5K |
| 2026-05-12 | Kelly Vincent D |
Open-market purchase | 5,000 | $10.70 | $53.5K |
| 2026-05-11 | Kelly Vincent D |
Open-market purchase | 5,000 | $10.67 | $53.4K |
| 2026-05-05 | Woods-Keisling Sharon |
Open-market sale | 10,000 | $11.00 | $110.0K |
| 2026-04-14 | Rice Calvin |
Grant/award | 0 | — | — |
Well-known investors holding SPOK (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Renaissance Technologies | 2026-06-30 | 1,148,579 | $11.8M | 0.02% | Reduced 9% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 183,447 | $1.9M | 0.0% | Added 932% |
| D. E. Shaw & Co. | 2026-06-30 | 130,163 | $1.3M | 0.0% | Added 46% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 44,987 | $460.7K | 0.0% | Added 4% |
| Two Sigma Investments | 2026-06-30 | 23,150 | $237.1K | 0.0% | Added 16% |
| Millennium Management (Israel Englander) | 2026-06-30 | 22,380 | $229.2K | 0.0% | Reduced 40% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 19,105 | $195.6K | 0.0% | Reduced 79% |