Revenue: As of FY2025 Q3, the actual value is USD 33.87 M, missing the estimate of USD 35.9 M.EPS: As of FY2025 Q3, the actual value is USD 0.15, missing the estimate of USD 0.19.EBIT: As of FY2025 Q3, the actual value is USD 4.166 M.<h3>Wireless Revenue</h3><ul><li>Paging Revenue: For the three months ended September 30, 2025, paging revenue was $16,917 thousand, a decrease of $688 thousand or 3.9% compared to the same period in 2024. For the nine months ended September 30, 2025, paging revenue was $51,716 thousand, a decrease of $1,492 thousand or 2.8% compared to the same period in 2024.</li><li>Product and Other Revenue: For the three months ended September 30, 2025, product and other revenue was $877 thousand, an increase of $221 thousand or 33.7% compared to the same period in 2024. For the nine months ended September 30, 2025, product and other revenue was $2,992 thousand, an increase of $1,047 thousand or 53.8% compared to the same period in 2024.</li></ul><h3>Software Revenue</h3><ul><li>License Revenue: For the three months ended September 30, 2025, license revenue was $1,076 thousand, a decrease of $966 thousand or 47.3% compared to the same period in 2024. For the nine months ended September 30, 2025, license revenue was $6,101 thousand, a decrease of $264 thousand or 4.1% compared to the same period in 2024.</li><li>Professional Services - Projects: For the three months ended September 30, 2025, revenue was $3,649 thousand, a decrease of $222 thousand or 5.7% compared to the same period in 2024. For the nine months ended September 30, 2025, revenue was $11,951 thousand, an increase of $837 thousand or 7.5% compared to the same period in 2024.</li><li>Professional Services - Managed Services: For the three months ended September 30, 2025, revenue was $1,807 thousand, an increase of $843 thousand or 87.4% compared to the same period in 2024. For the nine months ended September 30, 2025, revenue was $4,642 thousand, an increase of $2,610 thousand or 128.4% compared to the same period in 2024.</li></ul><h3>Operating Expenses</h3><ul><li>Cost of Revenue: For the three months ended September 30, 2025, cost of revenue was $7,359 thousand, an increase of $226 thousand or 3.2% compared to the same period in 2024. For the nine months ended September 30, 2025, cost of revenue was $21,902 thousand, an increase of $467 thousand or 2.2% compared to the same period in 2024.</li><li>Research and Development: For the three months ended September 30, 2025, expenses were $2,993 thousand, an increase of $162 thousand or 5.7% compared to the same period in 2024. For the nine months ended September 30, 2025, expenses were $9,072 thousand, an increase of $114 thousand or 1.3% compared to the same period in 2024.</li><li>Technology Operations: For the three months ended September 30, 2025, expenses were $5,686 thousand, a decrease of $397 thousand or 6.5% compared to the same period in 2024. For the nine months ended September 30, 2025, expenses were $17,431 thousand, a decrease of $1,132 thousand or 6.1% compared to the same period in 2024.</li><li>Selling and Marketing: For the three months ended September 30, 2025, expenses were $4,151 thousand, an increase of $223 thousand or 5.7% compared to the same period in 2024. For the nine months ended September 30, 2025, expenses were $13,263 thousand, an increase of $1,681 thousand or 14.5% compared to the same period in 2024.</li><li>General and Administrative: For the three months ended September 30, 2025, expenses were $8,290 thousand, a decrease of $244 thousand or 2.9% compared to the same period in 2024. For the nine months ended September 30, 2025, expenses were $25,591 thousand, an increase of $1,006 thousand or 4.1% compared to the same period in 2024.</li></ul><h3>Cash Flow</h3><ul><li>Net Cash Provided by Operating Activities: For the nine months ended September 30, 2025, net cash provided by operating activities was $17,425 thousand, a decrease of $3,090 thousand compared to the same period in 2024.</li><li>Net Cash Used in Investing Activities: For the nine months ended September 30, 2025, net cash used in investing activities was $1,647 thousand, a decrease of $701 thousand compared to the same period in 2024.</li><li>Net Cash Used in Financing Activities: For the nine months ended September 30, 2025, net cash used in financing activities was $23,562 thousand, an increase of $1,219 thousand compared to the same period in 2024.</li></ul><h3>Future Outlook and Strategy</h3><ul><li>Core Business Focus: Spok Holdings, Inc. plans to continue its focus on clinical communication and collaboration solutions, particularly in the healthcare sector, with an emphasis on expanding its managed services offering to provide revenue stability.</li><li>Non-Core Business: The company is exploring ways to innovate and provide customers with the highest value possible, including service offerings like encrypted paging and Spok Mobile with a pager number to mitigate the decline in wireless revenue.</li></ul>

Spok | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 33.87 M