FiscalNote (NYSE:NOTE) Releases Earnings Results, Misses Estimates By $0.78 EPS
by Tristan Rich · The Markets DailyFiscalNote (NYSE:NOTE – Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($1.45) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($0.78), FiscalAI reports. The business had revenue of $22.20 million during the quarter, compared to the consensus estimate of $22.40 million. FiscalNote had a negative net margin of 54.31% and a negative return on equity of 75.96%.
Here are the key takeaways from FiscalNote’s conference call:
- FiscalNote is guiding to approximately $14–16 million adjusted EBITDA for full‑year 2026 (about $1 million in Q1) and expects trailing‑12‑month positive free cash flow by March 31, 2027, marking a planned inflection to sustained profitability.
- Management plans to reduce cash operating expenses by >19% and cut headcount roughly 25% year‑over‑year, driven by broad adoption of generative/agentic AI that management says has made R&D cycles ~3x faster and materially boosted productivity.
- The migration from the legacy FiscalNote platform to PolicyNote is complete for legacy customers, with higher engagement (legislation views +250%, alerts +88%) and early indications of improved retention among migrated cohorts.
- FiscalNote is expanding its API footprint with native MCP support to let AI agents and third‑party platforms embed its policy intelligence (early customers include Lumen and ICE), a potentially large TAM but with uncertain timing and monetization scale.
- ARR declined to $84.1 million (from $107.5M) and full‑year 2025 revenue fell to $95.4M, driven by strategic divestitures and some enterprise churn, although those divestitures generated $144.9M of gross cash proceeds improving liquidity.
FiscalNote Stock Performance
Shares of NOTE stock traded down $0.01 during mid-day trading on Thursday, reaching $0.94. The stock had a trading volume of 181,237 shares, compared to its average volume of 559,092. FiscalNote has a one year low of $0.80 and a one year high of $12.96. The firm has a market cap of $14.81 million, a PE ratio of -0.22 and a beta of 0.62. The firm’s 50 day simple moving average is $1.21 and its 200 day simple moving average is $2.58. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.66.
Analysts Set New Price Targets
NOTE has been the topic of a number of research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of FiscalNote in a research report on Thursday, January 22nd. LADENBURG THALM/SH SH upgraded shares of FiscalNote to a “strong-buy” rating in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.50.
Read Our Latest Stock Analysis on NOTE
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Corecam AG acquired a new stake in FiscalNote during the fourth quarter worth $73,000. NewEdge Advisors LLC raised its stake in shares of FiscalNote by 95.2% in the 4th quarter. NewEdge Advisors LLC now owns 84,261 shares of the company’s stock valued at $124,000 after buying an additional 41,090 shares in the last quarter. XTX Topco Ltd raised its stake in shares of FiscalNote by 131.4% in the 4th quarter. XTX Topco Ltd now owns 35,516 shares of the company’s stock valued at $52,000 after buying an additional 20,166 shares in the last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of FiscalNote during the 4th quarter worth about $36,000. Finally, Stonehill Capital Management LLC lifted its holdings in shares of FiscalNote by 55.9% during the 4th quarter. Stonehill Capital Management LLC now owns 221,050 shares of the company’s stock worth $325,000 after acquiring an additional 79,299 shares during the period. 54.31% of the stock is owned by institutional investors.
FiscalNote Company Profile
FiscalNote is a technology and data services company specializing in government and regulatory intelligence. Founded in 2013 by Timothy Hwang, Gerald Yao and Jonathan Chen, the company is headquartered in Washington, DC, with additional offices in New York, Brussels, London, Singapore and Hong Kong. FiscalNote went public in March 2021 through a special-purpose acquisition company (SPAC) merger and is listed on the New York Stock Exchange under the ticker NOTE.
The company’s flagship software-as-a-service platform aggregates legislative and regulatory data from jurisdictions around the world, combining that information with AI-driven analytics and expert commentary.