FiscalNote Holdings (NOTE)
NYSE:NOTE
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FiscalNote Holdings
(NYSE:NOTE)
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Rating:42Neutral
Price Target:
$0.23
▼(-4.17% Downside)
Action:ReiteratedDate:03/28/26
The score is held down primarily by weak financial performance (persistent negative operating/free cash flow and unstable profitability) and a very bearish technical trend. Offsetting factors are limited: earnings-call commentary shows some operating discipline and EBITDA outperformance, but corporate events (NYSE delisting/OTC move) add significant near-term risk, and valuation offers no dividend support and a negative P/E due to losses.
Positive Factors
Multiyear Subscription Mix
A rapid shift from 20% to ~50% of new-logo ARR in multiyear contracts materially increases revenue visibility and reduces churn risk. Longer-duration contracts improve predictability of cash flows and retention, supporting steadier ARR and operational planning over the next several quarters.
Negative Factors
Persistent Negative Cash Flow
Continuous negative operating and free cash flow means the business is not self-funding and must rely on external capital. Persistent cash burn heightens refinancing and execution risk, constrains reinvestment capacity, and increases vulnerability to market disruptions over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Multiyear Subscription Mix
A rapid shift from 20% to ~50% of new-logo ARR in multiyear contracts materially increases revenue visibility and reduces churn risk. Longer-duration contracts improve predictability of cash flows and retention, supporting steadier ARR and operational planning over the next several quarters.
Read all positive factors
FiscalNote Holdings (NOTE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.77M
Dividend YieldN/A
Average Volume (3M)223.60K
Price to Earnings (P/E)―
Beta (1Y)3.13
Revenue Growth-17.90%
EPS Growth-67.81%
CountryUS
Employees555
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-1.45
Shares Outstanding15,018,986
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 Cap1.89K
Enterprise Value/Revenue74.77
Enterprise Value/Gross Profit107.86
Enterprise Value/Ebitda-372.49
Forecast
1Y Price Target
$6.00Price Target Upside2400.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.82
Revenue Forecast (FY)$86.19M
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 access to its platforms, data, and analytics through recurring subscriptions (SaaS/data subscriptions). Customers (including enterprises, government-related organizations, and other institutions) pay for...
FiscalNote Holdings Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 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
28
Negative
Balance Sheet
34
Negative
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 95.41M | 120.27M | 132.65M | 113.77M | 82.91M |
| Gross Profit | 66.14M | 76.10M | 74.53M | 65.87M | 46.48M |
| EBITDA | -19.15M | 53.51M | -56.58M | -104.99M | -36.13M |
| Net Income | -65.25M | 9.52M | -115.46M | -218.26M | -109.42M |
Balance Sheet | |||||
| Total Assets | 255.14B | 326.20M | 370.56M | 433.16M | 378.49M |
| Cash, Cash Equivalents and Short-Term Investments | 26.31B | 34.61M | 23.59M | 60.39M | 32.17M |
| Total Debt | 31.45B | 172.95M | 251.64M | 197.87M | 333.27M |
| Total Liabilities | 193.19B | 228.37M | 327.10M | 288.47M | 411.33M |
| Stockholders Equity | 61.95B | 97.83M | 43.46M | 144.69M | -32.83M |
Cash Flow | |||||
| Free Cash Flow | -18.65B | -14.18M | -43.43M | -83.99M | -42.62M |
| Operating Cash Flow | -11.44B | -5.30M | -35.49M | -72.63M | -37.05M |
| Investing Cash Flow | 39.71B | 89.17M | -20.32M | -10.24M | -49.20M |
| Financing Cash Flow | -32.83B | -71.43M | 12.08M | 111.53M | 74.31M |
FiscalNote Holdings Technical Analysis
Negative
0.24
Price Trends
1.10
Negative
1.59
Negative
3.80
Negative
Market Momentum
-0.19
Positive
17.94
Positive
11.03
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 0.24 is below the 20-day moving average (MA) of 0.86, below the 50-day MA of 1.10, and below the 200-day MA of 3.80, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 17.94 is Positive, neither overbought nor oversold. The STOCH value of 11.03 is Positive, 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 60 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $179.26M | 29.80 | 9.87% | 3.03% | -5.74% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $314.68M | -10.17 | -31.77% | ― | 17.44% | 41.97% | |
50 Neutral | $262.66M | -2.58 | -24.06% | ― | -0.95% | -456.64% | |
47 Neutral | $78.91M | 324.24 | -1.02% | 0.95% | 6.36% | 73.88% | |
42 Neutral | $3.77M | -0.32 | -64.09% | ― | -17.90% | -67.81% | |
42 Neutral | $13.38M | -1.14 | -50.16% | ― | ― | ― |
* Technology Sector Average
NOTE
FiscalNote Holdings
0.24
-9.46
-97.53%
III
Information Services Group
3.76
>-0.01
-0.13%
CSPI
CSP
7.96
-7.23
-47.58%
PSFE
Paysafe
6.62
-9.07
-57.81%
TLS
Telos
4.24
1.86
78.15%
SAIH
SAIHEAT Limited
7.01
2.70
62.65%
FiscalNote Holdings Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
FiscalNote Maps Next Growth Phase with AI and Markets
Positive
Feb 17, 2026
On February 17, 2026, CEO Josh Resnik outlined FiscalNote’s next phase of growth, emphasizing the company’s move into political prediction markets and its broader strategy to adapt to changing information consumption. He framed FiscalN...
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.