MCHX earnings analysis
What we found in MCHX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Marchex reported Q2 revenue of $11.002 million, below the $11.198 million consensus, while diluted EPS of $0.00 missed the $0.02 estimate. The filing provides limited current-period financial detail in the supplied text, but highlights persistent losses, an accumulated deficit of $333.5 million and meaningful customer concentration at 36% of quarterly revenue. Management reported effective disclosure controls and no material changes to internal controls; the previously announced pro forma Q3 outlook calls for $16.0 million-$16.5 million of revenue and $2.3 million-$2.5 million of adjusted EBITDA.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Missed Consensus
- Second-quarter revenue was $11.002 million versus the $11.198 million consensus estimate, a $0.196 million shortfall, or approximately 1.8%.
- EPS Missed Estimate
- Reported diluted EPS was $0.00 versus the $0.02 estimate, a $0.02 shortfall.
- Controls Remained Effective
- The filing reports an accumulated deficit of $333.5 million as of June 30, 2026, underscoring the company’s long-term unprofitable operating history.
- No Material Control Changes
- Management concluded that disclosure controls and procedures were effective as of the evaluation date, and reported that no changes in internal controls materially affected, or were reasonably likely to materially affect, financial reporting during the three and six months ended June 30, 2026.
- Share Repurchase Capacity Retained
- The company authorized repurchases of up to 3,000,000 Class B shares under the 2025 Repurchase Program; all 3,000,000 shares remained available at June 30, 2026.
- No Repurchases in Q2
- No share repurchases occurred during either the three or six months ended June 30, 2026, preserving available capital under the 3,000,000-share authorization.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Customer Concentration
- The five largest customers represented approximately 36% of revenue for the three months and 35% for the six months ended June 30, 2026. Losing one or more major customers could materially affect revenue, results and liquidity.
- Persistent Losses and Funding Risk
- The company had an accumulated deficit of $333.5 million as of June 30, 2026 and states that it may incur net losses in the foreseeable future. Additional spending, acquisitions or equity grants could further reduce cash balances or require debt.
- Potential Need for Financing
- The filing states that the company may require additional funding to meet ongoing obligations and pursue its strategy, including acquisitions, but gives no assurance that financing will be available on acceptable terms or at all.
- Expanding AI Risk Exposure
- The company identifies AI-related risks including inaccurate, biased or incomplete outputs, evolving regulation, intellectual-property claims and data leakage from employee use of AI tools. These risks could create legal, regulatory and reputational costs.
- Traffic and Partner Dependence
- Distribution-partner agreements may terminate on short notice and are generally tied to variable measures such as revenue, call volume or qualified outcomes. Loss of a material partner or deterioration in traffic quality could reduce revenue and margins.
- Capital Allocation Constraints
- The 2025 Repurchase Program permits repurchases of up to 3,000,000 shares, but timing depends on capital availability and market conditions. Continued losses and the $333.5 million accumulated deficit could constrain the economic value of that authorization.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.0
What they said about what is next.
The 10-Q does not provide a comparable numeric company outlook. The previously announced pro forma Q3 2026 outlook was revenue of $16.0 million-$16.5 million and adjusted EBITDA of $2.3 million-$2.5 million; no prior explicit outlook was provided for comparison.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 14, 2026
- Marchex, Inc. reported Q1 2026 revenue of $10.6 million, which represented a decline of 7% compared to $11.4 million in Q1 2025. The company also reported a diluted EPS of -$0.04, missing consensus estimates of -$0.01,…
- 10-K · April 17, 2026
- This 10-K/A primarily adds Part III corporate governance and executive compensation disclosures; it does not amend the previously filed financial statements. The filing shows founder continuity and concentrated voting…
- 10-K · March 26, 2026
- Marchex positions itself as an AI-first conversation intelligence provider focused on call and text analytics for B2B2C verticals, emphasizing new generative-AI features such as Call Summaries, Sentiment Suite and an…
- 10-Q · November 13, 2023
- Marchex reported Q3 revenue of $12,778,000 (three months ended Sept 30, 2023), down from $13,197,000 a year earlier, with a Q3 operating loss of $1,320,000 and basic/diluted net loss per share of $(0.04). Cash and cash…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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