FiscalNote Holdings, Inc. specializes in AI-driven legislative tracking and policy intelligence through its flagship PolicyNote platform, generating the majority of revenue from subscription services. The company’s recent focus has shifted towards streamlining operations by divesting non-core assets and expanding into adjacent markets like political prediction and APIs. Despite efforts to rationalize costs, FiscalNote faces persistent operating losses and negative cash flows, with liquidity concerns magnified by covenant breaches on its senior term loan. Its competitive moat relies on integrating policy data with AI and grassroots tools, but customer retention issues and macroeconomic factors constrain growth prospects.