FiscalNote Holdings Announces NYSE Notice of Delisting and Appeal Process Mar 25, 2026 6:20 PM Eastern Daylight Time FiscalNote Holdings Announces NYSE Notice of Delisting and Appeal Process Share Trading Expected to Continue Uninterrupted as Shares Move to Over-the-Counter Market Company Remains Positioned to Deliver Positive Free Cash Flow on a Forward Twelve-Month Basis While Advancing Key Growth Initiatives Board of Directors Continues to Review All Strategic Options Available to the Company to Maximize ...

WASHINGTON--(BUSINESS WIRE)--FiscalNote Holdings, Inc. (NYSE: NOTE), a leading provider of AI- driven policy and regulatory intelligence, today announced that it has entered into an agreement with Good Wolf Studios to support and accelerate the development and monetization of prediction market-related content and interactive user experiences. This initiative represents another step in FiscalNote's broader strategy to participate in the rapidly growing prediction market ecosystem by leveraging its proprietar ...

FiscalNote Expands Access to Its U.S. Policy Intelligence Across Asian Markets Through Partnership with Advisory Arm of Leading Korean Law Firm, D&A LLC Mar 20, 2026 2:14 PM Eastern Daylight Time FiscalNote Expands Access to Its U.S. Policy Intelligence Across Asian Markets Through Partnership with Advisory Arm of Leading Korean Law Firm, D&A LLC Share Memorandum of Understanding (MOU) Establishes Foundation for Long-Term Collaboration to Expand Access to Trusted U.S. Legislative and Regulatory Intelligence ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $22.2 million, within guidance range, with subscription revenue representing approximately 93% of total revenue for the full year [68][70] - Annual Recurring Revenue (ARR) at year-end for 2025 was $84.1 million, down from $107.5 million at the end of 2024, largely due to strategic divestitures [73][74] - GAAP net loss for Q4 was $22.9 million, including a non-cash goodwill impairment charge of $12.4 million [70] - Adjusted EBITDA for Q4 was $2.5 million, marking the 10th consecutive positive quarter for this metric [71] - Full year 2025 adjusted EBITDA totaled $10.3 million, with an adjusted EBITDA margin of 10.8%, up from 8.1% in 2024 [81][82] Business Line Data and Key Metrics Changes - The company completed the migration of customers from the legacy FiscalNote platform to the new PolicyNote platform, achieving a 235% increase in multi-year contracts among private sector customers [71][72] - The sales development efficiency doubled due to the integration of AI technology into daily workflows [72] Market Data and Key Metrics Changes - The prediction market volume in the U.S. expanded from approximately $9 billion in 2024 to roughly $44 billion in 2025, indicating a four-fold increase [52] - Current trends suggest the prediction market could approach a $150 billion annualized run rate in 2026 [52] Company Strategy and Development Direction - The company is focusing on driving adoption and deeper engagement with the PolicyNote platform, delivering proprietary datasets in new ways, and exploring new markets including prediction platforms and agentic APIs [85][86] - A significant workforce transformation program is being rolled out to enhance operational discipline and leverage AI for streamlining internal operations [86] - The company aims to achieve adjusted EBITDA margins exceeding 20% and generate positive free cash flow by the end of Q1 2027 [87][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth through a product-led approach and transition to usage-based pricing models [116] - The company is optimistic about the engagement levels on the PolicyNote platform and expects to see improved retention as customers become more accustomed to the platform [115] Other Important Information - The company has divested several non-core assets, generating $144.9 million in gross cash proceeds, which aligns with its strategy to simplify operations and focus on core business [73][74] - The company is exploring both consumption-based pricing models and hybrid structures to maintain pricing integrity across delivery models [49] Q&A Session Summary Question: Are gross margins sustainable? - Management indicated that technology is helping drive incremental savings, and they expect margin improvement to be driven by higher gross margins over time [95] Question: Any incremental savings from migrating all customers to PolicyNote? - Management confirmed that additional cost savings will come from deprecating the legacy platform's backend, which is included in the operating plan for the year [97] Question: Insights on enterprise versus government versus NGO pipeline health? - Management noted that agentic AI presents a significant opportunity across all sectors, with good success in mid-market and public sector after a rough 2025 [99] Question: Details on enterprise customers that chose not to migrate to PolicyNote? - Management explained that some large enterprises made decisions before migration timelines, influenced by macroeconomic factors [114] Question: Confidence in driving growth with a product-led approach? - Management expressed strong confidence in the value of their data and the potential for new consumption models, including volume-based and hybrid pricing [116]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $22.2 million, within guidance range, with full year 2025 revenue at $95.4 million compared to $120.3 million in 2024 [39][43] - Annual recurring revenue (ARR) at year-end for 2025 was $84.1 million, down from $107.5 million in 2024, primarily due to strategic divestitures [43][44] - Adjusted EBITDA for Q4 was $2.5 million, marking the 10th consecutive positive quarter for this metric, with full year adjusted EBITDA totaling $10.3 million, up from $8.1 million in 2024 [42][49] Business Line Data and Key Metrics Changes - Subscription revenue represented approximately 93% of total revenue for the full year, reinforcing the predictability of the recurring revenue model [40][44] - The sales team increased the share of multi-year contracts among private sector customers from 17% to 40%, a 235% increase year-over-year [42] Market Data and Key Metrics Changes - The prediction market volume in the U.S. expanded from approximately $9 billion in 2024 to roughly $44 billion in 2025, indicating a four-fold increase [30] - Current trends suggest the prediction market could approach a $150 billion annualized run rate in 2026, reflecting significant growth potential [30] Company Strategy and Development Direction - The company is focusing on driving adoption and deeper engagement with the PolicyNote platform, delivering proprietary datasets in new ways, and exploring new markets including prediction platforms and agentic APIs [51] - A workforce transformation plan is being implemented to reduce cash operating expenses by over 19%, with a headcount reduction of approximately 25% year-over-year [8][51] - The company aims to achieve adjusted EBITDA margins exceeding 20% and generate positive free cash flow by the end of Q1 2027 [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow more efficiently as customer consumption models evolve, positioning FiscalNote to take advantage of new growth opportunities [15][36] - The transition to the PolicyNote platform is expected to drive improved retention and stronger customer engagement over time, despite some initial headwinds [21][74] Other Important Information - The company has eliminated over $35 million in annual cash operating expenses over the past three years through strategic focus and operational discipline [8] - The launch of PolicyNote has shown strong usage metrics, with key activity adoption and frequency of use higher compared to the legacy platform [19] Q&A Session Summary Question: Are gross margins sustainable? - Management indicated that technology is helping drive incremental savings, and they expect margin improvement to be driven by higher gross margins over time [57] Question: Any incremental savings from migrating all customers to PolicyNote? - Management confirmed that additional cost savings will come from deprecation of the legacy platform's backend, which is included in the operating plan for the year [59] Question: Insights on enterprise versus government versus NGO pipeline health? - Management noted good success in mid-market and public sector, with expectations for continued growth driven by agentic AI capabilities [61] Question: Update on prediction market opportunities? - Management confirmed that content generation around prediction markets is being developed, with expectations for higher engagement and potential transactional revenue [64] Question: Insights on enterprise customers that chose not to migrate? - Management explained that some large enterprises made decisions before migration timelines, influenced by macroeconomic factors, but engagement levels on PolicyNote remain high [73]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $22.2 million, within guidance range, with full-year revenue at $95.4 million compared to $120.3 million in 2024 [37][41] - Annual recurring revenue (ARR) at year-end 2025 was $84.1 million, down from $107.5 million in 2024, primarily due to strategic divestitures [41][42] - Adjusted EBITDA for Q4 was $2.5 million, marking the 10th consecutive positive quarter for this metric, with full-year adjusted EBITDA totaling $10.3 million, up from $8.1 million in 2024 [39][46] Business Line Data and Key Metrics Changes - Subscription revenue represented approximately 93% of total revenue for the full year, reinforcing the predictability of the recurring revenue model [38] - The sales team increased the share of multi-year contracts among private sector customers from 17% to 40%, a 235% increase year-over-year [40] Market Data and Key Metrics Changes - The prediction market volume in the U.S. expanded from approximately $9 billion in 2024 to roughly $44 billion in 2025, indicating a four-fold increase [28] - The company is positioned to leverage its data and expertise in the rapidly growing prediction market, which could approach a $150 billion annualized run rate in 2026 [28][29] Company Strategy and Development Direction - The company is focusing on driving adoption of the PolicyNote platform and expanding API offerings to enhance product-led growth [11][49] - A workforce transformation plan is being implemented to reduce cash operating expenses by over 19%, including a 25% reduction in headcount [6][8] - The company aims to achieve positive free cash flow by the end of Q1 2027, supported by operational efficiencies and margin improvements [49][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow more efficiently as customer consumption models evolve, particularly through the use of AI [14][35] - The company anticipates continued progress in 2026, with a forecasted GAAP revenue range of $80-$83 million and adjusted EBITDA of $14-$16 million [49][50] Other Important Information - The company has completed significant divestitures, generating $144.9 million in gross cash proceeds, which aligns with its strategy to simplify operations and focus on core business [42] - The transition to the PolicyNote platform is expected to enhance customer engagement and retention over time [19][70] Q&A Session Summary Question: Are gross margins sustainable? - Management indicated that technology is helping drive incremental savings, suggesting potential for margin improvement over time [54] Question: Any incremental savings from migrating all customers to PolicyNote? - Management confirmed that additional cost savings will come from deprecating the legacy platform's backend, which is included in the operating plan [56] Question: Insights on enterprise versus government versus NGO pipeline health? - Management noted good success in mid-market and public sector, with expectations for growth driven by agentic AI capabilities [58] Question: Details on enterprise customers that chose not to migrate to PolicyNote? - Management explained that some large enterprises made decisions before migration timelines, influenced by macroeconomic factors [65][69] Question: Confidence in driving growth with a product-led approach? - Management expressed strong confidence in the ability to maintain pricing integrity and drive revenue growth through enhanced data accessibility [71]

March 19, 2026 Footnote: Unless otherwise indicated, data presented herein is as of December 31, 2025. 1 FiscalNote: Powering Beer Policy Decisions with AI-Driven Insights Corporate Overview Safe Harbor Statement Safe Harbor Statement Certain statements herein may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote's future financial or operating performance. For exampl ...

FiscalNote Reports Fourth Quarter and Full Year 2025 Financial Results Mar 19, 2026 4:15 PM Eastern Daylight Time Company To Host Conference Call Today at 5:00 PM ET WASHINGTON--(BUSINESS WIRE)--FiscalNote Holdings, Inc. (NYSE: NOTE) ("FiscalNote†or the "Company†), a global leader in AI-driven policy and regulatory intelligence, today reported financial results for the fourth quarter and full year ended December 31, 2025. The Company reported Q4 2025 revenues of $22.2 million, in line with guidance, and A ...

Core Insights - FiscalNote Holdings, Inc. will report its financial results for the Fourth Quarter and Full Year 2025 on March 19, 2026, after market close [1] - The company plans to file its Annual Report on Form 10-K for Fiscal 2025 with the SEC after market close on the same day, requiring additional time for finalizing the audit [1] Financial Reporting - The financial results will cover the period ended December 31, 2025, and a conference call will be held at 5:00 p.m. ET on March 19, 2026 [1] - FiscalNote intends to file a Notification of Late Filing on Form 12b-25 to extend the deadline for the 2025 Form 10-K due to the need for more time to finalize certain technical and procedural aspects of the audit [1] Company Overview - FiscalNote is recognized as a leading provider of AI-driven policy and regulatory intelligence solutions, with its flagship platform, PolicyNote, offering comprehensive legislative tracking and regulatory analysis [1] - The company emphasizes the integration of AI-powered monitoring and expert-driven analysis to provide users with real-time insights into the policy landscape [1]

FiscalNote Update Summary Company Overview - **Company**: FiscalNote (NYSE: NOTE) - **Industry**: Political prediction markets and data analytics Key Points and Arguments Market Opportunity - The way information is consumed and acted upon is rapidly changing, presenting new market opportunities for FiscalNote [3][4] - FiscalNote has a strong foundation with thousands of policy professionals relying on its data and analysis, which is difficult to replicate [3] - The expansion into political prediction markets is seen as a natural evolution of FiscalNote's existing capabilities [4] Growth in Prediction Markets - Global trading volume in prediction markets surged, with U.S. volumes hitting over $44 billion in 2025, representing a 400% year-over-year growth [8] - Political markets accounted for approximately $7.2 billion in 2025, with expectations for continued growth [8] - The market is still early and underdeveloped, making it an attractive entry point for FiscalNote [5] Regulatory Environment - The CFTC's withdrawal of the ban on political and sports event contracts has enabled significant market growth [10][22] - Regulatory clarity is expected to improve, which will support the development of prediction markets [22] Competitive Advantage - FiscalNote's deep knowledge and experience in political prediction markets position it uniquely to capitalize on this growth [17] - The combination of FiscalNote's domain expertise and 365 Prediction's iGaming experience is expected to create a differentiated product [18] Product Development and Innovation - FiscalNote plans to launch products that address existing market concerns, such as credibility and ethical considerations [23][24] - The company aims to create a subscription service for tips on political outcomes, leveraging its AI capabilities [32] - Plans to explore fantasy leagues around political outcomes as a way to engage users without waiting for regulatory changes [33] Ethical Considerations - There are concerns about the perception of betting on political outcomes; FiscalNote aims to position prediction markets as tools for advocacy and awareness [25][26] - Existing relationships with advocacy organizations will be leveraged to create a more constructive market environment [26][27] Strategic Partnerships - Partnerships, particularly with 365 Prediction, are crucial for leveraging existing market infrastructure and capabilities [6][17] - The collaboration is expected to enhance market design and integrity, which are essential for successful market making [20][21] Future Outlook - FiscalNote is not pivoting away from its core business but is extending its capabilities into new markets [35] - The company is focused on leveraging its existing strengths to explore new opportunities in prediction markets and beyond [35] Additional Important Content - The discussion highlighted the historical context of prediction markets, originating from academic experiments to improve outcome predictions [12][14] - The integration of prediction market data into professional workflows is growing, indicating a shift towards institutional relevance [5] - The potential for prediction markets to hedge policy and regulatory risks was noted as a significant opportunity [5]