FiscalNote Holdings 2025 Q3 Earnings Net Loss Widens 66.4% to $24.86M

FiscalNote Holdings reported a 23.8% revenue decline to $22.43 million in Q3 2025, with a net loss widening to $24.86 million (from $14.94 million in 2024). The stock fell 8.31% in a single day and 40.77% month-to-date, reflecting investor concerns over deteriorating profitability and guidance ambiguity.

Revenue

Total revenue for Q3 2025 fell 23.8% to $22.43 million, driven by a sharp decline in subscription revenue, which remained the largest segment at $21.18 million. Advisory services contributed $348,000, while advertising revenue totaled $282,000. Books generated minimal revenue at $1,000, and other revenue segments combined for $616,000. The performance highlights a broad-based slowdown across nearly all business lines.

Earnings/Net Income

The company’s net loss expanded to $24.86 million in Q3 2025, representing a 66.4% increase from the $14.94 million loss in 2024. Earnings per share (EPS) worsened to -$1.73 from -$1.33, reflecting deeper operational challenges. The EPS of -$1.73 and net loss of -$24.86 million indicate a 66.4% wider loss compared to the prior year, signaling deteriorating financial performance.

Price Action

Following the earnings release, FiscalNote’s stock price plummeted 8.31% in a single trading day, 25.61% over the subsequent full week, and 40.77% month-to-date. The sharp decline underscores market skepticism about the company’s ability to reverse its declining revenue and widening losses, despite its strategic focus on cost-cutting measures.

CEO Commentary

Michael F. O’Connor, President and CEO of FiscalNote Holdings, acknowledged the “challenging macroeconomic environment” as a key factor behind the revenue decline. He emphasized the company’s commitment to “strategic investments in growth drivers” while prioritizing operational efficiency. Despite the widening losses, O’Connor expressed cautious optimism about long-term opportunities in policy intelligence and digital content, though he cautioned that near-term profitability remains uncertain.

Guidance

The company did not provide explicit forward-looking revenue or EPS guidance during the Q3 2025 earnings call. However, management indicated a focus on stabilizing core subscription services and exploring cost-reduction initiatives. O’Connor noted that “strategic actions, including potential restructuring, will be evaluated to align with long-term value creation.”

Additional News

In its 10-Q filing, FiscalNote disclosed a $30.9 million operating loss for the quarter, up from $26.2 million in 2024. The report highlighted a 6% decline in UK revenue and consistent performance in Belgium (5% of total revenue). The company also outlined plans to recognize $68,900 in remaining contract consideration over five years. Management reiterated its commitment to cost-saving measures, having reduced operational cash outflows by $35 million since 2023, while exploring strategic actions to enhance stakeholder value.