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FiscalNote Holdings
(OTC:NOTE)
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Rating:41Neutral
Price Target:
$0.08
▼(-68.85% Downside)
Action:Upgraded
Date:06/26/26
The score is driven primarily by weak financial performance (declining revenue, persistent losses, negative operating/free cash flow) and high leverage that reduces financial flexibility. Technicals reinforce the risk with a sustained downtrend (price below all key moving averages) and negative momentum, with oversold readings not yet indicating a durable turnaround. Valuation provides limited support because losses drive a negative P/E and there is no dividend yield.
Positive Factors
Recurring SaaS subscription model
A subscription-based SaaS model creates durable, contract-driven revenue streams that support predictable renewal rates and upsell opportunities with enterprise and government customers. Over 2-6 months this underpins revenue visibility, lowers customer acquisition frequency, and enables scalable unit economics as the product base matures.
Negative Factors
Declining revenue & cash burn
Multi-year softening in revenue and persistent negative operating and free cash flow mean the business is not self-funding. Continued cash burn forces reliance on external financing or creditor concessions, constrains reinvestment in product and sales, and materially raises execution risk over the coming months absent structural revenue stabilization.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS subscription model
A subscription-based SaaS model creates durable, contract-driven revenue streams that support predictable renewal rates and upsell opportunities with enterprise and government customers. Over 2-6 months this underpins revenue visibility, lowers customer acquisition frequency, and enables scalable unit economics as the product base matures.
Read all positive factors
FiscalNote Holdings (NOTE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.50M
Dividend YieldN/A
Average Volume (3M)223.60K
Price to Earnings (P/E)―
Beta (1Y)2.75
Revenue Growth-23.99%
EPS Growth-65.39%
CountryUS
Employees370
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-6.57
Shares Outstanding28,514,540
10 Day Avg. Volume253,125
30 Day Avg. Volume223,602
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.33
Price to Sales (P/S)0.22
P/FCF Ratio-1.11
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$6.63Price Target Upside2448.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-3.35
Revenue Forecast (FY)$80.84M
FiscalNote Holdings Business Overview & Revenue Model
Company Description
FiscalNote Holdings Inc. operates as a premier technology and data firm, specializing in the global provision of vital legal data and actionable insights. They achieve this by integrating advanced artificial intelligence, machine learning, and oth...
How the Company Makes Money
FiscalNote primarily makes money by selling recurring subscriptions (SaaS) to its policy and regulatory intelligence platforms, where customers pay to access aggregated content, analytics, alerts, and workflow tools that support compliance, govern...
FiscalNote Holdings Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive momentum in corporate sales and product innovation, but was offset by challenges such as revenue declines due to divestitures and federal sector volatility. Cost management efforts showed positive results, yet increased G&A expenses and a decline in ARR highlight areas for improvement.Positive Updates
Adjusted EBITDA Exceeds Guidance
Adjusted EBITDA for Q3 2025 was $2.2 million, exceeding guidance and marking the fifth consecutive quarter of adjusted EBITDA margins at or above 10%.
Negative Updates
Revenue Impact from Divestitures
Q3 2025 revenue was $7 million lower than the prior year, primarily due to divestitures of several business units in 2024 and 2025.
Read all updates
Q3-2025 Updates
Positive
Negative
Adjusted EBITDA Exceeds Guidance
Adjusted EBITDA for Q3 2025 was $2.2 million, exceeding guidance and marking the fifth consecutive quarter of adjusted EBITDA margins at or above 10%.
Read all positive updates
Company Guidance
In the third quarter of 2025, FiscalNote Holdings, Inc. reported revenue totaling $22.4 million, aligning with guidance, and an adjusted EBITDA of $2.2 million, surpassing expectations with a margin of 10%. The company experienced a 400 basis points improvement in win rates among enterprise clients compared to the second quarter, contributing to a 500 basis points increase in win rates across all corporate segments year-to-date. Notably, corporate multiyear contracts for policy data now comprise approximately 50% of new logo annual recurring revenue (ARR), up from 20% in early 2024. This shift is anticipated to bolster revenue visibility and enhance gross retention by 2026. FiscalNote's annual recurring revenue stabilized with a modest increase on a pro forma basis, signaling an initial stabilization of the core business. The company's outlook for 2025 remains within previous ranges, with full-year revenue projected between $95 million and $96 million and adjusted EBITDA expected to be around $10 million.FiscalNote Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
28
Negative
Cash Flow
15
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 87.92M | 95.41M | 120.27M | 132.65M | 113.77M | 82.91M |
| Gross Profit | 59.35M | 65.10M | 76.10M | 74.53M | 65.87M | 46.48M |
| EBITDA | -28.48M | -9.14M | 53.51M | -56.58M | -104.99M | -36.13M |
| Net Income | -104.61M | -65.25M | 9.52M | -115.46M | -218.26M | -109.42M |
Balance Sheet | ||||||
| Total Assets | 213.44M | 255.14M | 326.20M | 370.56M | 433.16M | 378.49M |
| Cash, Cash Equivalents and Short-Term Investments | 26.47M | 26.31M | 34.61M | 23.59M | 60.39M | 32.17M |
| Total Debt | 144.97M | 151.08M | 172.95M | 251.64M | 197.87M | 333.27M |
| Total Liabilities | 188.64M | 193.19M | 228.37M | 327.10M | 288.47M | 411.33M |
| Stockholders Equity | 24.80M | 61.95M | 97.83M | 43.46M | 144.69M | -32.83M |
Cash Flow | ||||||
| Free Cash Flow | -18.67M | -18.65M | -14.18M | -43.43M | -83.99M | -42.62M |
| Operating Cash Flow | -11.76M | -11.44M | -5.30M | -35.49M | -72.63M | -37.05M |
| Investing Cash Flow | -35.66K | 39.71M | 89.17M | -20.32M | -10.24M | -49.20M |
| Financing Cash Flow | -6.01M | -32.83M | -71.43M | 12.08M | 111.53M | 74.31M |
FiscalNote Holdings Technical Analysis
Neutral
0.26
Price Trends
0.15
Negative
0.31
Negative
1.29
Negative
Market Momentum
-0.01
Negative
47.69
Neutral
70.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOTE, the sentiment is Neutral. The current price of 0.26 is above the 20-day moving average (MA) of 0.11, above the 50-day MA of 0.15, and below the 200-day MA of 1.29, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 47.69 is Neutral, neither overbought nor oversold. The STOCH value of 70.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NOTE.
FiscalNote Holdings Risk Analysis
FiscalNote Holdings disclosed 57 risk factors in its most recent earnings report. FiscalNote Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FiscalNote Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $184.66M | 17.43 | 11.20% | 3.03% | 1.41% | 39.19% | |
64 Neutral | $337.43M | -12.89 | -24.08% | ― | 66.50% | 52.19% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | $407.46M | -2.25 | -28.61% | ― | 3.26% | -39594.38% | |
50 Neutral | $80.07M | -641.13 | -0.22% | 0.95% | 5.47% | 92.26% | |
47 Neutral | $27.12M | -4.20 | -50.16% | ― | -18.42% | -2.17% | |
41 Neutral | $3.50M | -0.02 | -64.09% | ― | -23.99% | -65.39% |
* Technology Sector Average
NOTE
FiscalNote Holdings
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-9.35
-98.74%
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FiscalNote Holdings Corporate Events
Executive/Board Changes
FiscalNote appoints new CEO amid leadership transition
Neutral
Jun 26, 2026
On June 22, 2026, FiscalNote Holdings, Inc.’s board and President Chief Executive Officer Josh Resnik agreed that he would depart the company, effective June 26, 2026, with board member Key Compton appointed as President Chief Executive Of...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
FiscalNote Secures Short-Term Forbearance After NYSE Delisting
Negative
Jun 24, 2026
On June 24, 2026, FiscalNote Holdings, Inc. amended its forbearance agreements with subordinated creditors GPO FN Noteholder, LLC and YA II PN, Ltd., who hold subordinated convertible debt tied to the company. The creditors agreed to waive default...
Business Operations and StrategyPrivate Placements and Financing
FiscalNote Gains Liquidity With Noteholder Payment Waiver
Neutral
Jun 16, 2026
On June 16, 2026, FiscalNote Holdings, Inc. entered into a letter agreement with GPO FN Noteholder, LLC under which GPO agreed to waive the company’s obligation to make a $2.0 million quarterly principal amortization payment otherwise due on...
Executive/Board ChangesShareholder Meetings
FiscalNote Shareholders Back Board, Pay and Auditor Oversight
Positive
May 29, 2026
FiscalNote Holdings, Inc. held its annual meeting of stockholders on May 27, 2026, where shareholders elected Class I director nominees Key Compton and Timothy Hwang to new three-year terms on the board. Investors also approved, on an advisory bas...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
FiscalNote Gains Temporary Waiver on Subordinated Debt Defaults
Negative
May 18, 2026
On May 18, 2026, FiscalNote Holdings amended its existing forbearance agreements with subordinated creditors GPO FN Noteholder, LLC and YA II PN, Ltd, who hold subordinated convertible debt. The amendments relate to defaults triggered by the delis...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
FiscalNote Gains Temporary Debt Relief After NYSE Delisting
Negative
Apr 21, 2026
FiscalNote Holdings, Inc. saw its Class A common stock and warrants delisted from the New York Stock Exchange after the NYSE filed a Form 25 with the SEC on April 3, 2026, with the delisting becoming effective on April 13, 2026. The securities now...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.