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FiscalNote Holdings, Inc.

NOTE

FiscalNote Holdings, Inc. • NYSE
$2.35 ▲ 3.52% (+0.08)
Market Cap $35.29 M
52w High $24.36
52w Low $1.91
Dividend Yield 0%
P/E -0.54
Volume 141.21K
Outstanding Shares 15.02M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $22.429M ▼ $27.394M ▲ $-24.855M ▼ -110.816% ▼ $1.32 ▲ $-17.435M ▼
Q2-2025 $23.264M ▼ $25.743M ▼ $-13.271M ▼ -57.045% ▼ $-1 ▼ $-5.768M ▼
Q1-2025 $27.511M ▼ $34.289M ▲ $-4.25M ▲ -15.448% ▲ $-0.337 ▲ $6.956M ▲
Q4-2024 $29.469M ▲ $25.126M ▼ $-13.383M ▲ -45.414% ▲ $-1.17 ▲ $-4.389M ▲
Q3-2024 $29.439M $25.376M $-14.935M -50.732% $-1.32 $-5.01M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $31.193M ▼ $273.866M ▼ $198.368M ▲ $75.498M ▼
Q2-2025 $38.517M ▼ $288.349M ▼ $190.535M ▼ $97.814M ▼
Q1-2025 $46.256M ▲ $299.685M ▼ $198.269M ▼ $101.416M ▲
Q4-2024 $34.61M ▲ $326.197M ▼ $228.366M ▼ $97.831M ▼
Q3-2024 $32.728M $337.949M $239.432M $98.517M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-24.855M ▼ $-8.269M ▼ $4.557M ▲ $-3.549M ▼ $-7.325M ▲ $-10.356M ▼
Q2-2025 $-13.271M ▼ $-6.181M ▼ $-1.492M ▼ $-9K ▲ $-7.719M ▼ $-7.673M ▼
Q1-2025 $-4.25M ▲ $3.286M ▲ $38.287M ▲ $-28.808M ▼ $12.918M ▲ $1.304M ▲
Q4-2024 $-13.383M ▲ $-1.348M ▲ $4.659M ▲ $142K ▼ $3.083M ▲ $-3.357M ▲
Q3-2024 $-14.935M $-2.962M $-2.442M $251K $-4.956M $-5.404M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Advertising
Advertising
 $0 ▲$0 ▲$0 ▲$0 ▲
Advisory
Advisory
 $0 ▲$0 ▲$0 ▲$0 ▲
Books
Books
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription
Subscription
 $30.00M ▲$50.00M ▲$30.00M ▼$20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, though still from a relatively small base. Gross profitability is consistent, suggesting the core information services carry healthy margins once sold. The main pressure has been at the operating level, where spending on people, technology, acquisitions, and overhead has kept operating income in the red for most of the period. The encouraging sign is that profitability metrics have been moving in the right direction: losses have narrowed, adjusted profit measures have swung from negative to positive, and the most recent year shows a small bottom‑line profit after several years of sizable losses. Overall, the business looks like it is transitioning from an investment-heavy, loss-making phase toward potential scale and operating leverage, but it is not yet a mature, stable earner.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has grown quickly but is still financially constrained. Total assets have risen over time, driven by acquired businesses, technology, and data assets, but cash remains modest relative to the size of the business. Debt has been meaningful and, at times, quite high compared with equity, which introduces financial risk and sensitivity to interest costs. After dipping into negative territory a few years ago, shareholder equity has turned positive again and improved, which is a constructive sign but from a low base. In simple terms, the company has repaired some of its balance-sheet weakness, yet still operates with limited financial cushion and relies on disciplined execution to keep leverage manageable.

Cash Flow

Cash Flow Cash flow has been a consistent weak spot. The company has used cash in its day-to-day operations every year in this period, which means it has not yet been self-funding. Free cash flow has also been negative throughout, even though spending on physical assets has been relatively light. This pattern suggests that most of the cash outflow is tied to operating expenses and growth investments, rather than heavy capital projects. There are signs of gradual improvement, with cash burn narrowing over time, but the business still depends on external funding or existing cash reserves to support operations. Sustainable, positive cash flow remains a key milestone that has not yet been reached.

Competitive Edge

Competitive Edge FiscalNote operates in a niche but important corner of the technology sector: AI-driven legal, regulatory, and policy intelligence. Its main strengths are its large, proprietary data sets, especially at local levels of government, and its established brands acquired over time, which give it credibility with government affairs, legal, and compliance professionals. The subscription model and integration into clients’ daily workflows create high switching costs, which can make revenue more stable and relationships sticky. At the same time, the company faces capable competitors in adjacent spaces, including other policy-tracking platforms and large information providers. Its position is differentiated by depth of policy data and workflow integration, but it must keep innovating to avoid being overtaken by bigger, better-funded rivals or specialized upstarts.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point. FiscalNote has invested heavily in artificial intelligence, machine learning, and new product development, building tools that transform raw legislative and regulatory data into actionable insights. Recent launches—such as AI-powered comparison tools, policy “copilots,” risk connectors, and stress-analysis products—show a push to move from simple data search toward predictive, assistant-like functionality. The company also leverages external AI platforms to enhance its own models and expand capabilities. Looking ahead, its roadmap emphasizes deeper automation for policy professionals and expansion into new data domains, such as real-world regulatory impacts. The opportunity is substantial if these products gain wide adoption, but there is execution risk: the company must prove that customers will pay for, and deeply embed, these new AI tools at a scale sufficient to justify the ongoing R&D spend.

Summary

FiscalNote is a developing technology platform that has moved from rapid, loss-making growth toward a more balanced phase where profitability is beginning to emerge, but cash generation is still negative. The income statement shows improving margins and a recent swing to modest profit, suggesting early benefits from scale and cost control, while the balance sheet and cash flow highlight continued financial fragility and reliance on external funding. Competitively, the firm benefits from unique data, recognized brands, and sticky customer relationships in a specialized market, yet it operates alongside strong rivals and larger information providers. Its future story is heavily tied to successful execution of an ambitious AI-driven product roadmap: if it can convert its technology and data advantage into durable, high-margin, recurring revenue, the business profile could strengthen meaningfully; if not, ongoing investment needs and leverage could remain key constraints. Overall, this is a company with clear strategic assets and innovation momentum, balanced by operational, competitive, and financing risks that remain very much in play.

NEWS

November 19, 2025 · 7:01 AM UTC

FiscalNote Continues Global Momentum Amid Ongoing PolicyNote Adoption

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November 6, 2025 · 4:15 PM UTC

FiscalNote Reports Third Quarter 2025 Financial Results

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October 30, 2025 · 7:01 AM UTC

FiscalNote to Report Third Quarter 2025 Financial Results & Host Conference Call on November 6, 2025

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October 29, 2025 · 7:01 AM UTC

FiscalNote Unifies Grasstops and Grassroots Influence with Advocacy Data Integration into PolicyNote

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October 16, 2025 · 7:01 AM UTC

FiscalNote Introduces AI-Powered Bill Comparison in PolicyNote

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