# FiscalNote Holdings, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/FiscalNote Holdings, Inc.).

## Overview

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.

## Products & services

• Policy and regulatory intelligence software
• Public policy and issues management tools
• Advocacy campaign and constituent workflow tools
• Market and geopolitical research and analysis
• Subscription data and advisory services

- **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.

- Policy and regulatory intelligence software
- Public policy and issues management tools
- Advocacy campaign and constituent workflow tools
- Market and geopolitical research and analysis
- Subscription data and advisory services

## 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.

- **Global enterprises** (primary) — Buy subscriptions and workflow tools to monitor regulation, support compliance, and manage policy risk across jurisdictions.
- **Government institutions** (primary) — Use policy intelligence and constituent-management tools to track legislation and public issues.
- **Trade groups and associations** (secondary) — Buy advocacy and issues-management products to coordinate campaigns and member engagement.
- **Midsized and smaller businesses** (secondary) — Use lower-cost intelligence products to stay informed on regulatory changes affecting operations.
- **Nonprofits** (secondary) — Purchase policy monitoring and research tools to support mission-driven advocacy and outreach.

- Global enterprises managing regulatory and policy risk
- Midsized businesses needing affordable policy monitoring
- Government institutions tracking legislation and constituent issues
- Trade groups running advocacy campaigns and member outreach
- Nonprofits and public-interest groups following policy outcomes

## 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.

- **North America** (88%) — Estimated from disclosed regional revenue mix; dominant market.
- **Europe** (10.8%) — Estimated from disclosed regional revenue mix; meaningful but shrinking.
- **Australia** (0.8%) — Small disclosed operating region.
- **Asia** (0%) — No current revenue disclosed in the latest period.

- 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

## 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.

- **Build AI-enabled policy products** (medium-term) — Differentiates the platform and improves the speed and usefulness of policy insights.
- **Strengthen liquidity and capital structure** (short-term) — The company has operated with losses and negative working capital, so refinancing supports continuity.
- **Improve customer retention** (short-term) — Recurring subscription revenue depends on renewals and expansion within existing accounts.
- **Pursue complementary acquisitions** (medium-term) — Acquisitions can add products, customers, and market coverage faster than organic build-out.

- Invest in AI-driven policy intelligence products
- Improve customer retention and net revenue retention
- Use acquisitions to expand into adjacent markets
- Refinance debt to extend liquidity runway
- Reduce dependence on lower-quality or non-core revenue

## 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 shutdown** [high] — Public-sector subscription renewals, advertising, and events can be delayed or canceled during shutdowns.
- **Customer retention and NRR decline** [high] — Subscription revenue depends on renewals and expansion, and management cited retention challenges.
- **Dilution from convertible securities** [high] — Recent notes and share issuances can increase share count and pressure the stock price.
- **Material weakness in internal control over financial reporting** [high] — Weak controls can impair timely and accurate reporting and reduce investor confidence.
- **Foreign currency and regional demand volatility** [medium] — International subsidiaries and non-U.S. revenue create translation and demand variability.

- U.S. government shutdowns can delay or cancel public-sector contracts
- Customer retention challenges pressure recurring subscription revenue
- Convertible notes and debentures can create dilution and financing risk
- Material weakness in internal controls raises reporting risk
- FX swings affect foreign subsidiary results and translation

## Accounting

The most important accounting issues are revenue mix, acquisition-related intangibles, and fair-value accounting for debt and derivatives. Investors should also watch lease commitments, capitalized software costs, and the impact of stock-settled financing instruments on dilution and reported earnings.

- **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

- Subscription revenue timing affects quarterly comparability
- Sale of businesses distorts year-over-year revenue trends
- Intangible asset amortization affects operating profit
- Derivative and warrant liabilities are marked to market
- Convertible debt and stock-settled notes affect dilution

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*Last updated: 2026-04-28T20:08:23.949516+00:00*