FiscalNote Holdings (NOTE) AI Stock Analysis

• Market Cap: $72.83M
• Dividend Yield: N/A
• Average Volume (3M): 253.58K
• Price to Earnings (P/E): 14.8
• Beta (1Y): 2.31
• Revenue Growth: -15.06%
• EPS Growth: -50.98%
• Country: US
• Employees: 555
• Sector: Technology
• Sector Strength: 84
• Industry: Information Technology Services
• EPS (TTM): -0.96
• Shares Outstanding: 13,673,221
• 10 Day Avg. Volume: 312,938
• 30 Day Avg. Volume: 253,583
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.36
• Enterprise Value/Revenue: 0.90
• Enterprise Value/Gross Profit: 1.08
• Enterprise Value/Ebitda: -12.07
• 1Y Price Target: $2.38
• Price Target Upside: -40.50% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 43 Neutral
• Price Target: $0.50 ▼(-87.50% Downside)

FiscalNote Holdings' overall stock score is primarily impacted by its poor financial performance, characterized by high leverage and negative profitability. While technical indicators suggest the stock is oversold, valuation metrics remain unattractive. Positive corporate events and earnings call guidance provide some optimism, but significant challenges persist.

FiscalNote Holdings Business Overview & Revenue Model

Company Description

FiscalNote Holdings (NOTE) is a leading technology company that specializes in providing legal and regulatory data, insights, and analytics. The company's core products and services cater to businesses, governments, and other organizations seeking to navigate complex legal and compliance landscapes. FiscalNote leverages artificial intelligence and machine learning to aggregate and analyze legislative, regulatory, and government data on a global scale, empowering clients with actionable insights for decision-making and strategic planning.

How the Company Makes Money

FiscalNote Holdings generates revenue primarily through subscription-based services, offering clients access to its comprehensive database of legal, legislative, and regulatory information. The company charges recurring fees for its platform, which provides users with real-time updates, analytics, and tools to track and manage compliance risks. Additionally, FiscalNote offers customized research and consulting services, which contribute to its revenue streams. Key partnerships with government agencies, multinational corporations, and legal firms help to expand its client base and enhance its market presence, further boosting its earnings potential.

FiscalNote Holdings Financial Statement Overview

Summary

FiscalNote Holdings faces significant financial challenges, including declining revenues, high leverage, and negative profitability. Despite a strong gross profit margin, operational inefficiencies and high debt levels pose risks. Cash flow issues further exacerbate financial instability, requiring strategic improvements to enhance financial health.

Income Statement

FiscalNote Holdings has experienced declining revenue with a negative growth rate of -5.17% in the TTM period. The company shows a strong gross profit margin of 83.81%, indicating efficient cost management. However, the net profit margin is significantly negative at -41.79%, reflecting substantial losses. The EBIT and EBITDA margins are also negative, suggesting operational inefficiencies.

Balance Sheet

The company has a high debt-to-equity ratio of 1.48, indicating significant leverage, which could pose financial risks. The return on equity is negative at -46.67%, reflecting poor profitability. The equity ratio is relatively low, suggesting a higher reliance on debt financing.

Cash Flow

FiscalNote Holdings has negative operating and free cash flows, with a free cash flow growth rate of -3.63% in the TTM period. The operating cash flow to net income ratio is negative, indicating cash flow challenges. However, the free cash flow to net income ratio is positive, suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	109.68M	120.27M	132.65M	113.77M	82.91M	65.16M
Gross Profit	91.93M	76.10M	79.54M	70.14M	50.57M	52.54M
EBITDA	-8.21M	53.51M	-56.58M	-98.37M	-36.13M	-17.86M
Net Income	-45.84M	9.52M	-115.46M	-218.26M	-109.42M	-51.27M
Balance Sheet
Total Assets	288.35M	326.20M	370.56M	433.16M	378.49M	280.11M
Cash, Cash Equivalents and Short-Term Investments	38.52M	34.61M	23.59M	60.39M	32.17M	44.23M
Total Debt	140.96M	172.95M	251.64M	197.87M	333.27M	215.22M
Total Liabilities	190.53M	228.37M	327.10M	288.47M	411.33M	272.37M
Stockholders Equity	95.09M	97.83M	43.46M	144.69M	-32.83M	7.73M
Cash Flow
Free Cash Flow	-13.42M	-14.18M	-43.43M	-83.99M	-42.62M	-22.66M
Operating Cash Flow	-3.51M	-5.30M	-35.49M	-72.63M	-37.05M	-17.17M
Investing Cash Flow	38.95M	89.17M	-20.32M	-10.24M	-49.20M	-5.49M
Financing Cash Flow	-26.59M	-71.43M	12.08M	111.53M	74.31M	60.68M

FiscalNote Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NOTE, the sentiment is Negative. The current price of 4 is below the 20-day moving average (MA) of 5.83, below the 50-day MA of 7.10, and below the 200-day MA of 10.34, indicating a bearish trend. The MACD of -0.76 indicates Positive momentum. The RSI at 23.81 is Positive, neither overbought nor oversold. The STOCH value of 12.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NOTE.

FiscalNote Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
III	69 Neutral	$254.95M	33.12	8.29%	3.40%	-9.86%	―
Sector *	61 Neutral	$35.51B	8.11	-11.05%	1.89%	8.55%	-8.72%
PSFE	60 Neutral	$803.37M	39.11	-5.88%	―	0.47%	-292.07%
TLS	58 Neutral	$475.48M	―	-41.49%	―	-13.76%	-75.18%
CSPI	52 Neutral	$119.62M	40,175.00	-3.33%	1.04%	-0.37%	-161.02%
SAIH	46 Neutral	$65.81M	―	-36.39%	―	―	―
NOTE	43 Neutral	$72.83M	14.84	-45.59%	―	-15.06%	-50.98%

FiscalNote Holdings Corporate Events

FiscalNote Holdings Announces Reverse Stock Split

On August 22, 2025, FiscalNote Holdings, Inc. announced a reverse stock split of its Class A and Class B common stock at a ratio of 1-for-12, which will become effective on August 29, 2025. This move, aimed at consolidating the company’s shares, will not affect the par value per share or the rights and privileges of the stockholders. The company’s Class A Common Stock will begin trading on a split-adjusted basis on the NYSE on September 2, 2025, under the same trading symbol ‘NOTE’, with a new CUSIP number. The reverse stock split is expected to maintain each stockholder’s percentage ownership and voting power, with minor adjustments due to rounding of fractional shares.

FiscalNote Holdings Announces Balance Sheet Realignment

On August 5, 2025, FiscalNote Holdings announced a comprehensive realignment of its balance sheet through refinancing transactions expected to close by mid-August. The company secured a new $75 million senior secured term loan maturing in 2029, replacing its current senior credit facility, and issued $33 million in new subordinated convertible debt. This refinancing aims to provide FiscalNote with long-term operating flexibility, supporting its product-led growth strategy and strengthening its market position in policy and regulatory intelligence.

FiscalNote Holdings Amends Convertible Promissory Notes

On July 30, 2025, FiscalNote Holdings, Inc. amended agreements with Nautilus Venture Partners and Wealth Plus Investments, adjusting terms of subordinated convertible promissory notes originally issued in 2019. These amendments extended the maturity date to August 15, 2025, increased the principal amounts, and altered repayment terms to require cash payments instead of issuing additional shares, impacting the company’s financial obligations and investor relations.

FiscalNote Holdings Showcases AI Solutions at IDEAS Conference

On June 11, 2025, FiscalNote Holdings participated in the Three Part Advisors 2025 East Coast IDEAS Conference in New York City, where they presented their updated investor presentation and hosted investor meetings. This event is part of their strategy to enhance investor relations and market positioning by showcasing their AI-powered solutions, which aim to transform regulatory uncertainty into actionable insights, potentially impacting their growth and stakeholder engagement.