No they do not. Hard bounces are marked as invalid, leaving the subscribe status unchanged from its status of either subscribed, none or unsubscribed.

When creating an audience for a promotional message, Cordial will automatically filter out anyone that is not both valid and subscribed. However, when building an audience for a transactional message, Cordial will only filter out those marked as invalid, as subscribe status is not a factor.

When searching for contacts in Cordial, the resulting count will reflect all contacts, regardless of subscribe status or validity.