NOTE FiscalNote Holdings, Inc.

Overview and Growth

Fiscal 2025 results for FiscalNote Holdings, Inc. combined $95.41M of revenue with net loss of $65.25M and an operating cash outflow of $11.44M. At $95.41M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line contracted 20.7% from $120.27M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. Diluted earnings per share were -$4.65, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 660.2% from $0.83 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. At period end, total assets were $255.14M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.37x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced a $49.50M operating loss before non-operating and tax effects. An operating margin of -51.9% reflected costs exceeding revenue-level gross profit by 51.9% of sales. The bottom-line result was a net loss of $65.25M after operating, financing, tax, and other recognized items. Net margin was -68.4%, reflecting a loss equal to 68.4% of reported revenue. The company reported a pretax loss of $66.50M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 69.7%. The reported tax benefit was $1.25M, favorably bridging the pretax and after-tax results. The net loss equaled 105.3% of period-end equity, showing the deficit relative to book capital. The net loss equaled 25.6% of period-end assets, showing the deficit relative to the asset base. A $65.25M net loss replaced fiscal 2024 net income of $9.52M.

Liquidity and Capital Structure

At period end, the $255.14M asset base was financed through $193.19M of liabilities and $61.95M of equity. Current assets were $45.55M against $44.43M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.03x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $24.32M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 54.7% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $128.45M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 2.07x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 50.3%, showing how much of the asset base was matched by borrowing. Equity equaled 24.3% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 75.7%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 9.5% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $326.20M in fiscal 2024, the current asset base moved 21.8% and finished lower. Against $97.83M of equity in fiscal 2024, the current book-equity balance moved 36.7% and ended lower. Compared with $28.81M in fiscal 2024, the current cash balance moved 15.6% and finished lower.

Cash Flow and Earnings Quality

Operating activities used $11.44M of cash, resulting in an operating cash outflow for the year. The company spent $7.20M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $18.65M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 19.5% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 7.3% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.