NOTE
T2FiscalNote Holdings, Inc.
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OverviewFiscalNote Holdings Inc. provides AI-driven legal, regulatory, and policy intelligence, leveraging proprietary data and expert analysis from sources like Congre
FiscalNote Holdings Inc. provides AI-driven legal, regulatory, and policy intelligence, leveraging proprietary data and expert analysis from sources like Congressional Quarterly. Serving corporations, governments, and law firms, its solutions aid public policy and advocacy. Despite recent revenue declines and NYSE delisting, the company focuses on stabilizing its core business and expanding growth through AI-accessible APIs and its unique data assets.
Search Keywords Brand Product
- PolicyNote
- CQ Roll Call
- VoterVoice
- FrontierView
- Fireside
- PACbuilder
- CQ Federal
- CQ News
- CQ Transcripts
- Policy Note MCP APIs
- policy intelligence
- regulatory intelligence
- legislative tracking
- government affairs software
- AI-driven policy
- public policy solutions
- issues management
- advocacy campaigns
- constituent relationship management
- data analytics
Search Keywords Event Phrases
- FiscalNote earnings
- FiscalNote delisting
- FiscalNote debt restructuring
Search Keywords Policy Regulatory
- federal policy
- state policy
- international regulations
- appropriations tracking
- government spending analysis
- What They Do (Plain English & Analogies)
- FiscalNote is like a super-smart assistant for anyone who needs to understand what's happening in government and how laws and regulations are changing, both in the U.S. and globally. They gather massive amounts of information about laws, rules, and policies from all levels of government, from local towns to international bodies. They combine this raw data with expert journalism and analysis from long-standing news organizations like Congressional Quarterly and Roll Call. This allows them to provide customers with a clear picture of what legislation is being debated, how it's moving through the system, and what impact it might have. Think of it as a specialized news agency and data provider that not only reports on government actions but also helps businesses and organizations predict and respond to policy changes, often using advanced AI tools to make this complex information easy to use.
- Very Brief History
- FiscalNote Holdings Inc. has evolved into a premier technology and data firm specializing in global legal data and actionable insights. Its roots include venerable journalistic institutions like Roll Call, founded in 1955, which merged with Congressional Quarterly in 2009 to form CQ Roll Call. Key Compton, the current CEO, became an investor in FiscalNote in 2020 and joined its Board in 2021, eventually stepping into the CEO role in 2026. The company has historically grown through acquisitions, integrating various data and intelligence assets.
- "Street Stereotype"
- FiscalNote is generally perceived as a small, speculative player in the policy and regulatory intelligence space. Its recent delisting from the New York Stock Exchange to trade OTC further reinforces a perception of higher risk and limited liquidity among investors, despite its AI-driven offerings and proprietary data assets.
- Subsidiaries On Linked In*
- CQ Roll Call — A combined entity of Congressional Quarterly and Roll Call, providing news and analysis on Capitol Hill.; LinkedIn: cq-roll-call
- Customer Sectors & Example Clients
- FiscalNote serves a diverse range of customers, including Fortune 100 corporations, governmental agencies, law firms, professional service providers, industry trade groups, and non-profit organizations. Specific examples of organizations that rely on their services include Susan G. Komen and FedEx. Their long-time customers also include former and current Hill staff. They also serve major global technology companies.
- New Customers / Segments They'Re Targeting
- FiscalNote is targeting new growth by serving its existing customer base more deeply, extending beyond just new customer acquisition. They are exploring how their policy and regulatory expertise can expand into adjacent areas such as appropriations, government spending, and other areas that directly impact client revenues. The company is also heavily leaning into its API and MCP server ecosystem, targeting organizations that want to embed FiscalNote's trusted data directly into their own AI workflows. Additionally, they are expanding their professional services to help customers adopt AI-driven workflows, particularly for policy and government affairs teams who need assistance in implementing these advanced tools.
- Supply Chain And Sourcing Geographies
- FiscalNote's core 'supply chain' involves the aggregation, structuring, and verification of rules, laws, and regulations from all levels of government, including municipal, state, federal, and international sources. A significant portion of its human-generated intelligence comes from its content teams at Congressional Quarterly and Roll Call, which have covered U.S. federal policy and reported from inside Washington, D.C., for decades. This indicates a strong U.S. domestic focus for content creation and analysis, complemented by global data aggregation for regulatory information.
- Sales Geographies And Expansion Plans
- FiscalNote currently sells its products and services globally, driven by the understanding that rules, laws, and regulations are a global phenomenon that is expanding. The demand for their API and MCP server ecosystem, which allows organizations to embed their data into AI workflows, is also global. While their core journalistic assets like Congressional Quarterly and Roll Call have a strong U.S. federal policy focus, the company's overall offerings and data aggregation extend internationally, indicating a global sales footprint with potential for further international expansion, especially through their API channels.
- How Key Themes May Help/Hurt
- FiscalNote is directly aligned with the 'Data Owners '25: Legal, Regulatory & IP Information' theme, which is driven by the indispensable value of proprietary, expert-curated data in highly regulated professional workflows. The buildout of this theme significantly helps FiscalNote, as AI integration is accelerating the monetization of such data, enhancing productivity, and expanding market opportunities. The company explicitly states that AI makes its proprietary data and intelligence even more valuable, enabling delivery through subscription platforms and AI-accessible APIs. Increasing global regulatory complexity and compliance mandates provide durable tailwinds for their products and services. However, the theme also highlights potential hurts, such as slower-than-anticipated enterprise adoption of AI solutions due to change management and ROI concerns, and intensifying competition from generic Large Language Models (LLMs) or agile AI-native startups, though FiscalNote asserts its data is superior to publicly scraped data.
3 Main Long-Term Bull Details
- Highly Differentiated Proprietary Assets: FiscalNote owns and operates highly differentiated proprietary assets, including deep historical data and expert human-generated intelligence from sources like Congressional Quarterly and Roll Call, which cannot be replicated by competitors or general-purpose AI.
- Durable Tailwinds from Global Regulatory Complexity: The increasing global phenomenon of rules, laws, and regulations provides a durable and expanding market for FiscalNote's policy and regulatory intelligence products and services.
- AI Integration and API-led Growth: The company is strategically leveraging AI to enhance the value of its data and is experiencing rapid growth in demand for its AI-accessible APIs, allowing organizations to embed trusted data directly into their own AI workflows.
3 Main Long-Term Bear Details
- Significant Capital Structure Challenges: FiscalNote is navigating conversations related to its recent delisting from the New York Stock Exchange and is working with lenders through short-term forbearance agreements related to its debt, indicating a precarious financial position.
- Revenue Contraction and Lowered Guidance: The company experienced a year-over-year revenue decline of approximately 16% in Q2 2026 and a quarter-over-quarter contraction in Annual Recurring Revenue (ARR). Its full-year 2026 forecast for both revenue and adjusted EBITDA has been lowered, reflecting continued softness in key sectors and a cautious spending environment.
- Macroeconomic Headwinds and Competitive Pressure: FiscalNote faces challenges from a cautious macro environment, pressure in the federal and broader public sector, and potential competition from companies attempting to build their own policy data tools, despite FiscalNote's claimed data superiority.
- Competitors And Differentiation
- FiscalNote differentiates itself through its unmatched ability to deliver legislative, regulatory, and policy intelligence from truly unique and proprietary sources. Their combination of proprietary data and content, including the 80-year heritage of Congressional Quarterly covering U.S. federal policy and Roll Call's decades of reporting from Washington, underpins an ability to provide outcomes that competitors cannot match. They emphasize that their products and services are end-to-end, proprietary, and cannot be replicated by general-purpose AI, as they continuously aggregate, synthesize, verify, and make new data and analysis actionable. A key competitive advantage was demonstrated when a major global technology company, attempting to build its own policy data tool by scraping public data, found FiscalNote's data superior in completeness and reliability.
- Recent Performance & What The Market'S Focused On
- In Q2 2026, FiscalNote reported revenue of $19.6 million, within its guidance range but down approximately 16% year-over-year. Adjusted EBITDA was $2.3 million, slightly below guidance. Annual Recurring Revenue (ARR) was $74.9 million, representing a contraction of $800,000 quarter-over-quarter, though net revenue retention improved to 98% from 89% in Q1. The company has lowered its full-year 2026 forecast for both revenue and adjusted EBITDA. The market is primarily focused on FiscalNote's efforts to stabilize its core business, implement capital discipline, and return to growth, while also closely monitoring the ongoing discussions and evaluation of alternatives related to its recent delisting from the New York Stock Exchange and its debt agreements.
- Revenue Segments And Estimated Mix
- Subscription revenue — Mix: ~96%; Source: Q2 2026 transcript; Trend: Declined by $2.6 million or 12% versus prior year, or 11% pro forma excluding TimeBase divestiture.
- Non-subscription revenue — Mix: ~4%; Source: Q2 2026 transcript; Trend: Declined by $1.1 million or 59% versus prior year, driven primarily by lower advertising and event revenue.
- Product Brands
- PolicyNote
- PolicyNote+
- PolicyNote API
- CQ
- Roll Call
- VoterVoice
- EUIT
- Curate
- Fireside
- FrontierView
- PACbuilder
- CQ Federal
- CQ News
- CQ Newsletters
- CQ Transcripts
- CQ Knowlegis
- CQ Capitol Power
- Policy Note MCP APIs
Bull / Bear DetailsFiscalNote, a provider of AI-driven legal, regulatory, and policy intelligence, leverages proprietary data and expert analysis to offer unmatched insights in a
Thesis
FiscalNote, a provider of AI-driven legal, regulatory, and policy intelligence, leverages proprietary data and expert analysis to offer unmatched insights in a globally expanding regulatory landscape. While facing significant financial headwinds, including revenue contraction and capital structure challenges (NYSE delisting, debt forbearance), the company is focused on stabilizing its core business, improving client retention, and pursuing growth through its differentiated AI-accessible APIs and professional services. The long-term value proposition hinges on its unique data assets and ability to serve 'fiduciary-grade' AI applications. (Updated 2026-08-17)
Bull case
FiscalNote possesses highly differentiated proprietary data and content, including 80 years of Congressional Quarterly coverage and Roll Call journalism, which cannot be replicated by general-purpose AI. This unique asset provides outcomes no competitor can match, as evidenced by a major global technology company selecting FiscalNote's policy APIs over its own publicly scraped data tool due to superior completeness and reliability. This reinforces the indispensable value of expert-curated data for 'fiduciary-grade' AI applications.
The company is actively expanding its market reach by leveraging its core assets into adjacent areas like appropriations and government spending, and significantly leaning into its AI-accessible API and MCP server ecosystem. This channel is experiencing rapid global demand, allowing organizations to embed FiscalNote's trusted data directly into their AI workflows. Additionally, professional services for AI adoption present a clear growth opportunity, as policy teams seek trusted partners for AI-driven workflows.
FiscalNote has demonstrated a notable reduction in client churn, with quarterly net revenue retention improving significantly to 98% from 89% in the first quarter. This indicates that platform consolidation and retention efforts are taking effect. The meaningful deceleration in annual recurring revenue (ARR) decline, despite overall contraction, suggests that the core business is stabilizing, providing a foundation for management's stated focus on returning to growth.
Bear case
FiscalNote continues to face substantial financial challenges, as evidenced by a 16% year-over-year revenue decline in Q2 2026 and an $800,000 quarter-over-quarter contraction in ARR. Management has lowered its full-year 2026 guidance for both revenue ($75M-$78M) and adjusted EBITDA ($9M-$11M), reflecting continued softness in the federal and broader public sectors, a cautious private sector spending environment, and lower non-subscription revenue.
The company is navigating critical capital structure issues, including its recent delisting from the New York Stock Exchange and ongoing short-term forbearance agreements with lenders related to its debt, which expire on August 22, 2026. Failure to resolve these debt agreements or secure a relisting could lead to significant financial distress, potential creditor enforcement actions, and further erode investor confidence, making the stock highly speculative.
Despite the long-term potential of AI, slower-than-anticipated enterprise adoption and monetization of AI solutions could persist due to significant change management requirements and the need for proven ROI in highly regulated environments. Furthermore, macroeconomic headwinds, including increased IT spending scrutiny and elongated sales cycles, continue to temper new deal closures, potentially hindering the company's efforts to return to growth.
Bull / Bear Case
- Bear Case
- FiscalNote faces substantial financial challenges, including a 16% year-over-year revenue decline in Q2 2026 and an $800,000 quarter-over-quarter contraction in ARR. Management has lowered its full-year 2026 guidance for both revenue ($75M-$78M) and adjusted EBITDA ($9M-$11M), reflecting continued softness in key sectors and a cautious private spending environment. Critically, the company is navigating severe capital structure issues, including its recent delisting from the NYSE and ongoing short-term debt forbearance agreements expiring on August 22, 2026. Failure to resolve these debt agreements or secure a relisting could lead to significant financial distress and creditor enforcement actions, making the stock highly speculative. Macroeconomic headwinds and slower-than-anticipated enterprise AI adoption further temper growth prospects.
- Bull Case
- FiscalNote possesses highly differentiated proprietary data and content, including 80 years of Congressional Quarterly coverage and Roll Call journalism, which general-purpose AI cannot replicate. This unique asset provides unmatched outcomes, as demonstrated by a major global technology company choosing FiscalNote's APIs over its own publicly scraped data. The company is actively expanding its market reach into adjacent areas like appropriations and government spending, and is seeing rapid global demand for its AI-accessible API and MCP server ecosystem, allowing direct data embedding into AI workflows. Professional services for AI adoption also present a clear growth opportunity. Furthermore, FiscalNote has shown improved client retention, with quarterly net revenue retention rising to 98%, and a meaningful deceleration in ARR decline, indicating core business stabilization and a foundation for future growth.
- More Compelling & Why
- Bear. Given the immediate and unresolved capital structure challenges, particularly the debt forbearance agreements expiring on August 22, 2026, the bear case is more compelling. While the company's proprietary data and AI potential are attractive, the current P/S ratio of approximately 2.5x for a contracting business with significant debt uncertainty appears speculative. The strongest argument for the bear case is the imminent risk of financial distress if debt agreements are not favorably resolved. My view would flip to bull if FiscalNote announced a definitive, long-term resolution to its debt obligations and a clear path to relisting on a recognized exchange, demonstrating a stabilized capital structure.
Key Factors
| Key Factor | Why It Matters | What To Watch | What It Signals | Where/How To Track | Free Alt Data | Paid Alt Data |
|---|---|---|---|---|---|---|
| Resolution of debt forbearance agreements expiring August 22, 2026, and progress on NYSE relisting. | The immediate expiration of forbearance agreements poses a critical financial risk. A successful resolution or extension is vital to avoid creditor actions and stabilize the company's capital structure, which is a prerequisite for any potential relisting and improved investor confidence. | Public announcement of an extension to the forbearance agreements, a definitive long-term resolution of the debt, or a concrete plan for relisting on a recognized exchange. | Bullish: Announcement of a new, longer-term forbearance agreement or a definitive debt restructuring plan that strengthens the balance sheet, or a clear path to relisting on a recognized exchange (e.g., NASDAQ). Bearish: Failure to extend or resolve the forbearance agreements by August 22, 2026, leading to potential creditor enforcement actions, or lack of progress on relisting efforts. | Company press releases, SEC filings (Form 8-K for material events), company investor relations website. | Financial news outlets (e.g., Wall Street Journal, Bloomberg) covering OTC markets and corporate finance news, particularly for distressed companies. | S&P Global Market Intelligence: Debt maturity schedules, covenant details, and news sentiment analysis. |
| Quarterly Net Revenue Retention (NRR) rate. | NRR reflects the company's ability to retain and expand revenue from its existing customer base, a key driver for efficient growth and a sign of strong product value. | The reported NRR for Q3 2026. | Bullish: Q3 2026 NRR remains at or above 98%, indicating sustained success in client retention and expansion efforts. Bearish: Q3 2026 NRR declines significantly below 98%, suggesting renewed churn or reduced expansion from existing clients. | FiscalNote's Q3 2026 earnings release (expected late October/early November 2026). | B2B software review sites (e.g., G2, Capterra) for customer sentiment and product satisfaction trends. | ChurnZero/Gainsight (customer success platforms): Industry benchmarks for NRR in legal/regulatory tech. |
| Quarterly Annual Recurring Revenue (ARR) trend. | ARR is a fundamental indicator of the health and future revenue predictability of FiscalNote's core subscription business, crucial for validating the return to growth strategy. | The reported ARR figure for Q3 2026. | Bullish: Q3 2026 ARR stabilizes (QoQ change = $0) or shows positive growth (QoQ change > $0 from $74.9 million). Bearish: Q3 2026 ARR shows continued quarter-over-quarter contraction (e.g., a decline greater than the $800k seen in Q2). | FiscalNote's Q3 2026 earnings release (expected late October/early November 2026). | Company investor presentations, industry reports on SaaS metrics. | Thinknum: Software subscription growth trends (if data is available for NOTE). |
| Announcement of new significant enterprise customer wins, particularly for the API and MCP server ecosystem. | Validates FiscalNote's competitive advantage in proprietary data and AI integration, demonstrating successful execution of a key growth strategy beyond traditional subscriptions. | Company press releases or earnings call discussions detailing new contracts with major global technology companies or government agencies, specifically mentioning API/MCP adoption. | Bullish: Announcement of new contracts with major global technology companies or government agencies leveraging FiscalNote's API/MCPs, or specific disclosure of API revenue growth. Bearish: Lack of new significant customer announcements, or continued reliance on existing customer expansion without new logo growth in this strategic area. | Company press releases, investor presentations, future earnings calls. | Government contract databases (e.g., USASpending.gov for federal contracts), industry news on policy/regulatory tech. | LinkedIn Sales Navigator: Tracking new hires in government affairs/policy roles at potential client companies, or job postings mentioning FiscalNote's APIs. |
| Achievement of Q3 2026 Revenue and Adjusted EBITDA guidance. | Meeting or exceeding short-term financial guidance demonstrates management's ability to execute on their revised outlook and provides confidence in the company's operational stability and path to growth. | Reported Q3 2026 revenue and adjusted EBITDA figures against the guidance range of $19M-$20M for revenue and approximately $3.5M for adjusted EBITDA. | Bullish: Q3 2026 Revenue at or above $19.5 million and Adjusted EBITDA at or above $3.5 million. Bearish: Q3 2026 Revenue below $19.0 million or Adjusted EBITDA significantly below $3.5 million. | FiscalNote's Q3 2026 earnings release (expected late October/early November 2026). | Financial news outlets reporting on earnings, analyst consensus estimates (if available). | FactSet/Refinitiv: Consensus estimates vs. reported results, earnings call transcripts for sentiment analysis. |
Key Reported Metrics, Reratings Triggers & ResultsSubscription revenue is the cornerstone of FiscalNote's business model. Its performance indicates the effectiveness of core offerings and the ability to retain
Upcoming print · 2026-11-05
| Key reported metrics | ||
|---|---|---|
| Metric | Last period | Why it matters |
| Subscription Revenue | -12% | Subscription revenue is the cornerstone of FiscalNote's business model. Its performance indicates the effectiveness of core offerings and the ability to retain and grow recurring client relationships, directly impacting overall financial health. |
| Net Revenue Retention (NRR) | 2.1% | NRR reflects client satisfaction, churn reduction, and the ability to expand revenue from existing customers. Maintaining or improving this metric is vital for long-term revenue stability and growth, especially as the company focuses on stabilization. |
| Annual Recurring Revenue (ARR) | -13% | ARR is a critical indicator for a subscription-based business, signaling the health of the recurring revenue base and whether the company is stabilizing or returning to growth after a period of contraction. Investors will watch for stabilization or positive growth. |
Key QuestionsWill FiscalNote achieve its lowered Q3 2026 revenue guidance of $19 million to $20 million and adjusted EBITDA guidance of approximately $3.5 million, indicatin
Will FiscalNote achieve its lowered Q3 2026 revenue guidance of $19 million to $20 million and adjusted EBITDA guidance of approximately $3.5 million, indicating a stabilization of financial performance?
- Question 2
Can FiscalNote successfully resolve its short-term debt forbearance agreements, which expire on August 22, 2026, and make concrete progress towards relisting its Class A common stock on a recognized exchange?
- Question 3
Will the improved net revenue retention (NRR) of 98% and the strategic focus on AI-driven API solutions and new enterprise customer wins translate into a stabilization or return to growth for Annual Recurring Revenue (ARR) in Q3 2026?
Earnings Transcript Summary
· 2026Q2 Earnings Call
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 3 Things Management Is Most Focused On1. **Stabilizing the core business and returning to growth**: Management emphasized a focus on continued stabilization of the core business, prioritizing capital discipline, and ultimately returning to growth, noting a meaningful deceleration in ARR decline and improved net revenue retention. 2. **Strengthening the capital structure**: A high priority for management is evaluating various paths, including relisting options, and working with lenders through short-term forbearance agreements related to debt agreements, engaging an external advisor to develop and evaluate alternatives. 3. **Leveraging proprietary data and AI for growth**: Management highlighted the company's unique proprietary data and content, its unmatched ability to deliver legislative, regulatory, and policy intelligence, and how AI makes this even more valuable, citing growth opportunities in serving existing customers more deeply, expanding the API and MCP server ecosystem, and offering professional services for AI adoption. | Call Takeaway & ToneThe overall takeaway of the call is one of cautious optimism amidst ongoing challenges. The tone was mixed, with management acknowledging continued softness in revenue and a reduction in full-year guidance, along with significant capital structure issues including delisting and forbearance agreements. However, there was also a clear emphasis on operational improvements, such as a notable reduction in client churn and improved net revenue retention, and a strong belief in the long-term value of FiscalNote's proprietary data and AI-driven solutions. The new CEO expressed confidence in the path ahead, focusing on growing the core business and leveraging market tailwinds where Washington D.C. and Silicon Valley converge. | Prior Quarter'S Y/Y Growth By SegmentIn Q1 2026, subscription revenue declined 24% year-over-year (or 11% on a pro forma basis). Non-subscription revenue declined 57% year-over-year (or 39% on a pro forma basis). | 3 Things Analysts Most Pressed On (And Mgmt Responses)There were no analyst questions during the call. The operator stated, "There are no further questions at this time." | Revenue SegmentsTotal revenue was down approximately 16% year-over-year. Subscription revenue declined by 12% versus the prior year, or 11% on a pro forma basis (excluding TimeBase). Non-subscription revenue declined by 59% year-over-year. |
Transcript Tidbits
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketFiscalNote is exploring how its policy and regulatory expertise can extend into adjacent areas such as appropriations, government spending, and areas that directly impact client revenues. The company is also leaning into its API and MCP server ecosystem, which is seeing global demand and rapid growth, allowing organizations to embed trusted data directly into their own AI workflows. Additionally, facilitating the deployment of AI is a growth opportunity for their professional services, as customers seek assistance in adopting AI-driven workflows. | About CompetitionFiscalNote states that its combination of proprietary data and content provides outcomes that no competitor can match, and its products and services cannot be produced by general-purpose AI. The company highlighted a case where a major global technology company, which had been building its own policy data tool by scraping publicly available data, selected FiscalNote's policy Note MCP APIs after a head-to-head trial proved FiscalNote's data superior in completeness and reliability. | About The Broader IndustryThe broader industry is characterized by a cautious macro environment and significant discussion around how AI is disrupting SaaS-based business models. However, the company notes that rules, laws, and regulations are a global phenomenon that are expanding, not contracting, providing durable tailwinds for their products and services. Furthermore, the increasing entanglement of Washington, D.C. and Silicon Valley is expected to create more tailwinds and growing demand for FiscalNote's products and services. | Where Things Are HeadedFiscalNote's current focus is on continued stabilization of its core business, prioritizing capital discipline, and returning to growth. The company is focused on the renewed growth of its core foundational operations and domain expertise, with a primary opportunity to serve existing customers more deeply. For the full year 2026, FiscalNote is lowering its revenue forecast to $75 million to $78 million and adjusted EBITDA to $9 million to $11 million. For the third quarter of 2026, they expect revenue of $19 million to $20 million and adjusted EBITDA of approximately $3.5 million. The company remains focused on disciplined cost management, stabilizing the core business, and managing its capital structure to return to growth. | Updates On ThemeLegal, | Broader Themes EmergingAI disruption in SaaS business models, the increasing entanglement of Washington, D.C. and Silicon Valley. | Bullish-Leaning Quotes (Short)Our combination of proprietary data and content underpins an ability to provide outcomes that no competitor can match. Our products and services cannot be produced by general-purpose AI. Rules, laws and regulations are a global phenomenon, and they are expanding, not contracting, providing durable tailwinds for our products and services. As the worlds of Washington, D.C. and Silicon Valley become increasingly entangled, our business will see more tailwinds and the demand for our products and services will continue to grow. | Bearish-Leaning Quotes (Short)Revenue was approximately $19.6 million versus guidance of $19.5 million to $20.5 million, which is down approximately 16% year-over-year. Our ARR was $74.9 million. This represents a contraction of roughly $800,000 quarter-over-quarter and is a meaningful deceleration from the ARR decline earlier in the year. We are also navigating conversations related to the recent delisting from the New York Stock Exchange. We are lowering our full year forecast to revenue of $75 million to $78 million, down from our prior guidance of $80 million to $83 million and adjusted EBITDA of $9 million to $11 million, down from our prior guidance of $14 million to $16 million. | HiringFiscalNote implemented a net reduction of approximately 27 full-time equivalent employees during the quarter, bringing the total headcount to approximately 343 as of June 30, 2026. These cost actions are noted to benefit their operating structure. |
Notes
| Date | Comment | Comment Type | Comment Sentiment | Link | Price Reaction |
|---|---|---|---|---|---|
| 2026-08-10 | FiscalNote's Q2 2026 revenue met guidance, but adjusted EBITDA slightly missed, and full-year guidance was lowered amidst a 16% YoY revenue decline. While NRR improved to 98% and ARR contraction decelerated, significant concerns over NYSE delisting and debt forbearance persisted. The market reacted negatively, with the stock falling 7.50% (t+2 days) and underperforming SPY, indicating investor apprehension despite operational improvements and AI growth messaging. | Earnings Transcript | Mixed | -7.50% (vs SPY: -8.13%) |