FISCALNOTE HOLDINGS INC Financials
FISCALNOTE HOLDINGS INC (NOTEW) reported $95.4M in revenue for fiscal year 2025, down 20.7% from the prior fiscal year. 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 (10-K and 10-Q reports).
Deleveraging reduced the interest burden, but persistent operating cash losses show the business still has not reached self-funding scale.
From FY2023 to FY2025, long-term debt fell from$222.3M to$125.6M and interest expense nearly halved from$29.9M to$16.5M , yet operating cash flow remained negative each year. That combination means financing pressure has been reduced, but the core operation still consumes cash before any debt repayment or reinvestment decisions.
FY2024’s net profit of
Revenue fell from
Financial Health Signals
FISCALNOTE HOLDINGS INC does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
FISCALNOTE HOLDINGS INC 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), both operating efficiency signals pass.
FISCALNOTE HOLDINGS INC 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 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 generated $95.4M in revenue in fiscal year 2025. This represents a decrease of 20.7% from the prior year.
FISCALNOTE HOLDINGS INC's EBITDA was -$40.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 94.4% from the prior year.
FISCALNOTE HOLDINGS INC reported -$65.2M in net income in fiscal year 2025. This represents a decrease of 785.6% from the prior year.
FISCALNOTE HOLDINGS INC earned -$4.65 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 660.2% from the prior year.
Cash & Balance Sheet
FISCALNOTE HOLDINGS INC recorded an outflow of $18.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 31.5% from the prior year.
FISCALNOTE HOLDINGS INC held $24.3M in cash against $125.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
FISCALNOTE HOLDINGS INC's operating margin was -51.9% in fiscal year 2025, reflecting core business profitability. This is down 25.3 percentage points from the prior year.
FISCALNOTE HOLDINGS INC's net profit margin was -68.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 76.3 percentage points from the prior year.
FISCALNOTE HOLDINGS INC's ROE was -105.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 115.0 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
FISCALNOTE HOLDINGS INC invested $9.6M in research and development in fiscal year 2025. This represents a decrease of 25.4% from the prior year.
FISCALNOTE HOLDINGS INC invested $7.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.9% from the prior year.
Not reported for fiscal year 2025.
NOTEW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Revenue | $84.2M | $95.4M-20.7% | $120.3M-9.3% | $132.6M+16.6% | $113.8M+37.2% | $82.9M |
| R&D Expenses | $7.8M | $9.6M-25.4% | $12.8M-29.5% | $18.2M-12.3% | $20.7M-13.7% | $24.0M |
| SG&A Expenses | $43.2M | $52.1M+3.8% | $50.2M-23.4% | $65.5M-15.7% | $77.8M+139.5% | $32.5M |
| Operating Income | -$94.9M | -$49.5M-55.0% | -$31.9M+67.3% | -$97.7M-10.8% | -$88.2M-58.7% | -$55.6M |
| Interest Expense | $14.3M | $16.5M-30.1% | $23.6M-21.2% | $29.9M-68.7% | $95.7M+47.7% | $64.8M |
| Income Tax | -$705K | -$1.3M-333.2% | $536K+140.4% | $223K+106.9% | -$3.3M+58.8% | -$7.9M |
| Net Income | -$119.2M | -$65.2M-785.6% | $9.5M+108.2% | -$115.5M+47.1% | -$218.3M-99.5% | -$109.4M |
| EPS (Diluted) | — | -$4.65-660.2% | $0.83 | -$0.88 | -$3.68 | -$19.80 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NOTEW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Total Assets | $255.1M-21.8% | $326.2M-12.0% | $370.6M-14.5% | $433.2M+14.4% | $378.5M |
| Current Assets | $45.5M-20.3% | $57.2M+14.8% | $49.8M-42.1% | $86.0M+58.4% | $54.3M |
| Cash & Equivalents | $24.3M-15.6% | $28.8M+75.2% | $16.5M-72.8% | $60.4M+87.7% | $32.2M |
| Accounts Receivable | $12.0M-11.2% | $13.5M-20.5% | $16.9M+13.6% | $14.9M+33.4% | $11.2M |
| Goodwill | $123.0M-22.7% | $159.1M-15.3% | $187.7M-3.4% | $194.4M+3.0% | $188.8M |
| Total Liabilities | $193.2M-15.4% | $228.4M-30.2% | $327.1M+13.4% | $288.5M-66.5% | $860.5M |
| Current Liabilities | $44.4M-13.3% | $51.3M-21.9% | $65.7M+5.7% | $62.1M-10.6% | $69.5M |
| Long-Term Debt | $125.6M-14.6% | $147.0M-33.9% | $222.3M+37.2% | $162.0M-49.0% | $317.6M |
| Total Equity | $62.0M-36.7% | $97.8M+125.1% | $43.5M-70.0% | $144.7M+130.0% | -$482.0M |
| Retained Earnings | -$872.1M-8.1% | -$806.9M+1.2% | -$816.4M-16.5% | -$700.7M-45.6% | -$481.4M |
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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.7M | -$11.4M-116.0% | -$5.3M+85.1% | -$35.5M+51.1% | -$72.6M-96.0% | -$37.0M |
| Capital Expenditures | $7.1M | $7.2M-18.9% | $8.9M+11.9% | $7.9M-30.2% | $11.4M+104.1% | $5.6M |
| Free Cash Flow | -$14.7M | -$18.6M-31.5% | -$14.2M+67.3% | -$43.4M+48.3% | -$84.0M-97.1% | -$42.6M |
| Investing Cash Flow | -$408K | $39.7M-55.5% | $89.2M+538.9% | -$20.3M-98.4% | -$10.2M+79.2% | -$49.2M |
| Financing Cash Flow | -$7.7M | -$32.8M+54.0% | -$71.4M-691.5% | $12.1M-89.2% | $111.5M+50.1% | $74.3M |
| Share Buybacks | N/A | N/A | N/A | N/A | $88K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NOTEW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Operating Margin | -51.9%-25.3pp | -26.6%+47.1pp | -73.7%+3.8pp | -77.5%-10.5pp | -67.0% |
| Net Margin | -68.4%-76.3pp | 7.9%+95.0pp | -87.1% | -191.9% | -132.0% |
| Return on Equity | -105.3%-115.0pp | 9.7%+275.4pp | -265.7%-114.8pp | -150.8% | N/A |
| Return on Assets | -25.6%-28.5pp | 2.9%+34.1pp | -31.2%+19.2pp | -50.4%-21.5pp | -28.9% |
| Current Ratio | 1.03-0.1x | 1.12+0.4x | 0.76-0.6x | 1.38+0.6x | 0.78 |
| Debt-to-Equity | 2.03+0.5x | 1.50-3.6x | 5.12+4.0x | 1.12 | N/A |
| FCF Margin | -19.5%-7.7pp | -11.8%+21.0pp | -32.7%+41.1pp | -73.8%-22.4pp | -51.4% |
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: Net Margin.
Where FISCALNOTE HOLDINGS INC Ranks
Frequently Asked Questions
What is FISCALNOTE HOLDINGS INC's annual revenue?
FISCALNOTE HOLDINGS INC (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.
How fast is FISCALNOTE HOLDINGS INC's revenue growing?
FISCALNOTE HOLDINGS INC (NOTEW) revenue declined by 20.7% year-over-year, from $120.3M to $95.4M in fiscal year 2025.
Is FISCALNOTE HOLDINGS INC profitable?
No, FISCALNOTE HOLDINGS INC (NOTEW) reported a net income of -$65.2M in fiscal year 2025, with a net profit margin of -68.4%.
What is FISCALNOTE HOLDINGS INC's EBITDA?
FISCALNOTE HOLDINGS INC (NOTEW) had EBITDA of -$40.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does FISCALNOTE HOLDINGS INC have?
As of fiscal year 2025, FISCALNOTE HOLDINGS INC (NOTEW) had $24.3M in cash and equivalents against $125.6M in long-term debt.
What is FISCALNOTE HOLDINGS INC's operating margin?
FISCALNOTE HOLDINGS INC (NOTEW) had an operating margin of -51.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is FISCALNOTE HOLDINGS INC's net profit margin?
FISCALNOTE HOLDINGS INC (NOTEW) had a net profit margin of -68.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is FISCALNOTE HOLDINGS INC's return on equity (ROE)?
FISCALNOTE HOLDINGS INC (NOTEW) has a return on equity of -105.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is FISCALNOTE HOLDINGS INC's free cash flow?
FISCALNOTE HOLDINGS INC (NOTEW) recorded an outflow of $18.6M in free cash flow during fiscal year 2025. This represents a -31.5% change compared to the previous fiscal year. 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.
What is FISCALNOTE HOLDINGS INC's operating cash flow?
FISCALNOTE HOLDINGS INC (NOTEW) recorded an outflow of $11.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are FISCALNOTE HOLDINGS INC's total assets?
FISCALNOTE HOLDINGS INC (NOTEW) had $255.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are FISCALNOTE HOLDINGS INC's capital expenditures?
FISCALNOTE HOLDINGS INC (NOTEW) invested $7.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does FISCALNOTE HOLDINGS INC spend on research and development?
FISCALNOTE HOLDINGS INC (NOTEW) invested $9.6M in research and development during fiscal year 2025.
What is FISCALNOTE HOLDINGS INC's current ratio?
FISCALNOTE HOLDINGS INC (NOTEW) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.
What is FISCALNOTE HOLDINGS INC's debt-to-equity ratio?
FISCALNOTE HOLDINGS INC (NOTEW) had a debt-to-equity ratio of 2.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is FISCALNOTE HOLDINGS INC's return on assets (ROA)?
FISCALNOTE HOLDINGS INC (NOTEW) had a return on assets of -25.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is FISCALNOTE HOLDINGS INC's cash runway?
Based on fiscal year 2025 data, FISCALNOTE HOLDINGS INC (NOTEW) had $24.3M in cash against an annual operating cash burn of $11.4M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is FISCALNOTE HOLDINGS INC's Piotroski F-Score?
FISCALNOTE HOLDINGS INC (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.
Are FISCALNOTE HOLDINGS INC's earnings high quality?
FISCALNOTE HOLDINGS INC (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.
Can FISCALNOTE HOLDINGS INC cover its interest payments?
FISCALNOTE HOLDINGS INC (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.