04:21 PM EDT, 03/12/2024 (MT Newswires) -- FiscalNote Holdings ( NOTE ) shares tumbled more than 21% in recent Tuesday trading after the company reported a wider Q4 loss and lower-than-estimated revenue, and set its 2024 revenue guidance below analyst forecasts following a divestiture.

The company reported a Q4 net loss Tuesday of $0.39 per diluted share, compared with a loss of $0.32 a year earlier. Analysts polled by Capital IQ expected a loss of $0.15.

Revenue for the quarter ended Dec. 31 was $34.3 million, up from $31.5 million a year earlier. Analysts surveyed by Capital IQ expected $34.5 million.

Additionally, the company said it sold Board.org, its non-core product offering, for up to $103 million, of which $95 million is in cash, subject to customary adjustments. It acquired Board.org in 2021 for $10 million in cash and $4.3 million in convertible securities.

It said the divestiture helped it add about $15 million in cash to its balance sheet and repay debt using $65.7 million of the proceeds.

The company said it expects revenue of roughly $31 million for Q1 and $123 to $127 million for full year 2024, reflecting the divestiture and the discontinuation of sunset products. Analysts in a Capital IQ poll expect $34.4 million and $145.5 million, respectively.

Price: 1.60, Change: -0.43, Percent Change: -21.43