OTC · Financial Statements

FiscalNote Holdings, Inc. (NOTE) Financial Statements

$0.09 OTC: NOTE Market Cap $1.45M

FiscalNote Holdings, Inc. most recently reported annual revenue of $95.0M, a net loss of $65.0M. Revenue grew at an average annual rate of 7.9% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

FiscalNote Holdings, Inc.: Revenue rose from $66.0M in 2019 to $95.0M in 2025, a change of +43.9% over 6 years; net profit was positive in 1 of 7 reported years; operating margin moved from -44.2% to -28.4%, a shift of +15.8 percentage points; the most recent year shows a net loss of $65.0M.

Income Statement — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Revenue	$66.0M	$65.0M	$83.0M	$114.0M	$133.0M	$120.0M	$95.0M
Operating Expenses	$95.0M	$94.0M	$138.0M	$202.0M	$230.0M	$152.0M	$123.0M
Operating Profit	$-29.0M	$-29.0M	$-56.0M	$-88.0M	$-98.0M	$-32.0M	$-27.0M
Operating Margin	-44.2%	-44.5%	-67.0%	-77.5%	-73.7%	-26.6%	-28.4%
Other Income	$-23.0M	$-24.0M	$-62.0M	$-133.0M	$-17.0M	$42.0M	$-39.0M
Interest	$23.0M	$32.0M	$65.0M	$96.0M	$30.0M	$24.0M	$16.0M
Depreciation	$12.0M	$12.0M	$16.0M	$21.0M	$29.0M	$20.0M	$18.0M
Profit Before Tax	$-52.0M	$-53.0M	$-117.0M	$-222.0M	$-115.0M	$10.0M	$-66.0M
Tax	$36.1M	$2.7M	$6.7M	$1.5M	$-190,000	$5.3M	$1.9M
Net Profit	$-33.0M	$-51.0M	$-109.0M	$-218.0M	$-115.0M	$10.0M	$-65.0M
EPS	$-3.12	$-4.99	$-237.57	$-44.17	$-10.54	$0.83	$-4.65
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26
Revenue	$33.0M	$34.0M	$34.0M	$32.0M	$29.0M	$29.0M	$29.0M	$28.0M	$23.0M	$22.0M	$22.0M	$20.0M
Operating Expenses	$50.0M	$47.0M	$74.0M	$44.0M	$37.0M	$36.0M	$35.0M	$41.0M	$31.0M	$32.0M	$28.0M	$26.0M
Operating Profit	$-17.0M	$-13.0M	$-40.0M	$-11.0M	$-8.0M	$-7.0M	$-6.0M	$-14.0M	$-7.0M	$-10.0M	$-6.0M	$-6.0M
Operating Margin	-51.7%	-39.6%	-116.5%	-35.6%	-27.2%	-23.1%	-19.4%	-50.0%	-31.9%	-43.4%	-27.9%	-30.4%
Interest	$7.0M	$8.0M	$8.0M	$7.0M	$5.0M	$6.0M	$5.0M	$5.0M	$4.0M	$4.0M	$3.0M	$3.0M
Profit Before Tax	$-31.0M	$-15.0M	$-51.0M	$52.0M	$-12.0M	$-16.0M	$-14.0M	$-4.0M	$-14.0M	$-25.0M	$-23.0M	$-44.0M
Tax	$-690,000	$430,000	$-80,000	$2.7M	$-2.6M	$4.0M	$4.2M	$910,000	$5.7M	$940,000	$780,000	$460,000
Net Profit	$-31.0M	$-14.0M	$-51.0M	$51.0M	$-13.0M	$-15.0M	$-13.0M	$-4.0M	$-13.0M	$-25.0M	$-23.0M	$-44.0M
EPS	$-2.77	$-1.35	$-4.70	$4.16	$-1.14	$-1.33	$-1.17	$-0.34	$-1.00	$-1.73	$-1.45	$-2.39

Over the 7 years reported for FiscalNote Holdings, Inc., borrowings decreased from $171.0M in 2019 to $151.0M in 2025, cash stood at $24.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 1.05 times.

Balance Sheet — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Total Assets	$243.0M	$280.0M	$378.0M	$433.0M	$371.0M	$326.0M	$255.0M
Current Assets	$20.0M	$56.0M	$54.0M	$86.0M	$50.0M	$57.0M	$46.0M
Cash	$6.0M	$44.0M	$32.0M	$60.0M	$16.0M	$29.0M	$24.0M
Inventory	$0	$0	$0	$0	$0	$0	$0
Receivables	$10.0M	$6.0M	$11.0M	$15.0M	$18.0M	$13.0M	$14.0M
Fixed Assets	$9.0M	$8.0M	$8.0M	$28.0M	$24.0M	$21.0M	$18.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$0	$0	$0	$7.0M	$6.0M	$2.0M
Other Assets	$121.0M	$121.0M	$189.0M	$194.0M	$188.0M	$159.0M	$123.0M
Total Liabilities	$225.0M	$272.0M	$411.0M	$288.0M	$327.0M	$228.0M	$193.0M
Current Liabilities	$46.0M	$35.0M	$69.0M	$62.0M	$66.0M	$51.0M	$44.0M
Borrowings	$171.0M	$215.0M	$333.0M	$198.0M	$252.0M	$173.0M	$151.0M
Other Liabilities	$55.0M	$57.0M	$78.0M	$91.0M	$75.0M	$55.0M	$42.0M
Equity	$0	$0	$0	$0	$0	$0	$0
Reserves	$18.0M	$8.0M	$-33.0M	$145.0M	$43.0M	$98.0M	$62.0M

For FiscalNote Holdings, Inc., operating cash flow was positive in 0 of 7 reported years; free cash flow in the latest year was negative at $19.0M; free cash flow was positive in 0 of 7 years; financing activities used $5.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-17.0M	$-17.0M	$-37.0M	$-73.0M	$-35.0M	$-5.0M	$-11.0M
Investing Cash Flow	$-6.0M	$-11.0M	$-55.0M	$-22.0M	$-28.0M	$80.0M	$33.0M
Financing Cash Flow	$0	$0	$13.0M	$135.0M	$1.0M	$-7.0M	$-5.0M
Net Cash Flow	$4.0M	$38.0M	$-12.0M	$28.0M	$-44.0M	$12.0M	$-5.0M
Free Cash Flow	$-20.0M	$-23.0M	$-43.0M	$-84.0M	$-43.0M	$-14.0M	$-19.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.00
EV / EBITDA	-4.30
FCF Yield	-1286.49%
Quick Ratio	0.28
Interest Coverage	-2.00
Return 1Y	-98.92%
Return 3Y	-99.79%
Return 5Y	—

FiscalNote Holdings, Inc. (NOTE) financials — frequently asked questions

What is FiscalNote Holdings, Inc.'s annual revenue?

FiscalNote Holdings, Inc. (NOTE) reported annual revenue of $95.0M in its most recent fiscal year.

What is FiscalNote Holdings, Inc.'s net profit?

FiscalNote Holdings, Inc. (NOTE) reported a net loss of $65.0M in its most recent fiscal year.

What is NOTE EV/EBITDA?

FiscalNote Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is -4.30. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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