FiscalNote stock faces debt pressure as strategic review continues

FiscalNote Holdings is reviewing its strategic options as debt and declining revenue keep the company under pressure. The latest detailed assessment, published by Kalkine on October 28, 2026, says the board and its advisers are considering possible divestitures of non-core assets. No timetable or transaction assurance was given.

Debt remains the central issue

FiscalNote reported second-quarter revenue of USD 19.6 million on August 10, down 16% from the same period a year earlier. Subscriptions accounted for 96% of revenue, while annual recurring revenue fell 13% to USD 74.9 million.

The company posted a net loss of USD 27.8 million, including a USD 19.1 million non-cash goodwill impairment. Adjusted EBITDA was USD 2.3 million, a non-GAAP measure that was below management's guidance. Quarterly net revenue retention improved to 98%, although the trailing twelve-month figure was 81%.

At the end of June, cash and cash equivalents stood at USD 18.0 million against total debt of about USD 119.2 million. USD 106.8 million of that debt was classified as current, while stockholders' equity had fallen to USD 0.3 million. These figures make liquidity, creditor arrangements and the outcome of the strategic review key issues for investors.

Lower outlook and OTC status

Management reduced its 2026 revenue outlook to USD 75 million to USD 78 million from USD 80 million to USD 83 million. The adjusted EBITDA outlook was lowered to USD 9 million to USD 11 million from USD 14 million to USD 16 million. For the third quarter, management indicated revenue of USD 19 million to USD 20 million and adjusted EBITDA of about USD 3.5 million.

FiscalNote's Class A shares were delisted from the New York Stock Exchange on April 13, 2026, and are now quoted over the counter under the ticker NOTE. The change brings different liquidity and disclosure considerations, particularly for a company already facing elevated current debt.

Key Compton became president and chief executive in June. The company is also focusing on its PolicyNote products and cited new API licences with Siemens and a US technology and cloud infrastructure company. Those initiatives may support the core business, but they do not remove the immediate balance-sheet risks described above.

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