FiscalNote Holdings, Inc. reported a total revenue of $120.3 million for the fiscal year ending December 31, 2024, a decrease of 9% from $132.6 million in 2023. The decline in revenue was primarily attributed to the divestiture of Board.org and Aicel Technologies, which collectively impacted subscription revenue by approximately $10.5 million. Subscription revenue, which constitutes about 92% of total revenue, fell to $111.1 million, down from $119.1 million in the previous year. Advisory and other revenues also decreased significantly, dropping 32% to $9.2 million, largely due to the discontinuation of unprofitable offerings.
In terms of profitability, FiscalNote reported a net income of $9.5 million for 2024, a substantial recovery from a net loss of $115.5 million in 2023. This turnaround was bolstered by a gain of $72 million from the sale of Board.org and Aicel, which allowed the company to reduce its debt significantly. Operating expenses also saw a notable reduction, decreasing by 34% to $152.2 million, primarily due to cost-cutting measures and the impact of divested businesses. The company’s adjusted EBITDA for 2024 was $9.8 million, compared to a loss of $7.5 million in 2023.
FiscalNote has been actively pursuing strategic initiatives to enhance its market position, including the launch of its new core product, PolicyNote, in January 2025. This product aims to consolidate and improve the functionality of existing offerings, leveraging advanced AI features to enhance customer experience and retention. The company has also focused on optimizing its sales organization and cross-selling opportunities to existing clients, which it believes will drive future revenue growth.
As of December 31, 2024, FiscalNote had approximately 570 employees, a slight increase from the previous year. The company serves a diverse customer base, including 40 of the Fortune 100, and has expanded its geographic footprint, generating about 21% of its revenue from international markets. The company reported an annual recurring revenue (ARR) of $107.5 million, down from $126.1 million in 2023, reflecting the impact of divestitures and discontinued products. However, the adjusted ARR, excluding the effects of these changes, was $93.3 million, indicating a more stable revenue base.
Looking ahead, FiscalNote anticipates continued investments in product development and market expansion, particularly in the legal and regulatory intelligence sectors. The company is focused on maintaining compliance with its financial covenants and managing its debt obligations, which include a senior term loan of $88.6 million as of December 31, 2024. Management remains optimistic about the company's growth prospects, driven by its strategic initiatives and the anticipated benefits from its new product offerings.
About FiscalNote Holdings, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.