NOTE

MKT CAP:$4M

FiscalNote Holdings, Inc.

Market Cap

$4M

Technology·Information Technology Services·🇺🇸 United States·NYSE

Technology·IT Services·🇺🇸·NYSE

Stock Price

$0.25-$1.34 (-84.28%)

Apr 23, 2026

Company Details

FiscalNote Holdings Inc. operates as technology and data company that delivers critical legal data and insights worldwide. It combines artificial intelligence technology, machine learning, and other technologies with analytics, workflow too...

CEO

Timothy T. Hwang

IPO Date

Dec 7, 2020

Website

fiscalnote.com

Key Metrics TTM

Revenue

$103M

-17.9% YoY

Net Income

-$56M

EPS (Diluted)

-$4.24

Free Cash Flow

-$20M

Revenue / Share

$7.14

Gross Margin

73.9%

Operating Margin

-35.7%

Net Margin

-54.3%

FCF Margin

-19.6%

P/S

0.0x

P/E

—

Earnings Reports

Q4 2025

May 11, 2026

PENDING

Q3 2025

Nov 10, 2025

$22M-23.8%EPS -$1.73

Q2 2025

Aug 15, 2025

$23M-20.5%EPS -$1.00

Q1 2025

May 13, 2025

$28M-14.3%EPS -$0.34

FY 2024

Apr 1, 2025

$120M-9.3%EPS $0.83

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$24M	$14M	-$16M
Q1 22	$26M	$15M	-$12M
Q2 22	$27M	$16M	-$12M
Q3 22	$29M	$16M	-$44M
Q4 22	$31M	$18M	-$20M
Q1 23	$32M	$23M	-$20M
Q2 23	$33M	$19M	-$17M
Q3 23	$34M	$19M	-$13M
Q4 23	$34M	$19M	-$40M
Q1 24	$32M	$20M	-$11M
Q2 24	$29M	$18M	-$8M
Q3 24	$29M	$19M	-$7M
Q4 24	$29M	$19M	-$6M
Q1 25	$28M	$21M	-$14M
Q2 25	$23M	$18M	-$7M
Q3 25	$22M	$18M	-$10M

Valuation

Quarter	P/S	P/E
Q4 21	15.5x	—
Q1 22	14.0x	—
Q2 22	12.9x	—
Q3 22	7.6x	—
Q4 22	7.2x	—
Q1 23	2.5x	—
Q2 23	3.7x	—
Q3 23	1.9x	—
Q4 23	1.0x	—
Q1 24	1.3x	—
Q2 24	1.5x	—
Q3 24	1.4x	—
Q4 24	1.3x	16.5x
Q1 25	0.9x	—
Q2 25	0.8x	—
Q3 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$13M	-$15M
Q1 22	-$10M	-$12M
Q2 22	-$8M	-$12M
Q3 22	-$39M	-$42M
Q4 22	-$15M	-$18M
Q1 23	-$13M	-$15M
Q2 23	-$7M	-$10M
Q3 23	-$12M	-$14M
Q4 23	-$4M	-$6M
Q1 24	$3M	$1M
Q2 24	-$4M	-$6M
Q3 24	-$3M	-$5M
Q4 24	-$1M	-$3M
Q1 25	$3M	$1M
Q2 25	-$6M	-$8M
Q3 25	-$8M	-$10M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$2M
Q2 22	$4M
Q3 22	$3M
Q4 22	$3M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$3M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$1M
Q3 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+46.9%	+56.6%
Q1 22	+50.3%	+40.4%
Q2 22	+40.6%	+16.9%
Q3 22	+33.5%	+97.5%
Q4 22	+28.6%	+26.1%
Q1 23	+20.9%	+34.2%
Q2 23	+20.9%	+28.0%
Q3 23	+17.0%	-35.1%
Q4 23	+9.0%	+44.5%
Q1 24	+1.8%	-15.7%
Q2 24	-10.9%	-25.3%
Q3 24	-13.4%	-23.6%
Q4 24	-14.0%	-52.6%
Q1 25	-14.3%	-5.2%
Q2 25	-20.5%	-17.5%
Q3 25	-23.8%	-11.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$463.0K	1.9%
Q1 22	$260.0K	1.0%
Q2 22	$565.0K	2.1%
Q3 22	$30M	103.3%
Q4 22	$0	0.0%
Q1 23	$7M	20.6%
Q2 23	$5M	16.7%
Q3 23	$6M	18.3%
Q4 23	$9M	25.8%
Q1 24	$6M	19.2%
Q2 24	$4M	12.1%
Q3 24	$4M	14.2%
Q4 24	$4M	13.8%
Q1 25	$3M	12.3%
Q2 25	$4M	17.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$6M	$8M	$8M
Q1 22	$6M	$11M	$9M
Q2 22	$4M	$10M	$10M
Q3 22	$6M	$39M	$12M
Q4 22	$5M	$18M	$11M
Q1 23	$5M	$18M	$12M
Q2 23	$5M	$16M	$12M
Q3 23	$5M	$14M	$11M
Q4 23	$4M	$17M	$11M
Q1 24	$3M	$16M	$9M
Q2 24	$3M	$11M	$9M
Q3 24	$3M	$11M	$9M
Q4 24	$3M	$12M	$8M
Q1 25	$3M	$16M	$8M
Q2 25	$2M	$11M	$7M
Q3 25	$2M	$14M	$6M

Revenue Segments

Quarter	Advertising	Advisory	Books	Other Revenue	Subscription
Q3 22	$695.0K	$518.0K	$40.0K	$2M	$26M
Q1 23	$418.0K	$1M	$584.0K	$947.0K	$28M
Q2 23	$357.0K	$1M	$539.0K	$1M	$29M
Q3 23	$428.0K	$2M	$27.0K	$2M	$30M
Q4 23	$429.0K	$2M	$16.0K	$1M	$31M
Q1 24	$514.0K	$1M	$148.0K	$567.0K	$30M
Q2 24	$308.0K	$965.0K	$33.0K	$789.0K	$27M
Q3 24	$437.0K	$1M	$39.0K	$602.0K	$27M
Q1 25	$455.0K	$1M	$2.0K	$759.0K	$25M
Q2 25	$500.0K	$313.0K	$4.0K	$1M	$21M

Revenue by Geography

Quarter	Australia	Asia	Europe	North America
Q3 22	$293.0K	$1M	$2M	$25M
Q1 23	$289.0K	$988.0K	$4M	$26M
Q2 23	$288.0K	$733.0K	$5M	$27M
Q3 23	$298.0K	$2M	$5M	$27M
Q4 23	$318.0K	$1M	$6M	$27M
Q1 24	$303.0K	$543.0K	$5M	$26M
Q2 24	$319.0K	$481.0K	$5M	$23M
Q3 24	$328.0K	$511.0K	$6M	$23M
Q1 25	$304.0K	—	$5M	$22M
Q2 25	$310.0K	—	$1M	$22M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$32M	$0	$32M
Q1 22	$40M	$0	$40M
Q2 22	$14.7K	$0	$14.7K
Q3 22	$78M	$0	$78M
Q4 22	$60M	$0	$60M
Q1 23	$47M	$0	$47M
Q2 23	$37M	$0	$37M
Q3 23	$16M	$7M	$24M
Q4 23	$16M	$7M	$24M
Q1 24	$36M	$7M	$44M
Q2 24	$31M	$7M	$38M
Q3 24	$26M	$7M	$33M
Q4 24	$29M	$6M	$35M
Q1 25	$42M	$5M	$46M
Q2 25	$34M	$5M	$39M
Q3 25	$27M	$5M	$31M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	2M	+30.8%	0.0%
Q1 22	2M	-14.3%	-14.3%
Q2 22	2M	+1.4%	+13.7%
Q3 22	8M	+406.0%	+475.4%
Q4 22	11M	+36.2%	+499.3%
Q1 23	11M	+1.5%	+609.5%
Q2 23	11M	+0.8%	+605.1%
Q3 23	11M	-3.9%	+33.9%
Q4 23	11M	+0.6%	-1.1%
Q1 24	12M	+12.6%	+9.7%
Q2 24	11M	-8.0%	+0.2%
Q3 24	11M	+0.5%	+4.8%
Q4 24	11M	+2.0%	+6.2%
Q1 25	13M	+9.8%	+3.6%
Q2 25	13M	+5.8%	+19.0%
Q3 25	14M	+7.8%	+27.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$8M	3
Q1 22	$9M	3
Q2 22	$9M	3
Q3 22	$10M	3
Q4 22	$39.3K	800
Q1 23	$39.4K	800
Q2 23	$41.1K	800
Q3 23	$42.5K	800
Q4 23	$50.4K	680
Q1 24	$47.2K	680
Q2 24	$43.0K	680
Q3 24	$43.3K	680
Q4 24	$51.4K	573
Q1 25	$48.0K	573
Q2 25	$40.6K	573
Q3 25	$39.1K	573

Revenue / Employee