FiscalNote Holdings, Inc.

FiscalNote reported Q2 2026 revenue of $19.6 million, down approximately 16% year over year, versus guidance of $19.5 million to $20.5 million. Adjusted EBITDA was $2.3 million, about $200,000 below guidance, and adjusted EBITDA margin was 11.9% versus 5.1% in Q1 and approximately flat with the prior year period. Gross margin was 80% on a GAAP basis, versus 79% a year ago, and adjusted gross margin was 88% versus 86% a year ago. ARR was $74.9 million, down from $85.9 million in the prior year, and quarterly NRR improved to 98% from 89% in Q1 and 96% in the prior-year period. For 2026, the company lowered full-year guidance to revenue of $75 million to $78 million and adjusted EBITDA of $9 million to $11 million; Q3 guidance is revenue of $19 million to $20 million and adjusted EBITDA of approximately $3.5 million.

Key Compton framed the quarter as an early step in stabilizing the business rather than a turnaround announcement, emphasizing that he is still in his first 30 days as CEO. He highlighted FiscalNote’s differentiated data, journalism, and policy-intelligence assets, arguing that AI increases the value of trusted proprietary data rather than replacing it. His tone was confident and constructive, with repeated focus on core-business growth, customer retention, and new opportunities in APIs, MCP workflows, professional services, and adjacent areas like appropriations and government spending.

Jon Slabaugh focused on the lower revenue outlook, cost discipline, and balance-sheet issues. He said subscription revenue was $18.8 million, down 12% year over year, while non-subscription revenue fell to $800,000, down 59% due mainly to lower advertising and event revenue. He also noted cost reductions across the business, including R&D down 30%, sales and marketing down 33%, and G&A down 19%, with headcount reduced by a net 27 FTEs to about 343. On the capital side, he said the company is evaluating relisting options and working with lenders on short-term forbearance agreements, with preserving and strengthening the capital structure among the top priorities.

There was no analyst Q&A in the call transcript, so no investor questions or management follow-ups were recorded. The most notable additional commentary came in management’s prepared remarks, where they addressed the NYSE delisting, saying discussions with lenders and other parties are constructive and that they have engaged an external adviser. Management also emphasized that client churn has improved and that the company is seeing early benefits from platform consolidation and retention efforts.