FiscalNote (NYSE:NOTE) Issues Earnings Results

FiscalNote (NYSE:NOTE) announced its quarterly earnings results on Thursday. The company reported ($0.66) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.67) by $0.01, Zacks reports. The company had revenue of $22.20 million for the quarter, compared to the consensus estimate of $22.40 million. FiscalNote had a negative net margin of 54.31% and a negative return on equity of 75.96%.

Here are the key takeaways from FiscalNote’s conference call:

• FiscalNote is guiding to approximately $14–16 million adjusted EBITDA for full‑year 2026 (about $1 million in Q1) and expects trailing‑12‑month positive free cash flow by March 31, 2027, marking a planned inflection to sustained profitability.
• Management plans to reduce cash operating expenses by >19% and cut headcount roughly 25% year‑over‑year, driven by broad adoption of generative/agentic AI that management says has made R&D cycles ~3x faster and materially boosted productivity.
• The migration from the legacy FiscalNote platform to PolicyNote is complete for legacy customers, with higher engagement (legislation views +250%, alerts +88%) and early indications of improved retention among migrated cohorts.
• FiscalNote is expanding its API footprint with native MCP support to let AI agents and third‑party platforms embed its policy intelligence (early customers include Lumen and ICE), a potentially large TAM but with uncertain timing and monetization scale.
• ARR declined to $84.1 million (from $107.5M) and full‑year 2025 revenue fell to $95.4M, driven by strategic divestitures and some enterprise churn, although those divestitures generated $144.9M of gross cash proceeds improving liquidity.

FiscalNote Stock Down 0.7%

Shares of NYSE NOTE opened at $0.94 on Friday. The firm has a market cap of $14.81 million, a P/E ratio of -0.22 and a beta of 0.62. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.01 and a current ratio of 1.01. FiscalNote has a 1 year low of $0.80 and a 1 year high of $12.96. The firm’s 50 day moving average price is $1.21 and its 200 day moving average price is $2.58.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NOTE. Two Sigma Investments LP purchased a new stake in shares of FiscalNote in the third quarter valued at $64,000. Raymond James Financial Inc. increased its stake in FiscalNote by 4,900.0% in the third quarter. Raymond James Financial Inc. now owns 15,000 shares of the company’s stock valued at $69,000 after purchasing an additional 14,700 shares during the last quarter. Bank of America Corp DE lifted its position in FiscalNote by 51.5% during the fourth quarter. Bank of America Corp DE now owns 49,042 shares of the company’s stock worth $52,000 after buying an additional 16,675 shares during the period. XTX Topco Ltd boosted its stake in FiscalNote by 131.4% in the 4th quarter. XTX Topco Ltd now owns 35,516 shares of the company’s stock worth $52,000 after buying an additional 20,166 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new stake in FiscalNote in the 4th quarter worth about $36,000. Hedge funds and other institutional investors own 54.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on NOTE. Weiss Ratings restated a “sell (e+)” rating on shares of FiscalNote in a research report on Thursday, January 22nd. LADENBURG THALM/SH SH upgraded FiscalNote to a “strong-buy” rating in a report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, FiscalNote presently has an average rating of “Moderate Buy” and an average price target of $37.50.

About FiscalNote

FiscalNote is a technology and data services company specializing in government and regulatory intelligence. Founded in 2013 by Timothy Hwang, Gerald Yao and Jonathan Chen, the company is headquartered in Washington, DC, with additional offices in New York, Brussels, London, Singapore and Hong Kong. FiscalNote went public in March 2021 through a special-purpose acquisition company (SPAC) merger and is listed on the New York Stock Exchange under the ticker NOTE.

The company’s flagship software-as-a-service platform aggregates legislative and regulatory data from jurisdictions around the world, combining that information with AI-driven analytics and expert commentary.