FiscalNote Reports Disappointing Q4 2025 Earnings, Shares Plunge
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 20 2026
0mins
Should l Buy NOTE?
Source: stocktwits
- Revenue Miss: FiscalNote reported Q4 2025 revenues of $22.2 million, falling short of the $22.72 million consensus estimate, indicating pressure from declining subscription revenues and rising operating costs, which may undermine investor confidence.
- Worsening Losses: The company posted a net loss per share of $1.45, significantly exceeding the Street's expectation of $0.58, highlighting challenges in financial management and market competition that could impact future fundraising capabilities.
- Workforce Reduction: FiscalNote plans to cut approximately 25% of its workforce in the upcoming year to improve cash flow, although this measure is not expected to significantly enhance free cash flow until Q1 2027, indicating a prolonged recovery period.
- Shift in Market Sentiment: On Stocktwits, retail sentiment around NOTE stock shifted from 'bearish' to 'extremely bearish', reflecting investor pessimism about the company's future prospects, which could lead to further declines in stock price.
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Analyst Views on NOTE
Wall Street analysts forecast NOTE stock price to rise
3 Analyst Rating
3 Buy
0 Hold
0 Sell
Strong Buy
Current: 0.531
Low
5.00
Averages
7.67
High
11.00
Current: 0.531
Low
5.00
Averages
7.67
High
11.00
About NOTE
FiscalNote Holdings, Inc. is a provider of AI-driven policy and regulatory intelligence solutions. The Company delivers critical, actionable legal and policy insights in an evolving political, regulatory and macroeconomic environment. By combining AI and other technologies with analysis and workflow tools, it provides data and information that enables customers who use its products to manage policy change, address regulatory developments, and mitigate policy risk. Its portfolio of public policy intelligence products includes PolicyNote, CQ Federal, and Curate. It offers EU Issue Tracker, which provides public policy intelligence for the European Union, as well as professional services which enable customers to cover over 80 countries globally. It offers its advocacy platform (VoterVoice) and constituent management services platform (Fireside), which connect citizens with their government representatives and vice versa. It offers macroeconomic analysis through FrontierView.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
FiscalNote Faces NYSE Delisting Risk Due to Share Price Issues
- Delisting Notification: FiscalNote Holdings (NOTE) has received a notification from the NYSE regarding non-compliance with the continued listing standard of maintaining an average closing share price of at least $1.00 over 30 consecutive trading days, indicating the company's vulnerability in the market.
- Stock Price Decline: Following the announcement, the company's shares fell 4% in after-hours trading and are down 64% year-to-date, reflecting investor concerns about the company's future prospects, which may impact its ability to raise capital and market confidence.
- Trading Suspension: The NYSE has decided to suspend trading of FiscalNote's Class A common stock and warrants immediately, with trading expected to resume on OTC markets on March 26, 2026, which could lead to decreased liquidity and further impact shareholder interests.
- Appeal Evaluation: The company is evaluating the possibility of appealing the delisting determination to the exchange's listing qualifications panel, although there is no assurance of success; this process may be time-consuming and uncertain, increasing the operational risks faced by the company.
See More
FISCALNOTE HOLDINGS INC - CONSIDERING OPTIONS TO CHALLENGE NYSE DELISTING
FISCAL HOLDINGS: The article discusses the evaluation of fiscal holdings in the context of appealing any SE delisting.
ALTERNATIVES TO APPEAL: It highlights the need to consider alternatives when appealing against a SE delisting decision.
See More
FiscalNote Launches PolicyNote MCP in OpenAI App Store
- Policy Intelligence Integration: FiscalNote's PolicyNote MCP has launched in the OpenAI App Store, enabling developers and policy analysts to access structured global policy and regulatory data directly within ChatGPT, which is expected to attract millions of users and enhance the company's market share in the policy intelligence sector.
- User Growth Potential: By embedding policy intelligence into ChatGPT workflows, FiscalNote can reach users who may not purchase standalone platforms, likely driving product-led growth in new geographies and customer segments, thereby expanding its market coverage.
- Streamlined Query Process: Users can query policy activities through natural language, obtaining structured and verified information that simplifies the integration of policy intelligence, which is expected to enhance user efficiency and accelerate decision-making in policy analysis.
- Innovative Business Model: FiscalNote controls all pricing and access terms, ensuring proprietary data is only available within authorized user workflows, a strategy that will help the company efficiently scale API-driven adoption globally and drive long-term growth.
See More
FiscalNote Launches PolicyNote MCP in OpenAI App Store
- Integration of Policy Intelligence: FiscalNote's PolicyNote MCP is now listed in the OpenAI App Store, enabling global developers and policy analysts to access structured policy and regulatory data directly within ChatGPT, thereby enhancing user efficiency and decision-making capabilities.
- User Coverage Expansion: With ChatGPT reporting over 700 million weekly active users, FiscalNote can reach millions of potential users through this platform, which is expected to significantly drive its market penetration and revenue growth.
- Seamless Integration Advantage: Users can quickly embed PolicyNote intelligence into their AI-driven workflows with a simple one-click installation, facilitating rapid queries and analysis of public policy activities, thus reducing the complexity of information retrieval and improving decision timeliness.
- Strategic Transformation Opportunity: The CEO of FiscalNote stated that this listing marks a shift from a traditional software platform to a global policy intelligence infrastructure, which is anticipated to provide broader global reach and long-term growth potential for the company.
See More
FiscalNote Partners with Good Wolf Studios to Advance Prediction Market Content Development
- Partnership Agreement: FiscalNote has entered into an agreement with Good Wolf Studios to accelerate the development of prediction market-related content and interactive experiences, which will enhance the company's participation in the rapidly growing prediction market ecosystem and create new revenue opportunities.
- Content Innovation: The partnership will build prediction-related content experiences around political and policy developments, including tip sheets and fantasy league formats, expected to attract contributions from influential voices and policy stakeholders, thereby enhancing user engagement.
- Technical Support: FiscalNote is engaging with a third party to provide backend wallet and transaction-enablement infrastructure for the content, and by collaborating with an experienced technology provider, it anticipates accelerating speed to market and reducing upfront capital requirements.
- New Monetization Model: FiscalNote aims to generate revenue through premium predictive content, integrated sponsorships, and distribution partnerships, intending to extend beyond traditional subscription models by leveraging its unique policy data and analytical capabilities to create scalable monetization opportunities.
See More
FiscalNote Reports Disappointing Q4 2025 Earnings, Shares Plunge
- Revenue Miss: FiscalNote reported Q4 2025 revenues of $22.2 million, falling short of the $22.72 million consensus estimate, indicating pressure from declining subscription revenues and rising operating costs, which may undermine investor confidence.
- Worsening Losses: The company posted a net loss per share of $1.45, significantly exceeding the Street's expectation of $0.58, highlighting challenges in financial management and market competition that could impact future fundraising capabilities.
- Workforce Reduction: FiscalNote plans to cut approximately 25% of its workforce in the upcoming year to improve cash flow, although this measure is not expected to significantly enhance free cash flow until Q1 2027, indicating a prolonged recovery period.
- Shift in Market Sentiment: On Stocktwits, retail sentiment around NOTE stock shifted from 'bearish' to 'extremely bearish', reflecting investor pessimism about the company's future prospects, which could lead to further declines in stock price.
See More
FiscalNote Faces NYSE Delisting Risk Due to Share Price Issues
- Delisting Notification: FiscalNote Holdings (NOTE) has received a notification from the NYSE regarding non-compliance with the continued listing standard of maintaining an average closing share price of at least $1.00 over 30 consecutive trading days, indicating the company's vulnerability in the market.
- Stock Price Decline: Following the announcement, the company's shares fell 4% in after-hours trading and are down 64% year-to-date, reflecting investor concerns about the company's future prospects, which may impact its ability to raise capital and market confidence.
- Trading Suspension: The NYSE has decided to suspend trading of FiscalNote's Class A common stock and warrants immediately, with trading expected to resume on OTC markets on March 26, 2026, which could lead to decreased liquidity and further impact shareholder interests.
- Appeal Evaluation: The company is evaluating the possibility of appealing the delisting determination to the exchange's listing qualifications panel, although there is no assurance of success; this process may be time-consuming and uncertain, increasing the operational risks faced by the company.
See More
FISCALNOTE HOLDINGS INC - CONSIDERING OPTIONS TO CHALLENGE NYSE DELISTING
FISCAL HOLDINGS: The article discusses the evaluation of fiscal holdings in the context of appealing any SE delisting.
ALTERNATIVES TO APPEAL: It highlights the need to consider alternatives when appealing against a SE delisting decision.
See More
FiscalNote Launches PolicyNote MCP in OpenAI App Store
- Policy Intelligence Integration: FiscalNote's PolicyNote MCP has launched in the OpenAI App Store, enabling developers and policy analysts to access structured global policy and regulatory data directly within ChatGPT, which is expected to attract millions of users and enhance the company's market share in the policy intelligence sector.
- User Growth Potential: By embedding policy intelligence into ChatGPT workflows, FiscalNote can reach users who may not purchase standalone platforms, likely driving product-led growth in new geographies and customer segments, thereby expanding its market coverage.
- Streamlined Query Process: Users can query policy activities through natural language, obtaining structured and verified information that simplifies the integration of policy intelligence, which is expected to enhance user efficiency and accelerate decision-making in policy analysis.
- Innovative Business Model: FiscalNote controls all pricing and access terms, ensuring proprietary data is only available within authorized user workflows, a strategy that will help the company efficiently scale API-driven adoption globally and drive long-term growth.
See More
FiscalNote Launches PolicyNote MCP in OpenAI App Store
- Integration of Policy Intelligence: FiscalNote's PolicyNote MCP is now listed in the OpenAI App Store, enabling global developers and policy analysts to access structured policy and regulatory data directly within ChatGPT, thereby enhancing user efficiency and decision-making capabilities.
- User Coverage Expansion: With ChatGPT reporting over 700 million weekly active users, FiscalNote can reach millions of potential users through this platform, which is expected to significantly drive its market penetration and revenue growth.
- Seamless Integration Advantage: Users can quickly embed PolicyNote intelligence into their AI-driven workflows with a simple one-click installation, facilitating rapid queries and analysis of public policy activities, thus reducing the complexity of information retrieval and improving decision timeliness.
- Strategic Transformation Opportunity: The CEO of FiscalNote stated that this listing marks a shift from a traditional software platform to a global policy intelligence infrastructure, which is anticipated to provide broader global reach and long-term growth potential for the company.
See More
FiscalNote Partners with Good Wolf Studios to Advance Prediction Market Content Development
- Partnership Agreement: FiscalNote has entered into an agreement with Good Wolf Studios to accelerate the development of prediction market-related content and interactive experiences, which will enhance the company's participation in the rapidly growing prediction market ecosystem and create new revenue opportunities.
- Content Innovation: The partnership will build prediction-related content experiences around political and policy developments, including tip sheets and fantasy league formats, expected to attract contributions from influential voices and policy stakeholders, thereby enhancing user engagement.
- Technical Support: FiscalNote is engaging with a third party to provide backend wallet and transaction-enablement infrastructure for the content, and by collaborating with an experienced technology provider, it anticipates accelerating speed to market and reducing upfront capital requirements.
- New Monetization Model: FiscalNote aims to generate revenue through premium predictive content, integrated sponsorships, and distribution partnerships, intending to extend beyond traditional subscription models by leveraging its unique policy data and analytical capabilities to create scalable monetization opportunities.
See More
FiscalNote Reports Disappointing Q4 2025 Earnings, Shares Plunge
- Revenue Miss: FiscalNote reported Q4 2025 revenues of $22.2 million, falling short of the $22.72 million consensus estimate, indicating pressure from declining subscription revenues and rising operating costs, which may undermine investor confidence.
- Worsening Losses: The company posted a net loss per share of $1.45, significantly exceeding the Street's expectation of $0.58, highlighting challenges in financial management and market competition that could impact future fundraising capabilities.
- Workforce Reduction: FiscalNote plans to cut approximately 25% of its workforce in the upcoming year to improve cash flow, although this measure is not expected to significantly enhance free cash flow until Q1 2027, indicating a prolonged recovery period.
- Shift in Market Sentiment: On Stocktwits, retail sentiment around NOTE stock shifted from 'bearish' to 'extremely bearish', reflecting investor pessimism about the company's future prospects, which could lead to further declines in stock price.
See More
