Fiscalnote Holdings WTS (NOTEW) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Nov 9, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NOTEW SEC filings page.
Fiscalnote Holdings Inc WTS (NOTEW) reported $80.5M in revenue over the twelve months to Sep 30, 2026, down 21.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
The business remains loss-making after a brief FY2024 profit, while shrinking revenue and assets have not eliminated cash needs.
FY2024’s reported net profit of$9.5M did not translate into operating cash: operating cash flow was-$5.3M . The return to a net loss of$65.2M in FY2025 alongside operating cash flow of-$11.4M indicates earnings volatility has not resolved the underlying cash requirement.
FY2025 revenue was
Liabilities equaled
Financial Health Signals
We do not publish a peer-relative financial health score for Fiscalnote Holdings Inc WTS, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Fiscalnote Holdings Inc WTS passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), the one computable operating efficiency signal (asset turnover improving) passes.
Fiscalnote Holdings Inc WTS reported a net loss of $65.2M while operations used $11.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Fiscalnote Holdings Inc WTS reported an operating loss of $49.5M against $16.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Fiscalnote Holdings Inc WTS generated $18.7M in revenue in Q3 2026. This represents a decrease of 16.8% from the same quarter a year earlier. Against the prior quarter it is down 4.7%.
Fiscalnote Holdings Inc WTS's EBITDA was $1.1M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Fiscalnote Holdings Inc WTS reported a net loss of $5.9M in Q3 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Fiscalnote Holdings Inc WTS earned -$0.18 per diluted share (EPS) in Q3 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Fiscalnote Holdings Inc WTS recorded an outflow of $8.1M in free cash flow in Q3 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Fiscalnote Holdings Inc WTS held $10.2M in cash against $12.0M in long-term debt as of Q3 2026, with $133.0M of liabilities due within a year.
Not reported for Q3 2026.
Margins & Returns
Fiscalnote Holdings Inc WTS's operating margin was -5.6% in Q3 2026, reflecting core business profitability. This is up 37.9 percentage points from the same quarter a year earlier.
Fiscalnote Holdings Inc WTS's net profit margin was -31.5% in Q3 2026, showing the share of revenue converted to profit. No change is given against Q3 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q3 2026.
Not reported for Q3 2026.
Capital Allocation
Fiscalnote Holdings Inc WTS invested $1.7M in research and development in Q3 2026. This represents a decrease of 18.4% from the same quarter a year earlier. Against the prior quarter it is up 7.5%.
Fiscalnote Holdings Inc WTS invested $1.9M in capex in Q3 2026, funding long-term assets and infrastructure. This represents a decrease of 9.2% from the same quarter a year earlier. Against the prior quarter it is up 13.3%.
Not reported for Q3 2026.
NOTEW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18.7M-16.8% | $19.6M-15.8% | $20.0M-27.2% | $22.2M-24.7% | $22.4M-23.8% | $23.3M-20.5% | $27.5M-14.3% | $29.5M-14.0% |
| R&D Expenses | $1.7M-18.4% | $1.6M-30.3% | $2.0M-34.2% | $2.1M-26.7% | $2.1M-36.0% | $2.3M-29.3% | $3.1M-10.8% | $2.9M-28.0% |
| SG&A Expenses | $10.2M-49.5% | $13.7M-24.0% | $15.2M-36.7% | $16.5M-17.0% | $20.2M+2.4% | $18.1M-10.8% | $24.1M-5.6% | $19.8M-27.1% |
| Operating Income | -$1.0Mn/m | -$24.1Mn/m | -$42.5Mn/m | -$18.6Mn/m | -$9.7Mn/m | -$7.4Mn/m | -$13.8Mn/m | -$5.7Mn/m |
| EBITDA | $1.1Mn/m | -$22.0Mn/m | -$40.4Mn/m | -$16.4Mn/m | -$7.5Mn/m | -$5.2Mn/m | -$11.2Mn/m | -$3.0Mn/m |
| Interest Expense | $3.7M+0.8% | $3.9M-10.0% | $3.4M-34.5% | $3.3M-37.5% | $3.7M-33.8% | $4.3M-18.5% | $5.1M-30.4% | $5.3M-34.2% |
| Income Tax | $3Kn/m | -$88Kn/m | -$201Kn/m | -$179Kn/m | -$237Kn/m | -$795K-345.4% | -$39K-102.7% | -$593K-1511.9% |
| Net Income | -$5.9Mn/m | -$27.8Mn/m | -$43.6Mn/m | -$22.9Mn/m | -$24.9Mn/m | -$13.3Mn/m | -$4.3M-108.4% | -$13.4Mn/m |
| EPS (Basic) | -$0.18 | -$1.06 | -$2.39n/m | -$1.45n/m | -$1.73n/m | -$1.00 | -$0.34 | -$1.20n/m |
| EPS (Diluted) | -$0.18 | -$1.06 | -$2.39n/m | -$1.45n/m | -$1.73n/m | -$1.00 | -$0.34 | -$1.20n/m |
| Diluted Shares (Avg) | 33M | 26M | 18M+44.7% | N/A | 14M+27.7% | 13M | 13M | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
NOTEW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $162.3M-40.7% | $182.2M-36.8% | $213.4M-28.8% | $255.1M-21.8% | $273.9M-19.0% | $288.3M-16.7% | $299.7M-16.2% | $326.2M-12.0% |
| Current Assets | $23.9M-51.4% | $33.9M-40.2% | $43.1M-34.2% | $45.5M-20.3% | $49.1M-9.7% | $56.7M-8.5% | $65.5M-6.0% | $57.2M+14.8% |
| Cash & Equivalents | $10.2M-61.7% | $18.0M-47.2% | $23.8M-42.9% | $24.3M-15.6% | $26.7M+3.9% | $34.0M+11.0% | $41.7M+14.4% | $28.8M+75.2% |
| Short-Term Investments | $0-100.0% | $2.0M-55.6% | $2.0M-55.7% | $2.0M-65.6% | $4.5M-35.9% | $4.5M-36.1% | $4.5M-36.6% | $5.8M-18.8% |
| Accounts Receivable | $6.8M-30.0% | $7.3M-22.3% | $9.3M-16.1% | $12.0M-11.2% | $9.7M-13.7% | $9.4M-31.0% | $11.1M-22.7% | $13.5M-20.5% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $63.9M-52.8% | $68.3M-51.2% | $87.4M0.0% | $123.0M-22.7% | $135.4M-18.4% | $139.8M-15.0% | $87.4M-46.8% | $159.1M-15.3% |
| Total Liabilities | $164.8M-16.9% | $182.0M-4.5% | $188.6M-4.9% | $193.2M-15.4% | $198.4M-17.2% | $190.5M-20.4% | $198.3M-21.2% | $228.4M-30.2% |
| Current Liabilities | $133.0M+174.0% | $148.3M+226.4% | $155.6M+205.0% | $44.4M-13.3% | $48.5M-27.3% | $45.4M-26.0% | $51.0M-20.0% | $51.3M-21.9% |
| Non-Current Liabilities | $31.8M-78.8% | $33.7M-76.8% | $33.0M-77.6% | $148.8M-16.0% | $149.8M-13.2% | $145.1M-18.5% | $147.3M-21.6% | $177.1M-32.3% |
| Long-Term Debt | $12.0M-90.4% | $12.4M-89.4% | $11.5M-90.2% | $125.6M-14.6% | $125.2M-12.0% | $116.7M-19.9% | $117.9M-22.9% | $147.0M-33.9% |
| Total Equity | -$2.5M-103.3% | $274K-99.7% | $24.8M-74.9% | $62.0M-36.7% | $75.5M-23.4% | $95.1M-11.0% | $98.7M-7.0% | $97.8M+125.1% |
| Retained Earnings | -$949.5Mn/m | -$943.6Mn/m | -$915.8Mn/m | -$872.1Mn/m | -$849.3Mn/m | -$824.4Mn/m | -$811.1Mn/m | -$806.9Mn/m |
Not reported in any period shown, so not listed: Inventory.
NOTEW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.2Mn/m | -$2.1Mn/m | $3.0M-8.1% | -$279Kn/m | -$8.3Mn/m | -$6.2Mn/m | $3.3M+19.9% | -$1.3Mn/m |
| Depreciation & Amortization | $2.1M-4.4% | $2.1M-2.7% | $2.1M-17.6% | $2.2M-20.9% | $2.2M-19.9% | $2.2M-19.8% | $2.6M-13.5% | $2.7M-15.9% |
| Stock-Based Compensation | N/A | N/A | $3.0M-9.9% | N/A | $43K-59.4% | $23K-43.9% | $3.4M-45.3% | N/A |
| Capital Expenditures | $1.9M-9.2% | $1.7M+12.0% | $1.7M-16.6% | $1.6M-18.3% | $2.1M-14.5% | $1.5M-45.6% | $2.0M+17.1% | $2.0M+1.4% |
| Free Cash Flow | -$8.1Mn/m | -$3.8Mn/m | $1.4M+4.9% | -$1.9Mn/m | -$10.4Mn/m | -$7.7Mn/m | $1.3M+24.3% | -$3.4Mn/m |
| Investing Cash Flow | $5.3M+16.5% | -$1.7Mn/m | -$1.7M-104.3% | -$1.6M-135.2% | $4.6Mn/m | -$1.5Mn/m | $38.3M-57.1% | $4.7Mn/m |
| Financing Cash Flow | -$6.8Mn/m | -$1.9Mn/m | -$1.8Mn/m | -$467K-428.9% | -$3.5M-1513.9% | -$9Kn/m | -$28.8Mn/m | $142K-97.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
NOTEW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'25Filing | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -5.6%+37.9pp | -123.0% | -212.3% | -83.7%-64.2pp | -43.4%-20.3pp | -31.9%-4.7pp | -50.0%-14.4pp | -19.4% |
| Net Margin | -31.5% | -142.2% | -217.8% | -103.0% | -110.8% | -57.0%-13.4pp | -15.4% | -45.4% |
| Return on Equity | N/A | -10158.4%-10144.4pp | -175.9%-171.6pp | -36.9%-23.2pp | -32.9%-17.8pp | -14.0%-2.0pp | -4.3%-52.0pp | -13.7%+103.1pp |
| Return on Assets | -3.6%+5.5pp | -15.3%-10.7pp | -20.4%-19.0pp | -9.0%-4.9pp | -9.1%-4.7pp | -4.6%-0.9pp | -1.4%-15.6pp | -4.1%+9.6pp |
| Current Ratio | 0.18-0.8x | 0.23-1.0x | 0.28-1.0x | 1.03-0.1x | 1.01+0.2x | 1.25+0.2x | 1.28+0.2x | 1.12+0.4x |
| Debt-to-Equity | N/A | 45.37+44.1x | 0.47-0.7x | 2.03+0.5x | 1.66+0.2x | 1.23-0.1x | 1.20-0.2x | 1.50-3.6x |
| Liabilities-to-Equity | N/A | 664.13+662.1x | 7.61+5.6x | 3.12+0.8x | 2.63+0.2x | 2.00-0.2x | 2.01-0.4x | 2.33-5.2x |
| Asset Turnover | 0.120.0x | 0.110.0x | 0.090.0x | 0.090.0x | 0.080.0x | 0.080.0x | 0.090.0x | 0.090.0x |
| FCF Margin | -43.6%+2.6pp | -19.4%+13.6pp | 6.8%+2.1pp | -8.6%+2.7pp | -46.2%-27.8pp | -33.0%-10.9pp | 4.7%+1.5pp | -11.4%+4.8pp |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Where Fiscalnote Holdings Inc WTS Ranks
Frequently Asked Questions
Fiscalnote Holdings Inc WTS (NOTEW) reported $95.4M in total revenue for fiscal year 2025. This represents a -20.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Fiscalnote Holdings Inc WTS (NOTEW) revenue declined by 20.7% year-over-year, from $120.3M to $95.4M in fiscal year 2025.
No, Fiscalnote Holdings Inc WTS (NOTEW) reported a net loss of $100.2M over the trailing 12 months to September 30, 2026. In fiscal year 2025 it reported a net loss of $65.2M, with a net profit margin of -68.4%.
Fiscalnote Holdings Inc WTS (NOTEW) had EBITDA of -$40.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Fiscalnote Holdings Inc WTS (NOTEW) had $24.3M in cash and equivalents against $125.6M in long-term debt.
Fiscalnote Holdings Inc WTS (NOTEW) had an operating margin of -51.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Fiscalnote Holdings Inc WTS (NOTEW) had a net profit margin of -68.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Fiscalnote Holdings Inc WTS (NOTEW) has a return on equity of -105.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Fiscalnote Holdings Inc WTS (NOTEW) recorded an outflow of $18.6M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Fiscalnote Holdings Inc WTS (NOTEW) recorded an outflow of $11.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Fiscalnote Holdings Inc WTS (NOTEW) had $255.1M in total assets as of fiscal year 2025, including both current and long-term assets.
Fiscalnote Holdings Inc WTS (NOTEW) invested $7.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Fiscalnote Holdings Inc WTS (NOTEW) invested $9.6M in research and development during fiscal year 2025.
Fiscalnote Holdings Inc WTS (NOTEW) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.
Fiscalnote Holdings Inc WTS (NOTEW) had a debt-to-equity ratio of 2.03 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Fiscalnote Holdings Inc WTS (NOTEW) had a liabilities-to-equity ratio of 3.12 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Fiscalnote Holdings Inc WTS (NOTEW) had a return on assets of -25.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Fiscalnote Holdings Inc WTS (NOTEW) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Fiscalnote Holdings Inc WTS (NOTEW) reported a net loss of $65.2M while operations used $11.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Fiscalnote Holdings Inc WTS (NOTEW) reported an operating loss of $49.5M against $16.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.