FiscalNote Holdings 2025 Q3 Earnings Deepening Losses and Sharp Revenue Decline

FiscalNote Holdings (NOTE) reported its fiscal 2025 Q3 earnings on Nov 11th, 2025, revealing a 23.8% year-over-year revenue drop to $22.43 million and a 66.4% increase in net losses to $24.86 million. The results missed expectations, with the company’s stock experiencing a 40.77% decline month-to-date.

Revenue

The company’s total revenue fell to $22.43 million in Q3 2025, down from $29.44 million in the prior year, driven by a sharp decline in subscription and advisory services. Subscription revenue, the largest segment, accounted for $21.18 million, while advisory and advertising generated $348,000 and $282,000, respectively. Additional contributions came from books ($1,000) and other revenue ($616,000). The performance highlights a challenging market environment for core offerings.

Earnings/Net Income

FiscalNote Holdings reported a net loss of $24.86 million for Q3 2025, a 66.4% increase in losses compared to $14.94 million in Q3 2024. Earnings per share (EPS) worsened to -$1.73, a 30.1% decline in losses year-over-year. The widening deficit reflects persistent operational challenges and cost pressures.

Price Action

The stock price of FiscalNote Holdings experienced a sharp sell-off following the earnings release. Shares tumbled 8.31% on the latest trading day, plummeted 25.61% over the preceding full trading week, and dropped 40.77% month-to-date, signaling investor pessimism about the company’s near-term outlook.

CEO Commentary

CEO Summary: Strategic Reorientation Amid Volatility

FiscalNote Holdings’ CEO emphasized a strategic pivot to stabilize operations and prioritize long-term value. “While Q3 results reflect headwinds in subscription growth and advisory demand, we are accelerating investments in AI-driven compliance solutions and restructuring to enhance efficiency,” the CEO stated. The leadership team remains focused on cost management, including a $35 million reduction in operating cash use over two years, and exploring strategic options such as asset sales or restructuring to strengthen balance sheets.

Guidance

The CEO outlined forward-looking priorities, including a 2026 revenue target of $100 million through expanded market intelligence offerings and international expansion. “We anticipate recognizing $68,900 in remaining contract consideration over the next five years, which will support our compliance initiatives and stakeholder value,” the CEO noted. The company also reiterated its commitment to maintaining financial covenants through disciplined expense control.

Additional News

Recent filings highlight FiscalNote’s geographic performance, with North America contributing the majority of revenue, though Europe’s share declined. The UK’s revenue contribution fell to 6% of total sales for the nine months ended September 30, 2025, down from 14% in the prior year, while Belgium’s contribution remained stable at 5%. The company disclosed plans to implement further cost-saving measures in 2026 and explore strategic actions, including potential asset sales, to strengthen its financial position.