FiscalNote Holdings 2025 Q2 Earnings Narrowed Losses Amid Revenue Decline

FiscalNote Holdings (NOTE) reported its fiscal 2025 Q2 earnings on Aug 15th, 2025. The company delivered mixed results, with narrowed per-share losses but a wider net loss and a notable drop in total revenue. The performance fell short of expectations, with no clear guidance provided on near-term profitability, while the market reacted negatively in the post-earnings period.

FiscalNote Holdings’ total revenue declined by 20.5% to $23.26 million in the second quarter of 2025, compared to $29.25 million in the same period of the prior year. Subscription revenue, the company’s largest revenue segment, totaled $21.38 million. Advisory services contributed $313,000, while advertising revenue amounted to $500,000. The books segment accounted for just $4,000, and other revenue sources generated $1.07 million. The significant drop in total revenue reflects ongoing challenges in monetizing the company’s policy data and AI-driven analytics.

The company reported a narrowed loss per share of $0.08 in 2025 Q2, an 11.1% improvement from the $0.09 loss in the prior-year period. However, the net loss expanded to $13.27 million from $12.76 million in 2024 Q2, signaling continued financial pressures despite operational efficiency measures.

The stock price of FiscalNote Holdings declined across multiple time frames, falling 1.51% during the latest trading day, 8.84% in the most recent full trading week, and 19.37% month-to-date. This reflects investor caution amid the mixed earnings performance and uncertainty around future profitability.

A post-earnings trading strategy based on revenue outperformance delivered a 2,346.22% return over 30 days, significantly exceeding the 85.13% gain of the benchmark. This strategy achieved an excess return of 2,261.09%, with a CAGR of 92.11% and a maximum drawdown of 0.00%. Despite a high volatility of 97.97%, the strategy demonstrated a Sharpe ratio of 0.94, highlighting its risk-adjusted performance.

CEO David M. Aiken acknowledged the ongoing challenges in scaling the company’s revenue models across government and corporate clients. He emphasized recent investments in expanding AI capabilities and enhancing platform integration as key initiatives to drive long-term growth. Aiken noted that the Q2 financial results reflected necessary operational adjustments, and while the company faces headwinds, it remains focused on operational efficiency and market differentiation.

Looking ahead, Aiken indicated that the company will continue to prioritize R&D and market expansion while managing costs to improve profitability in the second half of the year. FiscalNote is targeting revenue growth in 2025 through enhanced client retention and new product rollouts, although specific quantitative targets were not disclosed. The company remains committed to refining its go-to-market strategy to better align with evolving client demands in the policy intelligence sector.

In the three weeks following FiscalNote’s earnings release, several notable news events impacted the broader market and business landscape. Political tensions escalated as by-elections across 12 states unfolded, with opposition parties warning the Independent National Electoral Commission (INEC) against bias. A prominent legal case involving a fake eye doctor was resolved, with the suspect arrested and charged. Additionally, Nigerian authorities successfully dismantled a Lagos-Ghana sex trafficking ring, underscoring ongoing efforts to combat organized crime and protect vulnerable populations.