FiscalNote Holdings Inc (NOTE)
OTCInformation TechnologyInformation Technology ServicesSnapshot 2026-09-09
$0.05-8.04%
Close 2026-09-09 · 1-day change
OTCInformation TechnologyInformation Technology ServicesSnapshot 2026-09-09
Broken: Primary pillar broken — Positive adjusted EBITDA of at least $14 million in 2026: FY26 EBITDA $10.0M vs 14.0M.
FiscalNote aims for $80 million revenue in 2026. It targets $14 million adjusted EBITDA. Cash flow from operations improved to $3 million in 2026-Q1. Management is focused on fixing losses and growing sales.
Revenue is falling, down from $29.5M in 2024-Q4 to $20M in 2026-Q1. The company still loses money and faces leadership changes. Legal and financial troubles add risk.
The market is selling off sharply, reflecting high risk and weak results. No clear price or growth expectations are available, so the market likely prices in ongoing losses and uncertainty.
Breaks if: Adjusted EBITDA falls below $14 million in FY26
Breaks if: Operating cash flow falls below $3 million in 2026-Q1
Breaks if: Revenue falls below $80 million in FY26
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround situation. The company is currently loss-making and has shown volatile management performance, indicating uncertainty in its recovery path.
The market seems to have priced in a cautious outlook, given the recent downward revisions in revenue guidance and overall weak performance compared to peers. Expectations appear to be low, reflecting a high-risk environment.
Management is targeting positive free cash flow and revenue growth, but recent results have been mixed. The company has made some progress in reducing operating expenses, but overall financial performance remains weak.
The future of NOTE depends on several factors, including management's ability to achieve its cash flow goals and the impact of external conditions like Fed interest rate changes and sector performance from key competitors.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. The company missed its revenue growth target for 2026. It now expects revenue of $75 million to $78 million. This is below the previous target of $80 million to $83 million. The company is also navigating a strategic review and potential delisting.
as of 2026-09-09
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Achieve full year 2026 total revenues in the range of $80 to $83 million despite macroeconomic challenges and sector softness.
Stated as a priority in 2 of last 2 quarters. Full year 2026 revenue guidance was reaffirmed at $80 to $83 million in 2026-Q1 but revised down to $75 to $78 million in 2026-Q2 due to sector softness. Q2 2026 revenue was $19.6 million, in line with guidance. The trajectory shows limited progress with downward revision reflecting challenging market conditions.
“The revision to the full year 2026 forecast reflects continued softness in the federal and broader public sector, a cautious private-sector spending environment, and lower non-subscription revenue.”
“The Company reaffirms its full year 2026 forecast of total revenues of $80 to $83 million.”
In the next 1 to 3 years, NOTE's performance will largely depend on its operational execution and external market conditions. Not investment advice.