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Did FiscalNote Holdings beat or miss consensus estimates last quarter?

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What does FiscalNote Holdings do and what are its main business segments?

- **Revenue Growth Path**: 2026 guidance of $80-83M revenue, with Q1 2026 adjusted EBITDA of $1M and full-year $14-16M. 
- **Cost Transformation**: 19% cash expense reduction, 25% headcount cut, and 3x faster R&D cycles via AI. 
- **New Market Expansion**: API adoption (88% R&D AI usage) and $44B prediction market entry with 2026 product launches. 
- **Profitability Milestone**: Positive free cash flow by Q1 2027, with 20%+ EBITDA margins in 2026.

**【CEO Summary Section】**
- **Operational Transformation**: Announced 19% reduction in cash operating expenses and 25% headcount reduction, driven by AI adoption (e.g., R&D teams 3x faster development cycles). 
- **PolicyNote Platform**: Migrated all legacy FiscalNote customers to PolicyNote, with 88% R&D AI usage and 70% productivity increase. Cross-sell opportunities and API expansion (e.g., MCP support for AI agents) are key growth drivers.
- **New Markets**: Entered prediction markets with $44B 2025 volume, targeting infrastructure layer for policy intelligence. Partnerships with 365Prediction and others to design contracts and improve market integrity.
- **Free Cash Flow**: Projected positive trailing 12-month free cash flow by Q1 2027, with 20%+ adjusted EBITDA margins in 2026.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $22.2M (93% subscription), ARR $84.1M, adjusted EBITDA $2.5M (vs. guidance $2M). Full year 2025 adjusted EBITDA $10.3M (10.8% margin). 
- **2026 Guidance**: Revenue $80-83M, adjusted EBITDA $14-16M. Q1 2026 adjusted EBITDA $1M, reflecting seasonal expenses and migration impacts.
- **Cost Efficiency**: Reduced COGS by 17%, sales/marketing by 24%, and editorial by 19% YoY. Gross margin 78%, adjusted gross margin 87%.

**【Q&A Highlights】**
- **Gross Margin Sustainability**: CFO expects incremental margin improvements from AI-driven cost savings. 
- **PolicyNote Migration Savings**: Legacy platform deprecation in H1 2026 will yield additional savings. 
- **Customer Pipeline**: Mid-market and public sector pipelines improving, with enterprise adoption of AI-native platforms. 
- **Prediction Markets Timing**: Early 2026 launches for fantasy leagues and tip sheets, with infrastructure partnerships in place.

FiscalNote Holdings, Inc.(NOTE)-20260320-2025 Q4 Earnings call transcript

- **Stabilizing Growth**: Q3 ARR stabilized at $84.8 million (pro forma), with corporate win rates up 500bps and multiyear contracts now 50% of new ARR.
- **Product Success**: PolicyNote migration complete, with 35+ enhancements driving 98% user engagement and 98% NRR.
- **Cost Efficiency**: Operating expenses down 11% YoY, automation initiatives reducing costs and accelerating innovation.
- **Federal Risk**: Shutdown reduced Q3 revenue by $2-3 million, but corporate pipeline strength supports guidance.

**【CEO Summary Section】**
- Q3 2025 revenue of $22.4 million, with adjusted EBITDA of $2.2 million (10% margin), exceeding guidance. ARR stabilized at $84.8 million (pro forma), up $100,000 sequentially, signaling core business stabilization.
- Corporate win rates improved 500 basis points year-to-date, with multiyear contracts for policy data now 50% of new ARR, up from 20% in 2024. Average contract values (ACV) increased due to expanded global data packages.
- PolicyNote platform enhancements (e.g., AI-powered legislative drafting, Bill Comparison) drove 35+ product updates, with 98% of legacy users migrated to PolicyNote, completing transition by year-end.
- Automation initiatives in R&D and operations are reducing costs and accelerating feature development, with 2026 focus on scaling automation for efficiency and growth.

**【CFO Financial Commentary】**
- Full-year 2025 guidance updated to $95-96 million revenue and $10 million adjusted EBITDA, narrowing prior range. Q4 2025 revenue expected $22-23 million, with EBITDA $2 million.
- Subscription revenue $21.2 million (94% of total), ARR decline of $7.4 million (2024 divestitures). NRR 98% (flat year-over-year, +200bps sequentially).
- Operating expenses decreased 11% YoY ($4 million reduction), with G&A up 31% due to non-recurring costs. Gross margin 79% (flat YoY), adjusted gross margin 87% (up 1% YoY).
- Federal sector disruption (e.g., government shutdown) reduced Q3 revenue by $2-3 million, impacting public sector ARR but offset by corporate strength.

**【Q&A Key Highlights】**
- **ACV Growth Drivers**: Expansion of global data packages into enterprise use cases, driving higher-value deals.
- **Migration Churn**: No material churn from PolicyNote transition; usage metrics indicate strong engagement post-migration.
- **Automation Impact**: R&D leveraging AI to accelerate feature development (e.g., 35+ updates in 2025), with operational automation reducing costs and improving efficiency.
- **Federal Sector Volatility**: Shutdown reduced Q3 federal revenue by $2-3 million, but corporate pipeline strength offsets this risk.
- **2026 Outlook**: Focus on gross retention via PolicyNote adoption and multiyear contracts, with automation as key efficiency lever.

FiscalNote Holdings, Inc. (NOTE) Q3 2025 Earnings Call Transcript

- **EBITDA margin expansion**: 12% in Q2 2025 (vs. 4% pro forma in Q2 2024), signaling operational improvement.
- **Debt refinancing success**: Extended debt maturity to 2029 with MGG, supporting long-term growth.
- **ARR decline but hope for recovery**: ARR down 8% YoY to $85.9 million, but expect growth to resume in H2 2025.
- **PolicyNote adoption surge**: More daily active users than legacy platform, with engagement metrics improving steadily.
- **Multiyear contracts boost retention**: Corporate multiyear signings doubled, stabilizing gross retention for 2026.
- **Guidance reaffirmed**: Full year 2025 revenue $94-100 million, EBITDA $10-12 million.

**【CEO Summary Section】**
- **Adjusted EBITDA growth**: Q2 2025 adjusted EBITDA of $2.8 million, margin expanded to 12% (vs. 4% pro forma in Q2 2024), driven by cost discipline and operational efficiency.
- **Debt refinancing**: Announced refinancing with MGG Investment Group, extending debt maturity to 2029, providing runway for growth.
- **Revenue and ARR**: Q2 revenue $23.3 million (above guidance), ARR $85.9 million (down 8% YoY on pro forma basis due to legacy platform challenges). Expect ARR growth to resume in H2 2025.
- **New logo momentum**: Corporate win rate improved 400bps QoQ, ACV increased, with 45% higher pipeline at end of Q2 vs. Q1.
- **PolicyNote adoption**: PolicyNote now has more daily active users than legacy platform, with engagement metrics (e.g., search frequency, AI assistant usage) improving steadily.
- **Legacy platform transition**: Plan to deprecate at least one legacy platform in 2025, with migration to PolicyNote ahead of schedule.

**【CFO Financial Commentary】**
- **Revenue performance**: Q2 subscription revenue $21.4 million (92% of total), pro forma sub revenue down $1.8 million YoY due to legacy platform transition.
- **Gross margin**: 79% (up 200bps YoY), adjusted gross margin 86% (up 100bps YoY), reflecting cost optimization.
- **Operating expenses**: Total OpEx down 17% YoY, excluding non-recurring costs, OpEx down 15%.
- **Cash and liquidity**: $39.2 million in cash and investments, up from prior-year levels.
- **Guidance reaffirmed**: Full year 2025 revenue $94-100 million, adjusted EBITDA $10-12 million; Q3 revenue $22-23 million, EBITDA $2 million.

**【Q&A Highlights】**
- **ARR growth drivers**: CEO emphasized retention improvements (via PolicyNote migration and multiyear contracts) as key to reversing ARR decline, with new logo momentum supporting growth.
- **PolicyNote features**: Ongoing enhancements (e.g., legislative drafting AI, global data packages) driving engagement and expansion opportunities.
- **Federal sector challenges**: Acknowledged instability in U.S. federal sector but noted opportunities for efficiency gains with FiscalNote's solutions.
- **Multiyear signings impact**: Doubling of multiyear corporate contracts will stabilize gross retention starting in 2026, reducing renewal volatility.


FiscalNote (NOTE)-7 Aug 25-2025 Q2 Earnings call transcript

- **Profitability Boost**: Q1 adj. EBITDA up 600% YoY to $2.8M, free cash flow improving $70M+ over 12 months.
- **Debt Simplification**: $96M debt reduction since Q4 2023, interest expense cut 60% to $2M/Q.
- **Pipeline Surge**: Inbound pipeline +20% YoY, Europe pipeline doubling; 75% of PolicyNote migrated accounts now healthy.
- **Multi-Year Momentum**: New corporate multi-year deals at +100% ARR YoY rate, signaling long-term customer confidence.
- **Cash Position**: $46.9M cash post-TimeBase sale, on track for positive free cash flow in 2025.

**【CEO Opening Remarks】**
- **Adjusted EBITDA Performance**: Q1 2025 adjusted EBITDA of $2.8 million (10% margin vs. 4% YoY), with $70M+ 12-month free cash flow improvement.
- **Debt Reduction**: Senior term loan reduced by $96M since Q4 2023, cash interest expense down 60% to $2M/Q.
- **ARR & Pipeline**: ARR $88M (down 6% YoY due to divestitures), Q1 inbound pipeline +20% YoY, Europe pipeline +100% YoY.
- **PolicyNote Platform**: 75% of migrated accounts healthy, 33% power users; 15+ new features launched, including Tariff Tracker with $1M pipeline in 2 weeks.
- **Multi-Year Deals**: New corporate customers committing to multi-year contracts at +100% ARR YoY rate.

**【CFO Financial Highlights】**
- **Revenue**: Q1 $27.5M (vs. $26-27M guidance), subscription 92% of total, ARR $88M (pro forma -6% YoY).
- **Margins**: Gross margin 75% (down 200bps YoY due to legacy product sunsetting), adjusted gross margin 87% (up 200bps YoY).
- **Cost Control**: OpEx down $2.3M (-5% YoY), R&D -11%, S&M -18%, G&A flat (excl. $3M non-cash M&A costs).
- **Balance Sheet**: $46.9M cash (incl. $6.5M TimeBase sale proceeds), term loan $62M (vs. $89M at year-end).
- **Guidance**: FY25 revenue $94-100M, adj. EBITDA $10-12M; Q2 rev $22-24M (sequential decline due to divestiture tailwinds in Q1).

FiscalNote (NOTE)-12 May 25-2025 Q1 Earnings call transcript

- **Profitability Leap**: 2024 adjusted EBITDA up 1,400 basis points to $9.8 million; 2025 targets $10M-$12M, doubling margins.
- **Debt Reduction Success**: Senior debt cut 60% in 2024; $30M asset sale proceeds to further deleverage.
- **PolicyNote Growth Engine**: Multiyear contracts up 100%, ARR growth expected H2 2025, and $10/$1 value proposition driving gov savings.
- **Cash Flow Turnaround**: 2024 cash flow improved $30M; 2025 guidance signals accelerating free cash flow trajectory.

**【CEO Summary Section】**
- **Adjusted EBITDA Margin Expansion**: Achieved $9.8 million in 2024, a 1,400 basis point improvement year-over-year, driven by operational efficiency and cost reductions. 2025 guidance targets $10 million to $12 million, doubling 2024 margins on a pro forma basis.
- **Debt Reduction and Cash Flow**: Senior debt reduced by over 60% in 2024, with plans to further deleverage through asset sales. Cash flow from operations improved by $30 million in 2024, accelerating the path to positive free cash flow.
- **PolicyNote Platform Momentum**: Launched in January 2025, PolicyNote is driving higher customer engagement with AI features, multiyear contract signings doubling year-over-year, and ARR growth expected in the second half of 2025.

**【CFO Financial Commentary】**
- **2024 Financial Highlights**: Total revenue $120.3 million, adjusted EBITDA $9.8 million (first full year of profitability), and cash flow from operations improved to -$5.3 million (vs. -$35.3 million in 2023).
- **Cost Efficiency**: Operating expenses decreased 24% year-over-year, with R&D, sales & marketing, and G&A costs down 28%, 28%, and 27%, respectively. Gross margin improved to 87% in Q4 2024.
- **2025 Guidance**: Revenue $94 million to $100 million, adjusted EBITDA $10 million to $12 million. Q1 2025 revenue expected $26 million to $27 million, with $2 million adjusted EBITDA.

**【Q&A Key Takeaways】**
- **PolicyNote Adoption**: High engagement with AI features, including automated alerts and content discovery, with customers reporting $10 saved for every dollar spent.
- **Debt Targeting**: Aiming for 2x-3x leverage ratio over the next few years, with cash interest expense reduced to $2 million per quarter post-asset sales.
- **Copilot Performance**: Broadly available feature driving product-led sales, with strong usage metrics but no disclosed upsell/cross-sell breakdown.

Actual	-36.72	-19.56	-3.84	-1.68	-2.76	-1.32	-4.68	4.44	-1.08	-1.32	-1.2	-0.36	-0.96	-1.73	-1.45
Forecast	-4.02	-1.24	-1.08	-1.44	-1.3166	-1.464	-1.2976	-0.82	-0.876	-0.99	-0.96	-0.8431	-0.744	-0.8512	-0.645
Surprise	-813.43%	-1477.42%	-255.56%	-16.67%	-109.63%	+9.84%	-260.67%	+641.46%	-23.29%	-33.33%	-25.00%	+57.30%	-29.03%	-103.24%	-124.81%

NOTE

NOTE fundamentals

NOTE Q4 2025 Earnings

Earnings Call

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NOTE

NOTE fundamentals

NOTE Q4 2025 Earnings

Earnings Call

NOTE Earnings Call Summary for Q4/20255:00 PM on Mar 19, 2026

NOTE Earnings Call Summary for Q3/20255:00 PM on Nov 6, 2025

NOTE Earnings Call Summary for Q2/20255:00 PM on Aug 7, 2025

NOTE Earnings Call Summary for Q1/20255:00 PM on May 12, 2025

NOTE Earnings Call Summary for Q4/20245:00 PM on Mar 13, 2025

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