FiscalNote Holdings Inc

fiscalnote.com

What Do They Do?

Provides policy-intelligence software, legislative and regulatory analysis, and advocacy tools to businesses, government agencies, and nonprofits.

How Do They Make Money?

Customers pay for subscriptions to cloud-based software and digital content, usually annually and within 30 days of invoice; access lasts through the contract term. Advisory work is typically a one-time deliverable invoiced under its contract terms.

revenue

Segment	Share	How money arrives
Subscription Recurring	93% FY2022: 88%	Recurring
Advisory Sold outright	2.2% FY2022: 4.3%	Sold outright
Advertising	1.6% FY2022: 2.4%
Books	<0.1% FY2022: 0.7%
Other Revenue	3.0% FY2022: 4.3%

Who Are Their Customers?

Serves businesses, government agencies, and professional and nonprofit organizations, including law firms, trade groups, and advocacy groups.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 17% from one customer

Do Revenues Turn Into Profits?

No. It lost $65.2M in FY2025.

Operating income, FY2025

−52% of revenue

▲ +55% (Loss) vs FY2024 (−$31.9M, −27%)

Net income, FY2025

−68% of revenue

▼ Now a loss vs FY2024 ($9.5M, 8%)

Free cash flow, FY2025

−20% of revenue

▲ +31% (Loss) vs FY2024 (−$14.2M, −12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −16%; vs $23.3M in Q2 FY2025
Net income: ▲ +110% (Loss); vs −$13.3M in Q2 FY2025

Subscription share of revenue vs 91.9% in Q2 FY2025

Sep 2, 2026 Sold FrontierView and revised full-year guidance It expects full-year 2026 revenue of $74 to $76 million and adjusted EBITDA of $8 to $10 million.
Jun 26, 2026 Named Key Compton CEO as Josh Resnik departed Key Compton replaced Josh Resnik as president and CEO.
Apr 21, 2026 Shares and warrants were delisted from the NYSE The common stock and warrants now trade on the OTCID Basic Market.

Growing. Revenue grew 15% in 4 years, from $82.9M in FY2021 to $95.4M in FY2025, about 4% a year.

A narrower, consolidated portfolio The older report described a broader portfolio, including geopolitical advisory, peer communities, ESG, and AI offerings. The latest emphasizes the policy core, non-core divestitures, and consolidation and replatforming around PolicyNote.

Revenue over time

Subscription Advisory Advertising Books Other Revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Thomson Reuters, Bloomberg, S&P, LexisNexis, Claude, and ChatGPT

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