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FiscalNote Reports Third Quarter 2026 Financial Results

NOTE
  • FiscalNote reported Q3 2026 total revenues of $18.7 million, a 17% decrease from $22.4 million in Q3 2025, adjusted for the FrontierView divestiture.
  • Adjusted EBITDA rose to $3.6 million in Q3 2026, a 65% increase from $2.2 million in the prior-year quarter, aligning with guidance.
  • Net loss for the quarter was $5.9 million, significantly improved from $24.9 million in Q3 2025.
  • The Company completed the divestiture of FrontierView to Oxford Economics on August 27, 2026, to reduce debt and focus on core policy intelligence.
  • Quarterly net revenue retention was 97% in Q3 2026, down slightly from 98% in Q3 2025, while trailing twelve-month NRR stood at 79%.
  • Annual Recurring Revenue (ARR) declined 20% to $67.7 million as reported, or 14% on a pro forma basis excluding FrontierView contributions.
  • Operating expenses decreased 39% to $19.7 million year-over-year, driven by reductions in stock-based compensation, transaction costs, and efficiency measures.
  • Subscription revenue accounted for 97% of total revenues, with gross margin expanding to 82% and adjusted gross margin reaching 90%.
  • FiscalNote reaffirmed its full-year 2026 revenue guidance of $74 to $76 million and adjusted EBITDA guidance of $8 to $10 million.
  • The Company established a Q4 2026 forecast of $17.0 to $17.5 million in revenue and approximately $2.5 million in adjusted EBITDA.
  • Strategic initiatives included deepening PolicyNote API adoption with Model Context Protocol (MCP) support, securing its first Public Sector MCP client, and consolidating content teams.
  • The Board is reviewing strategic value-maximizing options, including potential further divestitures of non-core assets, with no timetable set for completion.