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Here are a few brief analogies for FiscalNote:

• Bloomberg for legal and public policy data and insights.
• The AI-driven LexisNexis for public policy and government affairs.
• Salesforce for public policy and advocacy management.

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• Public Policy and Issues Management Products: A suite of products delivering critical legal data and insights to help organizations monitor, understand, and navigate policy and regulatory environments.
• Workflow Management Tools: Software solutions designed to streamline operational processes for policy, advocacy, and stakeholder engagement.
• Advocacy Campaign Management Tools: Platforms that enable organizations to plan, execute, and track their advocacy campaigns effectively.
• Constituent Relationship Management Tools: Tools used to manage and foster relationships with constituents, stakeholders, and other key external contacts.

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Major Customers of FiscalNote (NOTE)

FiscalNote primarily sells its technology and data solutions to other companies and organizations. Based on the provided background information, the company serves a diverse customer base, described by the following categories:

• Businesses comprising the Fortune 100 companies
• Government agencies
• Law firms
• Professional services organizations
• Trade groups
• Non-profits

The provided background description details categories of customers rather than listing specific names of individual customer companies.

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• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)

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Josh Resnik, CEO & President

Josh Resnik serves as FiscalNote's Chief Executive Officer & President, bringing over twenty-five years of experience as an executive, attorney, and business leader in both startup and established corporate environments. Prior to joining FiscalNote, he was a senior executive and member of the Board of Directors of Spree Commerce, serving as COO/General Counsel and helping lead the company to a successful acquisition by First Data Corporation (now Fiserv). Before Spree Commerce, he led the Digital division of Gannett and was a senior in-house attorney at AOL. Earlier in his career, he practiced law in the TMT sector in corporate transactions and regulatory matters and has advised numerous tech startups and a venture capital firm.

Jon Slabaugh, Chief Financial Officer & Chief Investment Officer

Jon Slabaugh is the Chief Financial Officer and Chief Investment Officer at FiscalNote, with three decades of experience as an investor, operating executive, and board member at high-growth, business intelligence, data, and SaaS workflow companies. Prior to FiscalNote, Jon was the Managing Director of UCG, a private holding company that encompassed 10 leading business-to-business information, data, and workflow SaaS companies, where he managed mergers, acquisitions, divestitures, debt and equity financings, completing and integrating over 30 strategic acquisitions. Earlier in his career, he co-founded and was a Managing Director of MCG Capital, an investment company backed by Goldman Sachs, Heller Financial, Vestar Capital Partners, and Soros Private Equity Partners, which became a publicly-traded Business Development Company during his tenure.

Can Babaoglu, Chief Product Officer

Can Babaoglu is the Chief Product Officer at FiscalNote, bringing almost two decades of product development, product management, and product-led growth experience. Before joining FiscalNote, he was Vice President for Product at Casetext, which was acquired by Thomson Reuters for $650 million in 2023. He was also a co-founder at both Smartup Network and Sprongo, both of which had minor exits.

Todd Aman, Chief Legal and Administrative Officer

Frank Musso, Chief Revenue Officer

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The key risks to FiscalNote's business are primarily centered around its financial health, intense market competition, and reliance on public sector revenue.

1. Profitability Challenges and Financial Health: FiscalNote faces significant challenges in achieving sustainable profitability, evidenced by persistent negative operating margins and a negative return on invested capital (ROIC). The company's financial health is further undermined by a high debt-to-equity ratio and a low Altman Z-Score, indicating potential financial distress and a risk of requiring dilutive financing to maintain operations.
2. Competitive Intensity: FiscalNote operates in a highly competitive landscape with dominant incumbents like Thomson Reuters and RELX/LexisNexis, as well as well-funded AI startups. These competitors possess greater financial resources for product development and customer acquisition, which could exert pressure on FiscalNote's pricing, slow customer acquisition, and ultimately diminish its market share. Furthermore, there is a risk of AI commoditization and high customer churn on legacy platforms, which could limit pricing power and long-term scalability.
3. Revenue Concentration and Macro/Budgetary Risks: A substantial portion of FiscalNote's revenue is derived from public sector contracts, making the company vulnerable to government shutdowns, delays, or budget constraints at federal, state, and local levels. Such events could significantly impact revenue growth and contract renewal rates, exposing FiscalNote to broader macroeconomic and budgetary shocks.

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The rapid advancement and increasing accessibility of highly capable large language models (LLMs) and generative artificial intelligence pose an emerging threat. As these AI technologies become more powerful, versatile, and either open-source or available through commercial APIs at scale, they could lower the barrier to entry for new competitors. This trend could enable existing competitors, including larger technology firms or traditional legal information providers, to more easily replicate or develop alternative solutions for AI-driven legal data analysis, policy tracking, and insight generation—services central to FiscalNote's offerings. Furthermore, customers might leverage these advanced AI tools to internalize certain analytical functions, potentially eroding FiscalNote's unique value proposition and competitive differentiation.

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FiscalNote (NOTE) anticipates several key drivers of revenue growth over the next 2-3 years, primarily centered around its AI-driven product strategy and operational enhancements:

1. Product-led Growth with the AI-Driven PolicyNote Platform: FiscalNote is heavily investing in a product-led growth strategy, with its AI-powered PolicyNote platform, launched in January 2025, being a central component. The company expects this platform to drive future growth by enhancing user engagement and improving overall Annual Recurring Revenue (ARR). The ongoing migration of legacy customers to PolicyNote is a key initiative to consolidate its offerings and leverage advanced AI features like summaries, chat-based search, and bill Q&A functionality.
2. Enhanced Customer Retention and Net Revenue Retention (NRR): A significant focus for FiscalNote is on improving its gross and net revenue retention rates. The company expects that the continuous innovation and integration of AI features within the PolicyNote platform will lead to stronger customer engagement and, consequently, better retention metrics. This improvement is crucial for sustainable subscription revenue growth.
3. Strategic Portfolio Optimization and Operational Efficiency: FiscalNote has undertaken strategic divestitures of non-core assets to streamline its operations, reduce debt, and bolster its financial position. While these divestitures have impacted past revenue figures, they are intended to allow the company to increase investment in its core policy and global intelligence offerings. This operational streamlining is expected to create a more efficient and focused business, setting the stage for accelerated growth in its core markets.
4. Expansion in Corporate and Federal Markets, and New Licensing Opportunities: The company aims to drive revenue growth through increased sales in its corporate segment, where it has already observed improved win rates and rising average contract values. Concurrently, FiscalNote is focused on restoring demand and engagement within the federal sector. Additionally, FiscalNote is exploring new avenues for growth through data licensing and co-selling opportunities for its AI Agents and Copilots with new and existing partners.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• FiscalNote went public in March 2021 through a SPAC merger, which generated approximately $275 million in gross proceeds.
• A 1-for-12 reverse stock split became effective on August 29, 2025, which reduced the number of outstanding shares.
• As of November 2025, up to 2,349,395 shares of Class A common stock are issuable under a convertible note with an approximate principal outstanding of $20.4 million.

Inbound Investments

• The SPAC merger in March 2021 included a $100 million private investment in public equity (PIPE) from institutional investors, anchored by Maso Capital.

Outbound Investments

• Between 2021 and 2023, FiscalNote acquired multiple companies including Oxford Analytica, FactSquared, Fireside21, TimeBase, Curate, Predata, Forge.AI, FrontierView, Aicel Tech, Board.org, DT-Global Business Consulting, and Dragonfly.
• In March 2024, FiscalNote divested Board.org, adding approximately $15 million in cash to its balance sheet.
• In 2025, FiscalNote divested Oxford Analytica and Dragonfly to Dow Jones for $40 million, and TimeBase to Thomson Reuters for $6.5 million, as part of a strategy to streamline operations and reduce debt.

Capital Expenditures

• FiscalNote made investments in new, high-growth lines of business such as ESG and geopolitical information in 2021.
• The company focused investments on new products and services for the State, Local, & Education (SLED) public sector market in 2021.
• Ongoing investments are directed towards its core policy offering, including the launch and enhancement of the new AI-focused PolicyNote platform in 2025, with an aim to control annual capital expenditures to accelerate free cash flow.