Earnings Releases·Nov 9, 2026, 4:30 PM ET

FiscalNote — Third Quarter 2026 Earnings Summary

Reported Q3 2026 total revenue of $18.7 million (down 17% YoY), while adjusted EBITDA rose 65% to $3.6 million and net loss narrowed 76% to $5.9 million; pro forma revenue excluding the FrontierView divestiture fell within the $19–$20 million guidance range.
Reaffirmed full-year 2026 revenue guidance of $74–$76 million and adjusted EBITDA of $8–$10 million, with Q4 2026 revenue forecast at $17.0–$17.5 million and adjusted EBITDA of approximately $2.5 million.
Completed the divestiture of FrontierView to reduce debt and sharpen focus on core policy intelligence, while advancing PolicyNote API and MCP integrations including a new Public Sector client and Anthropic's Claude Connectors Directory listing.
Total operating expenses decreased 39% to $19.7 million, though ARR declined 20% to $67.7 million and cash reserves fell to $10.8 million; the Board is conducting a strategic review with no timetable for value-maximizing options.
Management highlighted risks including potential creditor enforcement of default rights, reliance on U.S. government contracts, and competition from general-purpose AI platforms, while emphasizing proprietary data as a key differentiator.