By Elias Schisgall
FiscalNote Holdings is using artificial intelligence to reduce its workforce by about 25%.
The software company is leveraging AI automation, offshoring, and streamlining other parts of the organization as it restructures.
The restructuring is expected to reduce cash expenses by more than 19% and position FiscalNote to generate positive free cash flow for a 12-month period ending March 31, 2027, the company said.
The company did not specify how many employees would be laid off. It ended 2024 with more than 570 employees globally, according to a filing with the Securities and Exchange Commission.
FiscalNote on Thursday reported a fourth-quarter loss of $22.9 million, or $1.45 a share, compared with a loss of $14.7 million, or $1.17 a share, a year earlier.
Revenue fell to $22.2 million, down from $29.5 million a year prior.
Analysts surveyed by FactSet were expecting a loss of 65 cents a share and $22.4 million in revenue.
For the current quarter, the company is expecting revenue between $20 million and $21 million. Analysts are expecting $22.7 million.
The company is projecting full-year revenue between $80 million and $83 million. Analysts are expecting $93.7 million.
"Our expectations for 2026 reflect the anticipated impact of our workforce transformation initiatives, through which we plan to drive dramatic reductions in our cost base through enterprise-wide deployment of AI tools, changes in personnel, and continued operational discipline," Chief Financial Officer Jon Slabaugh said.
Shares of FiscalNote fell 2.5% to 90 cents a share in after-hours. Ahead of Thursday's close, the stock had already fallen 92% over the past 12 months.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
March 19, 2026 17:19 ET (21:19 GMT)
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