Here are 1-3 brief analogies for Marchex (MCHX):

• Google Analytics for customer conversations.
• SurveyMonkey for live customer conversations.
• Salesforce for understanding and coaching customer conversations with AI.

• Marchex Conversation Intelligence Platform: A software-as-a-service (SaaS) platform that uses artificial intelligence to analyze customer conversations (phone calls, texts, chats) for businesses, providing actionable insights.
• Call Tracking & Analytics: A service that provides businesses with detailed insights into the effectiveness of their marketing campaigns by tracking and analyzing inbound phone calls.
• Sales Engagement Solutions: Services designed to improve sales team performance and customer conversion rates by analyzing conversational data and providing tools for better customer interactions.
• Marketing Optimization Solutions: Services that leverage conversational intelligence to enhance marketing campaign performance and optimize advertising spend for improved return on investment.
• Fraud Prevention for Calls: A service that identifies and blocks fraudulent or unwanted calls, protecting businesses from spam, telemarketing abuse, and call fraud.

Marchex (symbol: MCHX) primarily sells its conversation intelligence solutions to other companies (B2B).

While Marchex's SEC filings indicate that a limited number of customers represent a significant portion of its revenue (for instance, its largest customer accounted for approximately 12% of total revenue in 2023), the company does not publicly disclose the names of these specific major customer companies due to confidentiality.

Instead, Marchex serves businesses across several key industries, which effectively represent their categories of customers:

• Automotive: Dealerships and various automotive service providers use Marchex to manage and analyze customer interactions.
• Insurance: Insurance carriers and agencies leverage Marchex's platform to improve sales conversions and customer service.
• Home Services: Companies providing services such as plumbing, HVAC, electrical, and other home-related repairs and installations utilize Marchex to optimize their customer engagement.
• Travel and Hospitality: Businesses within the travel and hotel sectors use Marchex solutions to enhance booking processes and guest communication.
• Media: Media companies and advertising agencies that manage leads for their clients often integrate Marchex's conversation intelligence to track and optimize campaign performance.

Amazon.com, Inc. (AMZN)

Troy Hartless, President and Chief Revenue Officer

Troy Hartless joined Marchex in 2023 to lead Sales, Marketing, Engineering, Product Management, Solutions Consulting, and Customer Success. He was appointed President and Chief Revenue Officer in September 2025. Previously, Mr. Hartless served as the CEO of TLJ Capital since 2009. He also held the role of Chief Operating Officer at Govplace from 2019 to 2020 and Chief Revenue Officer at 9Lenses from 2017 to 2019.

Brian Nagle, Chief Financial Officer

Brian Nagle was appointed Chief Financial Officer of Marchex in September 2025. Prior to this, he served as the Senior Vice President and Controller of the company. Mr. Nagle brings over 15 years of experience in finance, operations, and strategic leadership.

Francis J. Feeney Jr., Chief Operating Officer and Chief Corporate and Legal Affairs Officer

Francis J. Feeney Jr. was appointed Chief Operating Officer of Marchex in September 2025. He joined Marchex in 2018 and oversees the company's corporate, legal, and strategic affairs, also serving as Chief Corporate and Legal Affairs Officer.

Russell C. Horowitz, Executive Chairman

Russell Horowitz is the Founder and Chairman of Marchex, Inc. He previously served as Executive Chairman from April 2019 to January 2023, and as Co-CEO from October 2016 to January 2023. Before that, he was CEO, Treasurer, and Chairman of the Board from the company's inception to February 2015. Mr. Horowitz was also a founder, Chairman, CEO, and CFO of Go2Net from its inception in February 1996 until its merger with InfoSpace in October 2000, an acquisition valued at approximately $1.5 billion in stock. He then served as Vice Chairman and President of the combined company. Additionally, he founded Xanthus Capital, LP, a merchant bank, where he served as CEO and director of Xanthus Management, LLC. In 1992, Mr. Horowitz founded Active Apparel Group (now Everlast Worldwide) and served as its Chief Financial Officer until 1995. Go2Net notably expanded through various acquisitions.

Trevor Caldwell, Senior Vice President of Investor Relations and Strategic Initiatives

Trevor Caldwell joined Marchex in 2004, prior to the company's IPO, as the Director of Strategic Initiatives & Investor Relations. He possesses a strong background in investor relations and strategic initiatives.

1. Strategic Platform Migration and Revenue Dilution: Marchex is undergoing a significant strategic pivot to a Software-as-a-Service (SaaS) model through its OneStack initiative and migration to the Marchex Engage platform. This transition is causing "revenue migration dilution" as existing customers migrate or choose not to, leading to sequential decreases in revenue and Adjusted EBITDA in the near term. This presents a challenge to achieving the company's 2025 financial run-rate goals.
2. Acquisition Integration Risk: Marchex has an agreement in principle to acquire Archenia (also referred to as Arcadia), a performance-based customer acquisition company. While strategically aimed at accelerating growth and enhancing market reach, this proposed acquisition introduces integration risk and execution challenges, which could delay the transaction.
3. Profitability and Financial Performance Challenges: Marchex is currently unprofitable, with GAAP revenue showing slight declines. Analysts maintain a cautious outlook, with an overall "Reduce" rating. The company's gross profit margin is also lower than typical SaaS industry benchmarks, primarily due to the higher cost-to-serve associated with its AI-centric conversational intelligence platform. Achieving future revenue and Adjusted EBITDA targets is contingent on accelerating sales bookings and successful execution of its strategic initiatives.

The increasing integration of sophisticated conversational AI, call analytics, and sales engagement capabilities directly into major CRM, marketing automation, and contact center platforms offered by technology giants such as Salesforce, Google, Microsoft, and Amazon. These large platforms, with their extensive resources and existing customer bases, are rapidly developing and incorporating functionalities that directly overlap with Marchex's core offerings. This trend allows businesses to consolidate their technology stacks and obtain "good enough" or even advanced versions of specialized tools as part of a broader, integrated solution, potentially reducing the need for standalone niche providers like Marchex and leading to the commoditization of its services.

Marchex (symbol: MCHX) operates within the addressable markets of Conversational AI and Sales Engagement platforms.

• The global conversational AI market was valued at approximately $13.6 billion in 2024. This market is projected to expand significantly, reaching an estimated $151.6 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 29.16% from 2025 to 2033. North America accounts for a substantial portion of this market, holding over 28.6% in 2024. Another estimate places the global conversational AI market at $17.05 billion in 2025, with a projected growth to $49.80 billion by 2031, at a CAGR of 19.6%.
• The global sales engagement platform market reached an estimated size of $8.99 billion in 2024. This market is forecasted to grow to $29.62 billion by the end of 2033, with a CAGR of 14.3% from 2024 to 2033. North America was the leading region in this market, holding a 26.9% share in 2022, and is expected to maintain its dominant position.

1. Product Innovation with AI and Conversational Intelligence: Marchex is heavily investing in leveraging artificial intelligence (AI) to expand its product suite with new conversational intelligence capabilities. This includes developing new AI-driven features, such as sentiment analysis, and rolling out vertical-specific solutions tailored for industries like automotive OEMs and dealers, home services, medical, and dental. The company's "OneStack" initiative also supports this by creating a more scalable technical foundation for accelerated product innovation and the launch of platforms like Marchex Engage.
2. Customer Expansion and Acquisition in Key Verticals: Marchex anticipates growth by expanding relationships within its existing enterprise customer base and acquiring new customers. The company explicitly notes significant untapped potential within its current customer base and is seeing success in winning new customers. Strategic focus on high-growth vertical markets, such as home services, is a key part of this strategy.
3. Strategic Partnerships and Channel Expansion: The company is actively pursuing new channel partnerships and expanding existing ones to broaden its market reach. A notable example is the expanded partnership with FordDirect, which provides multi-year access to its extensive network of franchised dealers for Marchex's products. These partnerships are expected to contribute to scaling relationships and accelerating growth.
4. Operational Efficiency and Platform Scalability (OneStack Initiative): Marchex's "OneStack" initiative is designed to modernize its technical infrastructure by creating a centralized platform in the cloud. This streamlining effort is expected to improve operational efficiency, reduce service costs, unify products, and enhance scalability. By freeing up resources and improving gross margins, OneStack is anticipated to enable further investment in growth initiatives and product innovation, ultimately driving revenue acceleration.

Share Repurchases

• In May 2025, Marchex authorized a new share repurchase program, allowing for the buyback of up to 3,000,000 shares of Class B common stock with no expiration date.
• This 2025 program supersedes prior repurchase programs, including the 2014 program which had authorized the repurchase of up to 3 million shares of Class B common stock.

Share Issuance

• During the nine months ended September 30, 2021, Marchex generated $5.149 million in net proceeds from exercises of stock options, issuance and vesting of restricted stock, and its employee stock purchase plan from continuing financing activities.
• In 2020, the company issued 223 thousand shares of common stock, generating $32,000 from the exercise of options, issuance and vesting of restricted stock, and the employee stock purchase plan.

Outbound Investments

• On October 16, 2020, Marchex completed the sale of its Media Assets to Archenia, Inc. for consideration including $2.25 million in cash, contingent payments, a 10% equity interest in Archenia, and the cancellation of Marchex stock options.
• In 2025, Marchex sold a domain asset for $0.8 million.

Capital Expenditures

• Marchex's capital expenditures were $1.36 million in 2020, $1.35 million in 2021, $2.87 million in 2022, $1.38 million in 2023, and $0.43 million in 2024.
• The company is investing in its cloud infrastructure and platform integration, with a significant "OneStack" platform unification initiative completed in 2025 to enhance security, ease of use, and accelerate innovation.
• Marchex plans to continue investing in technology initiatives like Marchex Platform Services to expand its product offerings and reach new channel partners.