FiscalNote(NOTE) - 2025 Q2 - Quarterly Results

Executive Summary & Q2 2025 Highlights Q2 2025 Performance Overview FiscalNote reported Q2 2025 financial results with total revenue exceeding guidance midpoint and adjusted EBITDA surpassing guidance, reflecting the impact of business divestitures, product sunsetting, and effective expense management. The company reaffirmed its full-year 2025 guidance and anticipates a return to ARR growth in the second half of 2025, driven by strong PolicyNote momentum and customer engagement - Total revenue for Q2 2025 was $23.3 million, exceeding the guidance midpoint[3] - Adjusted EBITDA for Q2 2025 was $2.8 million, surpassing guidance, and improved by 58% year-over-year, with adjusted EBITDA margins doubling[3] - The company reaffirmed full-year 2025 guidance for total revenues of $94-$100 million and adjusted EBITDA of $10-$12 million, expecting a return to ARR growth in H2 2025[4] - CEO Josh Resnik highlighted progress in strengthening the business, positioning for profitable growth, and noted encouraging signals in product and customer metrics, particularly PolicyNote adoption and engagement[5] Key Financial Highlights The table below summarizes FiscalNote's key financial performance indicators for the second quarter of 2025 compared to the same period in 2024, showing declines in total revenue and gross profit but significant improvements in adjusted EBITDA and adjusted EBITDA margin Key Financial Highlights ($ in millions) | ($ in millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $23.3 | $29.2 | (20)% | | Subscription Revenue as % of Total Revenues | 92% | 93% | (100) bps | | Gross Profit | $18.3 | $22.4 | (18)% | | Gross Margin | 79% | 77% | 200 bps | | Adjusted Gross Profit | $20.1 | $24.9 | (19)% | | Adjusted Gross Margin | 86% | 85% | 100 bps | | Net Loss | $(13.3) | $(12.8) | 4% | | Adjusted EBITDA | $2.8 | $1.8 | 58% | | Adjusted EBITDA Margin | 12% | 6% | 600 bps | | Cash and Cash Equivalents | $39.2 | $38.4 | | Second Quarter 2025 Financial Performance Revenue Analysis In Q2 2025, total revenues decreased by 20% year-over-year to $23.3 million, primarily due to previously announced divestitures. Subscription revenue, which constitutes 92% of total revenues, declined by 21% (8% on a pro forma basis excluding divestitures), while advisory, advertising, and other revenue saw a 10% decline due to the discontinuation of non-strategic products Revenue Analysis ($ in millions) | ($ in millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Subscription revenue | $21.4 | $27.1 | (21)% | | Advisory, advertising, and other revenue | $1.9 | $2.1 | (10)% | | Total revenues | $23.3 | $29.2 | (20)% | - Subscription revenue declined $5.7 million (21%) YoY, primarily due to divestitures. On a pro forma basis, excluding divestitures, subscription revenue declined $1.8 million (approximately 8%)[9][10] - Advisory, advertising, and other revenue declined $0.2 million (10%) YoY, mainly due to the discontinuation of certain non-strategic products[10] Operating Expenses Total operating expenses in Q2 2025 decreased by 18% year-over-year to $30.7 million, driven by divestitures, ongoing efficiency measures, and the elimination of costs associated with sunset products. On a pro forma basis, excluding certain non-cash and transaction-related charges, operating expenses declined by 15% Operating Expenses ($ in millions) | ($ in millions) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Cost of revenues, including amortization | $4.9 | $6.9 | (28)% | | Research and development | $2.3 | $3.2 | (29)% | | Sales and marketing | $6.7 | $9.0 | (26)% | | Editorial | $3.5 | $4.4 | (22)% | | General and administrative | $11.4 | $11.3 | 1% | | Amortization of intangible assets | $1.9 | $2.4 | (20)% | | Total operating expenses | $30.7 | $37.2 | (18)% | - Total operating expenses declined $6.5 million (18%) YoY, primarily due to divestitures, efficiency measures, and elimination of sunset product costs[16] - On a pro forma basis, excluding amortization, stock-based compensation, divestitures, transaction costs, severance, and other non-cash charges, Q2 2025 total operating expenses declined $3.6 million (15%)[17] Key Performance Indicators (KPIs) Annual Recurring Revenue (ARR) As of June 30, 2025, reported Annual Recurring Revenue (ARR) declined by 21% to $85.9 million. On a pro forma basis, excluding divested businesses, ARR declined by 8%. This decline is attributed to execution challenges, customer engagement issues in legacy products, and instability in the US federal sector. However, the company anticipates a return to ARR growth in the second half of 2025 due to operational improvements and the success of the new PolicyNote platform Annual Recurring Revenue (ARR) ($ in millions) | ($ in millions) | As of June 30, 2025 | As of June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Annual Recurring Revenue (ARR) | $85.9 | $109.0 | (21)% | | Pro Forma ARR** | $85.9 | $93.6 | (8)% | - The decline in ARR is primarily due to execution challenges, customer engagement issues in legacy products, and instability in the US federal sector[14] - FiscalNote expects a return to ARR growth in the second half of 2025, driven by improvements in sales pipeline, higher user engagement on PolicyNote, and increased multiyear commitments from new corporate customers[15] Net Revenue Retention (NRR) Quarterly Net Revenue Retention (NRR) stood at 96% as of June 30, 2025, a decrease of 200 basis points from 98% in the prior year, both on an as-reported and pro forma basis Net Revenue Retention (NRR) | | As of June 30, 2025 | As of June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | Quarterly Net Revenue Retention (NRR) | 96% | 98% | (200) bps | | Pro Forma NRR** | 96% | 98% | (200) bps | Operational Highlights Operational Highlights FiscalNote achieved several operational milestones in Q2 2025, focusing on enhancing its PolicyNote platform with AI-driven features, expanding its leadership team, and completing strategic divestitures. Key developments include the launch of a Tariff Tracker, AI-powered legislative forecasting and drafting capabilities, and a new social listening tool, alongside accelerated customer adoption of PolicyNote - Enhanced the PolicyNote platform with a dedicated Tariff Tracker in April to navigate global trade policies[12] - Expanded the leadership team with key technology appointments in April to drive product-led growth and AI innovation[12] - PolicyNote platform users surpassed legacy FiscalNote platform users in daily usage by June, indicating accelerating customer adoption[12] - Completed the sale of TimeBase, the Australia subsidiary, to Thomson Reuters for $6.5 million in July[12] - Unveiled AI-based enhancements to PolicyNote in June for legislative forecasting, alerts, and bill discovery, and launched AI-powered legislative drafting capabilities in July[12] - Launched a new AI-powered social listening capability in PolicyNote in August to surface early policy signals[12] Financial Guidance & Strategic Outlook 2025 Financial Guidance FiscalNote reaffirmed its full-year 2025 financial guidance, projecting total revenues between $94 million and $100 million and adjusted EBITDA between $10 million and $12 million. For Q3 2025, the company anticipates total revenues of $22 million to $23 million and adjusted EBITDA of approximately $2 million. This guidance incorporates cost savings, product sunsetting, PolicyNote migration benefits, and market volatility considerations - Full Year 2025 guidance reaffirmed: Total revenues of $94 to $100 million and adjusted EBITDA of $10 to $12 million[19] - Q3 2025 guidance: Total revenues of $22 to $23 million and adjusted EBITDA of approximately $2 million[20] - Guidance considerations include incremental cost savings, sunsetting non-core products, PolicyNote migration benefits, current market volatility, and the impact of prior divestitures[18][25] Strategic Review FiscalNote's Board of Directors, with advisors, is conducting an ongoing strategic review to evaluate all value-maximizing options. The company has not set a timetable for completion and will only disclose developments if deemed appropriate or required - The Board of Directors is reviewing all strategic value-maximizing options[21] - There is no assurance that the strategic review will result in any transaction or outcome, and no timetable has been set[21] Corporate Information Conference Call and Webcast FiscalNote hosted a conference call on August 7, 2025, at 5:00 PM EDT to discuss its financial results. Replay options were available by phone and webcast until August 14, 2025 - A conference call was held on Thursday, August 7, 2025, at 5:00 PM EDT[22] - Live access was available by phone (U.S./Canada: 1 (800) 715-9871, International: 1 (646) 307-1963, Conference ID: 7871199) or webcast via the Investor Relations section of the company's website[26] - Replay was available by phone (U.S./Canada: 1 (800) 770-2030, International: 1 (609) 800-9099, Conference ID: 7871199) or webcast until Thursday, August 14, 2025[26] About FiscalNote FiscalNote is a leading provider of AI-driven policy and regulatory intelligence solutions, combining proprietary AI, comprehensive data, and expert analysis to help customers manage political and business risk. Founded in 2013, the company offers critical insights through products like PolicyNote, CQ, Roll Call, and VoterVoice, serving thousands of customers globally - FiscalNote (NYSE: NOTE) is a leading provider of AI-driven policy and regulatory intelligence solutions[28] - The company combines proprietary AI technology, comprehensive data, and trusted analysis to help customers manage political and business risk[28] - Key products and brands include PolicyNote, CQ, Roll Call, and VoterVoice, serving thousands of customers worldwide[28] Contacts Contact information for media and investor relations inquiries at FiscalNote - Media Contact: Yojin Yoon, press@fiscalnote.com[55] - Investor Relations Contact: Bob Burrows, IR@fiscalnote.com[55] Financial Statements Consolidated Statements of Operations and Comprehensive Income (Loss) The unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2025, and 2024, detail FiscalNote's revenues, operating expenses, and net loss, showing a net loss of $(13.3) million for Q2 2025 and $(17.5) million for the six months ended June 30, 2025 Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenues: | | | | | | Subscription | $21,380 | $27,151 | $46,612 | $56,777 | | Advisory, advertising, and other | 1,884 | 2,095 | 4,163 | 4,581 | | Total revenues | 23,264 | 29,246 | 50,775 | 61,358 | | Operating expenses: | | | | | | Cost of revenues, including amortization | 4,948 | 6,863 | 11,932 | 14,107 | | Research and development | 2,267 | 3,205 | 5,370 | 6,685 | | Sales and marketing | 6,692 | 9,001 | 14,451 | 18,416 | | Editorial | 3,472 | 4,453 | 8,270 | 9,113 | | General and administrative | 11,378 | 11,260 | 27,676 | 27,336 | | Amortization of intangible assets | 1,934 | 2,420 | 4,265 | 5,105 | | Transaction gains, net | - | - | - | (4) | | Total operating expenses | 30,691 | 37,202 | 71,964 | 80,758 | | Operating loss | (7,427) | (7,956) | (21,189) | (19,400) | | Loss (gain) on sale of businesses | 319 | - | (15,424) | (71,599) | | Interest expense, net | 4,338 | 5,320 | 9,465 | 12,682 | | Loss on debt extinguishment, net | - | - | 1,784 | - | | Change in fair value of financial instruments | 1,577 | (854) | 906 | (327) | | Other (income) expense, net | 405 | 18 | 435 | 259 | | Net (loss) income before income taxes | (14,066) | (12,440) | (18,355) | 39,585 | | (Benefit) provision from income taxes | (795) | 324 | (834) | 1,750 | | Net (loss) income | (13,271) | (12,764) | (17,521) | 37,835 | | Other comprehensive income | 50 | 55 | 351 | (61) | | Total comprehensive (loss) income | $(13,221) | $(12,709) | $(17,170) | $37,774 | | Earnings (Loss) per share attributable to common shareholders: | | | | | | Basic and Diluted | $(0.08) | $(0.09) | $(0.11) | $0.28 | | Weighted average shares used in computing earnings (loss) per share attributable to common shareholders: | | | | | | Basic and Diluted | 160,000,492 | 134,407,109 | 155,668,949 | 132,763,763 | Consolidated Balance Sheets The unaudited Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024, show FiscalNote's financial position, with total assets decreasing to $288.3 million from $326.2 million, and total liabilities decreasing to $190.5 million from $228.4 million Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Current assets: | | | | Cash and cash equivalents | $34,009 | $28,814 | | Restricted cash | 644 | 640 | | Short-term investments | 4,508 | 5,796 | | Accounts receivable, net | 9,357 | 13,465 | | Costs capitalized to obtain revenue contracts, net | 2,557 | 3,016 | | Prepaid expenses | 2,666 | 2,548 | | Other current assets | 2,931 | 2,908 | | Total current assets | 56,672 | 57,187 | | Property and equipment, net | 4,582 | 5,051 | | Capitalized software costs, net | 12,348 | 15,099 | | Noncurrent costs capitalized to obtain revenue contracts, net | 2,644 | 3,197 | | Operating lease assets | 14,580 | 15,620 | | Goodwill | 139,776 | 159,061 | | Customer relationships, net | 33,407 | 41,717 | | Database, net | 15,112 | 16,147 | | Other intangible assets, net | 9,177 | 13,018 | | Other non-current assets | 51 | 100 | | Total assets | $288,349 | $326,197 | | Liabilities and Stockholders' Equity | | | | Current liabilities: | | | | Current maturities of long-term debt | $6,525 | $36 | | Accounts payable and accrued expenses | 7,641 | 8,462 | | Deferred revenue, current portion | 32,729 | 35,253 | | Customer deposits | 1,089 | 1,850 | | Operating lease liabilities, current portion | 3,267 | 3,386 | | Other current liabilities | 706 | 2,266 | | Total current liabilities | 51,957 | 51,253 | | Long-term debt, net of current maturities | 110,223 | 147,041 | | Deferred tax liabilities | 615 | 1,934 | | Deferred revenue, net of current portion | 454 | 222 | | Operating lease liabilities, net of current portion | 20,948 | 22,490 | | Public and private warrant liabilities | 1,522 | 2,458 | | Other non-current liabilities | 4,816 | 2,968 | | Total liabilities | 190,535 | 228,366 | | Commitment and contingencies | | | | Temporary equity (2,596,050 Class A Common Stock issued and outstanding at June 30, 2025) | 2,719 | - | | Stockholders' equity: | | | | Class A Common stock ($0.0001 par value, 1,700,000,000 authorized, 155,049,637 and 142,794,386 issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | 15 | 14 | | Class B Common stock ($0.0001 par value, 9,000,000 authorized, 8,290,921 issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | 1 | 1 | | Additional paid-in capital | 914,362 | 899,929 | | Accumulated other comprehensive income | 5,137 | 4,786 | | Accumulated deficit | (824,420) | (806,899) | | Total stockholders' equity | 95,095 | 97,831 | | Total liabilities, temporary equity and stockholders' equity | $288,349 | $326,197 | Consolidated Statements of Cash Flows The unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2025, and 2024, indicate net cash used in operating activities of $(2.9) million for the current period, a significant decrease from $(1.0) million in the prior year. Net cash provided by investing activities was $36.8 million, primarily from the sale of businesses, while net cash used in financing activities was $(28.8) million Consolidated Statements of Cash Flows (in thousands) | (in thousands) | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Operating Activities: | | | | Net (loss) income | $(17,521) | $37,835 | | Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | | | | Depreciation | 502 | 603 | | Amortization of intangible assets and capitalized software development costs | 9,576 | 10,040 | | Amortization of deferred costs to obtain revenue contracts | 1,688 | 1,885 | | Gain on sale of businesses | (15,424) | (71,599) | | Non-cash operating lease expense | 1,015 | 1,147 | | Stock-based compensation | 7,339 | 9,704 | | Bad debt expense | 190 | 243 | | Change in fair value of acquisition contingent consideration | - | (4) | | Unrealized loss on securities | 71 | 80 | | Change in fair value of financial instruments | 906 | (327) | | Deferred income taxes | (61) | (561) | | Paid-in-kind interest, net | 3,739 | 3,964 | | Non-cash interest expense | 2,011 | 1,469 | | Loss on debt extinguishment, net | 1,784 | - | | Changes in operating assets and liabilities: | | | | Accounts receivable, net | 1,622 | 1,939 | | Prepaid expenses and other current assets | (1,111) | (1,628) | | Costs capitalized to obtain revenue contracts, net | (1,177) | (1,479) | | Other non-current assets | 42 | 183 | | Accounts payable and accrued expenses | (6) | (2,662) | | Deferred revenue | 5,298 | 8,974 | | Customer deposits | (572) | (774) | | Other current liabilities | (1,072) | 1,791 | | Contingent liabilities from acquisitions, net of current portion | - | (13) | | Operating lease liabilities | (1,541) | (1,737) | | Other non-current liabilities | (193) | (61) | | Net cash used in operating activities | (2,895) | (988) | | Investing Activities: | | | | Capital expenditures | (3,474) | (4,433) | | Cash proceeds from the sale of businesses, net | 40,269 | 91,384 | | Net cash provided by investing activities | 36,795 | 86,951 | | Financing Activities: | | | | Proceeds from long-term debt, net of issuance costs | - | 801 | | Principal payments of long-term debt | (27,172) | (65,754) | | Payment of deferred financing costs | (1,793) | (7,068) | | Proceeds from exercise of stock options and employee stock purchase plan purchases | 148 | 196 | | Net cash used in financing activities | (28,817) | (71,825) | | Effects of exchange rates on cash | 116 | (111) | | Net change in cash, cash equivalents, and restricted cash | 5,199 | 14,027 | | Cash, cash equivalents, and restricted cash, beginning of period | 29,454 | 17,300 | | Cash, cash equivalents, and restricted cash, end of period | $34,653 | $31,327 | | Supplemental Noncash Investing and Financing Activities: | | | | Issuance of common stock for conversion of debt and interest | $1,902 | $9,967 | | Amounts held in escrow related to the sale of businesses | $400 | $285 | | Property and equipment purchases in accounts payable | $67 | $121 | | Supplemental Cash Flow Activities: | | | | Cash paid for interest | $4,911 | $8,509 | | Cash paid for taxes | $834 | $172 | Non-GAAP Financial Measures & KPIs Definitions Non-GAAP Financial Measures FiscalNote utilizes non-GAAP financial measures such as Adjusted Gross Profit, Adjusted Gross Profit Margin, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to provide a clearer understanding of its core operating performance and trends. These measures exclude certain non-cash and non-recurring items to offer consistency and comparability across periods, though they have limitations and should be considered alongside GAAP results - Non-GAAP financial measures are used to clarify and enhance understanding of performance and aid in period-to-period comparison[40] - These measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures[40] Adjusted Gross Profit and Margin Adjusted Gross Profit is defined as total revenues minus cost of revenues (excluding amortization of intangible assets included in cost of revenues), and Adjusted Gross Profit Margin is this figure divided by total revenues. These metrics are used to evaluate core operating performance by removing non-cash amortization effects - Adjusted Gross Profit is Total revenues minus cost of revenues, before amortization of intangible assets included in costs of revenues[41] - Adjusted Gross Profit Margin is Adjusted Gross Profit divided by Total Revenues[41] Adjusted Gross Profit and Margin (In thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $23,264 | $29,246 | $50,775 | $61,358 | | Costs of revenues, including amortization of capitalized software development costs and acquired developed technology | (4,948) | (6,863) | (11,932) | (14,107) | | Gross Profit | $18,316 | $22,383 | $38,843 | $47,251 | | Gross Profit Margin | 79% | 77% | 77% | 77% | | Gross Profit | 18,316 | 22,383 | 38,843 | 47,251 | | Amortization of intangible assets | 1,779 | 2,507 | 5,311 | 4,935 | | Adjusted Gross Profit | $20,095 | $24,890 | $44,154 | $52,186 | | Adjusted Gross Profit Margin | 86% | 85% | 87% | 85% | EBITDA, Adjusted EBITDA, and Margin EBITDA represents earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA further excludes certain non-cash and non-operating items to reflect ongoing operations, with Adjusted EBITDA Margin calculated as Adjusted EBITDA divided by Total Revenues. These are key management metrics for evaluating business performance - EBITDA represents earnings before interest expense, income taxes, depreciation and amortization[44] - Adjusted EBITDA reflects further adjustments to EBITDA to exclude certain non-cash items and other items not indicative of ongoing operations[44] EBITDA, Adjusted EBITDA, and Margin (In thousands) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net loss | $(13,271) | $(12,764) | $(17,521) | $37,835 | | Income tax (benefit) provision | (795) | 324 | (834) | 1,750 | | Depreciation and amortization | 3,960 | 5,226 | 10,078 | 10,643 | | Interest expense, net | 4,338 | 5,320 | 9,465 | 12,682 | | EBITDA | (5,768) | (1,894) | 1,188 | 62,910 | | Loss (Gain) on sale of businesses (a) | 319 | - | (15,424) | (71,599) | | Stock-based compensation | 3,964 | 3,529 | 7,339 | 9,704 | | Change in fair value of financial instruments (b) | 1,577 | (854) | 906 | (327) | | Other non-cash charges (c) | 662 | 31 | 2,801 | 76 | | Disposal related costs (d) | 971 | 394 | 5,945 | 1,098 | | Employee severance costs (e) | 800 | 91 | 2,144 | 198 | | Non-capitalizable debt costs | 337 | 224 | 744 | 478 | | Costs incurred related to the Special Committee (f) | 167 | 253 | 167 | 453 | | Non-operating income (g) | (228) | - | (228) | - | | Adjusted EBITDA | $2,801 | $1,774 | $5,582 | $2,991 | | Adjusted EBITDA Margin | 12.0% | 6.1% | 11.0% | 4.9% | Key Performance Indicators Definitions FiscalNote monitors key performance indicators (KPIs) like Annual Recurring Revenue (ARR) and Net Revenue Retention (NRR) to assess growth trends, prepare financial projections, and measure the effectiveness of sales and marketing efforts. These metrics reflect underlying business trends and ongoing operational performance - KPIs are monitored to evaluate growth trends, prepare financial projections, make strategic decisions, and measure sales and marketing effectiveness[52] Annual Recurring Revenue (ARR) ARR is a measure of revenue trend and future revenue opportunity from existing recurring subscription customer contracts, calculated by annualizing contracted subscription revenue at the parent account level. It is not adjusted for future cancellations, upgrades, or price changes - ARR measures revenue trend and future revenue opportunity from existing recurring subscription customer contracts[53] - Calculated by annualizing contracted subscription revenue at the parent account level; not adjusted for future cancellations, upgrades, or price changes[53] Net Revenue Retention (NRR) NRR measures success in retaining and growing recurring revenue from existing customers by comparing recognized recurring revenue across comparable periods. It includes positive impacts from selling additional licenses and services and negative impacts from contraction and attrition - NRR measures success in retaining and growing recurring revenue from existing customers[54] - Calculated as ARR at period end minus ARR from new clients, divided by beginning ARR, including impacts of additional sales, contraction, and attrition[54] Safe Harbor Statement & Risk Factors Safe Harbor Statement & Risk Factors This section outlines forward-looking statements subject to risks and uncertainties that could materially alter actual results, cautioning against undue reliance and detailing key factors like debt financing, revenue concentration, and operational challenges - The press release contains forward-looking statements subject to risks, uncertainties, and important factors that could cause actual results to differ materially[29][30] - Key risk factors include FiscalNote's ability to complete debt financing, concentration of revenues from U.S. government agencies, ability to execute its organic growth strategy, future capital requirements, and risks associated with international operations[31] - Additional risks include reliance on third-party systems, potential technical disruptions, competition, compliance with laws and regulations, ability to retain key personnel, and adverse economic conditions[33]