FiscalNote Holdings, Inc. – Company Summary

Business Overview

• Core Focus: Leading provider of global policy and regulatory intelligence.
• Main Offerings: Delivers critical, actionable legal and policy insights using AI and other advanced technologies.
• Methodology: Ingests unstructured data on legislative and regulatory developments worldwide, then overlays this data with proprietary AI and data science expertise to produce structured, relevant, and actionable information.
• Global Data Sources: Local, municipal, regional, state, and Federal level data primarily in the U.S.; also provides coverage for more than 40 countries.
• Products & Platforms:
  • PolicyNote: Policy monitoring and analysis platform (launched in January 2025 with AI integration).
  • CQ Federal & Curate: Policy tracking and news analysis for U.S. federal and broader issues.
  • EU Issue Tracker: Policy monitoring in the European Union.
  • Professional Services: Covering over 80 countries globally.
  • Advocacy Platform: VoterVoice – Citizens and organizations engage with government representatives.
  • Constituent Management: Fireside – Supports legislators in constituent outreach.
  • Market Intelligence: FrontierView – Provides macroeconomic and market analysis and forecasts for global business professionals.

Customer Base

• Over 570 employees as of December 31, 2024.
• Serves a diverse customer base including:
  • Global enterprises (including 40 of the Fortune 100).
  • Midsized and smaller businesses.
  • Government agencies (federal, state, local, international).
  • Law firms, professional services organizations.
  • Trade groups and non-profits.
• Revenue & Growth:
  • Total Revenue:
    • $120.3 million in 2024
    • $132.6 million in 2023
  • Revenue Composition: Approximately 92% recurring subscription-based revenue.
  • Customer Retention:
    • Net Retention Revenue (NRR): 98% for Q4 2024.
    • ARR (Annual Recurring Revenue):
      • $107.5 million as of December 31, 2024.
      • Adjusted ARR (excluding divested or discontinued products): $93.3 million.
• Number of Shares (as of March 24, 2025):
  • 153,129,346 shares of Class A common stock.
  • 8,290,921 shares of Class B common stock.

Company Revenue & Profitability

• The company experienced a decline in revenue from 2023 to 2024, primarily due to divestitures:
  • Sale of Board.org in March 2024.
  • Sale of Oxford Analytica and Dragonfly (closed March 2025).
• Reported net income of $9.5 million in 2024, after significant gains from the sale of businesses.
• Net Losses:
  • $62.5 million in 2024 (excluding gains from sale transactions).
  • $115.5 million in 2023.
• The company relies heavily on subscription revenue, with a focus on expanding its core policy tools, enhancing AI features, and consolidating its platform offerings.

Strategic & Operational Notes

• Focused on product development, particularly integrating AI (including generative AI) into its core products.
• Has a history of strategic acquisitions, now refocusing on organic growth and product improvement.
• Operates globally, with offices in Washington, D.C., U.K., Belgium, Australia, India, and Singapore.
• Recognized as a category leader in a large and expanding market for legal, policy, and regulatory intelligence services.
• The company's technology stack includes AI-powered data collection, natural language processing, structured data generation, and automated workflows.
• Faces competition from large firms like Thomson Reuters, Bloomberg, LexisNexis, and emerging startups.
• Maintains significant intellectual property including trademarks, patents, and proprietary software.
• The company is a "controlled company" with co-founders holding significant voting control.
• Listed on NYSE under symbols NOTE (Class A) and NOTE.WS (Warrants).