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FiscalNote : Powering Better Policy Decisions with Al - Driven Insights Corporate Overview August 10 , 2026 Footnote : Unless otherwise indicated , data presented herein is as of June 30 , 2026 . + FISCALNOTE 1
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Safe Harbor Statement Certain statements herein may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote’s future financial or operating performance. For example, statements regarding FiscalNote’s financial outlook for future periods, expectations regarding profitability, capital resources and anticipated growth in the industry in which FiscalNote operates are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “pro forma,” “may,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to dier materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include: • risk of our creditors enforcing their respective rights to call an event of default based on our Class A Common Stock no longer being listed on NYSE; • FiscalNote’s ability to successfully execute on its strategy to achieve and sustain organic growth through a focus on its core Policy business, including risks to FiscalNote’s ability to develop, enhance, and integrate its existing platforms, products, and services, bring highly useful, reliable, secure and innovative products, product features and services to market, aract new customers, retain existing customers, expand its products and service oerings with existing customers, expand into geographic markets or identify other opportunities for growth; • FiscalNote’s ability to successfully launch new product and service oerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such oerings, including new sources of revenue; • FiscalNote’s future capital requirements, as well as its ability to service its repayment obligations and maintain compliance with covenants and restrictions under its existing debt agreements; • the delisting of our Class A Common Stock from NYSE could trigger an event of default with respect to our indebtedness; • demand for FiscalNote’s services and the drivers of that demand; • the impact of cost reduction initiatives undertaken by FiscalNote; • risks associated with past and future strategic transactions, including restructuring, divesting or selling our businesses, products or technologies; • risks associated with international operations, including compliance complexity and costs, increased exposure to fluctuations in currency exchange rates, political, social and economic instability, and supply chain disruptions; • FiscalNote’s ability to introduce new features, integrations, capabilities and enhancements to its products and services, as well as obtain and maintain accurate, comprehensive and reliable data to support its products, and services; • FiscalNote’s reliance on third-party systems and data, its ability to integrate such systems and data with its solutions and its potential inability to continue to support integration; • FiscalNote’s ability to maintain and improve its methods and technologies, and anticipate new methods or technologies, for data collection, organization, and analysis to support its products and services; • potential technical disruptions, cyberaacks, security, privacy or data breaches or other technical or security incidents that aect FiscalNote’s networks or systems or those of its service providers; • competition and competitive pressures in the markets in which FiscalNote operates, including larger well-funded companies shifting their existing business models to become more competitive with FiscalNote; • the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products; • the risk that a future U.S. government shutdown could negatively aect FiscalNote’s ability to enter into or renew public sector subscription contracts and generate advertising and events revenue as anticipated; • concentration of revenues from U.S. government agencies, changes in the U.S. government spending priorities, dependence on winning or renewing U.S. government contracts, delay, disruption or unavailability of funding on U.S. government contracts, and the U.S. government’s right to modify, delay, curtail or terminate contracts; • FiscalNote’s ability to comply with laws and regulations in connection with selling products and services to U.S. and foreign governments and other highly regulated industries; • FiscalNote’s ability to retain or recruit key personnel; • FiscalNote’s ability to adapt its products and services for changes in laws and regulations or public perception, or changes in the enforcement of such laws, relating to artificial intelligence, machine learning, data privacy and government contracts; • adverse general economic and market conditions reducing spending on our products and services; • the outcome of any known and unknown litigation and regulatory proceedings; • FiscalNote’s ability to maintain public company-quality internal control over financial reporting; • FiscalNote’s ability to adequately protect and maintain its brands and other intellectual property rights; and • the possibility any exploration of strategic alternatives does not result in any transaction or other outcome or that any outcome is disruptive to operations and impacts financial performance. 2
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Trademarks & Use of Data Safe Harbor Statement (continued) The risk factors listed on the prior slide and other factors discussed in FiscalNote’s SEC filings, including its most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports, could cause actual results to dier materially from those indicated by the forward-looking statements made herein. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FiscalNote and its management, are inherently uncertain. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will occur or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FiscalNote undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.. FiscalNote assumes no obligation to update such information. Trademarks FiscalNote owns or has rights to various trademarks, service marks and trade names it uses in connection with the operation of its businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with FiscalNote or an endorsement or sponsorship by or of FiscalNote. Solely for convenience, the trademarks, service marks, trade names and copyrights referred to in this presentation may appear without the TM, SM, * or © symbols, but such references are not intended to indicate, in any way, that FiscalNote will not assert, to the fullest extent under applicable law, its rights or the right of the applicable licensor to these trademarks, service marks, trade names and copyrights. Use of Data This presentation contains information concerning FiscalNote’s products, services and industry, including market size and growth rates of the markets in which FiscalNote participates, that are based on industry surveys and publications or other publicly available information, other third-party survey data and research reports. This information involves many assumptions and limitations; therefore, there can be no guarantee as to the accuracy or reliability of such assumptions and you are cautioned not to give undue weight to this information. Further, no representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. This modeling data is subject to change. FiscalNote has not independently verified this third-party information. Similarly, other third-party survey data and research reports commissioned by FiscalNote, while believed by FiscalNote to be reliable, are based on limited sample sizes and have not been independently verified by FiscalNote. In addition, projections, assumptions, estimates, goals, targets, plans and trends of the future performance of the industry in which FiscalNote operates, and its future performance, are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to dier materially from those expressed in the estimates made by independent parties and by FiscalNote. FiscalNote assumes no obligation to update such information. 3
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WHAT WE DO Deliver unique and essential political and policy related data, insights, and workflow across proprietary and third-party platforms 4
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5 SECTION I: Products, Markets, and Customers
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Large and Expanding Market Opportunity Increasingly complex regulatory environment driving demand for policy intelligence 1. Outsell: Market landscape (as of August 12, 2021), denotes estimated TAM in 2020 2. Outsell: Market sizing (as of December 2024) Growing enterprise adoption of AI is increasing demand for trusted, verified data to ground it AI-driven consumption is creating new delivery channels for authoritative data through agentic APIs and MCP Opportunity to embed policy intelligence directly into customers' systems, AI agents, and workflows Rising volume and pace of rules, laws, and regulations across all levels of government, from municipal to international Legal & Regulatory Info TAM: $40B2 6 FiscalNote’s trusted data, domain expertise, and AI capabilities position it to capture value across both subscription and API-driven consumption. Current Trends Enterprise Info Solutions TAM: $314B1
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Our Customers – Sample Logos (as of 6/30/26) 7 HEALTHCARE EDUCATION TMT TRANSPORT BUSINESS SERVICES Public Sector / Govt Orgs. NFPs & NGOs Private Sector / Corporates FINANCE ENERGY CONSUMER & RETAIL
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Our Customers At A Glance (as of 6/30/26) Global Target Customers Legal Government Aairs External & Public Aairs Regulatory Market Access Risk Private Sector [~48%]1 1 Public Sector [~22%]1 2 Non-Profit / NGO [~30%]1 3 44 Of Fortune 100 96% Subscription Revenue as % of Total Revenues in Q2 2026 Customer Dynamics End Users 1. Indicates percentage of ARR represented by each target customer segment, as of 2Q26. 100+ Countries Legislative & Regulatory Monitoring 3,300+ Customers 8 Powered by data and AI, analyzed by experts, our policy and global intelligence solutions help customers navigate today’s complex world.
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AI-Enhanced, Proprietary Information Business Combine Fragmented, Unstructured Public Data with Unique, Proprietary Analysis: Leverage scaered global-to-local data sets that are cumbersome to obtain, and enhance with proprietary expert analysis Create Insights: Identify useful connections between data at scale to fill in knowledge gaps and provide value-add insights Augment End-to-End Workflows: Integrate AI seamlessly into existing human-driven processes with appropriate level of automation to reduce time and cost Combining proprietary data, analytics, and workflows to drive actionable insights that enable customers to manage political and business risk. INSIGHTS ACTIONS INFLUENCE AnalyticsData Ingestion 9 FiscalNote provides policy and regulatory intelligence to enable actionable outcomes for customers globally.
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Proprietary Infrastructure and Expert Intelligence Data augmented with proprietary AI and expert (human) insights, providing comprehensive and dierentiated value for customers. ProcessingSources Ingestion Monitor Extract Clean Normalize Merge ● Multimodal data sources (text, audio, video) ● Government regulation, legislation, and policy data (local, state, federal) ● Data across countries, news, social, financial documents ● Millions of documents in dierent formats (pdfs, text formats, multiple languages) ● Dierent structure of source sites, changing data Modular collection framework Reprocessing Metadata Smart Scrapers APIs 10 Dierentiators that are more than a decade in the making.
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How We Dierentiate An award-winning and unmatched combination of AI-powered technology, global policy expertise, and comprehensive data. 11 Responsive Comprehensive Automated Human Proprietary AI Technology and Machine Learning Capabilities Local to Global Data and SaaS Productivity Tools (Workflow, Reporting, CRM) Professional Services and Custom Research Objective, Unmatched Policy Intelligence and Expertise Trustworthy Data and Intelligence Comprehensive and real-time policy and regulatory intelligence tailored to your specific industry and issues AI-Powered Technology and Workflow Tools Advanced AI and machine learning technologies that provide intuitive insights and facilitate collaboration Highly Valued Policy Analysis Award-winning content and analysis includes deep coverage of US and EU policy changes Professional Services Customizable solutions that can be tailored to the specific needs and requirements of dierent organizations KEY DIFFERENTIATORS
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12 SECTION II: The Company
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PolicyNote Unifies FiscalNote’s Leading Solutions into an AI-Powered Platform Combining trusted news, expert analysis, and expanded data sources to streamline policy management at every level of government, PolicyNote empowers organizations to move beyond monitoring policy to actively shaping it with greater speed, insight, and impact. THE POLICYNOTE VISION Grassroots Advocacy Local to Global Policy Data Social Media, Curated News & More Exclusive, Award-Winning CQ Content PERSONALIZED PROACTIVE RESPONSIVE PlatformProducts INTEGRATEDHuman & Artificial Intelligence Custom Research & Analysis 13
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PolicyNote: AI-Driven Platform with Global Data and Proprietary Insights 14 AI THAT SPEAKS POLICY BILL Q&A CHAT-BASED, AI-POWERED SEARCH & ALERTS BILL FORECASTS BUIL T-IN AI SUMMARIES CUSTOM DASHBOARD & IN-DEPTH REPORTING
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Regular LLM Flow Creating Competitive Dierentiation FiscalNote’s LLM Flow User prompt LLM trained on public data Response Personalization layer LLM trained on public data Domain expertise layer User prompt Response Imprecise Refinement of User Prompt: LLM not focused on policy and regulation; may generate responses that fail to address nuances of user’s intent and workflow. High Risk of Inaccuracy: LLM pulls from broad sources with no guardrails, leading to inaccurate, incomplete, or misleading responses. Limited dierentiation: If user finds a cheaper product with the same level of response, they’d switch. FiscalNote domain expertise: Uniquely connect data, proprietary insights, and analysis, making replication diicult. User feedback further refines our expertise. Personalization: Deliver tailored responses, continuously improving with user feedback. Relevant/Proprietary Data Sources: Queries only run against FiscalNote’s data sources (public data processed by FiscalNote plus proprietary content & analysis). Supplement with experts: FiscalNote’s professional services team provides the crucial human element often absent in pure AI solutions. User feedback 15 All potential sources of info Only relevant data sources maintained or created by FiscalNoteOrg level User level
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2025 and Beyond: AI as an Accelerant 16 Leveraging LLMs on the backend, FiscalNote continuously improves precision and relevance while going beyond information discovery to enable workflow automation, reporting, and stakeholder management. As generative and agentic AI capabilities evolve, FiscalNote is driving greater efficiency, automation, and growth across the policy and regulatory ecosystem. POLICYNOTE vs GENERIC LLMs Generic AI models often rely on unverified, biased, or outdated information, making them unreliable for government affairs and advocacy. FiscalNote’s purpose-built AI solutions, including PolicyNote, are powered by proprietary, verified, and up-to-date data — enhanced through subject matter expertise and advanced prompt engineering. Provides Timely Data Pulls ONL Y from Verified Data Sources Purpose-Built Specifically for Policy Tasks Protects Your Private Data Exclusive, Expert Analysis Allows You to Track Legislator Relationships Helps You Manage Your Workflow Built-in Reporting & ROI Tools POLICYNOTE GENERIC LLMs FiscalNote is a leading provider of AI-powered, sector-specific information and analytics that has invested over 11 years to create a deep reservoir of technical expertise, proprietary data, and purpose-built AI tools.
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Policy Intelligence as Infrastructure for AI-Driven Consumption As demand shifts toward embedded, programmatic access to policy intelligence, FiscalNote is positioning itself as the trusted infrastructure layer for AI-driven consumption. 17 What We’ve Built Why It Maers Early Traction & Commercial Model Agentic PolicyNote API Native support for Model Context Protocol (MCP) enables AI agents to discover, query, and integrate FiscalNote intelligence. Cross-Platform Compatibility Compatible with Claude, OpenAI, Google Gemini, Microsoft ecosystems, and other adopters of MCP . Global Coverage Intelligence spanning Congress, all 50 states, and 100+ countries is available programmatically. TAM Expansion Opens new customer categories including developers, partners, and AI-native platforms. Product-Led Growth Enables self-serve onboarding through API keys and documentation without lengthy sales or implementation cycles. Data Moat Reinforcement Usage signals strengthen internal models and create compounding competitive advantages over time. Enterprise Customers Lumen Technologies and ICE Data Services (Intercontinental Exchange subsidiary) actively using APIs in production environments. Flexible Pricing Consumption-based and hybrid models allow customers to shift spend between seat-based licenses and API usage credits. High-Margin Profile Core infrastructure is already built with low incremental delivery cost and no per-seat constraints. FiscalNote’s value resides in the depth of its data, domain expertise, and institutional trust; not in any single delivery interface.
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Key Considerations Informing 2026 Forecast ● Workforce transformation and operational restructuring announced in March, leveraging broad AI deployment, with full annualized benefit phasing in through 2026 ● Continued investment in PolicyNote, focused on agentic workflows and personalization, to drive deeper engagement and improved retention ● Potential further divestiture of non-core products as part of ongoing strategic review ● Continued volatility in the private sector and federal spending headwinds in the public sector Financial Forecast: 2026 18 1. Non-GAAP measure; refer to “Non-GAAP Financial Measures” for definitions and important disclosures regarding these financial measures; also refer to “ Appendix” for reconciliations to the most directly comparable GAAP measure. 2. Because of the variability of items impacting net income and the unpredictability of future events, management is unable to reconcile without unreasonable eort the Company’s forecasted adjusted EBITDA to a comparable GAAP measure. The unavailable information could have a significant impact on the non-GAAP measures. FY 2026 ($ in millions) FY Forecast1 (As of 8/10/2026) Total Revenues $75 to $78 Adjusted EBITDA1, 2 $9 to $11 Q3 2026 ($ in millions) Initial Forecast1 (As of 8/10/2026) Total Revenues $19.0 to $20.0 Adjusted EBITDA1, 2 ~$3.5
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Commentary Q2 2026 Financial Snapshot 19 $19.6M Meets Guidance Total Revenue Financial Highlights $74.9M ARR1 $2.3M Below Guidance Adjusted EBITDA2 $20.6M Cash3 1. “ Annual Recurring Revenue” is a key performance indicators (KPI). See “Key Performance Indicators” for the definitions and important disclosures related to these measures. 2. Non-GAAP measure. Please see "Non-GAAP Financial Measures" for definitions and important disclosures regarding these financial measures, including reconciliations to the most directly comparable GAAP measure. 3. As of June 30, 2026 and inclusive of short-term investments
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20 SECTION III: Key Takeaways
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Key Takeaways 21 Continue to De-lever Balance Sheet and Optimize Portfolio Through Disciplined Capital Allocation and Strategic Divestitures of Non-Core Assets4 Drive Margin Expansion and Improve Operating Leverage Through Operational Transformation and Disciplined Execution1 Strengthen the Core Subscription Business Through PolicyNote Investment in Agentic Workflows, Personalization, and Improved Customer Retention2 Expand Addressable Market Through Agentic APIs — A Capital-Eicient Growth Vector Leveraging Existing Data and Expertise3 Board of Directors Continues to Review All Strategic Options to Maximize Shareholder Value5
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22 SECTION IV: Appendix
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Most Recent Reported Financials: 2Q26 FINANCIAL HIGHLIGHTS (as reported) ($ in millions) 2Q26 2Q25 Total Revenues $19.6 $23.3 Gross Profit $15.6 $18.3 Gross Margin 80% 79% Adjusted Gross Profit(1) $17.3 $20. 1 Adjusted Gross Margin(1) 88% 86% Net Loss $(27.8) $(13.3) AEBITDA(1) $2.3 $2.8 AEBITDA Margin(1) 11.9% 12.0% Cash(2) $20.6 $39.2 23 1. Non-GAAP measure. Please see "Non-GAAP Financial Measures" for definitions and important disclosures regarding these financial measures, including reconciliations to the most directly comparable GAAP measure. 2. As of June 30, 2026 and inclusive of short-term investments. 3. “ Annual Recurring Revenue,” and “Net Retention Revenue” are key performance indicators (KPIs). See “Key Performance Indicators” for the definitions and important disclosures related to these measures. KEY PERFORMANCE INDICATORS(3) (as reported) ($ in millions) 2Q26 2Q25 Annual Recurring Revenue (ARR) $74.9 $85.9 Pro Forma ARR* $74.9 $84.7 Quarterly Net Revenue Retention (NRR) 98% 96% Pro Forma NRR* 98% 96% * Pro Forma ARR and NRR adjusts prior periods for the impact of the divestiture of Timebase.
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Non-GAAP Financial Measures 24 Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP , we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. Where applicable, we provide reconciliations of these non-GAAP measures to the corresponding most closely related GAAP measure. Investors are encouraged to review the reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure. While we believe that these non-GAAP financial measures provide useful supplemental information, non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with GAAP , do not reflect a comprehensive system of accounting and may not be comparable to similarly titled measures of other companies due to potential dierences in their financing and accounting methods, the book value of their assets, their capital structures, the method by which their assets were acquired and the manner in which they define non-GAAP measures. Adjusted Gross Profit and Adjusted Gross Profit Margin We define Adjusted Gross Profit as Total Revenue minus cost of revenues, before amortization of intangible assets that are included in costs of revenues. We define Adjusted Gross Profit Margin as Adjusted Gross Profit divided by Total Revenue. We use Adjusted Gross Profit and Adjusted Gross Profit Margin to understand and evaluate our core operating performance and trends. We believe these metrics are useful measures to us and to our investors to assist in evaluating our core operating performance because they provide consistency and direct comparability with our past financial performance and between fiscal periods, as the metrics eliminate the non-cash eects of amortization of intangible assets and deferred revenue, which are non-cash impacts that may fluctuate for reasons unrelated to overall operating performance. Adjusted Gross Profit and Adjusted Gross Profit Margin have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP . They should not be considered as replacements for gross profit and gross profit margin, as determined by GAAP , or as measures of our profitability. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP measures only for supplemental purposes. Adjusted Gross Profit and Adjusted Gross Profit Margin as presented herein are not necessarily comparable to similarly titled measures presented by other companies. EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA reflects further adjustments to EBITDA to exclude certain non-cash items and other items that management believes are not indicative of ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by Total Revenue. We disclose EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin herein because these non-GAAP measures are key measures used by management to evaluate our business, measure our operating performance and make strategic decisions. We believe that EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are useful for investors and others in understanding and evaluating our operating results in the same manner as management. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are not financial measures calculated in accordance with GAAP and should not be considered as substitutes for net loss, net loss before income taxes, or any other operating performance measure calculated in accordance with GAAP . Using these non-GAAP financial measures to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report measures titled EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin or similar measures, such non-GAAP financial measures may be calculated dierently from how we calculate non-GAAP financial measures, which reduces their comparability. Because of these limitations, you should consider EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin alongside other financial performance measures, including net income and our other financial results presented in accordance with GAAP . Free Cash Flow Free Cash Flow is a non-GAAP financial measure. We define Free Cash Flow as Cash Flow From Operating Activities minus Capital Expenditures (CAPEX). The Company believes that Free Cash Flow is useful to investors as it provides a measure to compare cash flow from operating activities on a consistent basis. This measure should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies.
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Adjusted Gross Profit and Adjusted Gross Profit Margin Three Months Ended June 30, ($ in thousands) 2026 2025 Total revenues $ 19,581 $ 23,264 Costs of revenue, including amortization of capitalized software development costs and acquired developed technology (3,976) (4,948) Gross Profit $ 15,605 $ 18,316 Gross Profit Margin 80% 79% Gross Profit 15,605 18,316 Amortization of intangible assets 1,662 1,779 Adjusted Gross Profit $ 17,267 $ 20,095 Adjusted Gross Profit Margin 88% 86% Q2 2026: Reconciliation to Non-GAAP Measures 25
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EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin FOOTNOTES: a) Reflects the gain on disposal for Dragonfly and Oxford Analytica on March 31, 2025. b) Reflects the non-cash impact from mark-to-market adjustments on financial instruments. c) Reflects the non-cash impact of the following: (i) charge of $21 in the second quarter of 2026 related to foreign currency exchange principally arising from converting a GBP denominated convertible note into USD, (ii) goodwill impairment charge of $19, 100 in the second quarter of 2026, (iii) charge of $30 in the second quarter of 2025 related to the unrealized loss on investments; and (iv) charge of $632 in the second quarter of 2025 related to foreign currency translation losses, principally arising from converting a GBP denominated convertible note into USD. d) Reflects costs principally related to the sale of Oxford Analytica and Dragonfly in the second quarter of 2025, principally consisting of transaction advisory, accounting, tax, and legal fees. e) Severance costs associated with workforce changes related to business realignment actions. f) Reflects severance costs incurred related to the resignation of our prior CEO on June 26, 2026. g) Reflects non-operating income from the Transition Services Agreement that was entered into with the acquirer of Dragonfly and Oxford Analytica on March 31, 2025. Three Months Ended June 30, ($ in thousands) 2026 2025 Net loss $ (27,834) $ (13,271) Income tax (benefit) provision (88) (795) Depreciation and amortization 3,784 3,960 Interest expense, net 3,904 4,338 EBITDA (20,234) (5,768) Gain on sale of businesses (a) - 319 Stock-based compensation 828 3,964 Change in fair value of financial instruments (b) (93) 1,577 Other non-cash charges (c ) 19, 121 662 Disposal related costs (d) 27 971 Employee severance costs (e) 335 800 CEO severance (f) 1,812 - Non-capitalizable debt costs 533 337 Costs incurred related to the Special Commiee (3) 167 Non-operating income (g) - (228) Adjusted EBITDA $ 2,326 $ 2,801 Adjusted EBITDA Margin 11.9% 12.0% Q2 2026: Reconciliation to Non-GAAP Measures 26
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AI Artificial intelligence (“ AI”) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. ARR Annual Recurring Revenue (“ ARR”) is the value of the contracted recurring revenue components of term subscriptions normalized to a one-year period. NRR Net Revenue Retention (“NRR”) is calculated as ARR at the end of the period minus ARR contracted from new clients for which there is no historical revenue booked during the period, divided by the beginning ARR for the period. We calculate NRR at a parent account level. Customers from acquisitions are not included in NRR until they have been part of our consolidated results for 12 months. Customers Individual buyers within a parent organization. L TM Referring to period consisting of the previous, or last, twelve (12) months. ML Machine learning (“ML ”) is a branch of artificial intelligence and computer science which focuses on the use of data and algorithms to imitate the way that humans learn, gradually improving its accuracy. YTD Year to date (“YTD”) refers to the period of time beginning the first day of the current calendar year or fiscal year up to the current date. Glossary 27