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NOTE-WT

FiscalNote Holdings, Inc.

NOTE-WT

FiscalNote Holdings, Inc. • NYSE
$0.07 ▲ 12.26% (+0.01)
Market Cap $82.96 M
52w High $0.07
52w Low $0.06
Dividend Yield 0%
P/E 0
Volume 400
Outstanding Shares 1.28B

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 Q3-2024Q4-2024Q2-2025Q3-2025
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 ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, suggesting demand for FiscalNote’s policy and data services is gradually building. The business consistently generates positive gross profit, which means the core products are priced above their direct delivery costs. The main challenge has been operating losses. Spending on people, technology, and acquisitions has kept the company in the red for several years. That said, operating results and EBITDA have moved in a clearly improving direction, with the latest year showing a move toward profitability and even a small bottom‑line profit. Overall, the trend is from heavy losses toward break‑even, but the track record is still that of an early-stage, scale-up company rather than a mature, highly profitable one.

Balance Sheet

Balance Sheet The balance sheet shows a business with a moderate asset base and relatively limited cash, so it does not look cash‑rich. Debt has been meaningful but has come down from its peak, which slightly eases financial pressure but still leaves leverage as a factor to watch. Equity moved from negative a few years ago to clearly positive more recently, reflecting either capital raising, improved earnings, or both. This shift is a positive sign for financial stability. Even so, the company still operates with a fairly tight cushion, so its ability to maintain or grow equity will depend on sustaining better operating performance and managing debt carefully.

Cash Flow

Cash Flow Cash generation has been the weak spot. Operating cash flow has been consistently negative, indicating the company has not yet been able to fund its operations from the cash its customers provide. Free cash flow has also been negative each year, although the scale of the outflow has been shrinking. Capital spending is relatively modest, which means most of the cash burn is driven by operating losses and growth investments, not large physical asset projects. The direction of travel—less negative cash flow over time—is encouraging, but the company still relies on external financing or its cash reserves to support operations and growth.

Competitive Edge

Competitive Edge FiscalNote operates in a specialized niche: policy, regulatory, and market intelligence. It benefits from a sizable proprietary database of legislative and regulatory content, especially at the local level, which is difficult and time‑consuming for competitors to replicate. This data advantage is reinforced by long-standing relationships with corporations, nonprofits, and public entities. The firm’s use of artificial intelligence and machine learning to extract insights and predictions from this data strengthens its positioning versus more traditional information providers. High switching costs—because customers embed these tools into daily workflows—support customer stickiness. The competitive landscape still includes capable rivals, but FiscalNote’s combination of data depth, AI capabilities, and integrated tools gives it a differentiated, if not unassailable, position.

Innovation and R&D

Innovation and R&D Innovation is a core part of FiscalNote’s story. The company has built AI‑driven platforms that can summarize complex bills, compare different versions of legislation, and even forecast the odds of passage. Its specialized generative AI model, trained on legal and policy data, is a notable attempt to go beyond generic AI tools. New products like AI copilots for global intelligence, policy work, and risk analysis show a clear push to deepen engagement with existing customers and to expand into adjacent use cases like geopolitical risk and ESG. The main questions are execution and adoption: the technology is advanced and differentiated on paper, but the long‑term payoff will depend on how widely customers embrace these tools and whether FiscalNote can keep improving them ahead of competitors.

Summary

FiscalNote looks like a classic high‑growth, data‑and‑software business that is moving from a period of heavy investment and sizable losses toward a more sustainable, potentially profitable model. Revenue and margins have improved, and the latest year shows a step change in earnings, but the history is short and volatile, reflecting its SPAC background and aggressive growth stance. The balance sheet has strengthened from earlier years, with equity turning positive and debt easing somewhat, yet cash remains limited and cash flow from operations is still negative. That keeps financing and liquidity as important risk factors. Strategically, the company appears well positioned in a niche where high-quality data, AI, and workflow integration matter a lot. Its proprietary data, AI models, and product breadth give it a meaningful edge, while innovation pipelines suggest room for future growth. At the same time, success depends on continuing to convert that technical and data advantage into stable, recurring cash flows and demonstrating that recent improvements in profitability are durable rather than temporary.