FiscalNote Holdings (NOTE)
OTHER OTC:NOTE
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FiscalNote Holdings
(OTC:NOTE)
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Rating:40Underperform
Price Target:
$0.18
▼(-30.77% Downside)
Action:Downgraded
Date:05/19/26
The score is driven down primarily by weak financial performance (revenue decline, sizable losses, negative cash flow, and very high leverage). Technicals also remain bearish with the stock below key moving averages, while valuation provides limited support due to negative earnings and no dividend data. Corporate events add risk due to delisting and temporary debt forbearance.
Positive Factors
Recurring SaaS revenue
A subscription-based SaaS business provides predictable, contractually recurring revenue and higher customer retention potential versus transaction sales. Over 2–6 months this supports revenue visibility, smoother cash inflows, and opportunities for upsell and enterprise seat expansion that strengthen long-term monetization.
Negative Factors
Very high leverage
Extremely high leverage materially constrains strategic flexibility and amplifies downside risk. Interest and principal obligations make the company sensitive to revenue shocks, limit ability to invest, and raise the probability of covenant violations or forced asset sales, undermining durable financial resilience over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS revenue
A subscription-based SaaS business provides predictable, contractually recurring revenue and higher customer retention potential versus transaction sales. Over 2–6 months this supports revenue visibility, smoother cash inflows, and opportunities for upsell and enterprise seat expansion that strengthen long-term monetization.
Read all positive factors
FiscalNote Holdings (NOTE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.39M
Dividend YieldN/A
Average Volume (3M)223.60K
Price to Earnings (P/E)―
Beta (1Y)3.04
Revenue Growth-23.99%
EPS Growth-65.39%
CountryUS
Employees555
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-6.57
Shares Outstanding22,475,235
10 Day Avg. Volume253,125
30 Day Avg. Volume223,602
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)<0.01
Price to Sales (P/S)0.22
P/FCF Ratio>-0.01
Enterprise Value/Market Cap28.21
Enterprise Value/Revenue1.41
Enterprise Value/Gross Profit2.09
Enterprise Value/Ebitda-4.35
Forecast
1Y Price Target
$5.42Price Target Upside1983.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-2.78
Revenue Forecast (FY)$81.05M
FiscalNote Holdings Business Overview & Revenue Model
Company Description
FiscalNote Holdings Inc. operates as technology and data company that delivers critical legal data and insights worldwide. It combines artificial intelligence technology, machine learning, and other technologies with analytics, workflow tools, and...
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 | 66.14M | 76.10M | 74.53M | 65.87M | 46.48M |
| EBITDA | -28.48M | -19.15M | 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 | 255.14B | 326.20M | 370.56M | 433.16M | 378.49M |
| Cash, Cash Equivalents and Short-Term Investments | 25.84M | 26.31B | 34.61M | 23.59M | 60.39M | 32.17M |
| Total Debt | 144.97M | 31.45B | 172.95M | 251.64M | 197.87M | 333.27M |
| Total Liabilities | 188.64M | 193.19B | 228.37M | 327.10M | 288.47M | 411.33M |
| Stockholders Equity | 24.80M | 61.95B | 97.83M | 43.46M | 144.69M | -32.83M |
Cash Flow | ||||||
| Free Cash Flow | -18.67M | -18.65B | -14.18M | -43.43M | -83.99M | -42.62M |
| Operating Cash Flow | -11.76M | -11.44B | -5.30M | -35.49M | -72.63M | -37.05M |
| Investing Cash Flow | -35.66K | 39.71B | 89.17M | -20.32M | -10.24M | -49.20M |
| Financing Cash Flow | -6.01M | -32.83B | -71.43M | 12.08M | 111.53M | 74.31M |
FiscalNote Holdings Technical Analysis
Negative
0.26
Price Trends
0.37
Negative
0.84
Negative
2.44
Negative
Market Momentum
-0.05
Negative
34.65
Neutral
56.39
Neutral
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 0.26 is above the 20-day moving average (MA) of 0.20, below the 50-day MA of 0.37, and below the 200-day MA of 2.44, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 34.65 is Neutral, neither overbought nor oversold. The STOCH value of 56.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $211.93M | 16.88 | 11.20% | 3.03% | 1.41% | 39.19% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $350.15M | 38.22 | -24.08% | ― | 66.50% | 52.19% | |
52 Neutral | $94.88M | 77.50 | -0.22% | 0.95% | 5.47% | 92.26% | |
52 Neutral | $363.38M | -2.39 | -28.61% | ― | 3.26% | -39594.38% | |
48 Neutral | $20.97M | -1.18 | -50.16% | ― | -18.42% | -2.17% | |
40 Underperform | $4.39M | -0.03 | -64.09% | ― | -23.99% | -65.39% |
* Technology Sector Average
NOTE
FiscalNote Holdings
0.19
-7.54
-97.55%
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FiscalNote Holdings Corporate Events
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...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
FiscalNote Faces NYSE Delisting, Shifts to OTC Trading
Negative
Mar 26, 2026
On March 25, 2026, FiscalNote Holdings disclosed that the New York Stock Exchange has begun delisting proceedings after the company’s Class A common stock failed to meet the exchange’s $1.00 minimum average closing price over 30 tradin...
Executive/Board Changes
FiscalNote Announces Resignation of Audit Committee Chair
Neutral
Mar 19, 2026
FiscalNote Holdings, Inc. announced that board member Anna Sedgley has resigned from the company’s Board of Directors, effective March 19, 2026, after notifying the company of her decision on March 15, 2026. Sedgley, who joined the board in ...
Business Operations and StrategyProduct-Related Announcements
FiscalNote Showcases Strategy for Emerging Prediction Markets
Positive
Feb 20, 2026
On February 18, 2026, FiscalNote hosted a live discussion with its executive team and strategic advisors on the rapid growth and structural shifts in political and policy prediction markets. A follow-up email to certain investors on February 20, 2...
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.