FiscalNote Holdings, Inc.
FiscalNote Holdings builds software and data products that turn messy legislative, regulatory, and geopolitical information into actionable intelligence for decision-makers. Its platform combines AI, analytics, workflow tools, and expert research to help customers track policy change, manage advocacy efforts, and reduce regulatory risk.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRecurring software and data subscriptions for monitoring legislation, regulation, and policy developments.
Research, advisory, advertising, and event-related services tied to policy and public affairs.
Tools used to manage advocacy campaigns, constituent relationships, and internal policy workflows.
Expert analysis products covering markets, geopolitics, and macro policy risk.
Products
Reported · share of revenue- Subscription93.3 %
- Other Revenue3.0 %
- Advisory2.2 %
- Advertising1.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
FiscalNote sells mainly to organizations that need to monitor policy change and regulatory exposure in real time. Its customer base includes global enterprises, midsized and smaller businesses, government institutions, trade groups, and nonprofits, with public-sector and advocacy-related users especially sensitive to political cycles and budget disruptions.
Buy subscriptions and workflow tools to monitor regulation, support compliance, and manage policy risk across jurisdictions.
Use policy intelligence and constituent-management tools to track legislation and public issues.
Buy advocacy and issues-management products to coordinate campaigns and member engagement.
Use lower-cost intelligence products to stay informed on regulatory changes affecting operations.
Purchase policy monitoring and research tools to support mission-driven advocacy and outreach.
Strategy
FiscalNote is trying to stabilize the business by improving cash generation, refinancing debt, and investing in products that deepen customer retention. It is also using acquisitions and portfolio actions to focus on higher-value policy intelligence offerings while reducing exposure to weaker or non-core businesses.
Differentiates the platform and improves the speed and usefulness of policy insights.
The company has operated with losses and negative working capital, so refinancing supports continuity.
Recurring subscription revenue depends on renewals and expansion within existing accounts.
Acquisitions can add products, customers, and market coverage faster than organic build-out.
Geography
Revenue is concentrated in North America, with Europe as the next most important market and smaller exposure to Australia and Asia. The company also has foreign subsidiaries, so currency movements affect reported results, but the latest disclosures show the business is still primarily U.S.-centric.
Risks
FiscalNote is exposed to customer concentration in policy-sensitive segments, especially public-sector and advocacy-related demand that can weaken during government shutdowns or budget delays. The company also carries financial and execution risk from leverage, dilution from convertible instruments, and a disclosed material weakness in internal controls, while foreign currency and regional demand swings add further volatility.
- Protracted U.S. government shutdownImpact: HighLikelihood: High
Public-sector subscription renewals, advertising, and events can be delayed or canceled during shutdowns.
Exposure: Public sector contracts and CQ-Roll Call advertising/events
- Dilution from convertible securitiesImpact: HighLikelihood: High
Recent notes and share issuances can increase share count and pressure the stock price.
Exposure - Material weakness in internal control over financial reportingImpact: HighLikelihood: Medium
Weak controls can impair timely and accurate reporting and reduce investor confidence.
Exposure: Financial reporting process
- Customer retention and NRR declineImpact: High
Subscription revenue depends on renewals and expansion, and management cited retention challenges.
Exposure: Core subscription base
- Foreign currency and regional demand volatilityImpact: Medium
International subsidiaries and non-U.S. revenue create translation and demand variability.
Exposure
Accounting
Judgemental itemsRecurring revenue is sensitive to renewals, product sales, and business disposals, making period comparisons noisy.
Impact: Affects ARR, subscription revenue, and quarterly trend interpretation
Developed technology, customer relationships, databases, and tradenames are amortized over long lives and tested for impairment.
Impact: Affects operating income and balance sheet carrying values
These instruments are remeasured each period, creating non-cash gains or losses.
Impact: Can materially swing reported net income
Recent financings can create dilution and complex debt accounting.
Impact: Affects interest expense, equity, and share count
Office leases and software development costs are ongoing balance-sheet and cash-flow items.
Impact: Affects operating expenses, assets, and cash needs
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Last updated: 24/09/2026