DefaultMay 11, 2026, 05:07 PM
FiscalNote Faces Delisting, Debt Defaults; Q1 Net Loss $(43.6M)
AI Summary
FiscalNote Holdings, Inc. reported a significant net loss of $(43.6) million for Q1 2026, a substantial increase from $(4.25) million in Q1 2025, primarily due to a $35.6 million goodwill impairment. The company faces substantial doubt about its ability to continue as a going concern following its NYSE delisting, which triggered events of default on subordinated notes. While forbearance agreements are in place until May 21, 2026, a cross-default on its senior term loan is probable if not extended, potentially requiring immediate repayment of outstanding debt.
Key Highlights
- NYSE delisting on April 13, 2026, triggered events of default on subordinated notes.
- Company faces substantial doubt about its ability to continue as a going concern.
- Q1 2026 net loss widened to $(43.6) million from $(4.25) million in Q1 2025.
- Total revenues decreased 27.2% to $20.0 million in Q1 2026 from $27.5 million.
- Goodwill impairment charge of $35.6 million recorded in Q1 2026.
- Current maturities of long-term debt surged to $111.6 million from $2.8 million.
- Negative working capital of $138.9 million at March 31, 2026.
- Accumulated deficit increased to $915.8 million at March 31, 2026.