Protracted U.S. government shutdown
Public-sector subscription renewals, advertising, and events can be delayed or canceled during shutdowns.
- Scope
- Public sector contracts and CQ-Roll Call advertising/events
- Materiality
- high
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.
−50,8 %
−68,4 %
−20,7 %
1.03
1.03
| % | |
|---|---|
| Subscription policy intelligence | 70% Recurring software and data subscriptions for monitoring legislation, regulation, and policy developments. |
| Advisory, advertising, and other | 10% Research, advisory, advertising, and event-related services tied to policy and public affairs. |
| Workflow and advocacy tools | 12% Tools used to manage advocacy campaigns, constituent relationships, and internal policy workflows. |
| Geopolitical and market intelligence | 8% Expert analysis products covering markets, geopolitics, and macro policy risk. |
FiscalNote sells mainly to organizations that need to monitor policy change and regulatory exposure in real time...
- Global enterprisesprimary
Buy subscriptions and workflow tools to monitor regulation, support compliance, and manage policy risk across jurisdictions.
- Government institutionsprimary
Use policy intelligence and constituent-management tools to track legislation and public issues.
- Trade groups and associationssecondary
Buy advocacy and issues-management products to coordinate campaigns and member engagement.
- Midsized and smaller businessessecondary
Use lower-cost intelligence products to stay informed on regulatory changes affecting operations.
- Nonprofitssecondary
Purchase policy monitoring and research tools to support mission-driven advocacy and outreach.
Revenue is concentrated in North America, with Europe as the next most important market and smaller exposure to...
- •North America is the largest revenue region
- •Europe is the second-largest market but has declined sharply
- •Australia contributes a small but recurring share of revenue
- •Asia revenue has fallen to zero in recent periods
- •Foreign subsidiaries create FX translation exposure
FiscalNote is trying to stabilize the business by improving cash generation, refinancing debt, and investing in...
01
Build AI-enabled policy productsmedium-term
Differentiates the platform and improves the speed and usefulness of policy insights.
02
Strengthen liquidity and capital structureshort-term
The company has operated with losses and negative working capital, so refinancing supports continuity.
03
Improve customer retentionshort-term
Recurring subscription revenue depends on renewals and expansion within existing accounts.
04
Pursue complementary acquisitionsmedium-term
Acquisitions can add products, customers, and market coverage faster than organic build-out.
FiscalNote is exposed to customer concentration in policy-sensitive segments, especially public-sector and...
Customer retention and NRR decline
Subscription revenue depends on renewals and expansion, and management cited retention challenges.
- Scope
- Core subscription base
- Materiality
- high
Dilution from convertible securities
Recent notes and share issuances can increase share count and pressure the stock price.
- Scope
- Third ERA Convertible Note, GPO Note, Debentures
- Materiality
- high
Material weakness in internal control over financial reporting
Weak controls can impair timely and accurate reporting and reduce investor confidence.
- Scope
- Financial reporting process
- Materiality
- high
Foreign currency and regional demand volatility
International subsidiaries and non-U.S. revenue create translation and demand variability.
- Scope
- Europe, Australia, Asia operations
- Materiality
- medium
Subscription revenue recognition and comparability
Affects ARR, subscription revenue, and quarterly trend interpretation
Intangible asset amortization and impairment
Affects operating income and balance sheet carrying values
Fair value of warrants and derivative liabilities
Can materially swing reported net income
Convertible notes and stock-settled financing
Affects interest expense, equity, and share count
Lease accounting and capitalized software
Affects operating expenses, assets, and cash needs
: 28.4.2026