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FiscalNote Holdings
(OTC:NOTE)
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Rating:39Underperform
Price Target:
$0.01
▼(-83.33% Downside)
Action:Reiterated
Date:10/21/26
The score is held near the low end primarily by weak financial performance (sharp TTM revenue/profitability deterioration and extremely high leverage) and a bearish technical setup (below major moving averages with negative MACD). The latest earnings update adds pressure due to lowered guidance and delisting/capital-structure concerns, partly offset by improving retention and margins. Valuation provides limited support because losses make the P/E less informative and no dividend yield is available.
Positive Factors
Recurring SaaS Model
Recurring subscriptions create a more durable revenue base than one-time transactions and allow FiscalNote to monetize policy data, alerts, analytics, and workflow tools repeatedly. Retention, seat expansion, and cross-selling can support customer lifetime value and provide a foundation for eventual operating leverage.
Negative Factors
Revenue Contraction
A steep decline in total revenue, combined with contraction in the subscription base that represents most sales, indicates weakening demand in the company’s central business. Persistent shrinkage reduces scale, limits operating leverage, and makes a durable return to growth more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring SaaS Model
Recurring subscriptions create a more durable revenue base than one-time transactions and allow FiscalNote to monetize policy data, alerts, analytics, and workflow tools repeatedly. Retention, seat expansion, and cross-selling can support customer lifetime value and provide a foundation for eventual operating leverage.
Read all positive factors
FiscalNote Holdings (NOTE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$335.92K
Dividend YieldN/A
Average Volume (3M)1.10M
Price to Earnings (P/E)―
Beta (1Y)2.34
Revenue Growth-23.20%
EPS Growth-73.44%
CountryUS
Employees343
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-6.63
Shares Outstanding28,519,148
10 Day Avg. Volume1,885,487
30 Day Avg. Volume1,095,958
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.33
Price to Sales (P/S)0.22
P/FCF Ratio-1.11
Enterprise Value/Market Cap365.06
Enterprise Value/Revenue1.46
Enterprise Value/Gross Profit2.25
Enterprise Value/Ebitda-5.21
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-4.37
Revenue Forecast (FY)$77.00M
FiscalNote Holdings Business Overview & Revenue Model
Company Description
FiscalNote Holdings Inc. operates as a premier technology and data firm, specializing in the global provision of vital legal data and actionable insights. They achieve this by integrating advanced artificial intelligence, machine learning, and oth...
How the Company Makes Money
FiscalNote primarily makes money by selling subscription-based access to its software platforms and data-driven intelligence products. The company’s core revenue model is SaaS and data subscriptions, where customers pay recurring fees (typically u...
FiscalNote Holdings Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Negative
The call mixed operational progress (improving net revenue retention, margin expansion, cost reductions, and a strategic API customer win) with material financial and capital challenges (double-digit revenue and ARR declines, a $19.1M goodwill impairment driving a GAAP loss, sharply lower non-subscription revenue, reduced full-year guidance, and delisting/capital-structure uncertainty). While management is emphasizing stabilization and a path to return to growth, the magnitude of declines and balance-sheet/listing issues weigh heavily on the near-term outlook.Positive Updates
Revenue Within Guidance
Q2 revenue of $19.6 million came in within guidance ($19.5M–$20.5M), demonstrating execution against near-term expectations despite a challenging environment.
Negative Updates
Significant Year-over-Year Revenue and ARR Declines
Revenue declined ~16% year-over-year (∆ –$3.7M). ARR decreased to $74.9M, down $11.0M (≈13%) on an as-reported basis and down $9.8M (≈12%) on a pro forma basis versus the prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Within Guidance
Q2 revenue of $19.6 million came in within guidance ($19.5M–$20.5M), demonstrating execution against near-term expectations despite a challenging environment.
Read all positive updates
Company Guidance
FiscalNote lowered and narrowed its 2026 outlook, now forecasting full‑year revenue of $75–78 million (down from prior $80–83M) and adjusted EBITDA of $9–11 million (down from prior $14–16M); for Q3 it expects revenue of $19–20M and adjusted EBITDA of approximately $3.5M, with first‑half restructuring benefits weighted to the second half. Those assumptions reflect Q2 results of $19.6M revenue (within Q2 guidance of $19.5–20.5M) and $2.3M adjusted EBITDA (≈$200k below Q2 guidance) with an adjusted EBITDA margin of 11.9%; ARR was $74.9M (down ~$11M, ~13% YoY pro forma), quarterly NRR improved to 98% (from 89% in Q1 and 96% YoY), subscription revenue was $18.8M (≈96% of total, down 12% YoY) and non‑subscription revenue was $0.8M (down 59% YoY). Management also highlighted cost actions (net ~27 FTE reduction to ~343 employees), a $19.1M goodwill impairment (GAAP Q2 net loss $27.8M; ex‑impairment ~$8.7M), and ongoing capital‑structure work including delisting discussions, lender forbearance and an external adviser.FiscalNote Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
5
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.24M | 95.41M | 120.27M | 132.65M | 113.77M | 82.91M |
| Gross Profit | 54.52M | 65.10M | 76.10M | 74.53M | 65.87M | 46.48M |
| EBITDA | -23.56M | -9.14M | 53.51M | -56.58M | -104.99M | -36.13M |
| Net Income | -119.17M | -65.25M | 9.52M | -115.46M | -218.26M | -109.42M |
Balance Sheet | ||||||
| Total Assets | 182.25M | 255.14M | 326.20M | 370.56M | 433.16M | 378.49M |
| Cash, Cash Equivalents and Short-Term Investments | 20.59M | 26.31M | 34.61M | 23.59M | 60.39M | 32.17M |
| Total Debt | 140.19M | 151.08M | 172.95M | 251.64M | 197.87M | 333.27M |
| Total Liabilities | 181.97M | 193.19M | 228.37M | 327.10M | 288.47M | 411.33M |
| Stockholders Equity | 274.00K | 61.95M | 97.83M | 43.46M | 144.69M | -32.83M |
Cash Flow | ||||||
| Free Cash Flow | -2.44B | -18.65M | -14.18M | -43.43M | -83.99M | -42.62M |
| Operating Cash Flow | 886.40M | -11.44M | -5.30M | -35.49M | -72.63M | -37.05M |
| Investing Cash Flow | -214.66K | 39.71M | 89.17M | -20.32M | -10.24M | -49.20M |
| Financing Cash Flow | -7.88M | -32.83M | -71.43M | 12.08M | 111.53M | 74.31M |
FiscalNote Holdings Technical Analysis
Negative
0.06
Price Trends
0.04
Negative
0.08
Negative
0.40
Negative
Market Momentum
>-0.01
Negative
31.48
Neutral
<0.01
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 0.06 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.04, and below the 200-day MA of 0.40, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 31.48 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 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 57 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $6.11B | 16.89 | 25.89% | 1.02% | -0.78% | 3.90% | |
68 Neutral | $299.20M | 25.53 | 12.32% | 2.91% | 4.18% | 50.80% | |
62 Neutral | $5.91B | -16.41 | -47.17% | 2.93% | 8.86% | 22.04% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
53 Neutral | $1.20B | -3.59 | -7.00% | ― | -3.50% | 16.13% | |
50 Neutral | $278.38M | -1.18 | -30.45% | ― | -10.31% | -2595.28% | |
39 Underperform | $335.92K | >-0.01 | -293.32% | ― | -23.20% | -73.44% |
* Technology Sector Average
NOTE
FiscalNote Holdings
0.01
-4.29
-99.74%
III
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15.15%
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CLVT
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FiscalNote Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
FiscalNote Divests FrontierView to Refocus on Core Business
Positive
Sep 2, 2026
On August 27, 2026, FiscalNote completed the sale of FrontierView, its market intelligence subsidiary, to Oxford Economics for up to approximately $9.4 million. The consideration included $6.4 million in cash at closing, with $1 million placed in ...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
FiscalNote Gains Temporary Forbearance After NYSE Delisting
Negative
Jul 24, 2026
On July 22, 2026, FiscalNote Holdings, Inc. amended its existing forbearance agreements with subordinated creditors GPO FN Noteholder, LLC and YA II PN, Ltd. to address defaults triggered by the delisting of its Class A common stock from the New Y...
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.