| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 20.03 | 27.2% |
| Total Income | 20.03 | 27.2% |
| Expenditure | 62.53 | 51.5% |
| PBT | -43.81 | 921.2% |
| Net Profit | -43.61 | 926.1% |
| OPM | — | |
| NPM | — | |
| EPS | -2.39 | 7866.7% |
FiscalNote Reports Q1 2026 Revenue of $20.0 Million, Adjusted EBITDA of $1.0 Million
08 May 2026 · 8 May, 2:32 am
Summary
FiscalNote Holdings, Inc. reported its first quarter 2026 financial results, with revenues reaching $20.0 million and Adjusted EBITDA at $1.0 million, both meeting company guidance. Despite these figures, total revenues saw a 27% year-over-year decline, and the company posted a net loss of $(43.6) million, largely due to a $35.6 million goodwill impairment charge. Management highlighted that its operational transformation is expected to deliver positive free cash flow on an ongoing basis, with PolicyNote gaining strong customer traction and new growth initiatives showing encouraging early wins. The company reaffirmed its full-year 2026 revenue forecast of $80 to $83 million and adjusted EBITDA of $14 to $16 million, signaling a durable shift in its financial profile.
Key Highlights
- 1
FiscalNote reported Q1 2026 revenues of $20.0 million and Adjusted EBITDA of $1.0 million, both aligning with the company's guidance.
- 2
Total revenues for Q1 2026 declined by 27% year-over-year to $20.0 million, with subscription revenue decreasing by 25% to $19.0 million.
- 3
The company experienced a significant net loss of $(43.6) million in Q1 2026, primarily driven by a non-cash goodwill impairment charge of $35.6 million.
- 4
Gross Margin improved by 400 basis points to 79% in Q1 2026 compared to 75% in the prior year period.
- 5
Annual Recurring Revenue (ARR) stood at $75.7 million as of March 31, 2026, representing a 14% decline year-over-year.
- 6
FiscalNote reaffirmed its full-year 2026 forecast, expecting total revenues between $80 to $83 million and adjusted EBITDA between $14 to $16 million.
- 7
The company anticipates generating positive free cash flow on a next-twelve-month basis starting April 1, 2026, following its operational transformation initiatives.
Management Comments
Josh Resnik
Our operational transformation is expected to deliver positive free cash flow on an ongoing basis, PolicyNote is gaining strong traction with our customer base, and we are executing on compelling new growth initiatives. The early enterprise wins in our agentic API and our entry into political prediction markets reinforce what makes FiscalNote distinctive: unmatched depth and authority in policy intelligence that keeps proving its value across our core platform, across new markets, and across the agentic AI ecosystem that is reshaping how the world consumes data.
Jon Slabaugh
Our outlook reflects a clear inflection point: By executing on our workforce transformation plan, we expect the business to generate positive free cash flow(1)(4) on an NTM basis starting April 1, 2026. This is not a one-time milestone, but a durable shift in our financial profile that we believe will extend well into the future.
Informational and educational content only. Not investment advice.