FiscalNote Holdings, Inc.

FiscalNote Holdings, Inc. (NOTE) reported FY 2025 total revenues of $95.4 million, down 20.6% YoY from $120.3 million in 2024, driven by declines in subscription revenue to $89.0 million from $111.1 million and advisory/advertising/other to $6.4 million from $9.2 million. Subscription remains dominant at 93% of revenue. Operating loss widened to $49.5 million from $31.9 million, reflecting higher general and administrative expenses at $52.1 million, editorial $14.9 million, sales/marketing $26.6 million, plus $12.4 million goodwill impairment and $8.1 million amortization. Offset partially by $16.6 million gain from business sales (Oxford Analytica, Dragonfly, TimeBase). Net loss was $65.2 million or -$4.65 basic EPS, versus 2024 profit of $9.5 million or $0.83 EPS. Cash used in operations was $11.4 million, with investing inflow $39.7 million from $46.9 million sale proceeds, financing outflow $32.8 million mainly debt repayments. Balance sheet shows $255.1 million assets, $62.0 million equity, $128.4 million debt. Liquidity strained with $24.3 million cash; going concern doubt noted due to covenant breach, mitigated by debt amendment and 25% workforce cut. Material weakness in ITGCs reported.

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