FiscalNote sells FrontierView: what it means for NOTE stock

Published on 10/02/2026 at 22:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

FiscalNote sold FrontierView for up to USD 9.40 million on August 27, 2026. For NOTE stock this means USD 5.00 million less debt under its loan agreement.

NOTE, US3376553026, Illustration mit AI erstellt.

FiscalNote Holdings (US3376553026) sold FrontierView to Oxford Economics for up to USD 9.40 million on August 27, 2026, giving NOTE stock a balance-sheet story built around USD 5.00 million of debt-related payments. The transaction also reset the company's full-year 2026 outlook around its core policy business.

What the sale means

According to StockTitan on August 27, 2026, FiscalNote received USD 6.40 million in cash at closing and retained a potential USD 3.00 million earn-out. USD 1.00 million of the closing consideration went into escrow for adjustments and indemnification.

FiscalNote used USD 4.95 million of the proceeds to prepay term loans and paid USD 0.05 million of accrued interest, according to the same Form 8-K summary published by StockTitan. FiscalNote's updated full-year 2026 revenue guidance is USD 74 million to USD 76 million, while adjusted EBITDA guidance is USD 8 million to USD 10 million.

Revenue remains under pressure

The latest quarterly numbers show why the divestiture matters. TradingView reports USD 19.58 million of revenue and USD 1.06 of earnings-per-share loss for the second quarter of 2026. Revenue was USD 0.29 million below the USD 19.87 million estimate, a shortfall of 1.46 percent.

The same TradingView snapshot gives the next-quarter consensus at USD 19.32 million of revenue and a USD 0.48 earnings-per-share loss. That comparison places the divestiture beside a business still facing a narrow revenue base and continuing losses.

PolicyNote becomes the core

FiscalNote is concentrating resources on PolicyNote, CQ, Roll Call and VoterVoice after selling FrontierView. Its stated model combines artificial intelligence, policy data and workflow tools for legislative tracking, regulatory analysis and stakeholder engagement, according to the company's OTC Markets profile.

Quorum reported on September 18, 2026, that FiscalNote's quarterly net revenue retention improved from 89 percent in the first quarter of 2026 to 98 percent in the second quarter. The improvement supports the strategic emphasis on the core platform, while the revenue guidance range keeps execution central to the stock story.

OTC listing defines the setup

FiscalNote now trades over the counter under ticker NOTE after its NYSE shares stopped trading in March 2026, as Quorum reported on September 18, 2026. The listing change, the FrontierView sale and the USD 74 million to USD 76 million revenue outlook make balance-sheet execution and PolicyNote traction the key measurable issues.