10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(Amendment No. 1)

(Mark One)


☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

For the transition period from to .

Commission File Number 000-50658

Marchex, Inc.

(Exact name of Registrant as specified in its Charter)

     Delaware

     35-2194038

     (State or other jurisdiction of
incorporation or organization)
1200 5th Ave, Suite 1300,
Seattle, WA
(Address of principal executive offices)

      

     (I.R.S Employer
Identification No.)
 
98101
(Zip Code)

    

Registrant’s telephone number, including area code: (206) 331-3300

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading Symbol(s)

     Name of each exchange on which registered

     Class B Common Stock, $0.01 par value per share

     MCHX

     The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares of Class B common stock on The NASDAQ Stock Market on June 30, 2025 was $74,349,596.

The number of shares of Registrant’s Class A common stock outstanding as of April 10, 2026 was 4,660,927. The number of shares of Registrant’s Class B common stock outstanding as of April 10, 2026 was 39,636,247.


		Page

Part III

ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	1

ITEM 11.	EXECUTIVE COMPENSATION	4

ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	14

ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	17

ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	17

Part IV

ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	19


Name	Age	Position	Director Since
Michael Arends	55	Vice Chairman	February 2023
Dennis Cline (1)(2)(3)	65	Director	May 2003
Donald Cogsville (1)(2)(3)	60	Director	April 2019
Russell Horowitz	59	Chairman	August 2017
M. Wayne Wisehart (1)(2)(3)	80	Director	November 2008


Name	Age	Position
Troy Hartless	55	President & Chief Revenue Officer ("CRO")
Francis Feeney	67	Chief Operating Officer ("COO"), Chief Legal Officer ("CLO"), & Corporate Secretary
Brian Nagle	40	CFO
Russell Horowitz	59	Chairman


Name and Principal Position	Year	Salary ($)	Bonus ($)	Stock Awards (2) ($)	Option Awards (3) ($)	Non-equity Compensation ($)	All Other Compensation (4) ($)	Total ($)
Troy Hartless	2025	380,208	262,500	423,125	165,000	-	-	1,230,833
President & CRO	2024	375,000	261,781	-	282,000	-	-	918,781
Francis Feeney	2025	355,208	187,500	379,375	165,000	-	-	1,087,083
COO, CLO, & Corporate Secretary	2024	350,000	250,000	-	282,000	-	-	882,000
Brian Nagle	2025	230,625	5,795	238,125	161,000	-	-	635,545
CFO	2024	78,031	-	-	22,250	-	-	100,281
Russell Horowitz	2025	255,000	-	-	49,500	-	40,013	344,513
Chairman	2024	255,000	-	-	54,000	-	40,013	349,013
Edwin Miller	2025	347,652	318,750	185,938	-	-	5,000	857,340
Former CEO	2024	425,000	376,250	-	376,000	-	2,656	1,179,906


		Option Awards				Stock Awards
Name	Grant Date	Number of Securities Underlying Unexercised Options Exercisable (#)	Number of Securities Underlying Unexercised Options Unexercisable (#)	Option Exercise Price ($)	Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)	Market Value of Shares or Units of Stock That Have Not Vested (2) ($)
Troy Hartless
Stock Options	4/3/2023 (5)	93,750	56,250	1.86	4/3/2033	—	—
Stock Options	4/3/2023 (8)	127,016	72,984	1.86	4/3/2033	—	—
Stock Options	9/28/2023 (5)	168,750	131,250	1.45	9/28/2033	—	—
Stock Options	7/26/2024 (5)	62,500	137,500	1.58	7/26/2034	—	—
Stock Options	7/26/2024 (5)	—	100,000	1.58	7/26/2034	—	—
Restricted Stock	3/20/2025 (10)	—	—	—	—	87,500	145,250
Restricted Stock	10/16/2025 (11)	—	—	—	—	150,000	249,000
Stock Options	10/16/2025 (5)	—	150,000	1.81	10/16/2035	—	—
Francis Feeney
Stock Options	10/1/2018 (5)	125,000	—	2.82	10/1/2028	—	—
Stock Options	4/17/2019 (5)	13,000	—	5.05	4/14/2029	—	—
Stock Options	1/4/2021 (5)	30,000	—	2.02	1/4/2031	—	—
Stock Options	1/3/2022 (5)	37,500	2,500	2.56	1/3/2032	—	—
Restricted Stock	1/3/2022 (3)	—	—	—	—	10,000	16,600
Stock Options	1/3/2023 (5)	27,500	12,500	1.72	1/3/2033	—	—
Restricted Stock	1/3/2023 (3)	—	—	—	—	20,000	33,200
Stock Options	9/28/2023 (5)	168,750	131,250	1.45	9/28/2033	—	—
Stock Options	7/26/2024 (5)	62,500	137,500	1.58	7/26/2034	—	—
Stock Options	7/26/2024 (11)	—	100,000	1.58	7/26/2034	—	—
Restricted Stock	3/20/2025 (10)	—	—	—	—	62,500	103,750
Restricted Stock	10/16/2025 (11)	—	—	—	—	150,000	249,000
Stock Options	10/16/2025 (5)	—	150,000	1.81	10/16/2035	—	—
Brian Nagle
Stock Options	8/12/2024 (5)	7,812	17,188	1.86	8/12/2034	—	—
Stock Options	1/16/2025 (5)	—	25,000	1.94	1/16/2035	—	—
Restricted Stock	3/20/2025 (10)	—	—	—	—	7,500	12,450
Restricted Stock	10/16/2025 (11)	—	—	—	—	125,000	207,500
Stock Options	10/16/2025 (5)	—	125,000	1.81	10/16/2035	—	—
Russell Horowitz
Stock Options	10/22/2020 (9)	20,000	—	1.90	10/22/2030	—	—
Stock Options	12/31/2020 (9)	95,000	—	1.96	12/31/2030	—	—
Stock Options	1/4/2021 (5)	41,000	—	2.02	1/4/2031	—	—
Stock Options	10/1/2021 (7)	20,000	—	3.02	10/1/2031	—	—
Stock Options	12/30/2021 (6)	47,500	—	2.57	12/30/2031	—	—
Stock Options	1/3/2022 (5)	47,812	3,188	2.56	1/3/2032	—	—
Restricted Stock	1/3/2022 (3)	—	—	—	—	12,750	21,165
Stock Options	9/29/2022 (4)	20,000	—	1.78	9/29/2032	—	—
Stock Options	12/30/2022 (7)	72,000	—	1.60	12/30/2032	—	—
Stock Options	1/25/2023 (5)	35,062	15,938	2.00	1/25/2033	—	—
Restricted Stock	1/25/2023 (3)	—	—	—	—	25,500	42,330
Stock Options	9/28/2023 (4)	20,000	—	1.45	9/28/2033	—	—
Stock Options	11/6/2024 (4)	25,000	25,000	1.80	11/6/2034	—	—
Stock Options	12/16/2025 (4)	—	50,000	1.64	12/16/2035	—	—
Edwin Miller
Stock Options	2/3/2023 (5)	206,250	93,750	2.09	2/3/2033	—	—
Stock Options	2/3/2023 (8)	187,500	187,500	2.09	2/3/2033	—	—
Stock Options	9/28/2023 (5)	196,875	153,125	1.45	9/28/2033	—	—
Stock Options	7/26/2024 (5)	78,125	171,875	1.58	7/26/2034	—	—
Stock Options	7/26/2024 (5)	—	150,000	1.58	7/26/2034	—	—
Restricted Stock	3/20/2025 (10)	—	—	—	—	106,250	176,375


	PEO (1)		PEO (2)		PEO (3)
Fiscal Year	Summary Compensation Table Total ($)	Total CAP ($)	Summary Compensation Table Total ($)	Total CAP ($)	Summary Compensation Table Total ($)	Total CAP ($)
2025	1,230,833	1,163,483	1,087,083	1,002,000	857,340	796,132
2024	-	-	-	-	1,179,906	1,318,187
2023	-	-	-	-	1,460,113	1,193,371


	PEO (4)		PEO (5)
Fiscal Year	Summary Compensation Table Total ($)	Total CAP ($)	Summary Compensation Table Total ($)	Total CAP ($)
2025	-	-	-	-
2024	-	-	-	-
2023	529,876	181,122	537,428	80,840


	Non-PEO NEO (6)
Fiscal Year	Average Summary Compensation Table Total	Average Total CAP ($)	Value of Initial Fixed $100 investment on December 31, 2022 based on Total Shareholder Return ($)	Net Loss ($K)
2025	490,029	369,315	$103.75	(5,235)
2024	624,391	681,340	$109.38	(4,947)
2023	489,738	349,350	$85.00	(9,910)


		Summary Compensation Table Total	Grant Date Value of New Awards	Year End Value of New Awards	Change in Value of Awards Vested in Current Year	Change in Value of Awards Already Vested	Values of Awards Canceled as of Prior Year	Total Equity CAP	Total CAP*
Fiscal Year		(1)	(2)	(3)	(4)	(5)	(6)	(7)=(3)+(4)+(5)+(6)	(8)=(1)-(2)+(7)
2025	PEO (a)	1,230,833	588,125	543,375	(11,925)	(10,675)	-	520,775	1,163,483
	PEO (b)	1,087,083	544,375	502,125	(10,444)	(32,389)	-	459,292	1,002,000
	PEO (c)	857,340	185,938	175,313	(16,719)	(33,864)	-	124,730	796,132
	Average Non-PEO NEO (f)	490,029	224,313	210,313	(6,239)	(100,476)	-	103,598	369,315
2024	PEO (c)	1,179,906	376,000	424,000	90,281	-	-	514,281	1,318,187
	Average Non-PEO NEO (f)	624,391	141,000	159,000	38,949	-	-	197,949	681,340
2023	PEO (c)	1,460,113	1,073,750	807,008	-	-	-	807,008	1,193,371
	PEO (d)	529,876	221,650	162,099	(90,651)	(198,552)	-	(127,104)	181,122
	PEO (e)	537,428	218,267	145,000	(299,973)	(83,348)	-	(238,321)	80,840
	Average Non-PEO NEO(f)	489,738	390,367	373,979	-	-	(124,000)	249,979	349,350


Name	Fees Earned or Paid in Cash ($)	Stock Awards (1) ($)	Option Awards (1) ($)	Total ($)
Michael Arends	60,000	-	49,500	109,500
Dennis Cline	30,000	-	49,500	79,500
Donald Cogsville	30,000	-	49,500	79,500
M. Wayne Wisehart	30,000	-	49,500	79,500


Plan Category	Number of Shares to be issued upon exercise of outstanding options, warrants, and rights (#)(a)		Weighted Average exercise price of outstanding options, warrants, and rights ($)(b)		Number of shares remaining available for future issuance under equity compensation plans (excluding shares reflected in column (a)(#)(c)
Equity compensation plans approved by security holders:
2012 stock incentive plan(1)	1,323,060		2.72		-
2021 stock incentive plan(2)	7,289,087	(3)	1.73	(4)	1,377,459
Total	8,612,147		1.88	(4)	1,377,459


	MARCHEX, INC.

	By:	/S/ BRIAN NAGLE
		Brian Nagle CFO (Principal Financial Officer and Principal Accounting Officer)


Name	Stock Awards (#)	Option Awards (#)	Total (#)
Michael Arends	-	120,000	120,000
Dennis Cline	-	215,000	215,000
Donald Cogsville	-	215,000	215,000
M. Wayne Wisehart	-	215,000	215,000


	Shares Beneficially Owned
	Class A Common Stock		Class B Common Stock
Name and, as appropriate, Address of Beneficial Owner	Shares	%	Shares	%	Total Voting Power (1) (%)
5% Security Holders:
Edenbrook Capital, LLC (2)	—	—	14,561,905	36.7	9.3
116 Radio Circle
Mount Kisco, NY 10549
Koller Capital LLC (3)	—	—	3,865,175	9.8	2.5
1343 Main Street, Suite 413
Sarasota, FL 34236
NEOs and Directors:
Michael Arends (4)	—	—	2,081,666	5.3	1.3
Dennis Cline (5)	—	—	286,760	*	*
Donald Cogsville (6)	—	—	230,623	*	*
Francis Feeney (7)	—	—	855,428	2.2	*
Troy Hartless (8)	—	—	675,000	1.7	*
Russell Horowitz (9)	4,660,927	100.0	1,449,855	3.7	75.5
Brian Nagle (10)	—	—	26,249	*	*
M. Wayne Wisehart (6)	—	—	461,145	1.2	*
All directors and executive officers as a group (8 persons) (11)	4,660,927	100.0	6,066,726	15.3	78.5


	2025	2024
Audit Fees (1)	606,890	439,900
Audit-Related Fees (2)	-	-
Tax Fees (3)	-	-
Total All Fees	606,890	439,900



Exhibit Number		Description of Document

†31.1		Certification of Principal Executive Officers pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

†31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Amendment: SEC Form 10-K/A filed by Marchex Inc.