The standalone Q2 miss is overshadowed by the Archenia acquisition closing and strong Q3 pro forma guidance. The key catalyst is the Q3 report in early November, which will be the first to include a full quarter of Archenia results. Monitor customer adoption of the combined AI-verified outcomes and Conversational AI Agents products, as these drive the Pay-Per-Event revenue model that underpins the growth acceleration thesis.
Price Chart
Executive Summary
Marchex reported Q2 2026 GAAP revenue of $11.0M (down 5.6% YoY from $11.7M) and a GAAP net loss of $0.4M (-$0.01/share), compared to net income of $0.1M in Q2 2025. The standalone results missed the single-analyst consensus of $0.02 EPS and $11.2M revenue. However, the company closed its acquisition of Archenia on July 1, 2026, and provided pro forma combined Q3 2026 guidance of $16.0-$16.5M revenue and $2.3-$2.5M Adjusted EBITDA, signaling a meaningful growth acceleration and margin expansion trajectory that overshadows the standalone miss.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP revenue was $11.0M, down 5.6% YoY from $11.7M.
- GAAP net loss was $0.4M (-$0.01/diluted share) vs net income of $0.1M ($0.00) in Q2 2025.
- Adjusted EBITDA was $0.7M, up from $0.6M in Q2 2025; before $1.0M in reorganization/acquisition costs, it was $1.7M.
- The Archenia acquisition closed on July 1, 2026; Q2 results do not include Archenia.
- Pro forma combined Q2 2026 revenue was $15.5M with Adjusted EBITDA of $1.0M ($2.0M before costs).
- Q3 2026 pro forma combined guidance: revenue $16.0-$16.5M, Adjusted EBITDA $2.3-$2.5M.
- Three existing customers expanded via new combined products, with one home services client doubling annualized revenue to >$1M.
Financial Impact
Standalone revenue declined ~$0.7M YoY, but pro forma combined revenue is guided to $16.0-$16.5M in Q3, implying a ~$5M sequential increase from standalone Q2 and a ~$4.3M increase from pro forma Q2.
Risk Factors
- Standalone revenue continued its YoY decline, indicating the legacy business is still contracting.
- The Archenia acquisition adds integration risk and $1.0M in quarterly reorganization costs.
- Pro forma guidance is forward-looking and depends on successful cross-selling and pilot conversions.
- The company has a history of revenue declines and net losses, and the path to sustained profitability is unproven at scale.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-346915 |
| Document: mchx-20260812.htm | 0001193125-26-346915 |
| Document: 0001193125-26-346915-index-headers.html | 0001193125-26-346915 |
| Document: 0001193125-26-346915-index.html | 0001193125-26-346915 |
| Document: 0001193125-26-346915.txt | 0001193125-26-346915 |
| 8-K Data (Synthetic) | 0001193125-26-346915 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | Press Release | $1.42 $1.28 | ▼ −9.86% | ▼ −9.30% | $1.26 (−11.27%) |
Aug 12, 2026 10w ago | 8-K | $1.82 $1.37 | ▼ −25.00% | ▼ −23.25% | $1.26 (−30.77%) |
Jun 5, 2026 20w ago | DEFM14A | $1.53 $1.76 | ▲ +15.03% | ▲ +13.40% | $1.26 (−17.65%) |
May 26, 2026 21w ago | PREM14A | $1.63 $1.50 | ▼ −7.98% | ▼ −6.07% | $1.26 (−22.70%) |
May 13, 2026 23w ago | 8-K | $1.62 $1.55 | ▼ −4.32% | ▼ −3.46% | $1.26 (−22.22%) |
May 13, 2026 23w ago | DEFA14A | $1.62 $1.55 | ▼ −4.32% | ▼ −3.46% | $1.26 (−22.22%) |
May 1, 2026 25w ago | 8-K | $1.73 $1.67 | ▼ −3.47% | ▼ −9.11% | $1.26 (−27.17%) |
Apr 17, 2026 27w ago | 10-K/A | $1.72 $1.66 | ▼ −3.49% | ▼ −7.69% | $1.26 (−26.74%) |
US Market Status
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