FiscalNote Holdings NOTE

FiscalNote Holdings, Inc. delivers deep expertise in legislative tracking, regulatory analysis, and stakeholder engagement through its flagship PolicyNote platform. The company combines unstructured policy data from local municipal state federal and international sources with proprietary artificial intelligence and expert analysis to produce structured actionable information for customers. Its product suite includes PolicyNote CQ Federal Curate EU Issue Tracker VoterVoice Fireside FrontierView professional services and agentic APIs that allow direct integration of its data into client workflows. Headquartered in Washington D C FiscalNote maintains additional offices in the United Kingdom Belgium India and Singapore and employs over 540 staff worldwide. The firm’s mission is to bring clarity to the rapidly changing data on governmental activities and empower organizations to act on the issues that matter to them.

FiscalNote generates revenue primarily through a subscription based model which accounted for approximately 93 percent of its total revenues in 2025. The company reported total revenues of $95.4 million for the year ended December 31 2025 and $120.3 million for the prior year with the year over year decline largely due to divestitures of non core businesses such as Board.org Aicel Oxford Analytica Dragonfly and TimeBase. In addition to recurring subscription fees FiscalNote earns revenue from professional services that assist customers in deploying customizing and optimizing its policy intelligence solutions. As of December 31 2025 its annual recurring revenue was $84.1 million and the net revenue retention rate for subscription customers stood at approximately 96 percent for the fourth quarter.

FiscalNote views itself as a market leader for data driven actionable insights on legal political regulatory and policy matters. The company emphasizes its proprietary data collections sophisticated AI enabled analytics strong brand reputation scalable platform and experienced management as core competitive advantages. It competes with traditional information providers such as Thomson Reuters Bloomberg S&P Global LexisNexis trade associations law firms consultancies and digital media outlets as well as emerging AI platforms like Claude and ChatGPT. FiscalNote believes that no single competitor offers the same breadth of product capabilities service scope and global market coverage positioning it to capture a significant share of the growing demand for timely and reliable policy information.

FiscalNote serves a diverse customer base that includes global enterprises among which 46 of the Fortune 100 companies are clients alongside midsize and small businesses government agencies law firms professional services organizations trade groups and non profit entities operating in more than 40 countries. Clients use the platform to monitor legislative and regulatory changes manage stakeholder engagement support advocacy initiatives and ensure compliance with evolving legal requirements. The company’s broad mix of customers helps reduce reliance on any single sector or geography and provides a stable foundation for its subscription based revenue model.