FiscalNote Holdings, Inc. reported a total revenue of $95.4 million for the fiscal year ending December 31, 2025, a decline of 21% from $120.3 million in 2024. The decrease in revenue was primarily attributed to the divestiture of several businesses, including Dragonfly, Oxford Analytica, and TimeBase, which collectively impacted subscription revenue by approximately $15.4 million. Subscription revenue, which constitutes about 93% of total revenue, fell to $89.0 million, down from $111.1 million in the previous year. The company also recorded a net loss of $65.2 million for 2025, compared to a net income of $9.5 million in 2024, reflecting significant operational challenges and a goodwill impairment charge of $12.4 million.
In terms of operational metrics, FiscalNote's Annual Recurring Revenue (ARR) decreased to $84.1 million at the end of 2025, down from $107.5 million in 2024. The company reported a Net Revenue Retention (NRR) rate of approximately 96% for the fourth quarter of 2025, indicating a stable retention of existing customers despite the overall revenue decline. The company’s workforce also saw a reduction, with employee headcount decreasing from approximately 800 in 2022 to 540 by the end of 2025, as part of a strategic effort to streamline operations and reduce costs.
Strategically, FiscalNote has focused on enhancing its core PolicyNote platform and expanding into adjacent markets, including political prediction markets. The company launched a new version of PolicyNote in January 2025, which integrates advanced AI features aimed at improving customer engagement and retention. Additionally, the company has been actively divesting non-core businesses to concentrate on its primary offerings, which has resulted in a more streamlined operational focus.
Looking ahead, FiscalNote has implemented various cost-saving measures and is exploring additional divestiture opportunities to improve its financial position. The company has also amended its 2025 Senior Term Loan to provide more favorable terms, including a waiver for a recent default related to its annualized recurring revenue covenant. Management believes these actions will help alleviate concerns regarding its ability to continue as a going concern and support future operational stability. However, the company remains cautious about market conditions and the potential impact of ongoing economic uncertainties on its business performance.
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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