Revenue has contracted to $20.0 million in 2026Q1, while the company continues to struggle with operational efficiency, reporting a -30.4% operating margin.
| Sales/Revenue | 87.92M | 95.41M | 120.27M | 132.65M | 113.77M | 82.91M | 65.16M | 65.87M |
| Revenue Growth % | -23.99% | -20.67% | -9.33% | 16.6% | 37.21% | 27.25% | -1.08% | - |
| Cost of Goods Sold | 28.57M | 29.27M | 44.17M | 58.12M | 47.89M | 36.44M | 26.92M | 13.19M |
| COGS % of Revenue | - | 30.68% | 36.72% | 43.82% | 42.1% | 43.95% | 41.32% | 20.03% |
| Gross Profit | 59.35M | 66.14M | 76.1M | 74.53M | 65.87M | 46.48M | 38.23M | 52.68M |
| Gross Margin % | 67.51% | 69.32% | 63.28% | 56.18% | 57.9% | 56.05% | 58.68% | 79.97% |
| Gross Profit Growth % | - | -13.09% | 2.11% | 13.14% | 41.73% | 21.56% | -27.42% | - |
| Operating Expenses | 88.81M | 103.26M | 108.04M | 172.26M | 154.06M | 102.06M | 67.2M | 81.8M |
| OpEx % of Revenue | - | 108.24% | 89.83% | 129.87% | 135.42% | 123.09% | 103.13% | 124.19% |
| Selling, General & Admin | 69.93M | 78.76M | 85.29M | 111.27M | 120.48M | 63.98M | 42.3M | 59.69M |
| SG&A % of Revenue | - | 82.55% | 70.92% | 83.89% | 105.9% | 77.17% | 64.92% | 90.61% |
| Research & Development | 8.51M | 9.57M | 12.83M | 18.19M | 20.74M | 24.02M | 15.12M | 14.81M |
| R&D % of Revenue | - | 10.03% | 10.67% | 13.71% | 18.23% | 28.97% | 23.21% | 22.48% |
| Other Operating Expenses | 2M | 14.93M | 9.92M | 42.81M | 12.85M | 14.06M | 9.78M | 7.3M |
| Operating Income | -29.46M | -37.13M | -31.94M | -97.74M | -88.19M | -55.58M | -28.97M | -29.13M |
| Operating Margin % | -33.51% | -38.91% | -26.56% | -73.68% | -77.52% | -67.04% | -44.46% | -44.22% |
| Operating Income Growth % | - | -16.23% | 67.32% | -10.83% | -58.66% | -91.89% | 0.55% | - |
| EBITDA | -13.88M | -19.15M | -12.07M | -69.02M | -67.41M | -39.2M | -17.46M | -17.61M |
| EBITDA Margin % | -15.79% | -20.07% | -10.04% | -52.04% | -59.25% | -47.28% | -26.79% | -26.73% |
| EBITDA Growth % | -1.42% | -58.65% | 82.51% | -2.4% | -71.95% | -124.56% | 0.86% | - |
| D&A (Non-Cash Add-back) | 15.57M | 17.97M | 19.87M | 28.72M | 20.78M | 16.38M | 11.51M | 11.52M |
| EBIT | -44.06M | -37.13M | 33.64M | -85.3M | -125.77M | -52.51M | -20.8M | -29.15M |
| Net Interest Income | -14.72M | -16.49M | -23.59M | -29.94M | -95.74M | -64.8M | -31.83M | -22.94M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.72M | 16.49M | 23.59M | 29.94M | 95.74M | 64.8M | 31.83M | 22.94M |
| Other Income/Expense | -76.56M | -29.37M | 41.99M | -17.5M | -133.32M | -61.73M | -23.74M | -22.97M |
| Pretax Income | -106.02M | -66.5M | 10.05M | -115.24M | -221.51M | -117.31M | -52.71M | -52.09M |
| Pretax Margin % | -120.59% | -69.7% | 8.36% | -86.88% | -194.71% | -141.49% | -80.89% | -79.08% |
| Income Tax | -1.41M | -1.25M | 536K | 223K | -3.25M | -7.89M | -1.44M | -18.82M |
| Effective Tax Rate % | 1.33% | 1.88% | 5.33% | -0.19% | 1.47% | 6.72% | 2.72% | 36.14% |
| Net Income | -104.61M | -65.25M | 9.52M | -115.46M | -218.26M | -109.42M | -51.27M | -33.27M |
| Net Margin % | -118.98% | -68.39% | 7.91% | -87.05% | -191.85% | -131.97% | -78.69% | -50.51% |
| Net Income Growth % | -130.76% | -785.58% | 108.24% | 47.1% | -99.47% | -113.41% | -54.12% | - |
| Net Income (Continuing) | -104.61M | -65.25M | 9.52M | -115.46M | -218.26M | -109.42M | -51.27M | -33.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.73 | -4.65 | 0.83 | -10.54 | -44.17 | -237.57 | -4.99 | -3.12 |
| EPS Growth % | -65.08% | -660.24% | 107.87% | 76.14% | 81.41% | -4660.92% | -59.94% | - |
| EPS (Basic) | - | -4.65 | 0.83 | -10.54 | -44.17 | -237.57 | -4.99 | -3.12 |
| Diluted Shares Outstanding | 18.25M | 14.03M | 11.44M | 10.95M | 5.54M | 1.29M | 1.82M | 10.77M |
| Basic Shares Outstanding | 18.25M | 14.03M | 11.44M | 10.95M | 5.54M | 1.29M | 1.82M | 10.77M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Sustained Revenue Contraction
As indicated by the most recent quarterly financial data, FiscalNote has experienced a consistent decline in top-line performance, with revenue falling to $20.0 million in 2026Q1, representing a significant -27.2% year-over-year contraction that highlights a fundamental erosion of the company's core subscription-based business model.
The consistent downward trajectory in revenue suggests that the company is struggling to maintain its existing client base or successfully upsell within its enterprise segments. This trend warrants further investigation into whether the decline is a result of strategic pruning of non-core assets or a broader loss of competitive relevance in the regulatory intelligence market.
Based on the provided income statement history, FiscalNote's gross margin has exhibited extreme volatility, fluctuating from a low of 43.4% in 2025Q4 to a peak of 78.7% in 2025Q3, which suggests significant inconsistency in the underlying cost of service delivery and potential accounting adjustments.
Such wide swings in gross profitability are atypical for a mature SaaS provider and may indicate that the company's cost structure is heavily influenced by variable professional services or non-recurring data acquisition costs. Investors should monitor whether these margins can stabilize at a level that supports long-term operational viability.
According to the reported financial figures, the company continues to face severe operational deleveraging, as evidenced by an operating margin of -30.4% in 2026Q1, which demonstrates that the current revenue scale is insufficient to cover the high fixed costs inherent in its data-intensive business model.
The persistent inability to scale operating income alongside revenue suggests that the company's SG&A and R&D expenditures are not currently optimized for its reduced revenue base. This structural imbalance implies that significant cost-cutting measures may be required to reach a breakeven point in the near term.
As reported in recent filings, the combination of a -20.67% annual revenue decline and negative operating margins suggests that the company's current trajectory may be unsustainable, raising concerns about the long-term viability of its proprietary data aggregation strategy in an era of rapidly evolving AI alternatives.
Short-sellers would likely focus on the disconnect between the company's high-margin narrative and the reality of its persistent net losses and shrinking top line. The risk remains that the company's moat is being commoditized, potentially forcing a permanent downward revision in its long-term growth and profitability expectations.
Quick answers to the most common questions about buying NOTE stock.
For fiscal year 2025, FiscalNote Holdings, Inc. (NOTE) reported total revenue of $95.4M. This represents a 44.8% increase compared to $65.9M in 2019.
FiscalNote Holdings, Inc. (NOTE) reported a net loss of $65.2M for the fiscal year ending 2025.
FiscalNote Holdings, Inc. (NOTE) reported an operating income of $-37.1M, resulting in an operating profit margin of -38.9%. This margin reflects the operational efficiency of the business before interest and taxes.
FiscalNote Holdings, Inc. (NOTE) generated $66.1M in gross profit for the year, representing a gross profit margin of 69.3%. This demonstrates the company's core pricing power and production efficiency.