FiscalNote Holdings, Inc. reported a significant decline in its financial performance for the third quarter of 2025, as detailed in its latest 10-Q filing. The company generated total revenues of $22.4 million for the three months ended September 30, 2025, a decrease of 23.8% compared to $29.4 million in the same period last year. Subscription revenues, which account for approximately 93% of total revenues, fell to $21.2 million, down 22.2% from $27.2 million in the prior year. For the nine months ended September 30, 2025, total revenues were $73.2 million, a decline of 19.4% from $90.8 million in 2024. The company attributed these declines primarily to the impact of business disposals, including the sales of Dragonfly, Oxford Analytica, and TimeBase.
The company's operating expenses also decreased, totaling $32.2 million for the third quarter, down 11.3% from $36.3 million in the previous year. Notably, costs associated with revenues, research and development, and sales and marketing all saw reductions, reflecting the company's ongoing efforts to streamline operations. However, general and administrative expenses increased by 30.9% to $13.9 million, primarily due to higher legal and accounting costs related to recent debt transactions. The net loss for the quarter was $24.9 million, compared to a loss of $14.9 million in the same quarter of 2024, marking a 66.4% increase in losses year-over-year.
In terms of strategic developments, FiscalNote has been actively restructuring its debt. The company refinanced a substantial amount of its legacy indebtedness, including the retirement of its Prior Senior Term Loan and the establishment of a new $75 million Senior Term Loan, which matures in August 2029. This refinancing is expected to provide the company with greater flexibility to fund future operations and improve cash flow. Additionally, FiscalNote has implemented various cost-saving measures, which have contributed to a reduction in cash used in operations by approximately $35 million compared to the previous year.
As of September 30, 2025, FiscalNote reported a total of 15,709,895 shares of common stock outstanding, with an accumulated deficit of $849.3 million. The company had cash, cash equivalents, and short-term investments totaling $31.8 million, down from $35.3 million at the end of 2024. The company’s annual recurring revenue (ARR) was reported at $84.8 million, a decrease from $107.5 million at the end of 2024, reflecting the impact of business sales and customer retention challenges.
Looking ahead, FiscalNote's management has expressed concerns regarding its ability to maintain compliance with financial covenants associated with its new debt agreements. The company is focused on improving its operational efficiency and exploring growth opportunities, including potential acquisitions and investments in innovative products. However, the ongoing U.S. government shutdown poses a risk to its revenue generation, particularly from public sector contracts, which could further impact its financial outlook.
About FiscalNote Holdings, Inc.
FiscalNote Holdings, Inc. provides global policy and regulatory intelligence solutions using AI-driven data collection, analysis, and workflow tools. Its products deliver actionable insights on legislation, regulations, and political developments across multiple jurisdictions. Serving enterprises, government agencies, law firms, and advocacy groups worldwide, the company enables clients to manage policy change, mitigate risks, and enhance decision-making through subscription-based platforms and professional services.
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