Fiscalnote Holdings, Inc. Class A (NOTE)

FiscalNote reported a 20.5% year-over-year decline in revenue and missed EPS forecasts for Q2 2025, leading to a stock price drop. The company executed a 1-for-12 reverse stock split to elevate its share price, but the stock price dropped on the first day of trading post-split. FiscalNote reported an EPS of -$1.73 for Q3 2025, significantly missing analysts' consensus estimates, and quarterly revenue also fell short of expectations. FiscalNote announced the successful migration of customers to PolicyNote, an AI-driven platform, which resulted in increased customer engagement.

Demand for FiscalNote's products and services, particularly its advocacy solutions like VoterVoice, exhibits some seasonality. October was the busiest month for advocacy campaigns, suggesting that demand may increase around key political cycles. Demand could also be influenced by legislative sessions, regulatory changes, and major political events globally.

FiscalNote Holdings, Inc. is a technology provider specializing in global policy and market intelligence, operating within the Commercial Services sector and the Research and Consulting Services and Information Technology Service industries. The company leverages AI and other technologies to deliver legal and policy insights. Its core business involves providing data and information to help customers manage policy changes, address regulatory developments, and mitigate policy risk. Major products and brands include PolicyNote, CQ, Roll Call, VoterVoice, and the FiscalNote Government Relationship Management (GRM) service. The company also offers FiscalNote ESG Solutions and provides geopolitical and market intelligence through analysis from FrontierView, Oxford Analytica, and Dragonfly Eye. FiscalNote serves a diverse global clientele.

FiscalNote Holdings, Inc. has a global presence, operating in North America, Europe, Australia, and Asia. Its headquarters are located in Washington, D.C., with regional headquarters in Seoul, South Korea, covering Asia, and Brussels, Belgium, for the European Union and the Middle East. Other significant offices are situated in New York City, Baton Rouge, and Gurugram, India.

FiscalNote has focused on product innovation and customer migration, with the successful completion of the customer migration to PolicyNote being a positive development. The company released "Epstein Unboxed," an AI-enhanced database, which could contribute to its reputation as an innovative data provider. FiscalNote's 2025 Advocacy Benchmark Report showcased its VoterVoice solution's capabilities. Historically, FiscalNote has received recognition but has also faced past criticisms regarding the high price of its service and concerns about the interpretation of data correlations.

FiscalNote Holdings, Inc. has a blend of institutional and individual ownership. As of July 2025, institutional investors collectively own over 54% of the company's stock, while insiders hold approximately 80.53%. Major institutional owners include Maso Capital Partners Ltd, Vanguard Group Inc, and Susquehanna International Group, Llp. Key individual owners and insiders include Manoj Jain, Timothy Hwang, and Mark Cuban.