FiscalNote NOTE · Analysis & News
Heads-up: USD Core CPI n.s.a. m/m is due in 4 h (high impact). The outlook can shift noticeably around it.
Heads-up: USD Core CPI is due in 4 h (high impact). The outlook can shift noticeably around it.
Heads-up: USD Core CPI y/y is due in 4 h (high impact). The outlook can shift noticeably around it.
Heads-up: USD CPI y/y is due in 4 h (high impact). The outlook can shift noticeably around it.
Heads-up: USD Core CPI m/m is due in 4 h (high impact). The outlook can shift noticeably around it.
Heads-up: USD CPI is due in 4 h (high impact). The outlook can shift noticeably around it.
Heads-up: USD CPI m/m is due in 4 h (high impact). The outlook can shift noticeably around it.
FiscalNote sits in neutral territory after Q3 results cut both ways: a much narrower loss and stronger adjusted EBITDA, but a shrinking customer base. Profitability achieved through cost cuts rather than growth keeps NOTE's picture balanced, and there is no price history to tip the scale.
News situation · 1 items / 30 D
1 of 1 straight from the issuer or regulator
Outlook for FiscalNote
Direction, typical moves and upcoming dates from our own price, news and calendar data, recalculated on every visit. An assessment, not investment advice.
What drives it
- Q3 adjusted EBITDA rose 65% to $3.6 million, in line with guidance
- Net loss narrowed sharply to $5.9 million from $24.9 million a year ago
- Full-year 2026 guidance was reaffirmed, giving the cost programme credibility
What argues against it
- ARR fell about 14% pro forma to $67.7 million, so the base is shrinking
- Subscription revenue declined 13% pro forma alongside the ARR drop
- Trailing net revenue retention of just 79% points to ongoing customer attrition
- The profit gains come from opex cuts of 39%, not from revenue growth
What would change the picture
- A coming quarter in which ARR stabilises would outweigh the cost-cut narrative
- The full slate of US CPI releases due shortly may move broader market sentiment
- Any change to the reaffirmed full-year guidance would reset the fundamental view
Coming up
- US: Consumer prices · expected 2.8%, previous 2.6%
- US: Jobless claims
Economic data for NOTE
Full calendarComing up
- TodayUSDCore CPI n.s.a. m/m●●●Previous 0.4%in 4h
- TodayUSDCore CPI●●●Forecast 339.796Previous 338.896in 4h
- TodayUSDCore CPI y/y●●●Forecast 2.8%Previous 2.6%in 4h
- TodayUSDCPI y/y●●●Forecast 4.2%Previous 3.7%in 4h
- TodayUSDCore CPI m/m●●●Forecast 0.2%Previous 0.3%in 4h
- TodayUSDCPI●●●Forecast 338.683Previous 336.298in 4h
- TodayUSDCPI m/m●●●Forecast 0.5%Previous 0.6%in 4h
- November 12, 2026USDInitial Jobless Claims●●●in 2 days
All times UTC. Assessed against the consensus forecast, otherwise against the previous value.
Both worlds over time
Technical and news signals of the last 30 days on one timeline.
What is being reported about NOTE
Frequently asked questions about FiscalNote
Why is FiscalNote rated neutral when the loss narrowed so much?
The narrower loss and higher adjusted EBITDA are real, but they were bought with a 39% cut in operating costs while ARR fell about 14% and revenue retention sits at only 79%. A leaner company on a shrinking base is genuinely two-sided, which is exactly what a neutral reading describes.
What does the 79% net revenue retention mean for NOTE?
Retention below 100% means existing customers, on average, spend less with FiscalNote over time than a year earlier, through cancellations and downgrades. Until that figure moves clearly upward, cost cuts can improve profits but cannot reverse the decline in the revenue base.
What should I watch after these Q3 results?
The clearest signal would be annual recurring revenue stabilising or returning to growth while the company holds its cost level, together with guidance staying intact. Also note that US CPI figures are due shortly, which can shift sentiment for smaller stocks regardless of company news.
📝 Overview Generated automatically
NOTE has been the subject of 1 signals across 1 articles in the last 365 days. Sentiment skews Neutral (100%).
Breakdown: 0 bullish, 0 bearish, 1 neutral.
Most-cited catalysts: Q3 2026 adjusted EBITDA of $3.6 million, up 65% from $2.2 million and in line with guidance (1×), Net loss narrowed to $5.9 million from $24.9 million a year ago (1×). Most-cited risk factors: ARR declined about 14% pro forma to $67.7 million and subscription revenue fell 13% pro forma (1×), Trailing twelve month net revenue retention of only 79% signals continued customer attrition (1×).