No recent public news coverage impacting FiscalNote's business model or financials was available at the time of this report.

FiscalNote's deep integration of AI and expert analysis in its PolicyNote platform positions it well to serve customers needing real-time, actionable policy insights. The company's subscription-based model and high proportion of recurring revenue provide a foundation for revenue stability. Strategic divestitures have streamlined operations, and expansion into political prediction markets and API products could open new revenue streams. Cost reduction initiatives and organizational restructuring may improve operational efficiency and financial health over time.

FiscalNote faces significant challenges including declining revenues due to divestitures and customer retention difficulties, resulting in substantial net losses. The company has negative working capital (excluding cash and investments) and has breached financial covenants on its senior term loan, raising substantial doubt about its ability to continue as a going concern. Ongoing restructuring and cost-cutting efforts may not fully mitigate liquidity risks. Competitive pressures and the need for continued investment in product development and sales may strain resources further.

FiscalNote's moat is anchored in its comprehensive policy intelligence platform that integrates AI-driven data analysis with trusted news sources and grassroots engagement tools. Its subscription-based revenue model provides a degree of revenue predictability and customer stickiness. The company's expertise in legislative and regulatory data, combined with its expanding API offerings and entry into adjacent markets, supports its competitive positioning. However, the moat is challenged by customer retention issues, competitive pressures, and the need for ongoing investment in product innovation and go-to-market strategies.

• Liquidity and Going Concern Risk: The company has breached financial covenants on its senior term loan, raising substantial doubt about its ability to continue as a going concern. Amendments to loan terms and cost reduction plans are in place but liquidity risks remain significant.
• Customer Retention and Revenue Decline: FiscalNote has experienced declines in Annual Recurring Revenue and total revenues, partly due to divestitures and customer retention challenges, which may impact future revenue stability.
• Operational and Market Risks: The company faces risks from government budget cuts affecting demand, competitive pressures in the policy intelligence market, and the need for ongoing investment in product innovation and go-to-market strategies.

• FiscalNote Holdings, Inc. operates as a single operating segment focused on legislative tracking, regulatory analysis, and stakeholder engagement through its flagship platform PolicyNote.
• PolicyNote integrates extensive policy data with AI-powered monitoring and expert analysis, supported by trusted reporting from CQ and Roll Call, and includes grassroots mobilization via VoterVoice.
• The company ingests unstructured legislative and regulatory data and applies in-house AI and data science to deliver structured, actionable information to customers.
• FiscalNote is expanding into adjacent markets such as political prediction markets and enhancing API offerings to integrate policy intelligence into customer systems.
• The company completed a business combination in July 2022, becoming a publicly traded entity on the NYSE under the ticker 'NOTE'.
• FiscalNote's revenues are primarily subscription-based, accounting for approximately 93% of total revenues in 2025, with subscription contracts generally non-refundable and recognized ratably over contract terms.
• Annual Recurring Revenue (ARR) was $84.1 million at December 31, 2025, down from $107.5 million at December 31, 2024, partly due to business dispositions.
• Net Revenue Retention (NRR) fluctuated quarterly in 2025, ranging from 93% to 98%, reflecting customer retention and expansion dynamics.
• The company has divested several non-core businesses between 2024 and 2025, including Dragonfly, Oxford Analytica, TimeBase, and Board.org, generating gains and reducing subscription revenue contributions.
• FiscalNote's 2025 total revenues were $95.4 million, down 21% from $120.3 million in 2024, with declines in advisory, advertising, and geographic revenue segments, notably Europe and Asia.
• Operating expenses in 2025 included cost of revenues, research and development, sales and marketing, editorial, general and administrative, amortization of intangible assets, and goodwill impairment.
• The company reported a net loss of $65.2 million for the year ended December 31, 2025, compared to net income of $9.5 million in 2024, with basic and diluted loss per share of $4.65 in 2025.
• At December 31, 2025, FiscalNote held $24.3 million in cash and cash equivalents and $2.0 million in short-term investments, with current assets of $45.5 million and current liabilities of $44.4 million, resulting in a current ratio of 1.03 and a cash ratio of 0.59.
• The company has a negative working capital (excluding cash and short-term investments) of $25.8 million as of December 31, 2025, and an accumulated deficit of $872.1 million.
• FiscalNote undertook a 1-for-12 reverse stock split in August 2025, adjusting its share count and trading price accordingly.
• The company has approximately 425 full-time equivalent employees as of December 31, 2025, down from 573 at the end of 2024, reflecting workforce reductions and business simplification efforts.
• FiscalNote's principal executive offices and global headquarters are located in Washington, D.C., with additional international offices in London, Brussels, Gurugram, and Singapore.
• The company faces risks including customer retention challenges, impacts from government budget cuts, and substantial doubt about its ability to continue as a going concern due to covenant breaches on its senior term loan, which was amended in March 2026.
• Management is implementing organizational transformations including a workforce reduction of approximately 25% and cost reduction initiatives to address liquidity and operational challenges.