FiscalNote (NOTE) Q3 2026 earnings summary

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.