)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
FiscalNote
FiscalNote (NOTE) investor relations material
FiscalNote Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary9 Nov, 2026
Executive summary
Q3 2026 revenue fell 16.8% YoY to $18.660M; operating loss narrowed to $1.037M from $9.739M and net loss to $5.881M from $24.855M.
Debt defaults, three unmet senior-loan covenants and limited liquidity raised substantial doubt about continued operations; management said its current plans do not alleviate that doubt.
FrontierView was divested, reducing debt and focusing operations on policy and regulatory intelligence products.
Financial highlights
Q3 subscription revenue fell 14.8% to $18.054M; non-subscription revenue fell 51.4% to $0.606M, mainly on lower advertising and event revenue.
Q3 operating expenses fell 39% YoY to $19.7M; adjusted EBITDA rose to $3.603M from $2.180M.
Nine-month revenue was $58.266M, down 20.4% YoY; net loss was $77.328M vs. $42.376M, including $54.700M of goodwill impairment in 2026.
Nine-month operating loss was $67.633M vs. $30.928M; adjusted EBITDA was $6.950M vs. $7.762M.
Outlook and guidance
FY26 revenue guidance of $74M–$76M and adjusted EBITDA guidance of $8M–$10M were reaffirmed; Q4 revenue was forecast at $17.0M–$17.5M and adjusted EBITDA at ~$2.5M.
Management is pursuing debt amendments or restructuring, possible early conversion of subordinated debt, asset or business sales, and cost reductions; strategic review outcomes are not assured.
A remaining $15.049M senior-loan prepayment is due by March 31, 2027, alongside 2027 YA note maturities; management said it currently cannot meet these obligations.
Quarterly senior-loan cash interest is expected to be ~$2.1M at current SOFR rates; unsuccessful strategic efforts could lead to bankruptcy proceedings.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from FiscalNote
- Improved Q3 profitability supports a strategy built on PolicyNote, agentic APIs, and deleveraging.NOTE
Corporate presentation - Q2 2026 revenue fell 16% to $19.6M; outlook cut amid sector and liquidity challenges.NOTEQ2 2026
- Q1 2026 met guidance but saw a 27% revenue drop, $43.6M loss, and major debt risks.NOTEQ1 2026
- Shareholders to vote on directors, executive pay, and auditor as company targets profitability and AI-driven growth.NOTEProxy filing
- Virtual annual meeting to elect directors, approve pay, and ratify auditor on May 27, 2026.NOTEProxy filing
- 2026 guidance targets $80–$83M revenue, >20% EBITDA margin, and positive free cash flow by Q1 2027.NOTEQ4 2025
- Q3 2024 saw revenue fall 13% but margins and EBITDA improved amid leadership changes.NOTEQ3 2024
- Q2 2024 revenue fell 10.9%–11% YoY, but margins and adjusted EBITDA improved on cost efficiencies.NOTEQ2 2024
- Q1 2025 revenue was $27.5M, adjusted EBITDA rose, but liquidity risks persist.NOTEQ1 2025
Next FiscalNote earnings date
Q4 202618 Mar, 2027
FiscalNote
Next FiscalNote earnings date
Q4 202618 Mar, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
FiscalNote Holdings Inc. is a technology company that provides legal, regulatory, and policy data and insights through its AI-powered platforms. The company offers software and services that help organizations track, manage, and respond to evolving legislation, regulations, and government affairs. FiscalNote serves a wide range of clients, including corporations, law firms, non-profits, and government agencies, enabling them to make informed decisions based on real-time legal and policy information. Its solutions also include analytics and workflow tools to improve compliance and strategic planning. The company is headquartered in Washington, D.C., and its shares are listed on the NYSE.