--- title: "FiscalNote | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 19.58 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295455349.md" datetime: "2026-08-10T21:44:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295455349.md) - [en](https://longbridge.com/en/news/295455349.md) - [zh-HK](https://longbridge.com/zh-HK/news/295455349.md) --- # FiscalNote | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 19.58 M Revenue: As of FY2026 Q2, the actual value is USD 19.58 M, missing the estimate of USD 19.85 M. EPS: As of FY2026 Q2, the actual value is USD -1.06, missing the estimate of USD -0.44. EBIT: As of FY2026 Q2, the actual value is USD -23.93 M. ### Second Quarter 2026 Financial Highlights #### Revenue - **Total Revenues**: FiscalNote Holdings, Inc. reported total revenues of $19.6 million for Q2 2026, a -16% decrease from $23.3 million in Q2 2025. This was in line with guidance of $19.5 million to $20.5 million. - **Subscription Revenue**: Subscription revenue was $18.8 million in Q2 2026, a -12% decline from $21.4 million in Q2 2025. Subscription revenue represented 96% of total revenues in Q2 2026, up from 92% in Q2 2025. - **Non-Subscription Revenue**: Advisory, advertising, and other revenue decreased to $0.8 million in Q2 2026 from $1.9 million in Q2 2025, a -58% decline. #### Profitability - **Gross Profit**: Gross profit was $15.6 million in Q2 2026, down -15% from $18.3 million in Q2 2025. - **Gross Margin**: Gross margin was 80% in Q2 2026, an increase of 100 basis points from 79% in Q2 2025. - **Adjusted Gross Profit**: Adjusted gross profit was $17.3 million in Q2 2026, a -14% decrease from $20.1 million in Q2 2025. - **Adjusted Gross Margin**: Adjusted gross margin was 88% in Q2 2026, an increase of 200 basis points from 86% in Q2 2025. - **Net Loss**: The company reported a net loss of - $27.8 million in Q2 2026, compared to a net loss of - $13.3 million in Q2 2025. - **Operating Loss**: Operating loss for the three months ended June 30, 2026, was - $24,090 thousand, compared to - $7,427 thousand for the same period in 2025. - **Adjusted EBITDA**: Adjusted EBITDA was $2.3 million in Q2 2026, a -18% decrease from $2.8 million in Q2 2025, and $0.2 million below guidance of $2.5 million. - **Adjusted EBITDA Margin**: Adjusted EBITDA margin remained flat at 12% in both Q2 2026 and Q2 2025. #### Operating Expenses - **Total Operating Expenses**: Total operating expenses increased by $13.0 million, or 42%, to $43.7 million in Q2 2026 from $30.7 million in Q2 2025, primarily due to a non-cash goodwill impairment charge. - **Goodwill Impairment**: A goodwill impairment charge of $19.1 million was recorded in Q2 2026, with no such charge in Q2 2025. - **Research and Development**: Research and development expenses decreased by -30% to $1.6 million in Q2 2026 from $2.3 million in Q2 2025. - **Sales and Marketing**: Sales and marketing expenses decreased by -33% to $4.5 million in Q2 2026 from $6.7 million in Q2 2025. - **General and Administrative**: General and administrative expenses decreased by -19% to $9.2 million in Q2 2026 from $11.4 million in Q2 2025. #### Key Performance Indicators (KPIs) - **Annual Recurring Revenue (ARR)**: As of June 30, 2026, ARR declined by $11.0 million, or approximately -13%, to $74.9 million on an as-reported basis, compared to $85.9 million as of June 30, 2025. - **Pro Forma ARR**: Pro forma ARR declined by $9.8 million, or approximately -12%, to $74.9 million as of June 30, 2026, compared to $84.7 million as of June 30, 2025. - **Net Revenue Retention (NRR)**: Quarterly NRR improved to 98% in Q2 2026, up from 89% in the first quarter. The trailing twelve-month NRR was 81%. #### Cash Flow and Liquidity (Six Months Ended June 30) - **Net Cash from Operating Activities**: Net cash provided by operating activities was $895 thousand in the first six months of 2026, compared to net cash used in operating activities of - $2,895 thousand in the same period of 2025. - **Net Cash from Investing Activities**: Net cash used in investing activities was - $3,323 thousand in the first six months of 2026, compared to net cash provided by investing activities of $36,795 thousand in the same period of 2025. - **Net Cash from Financing Activities**: Net cash used in financing activities was - $3,705 thousand in the first six months of 2026, compared to - $28,817 thousand in the same period of 2025. - **Cash and Cash Equivalents (End of Period)**: Cash and cash equivalents were $17,953 thousand as of June 30, 2026, compared to $24,319 thousand as of December 31, 2025. ### Outlook / Guidance FiscalNote Holdings, Inc. updated its full-year 2026 total revenue guidance to $75 million to $78 million and Adjusted EBITDA to $9 million to $11 million, both revised downwards from previous projections. For Q3 2026, the company anticipates total revenues of $19 million to $20 million and Adjusted EBITDA of approximately $3.5 million. These revisions are attributed to continued softness in the federal and broader public sector, a cautious private-sector spending environment, and lower non-subscription revenue, partially offset by cost discipline. ### Related Stocks - [NOTE.US](https://longbridge.com/en/quote/NOTE.US.md) ## Related News & Research - [NOTE: Q2 2026 saw lower revenue but higher margins, with a strong subscription base and AI-led transformation](https://longbridge.com/en/news/295446078.md) - [FiscalNote lists PolicyNote MCP in Anthropic Claude Connectors Directory](https://longbridge.com/en/news/295786690.md) - [Gran Tierra Energy amends 8-K to file share sale and purchase agreement exhibit](https://longbridge.com/en/news/295388778.md) - [EQPT: Q2 revenue up 26% year-over-year, Rental Segment up 39%, net income at $19 million](https://longbridge.com/en/news/295708667.md) - [Yum Brands amends 8-K to add Kathleen Oberg to audit committee](https://longbridge.com/en/news/295272677.md)