Fiscalnote Holdings, Inc. · OTC:NOTE
Fiscalnote — Q3 2025 Earnings Presentation
36 slides from Fiscalnote's earnings presentation, Nov 6, 2025
Slide 1: FiscalNote Corporate Overview
FiscalNote Powering Better Policy Decisions with AI-Driven Insights CORPORATE OVERVIEW November 6, 2025 © 2025 FiscalNote fiscalnote.com 1 Footnote: Unless otherwise indicated, data presented herein is as of September 30, 2025.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement Certain statements herein may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote’s future financial or operating pe
Slide 3: Trademarks & Use of Data
Trademarks & Use of Data Trademarks FiscalNote owns or has rights to various trademarks, service marks and trade names it uses in connection with the operation of its businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the
Slide 4: What We Do
WHAT WE DO Deliver subscription based access to essential and proprietary policy data, insights and workflow tools via an AI-driven SaaS platform 4 4
Slide 5: Section I: Products, Markets, and Customers
SECTION I: Products, Markets, and Customers © 2025 FiscalNote fiscalnote.com 5
Slide 6: Large Market With a Growing Need for Solutions
Large Market With a Growing Need for Solutions Current Trends Increasingly complex world of regulations and policy making Enterprise Info Solutions No such thing as an unregulated entity anymore TAM: $314B1 Relevant professionals have increasing seniority and responsibility Legal & Regulatory Info U
Slide 7: Our Customers – Sample Logos (as of 09/30/25)
Our Customers – Sample Logos (as of 09/30/25) Private Sector / Corporates Public Sector / Govt Orgs. NFPs & NGOs HEALTHCARE ENERGY CONSUMER & FINANCE RETAIL TRANSPORT EDUCATION TMT BUSINESS SERVICES © 2025 FiscalNote 7
Slide 8: Our Customers At A Glance (as of 09/30/25)
Our Customers At A Glance (as of 09/30/25) Global Target Customers Customer Dynamics 1 2 3 Private Public Non-Profit / Sector [~49%]1 Sector [~21%]1 NGO [~30%]1 ~3,600 Customers End Users Legal 94% Powered by data and AI, Subscription Revenue as analyzed by experts, our policy % of Total Revenues Go
Slide 9: AI-Enhanced, SaaS-Based, Proprietary Information Services Business
AI-Enhanced, SaaS-Based, Proprietary Information Services Business FiscalNote provides policy and regulatory intelligence to enable actionable outcomes for customers globally. Combine Fragmented, Unstructured Public ACTIONS Data with Unique, Proprietary Analysis: Leverage scattered global-to-local d
Slide 10: Proprietary Infrastructure and Expert Intelligence
Proprietary Infrastructure and Expert Intelligence Differentiators that are more than a decade in the making Sources Ingestion Processing Merge Modular collection ● Multimodal data sources framework (text, audio, video) Normalize ● Government regulation, legislation, Smart Scrapers and policy data (
Slide 11: How We Differentiate
How We Differentiate An award-winning and unmatched combination of AI- FISCALNOTE DIFFERENTIATORS powered technology, global policy expertise, and Trustworthy Data and Intelligence comprehensive data. Comprehensive and real-time policy and regulatory Automated Human intelligence tailored to specific
Slide 12: Section II: The Company
SECTION II: The Company © 2025 FiscalNote fiscalnote.com 12
Slide 13: Clear Priorities and Meaningful Progress
Clear Priorities and Meaningful Progress Key Operating Objectives Proof Points ● Transformed Operations: FY25E ~$10M AEBITDA profit vs. FY22A $24.5M loss Expand Adjusted ● Consistency: 9 consecutive quarters of AEBITDA profitability (as of 3Q25) EBITDA Margins Consistently and Rapidly ● AEBITDA Marg
Slide 14: PolicyNote: AI-Driven Platform with Global Data and Proprietary Insights
PolicyNote: AI-Driven Platform with Global Data and Proprietary Insights Built-in AI Summaries Chat-based, AI- Powered Search & Alerts Custom Dashboard & In-Depth Reporting Bill Q&A © 2025 FiscalNote 14
Slide 15: What the Impact Will Be
What the Impact Will Be New Logo Gross Retention Net Retention ● Higher ACV through ● Improved setup / ● Reduce friction in better bundling and welcome experience cross-sell/upsell increased through product-led capabilities ● Higher customer sales and product- engagement and led growth ● Quicker sal
Slide 16: PolicyNote: Specialized AI For Policy
PolicyNote: Specialized AI For Policy ~ Customer Testimonials ~ “I don’t have the hours in a day to track everything...It used to take a lot of time and staff, but with PolicyNote, I can quickly summarize, put the issue in context, and see if the bill is being duplicated in other states.” “So we don
Slide 17: Accelerating the Pace of Product Innovation
Accelerating the Pace of Product Innovation New Features & Enhancements Increased Product & Engineering Productivity Continuous stream of releases that improve user New leadership driving efficiency via restructured sprint experience and expand platform value. mechanisms and tracking key velocity me
Slide 18: Accelerating the Pace of Product Innovation: Tariff Tracker in PolicyNote
Accelerating the Pace of Product Innovation: Tariff Tracker in PolicyNote From Vision to Pipeline in Weeks Global Tariff Tracker APRIL 2: President Trump announces sweeping tariffs (“Liberation Day”) Organizations need to assess and respond to implications for global trade Understand tariff implemen
Slide 19: How We Know It's Working
How We Know It’s Working Key Indicators of Effectiveness (as of 3Q25) Engagement Sales Contractual/Other Metrics Metrics Metrics ● PolicyNote users now exceed legacy ● Inbound demand for policy products ● Corporate ACVs continue to improve FiscalNote platform in daily usage continues to increase ● C
Slide 20: FY 2025 Guidance – Updated (as of 3Q25)
FY 2025 Guidance – Updated (as of 3Q25) FY 2025 Guidance Commentary Total Revenue Adjusted EBITDA1 $95 to $96M ~$10M [Previous Guidance: $94 - $100M] [Previous Guidance: $10M - $12M] Momentum Continues to Build, Driven By -- Product-Led Growth Strategy -- -- Ongoing Operational Discipline -- -- Cont
Slide 21: 2025 and Beyond: AI as an Accelerant
2025 and Beyond: AI as an Accelerant FiscalNote is a leading provider of AI-powered, sector-specific information and analytics that has invested over 11 years to create a deep reservoir of technical expertise, proprietary data, and purpose-built AI tools. POLICYNOTE vs GENERIC LLMs POLICYNOTE GENERI
Slide 22: Q3 2025 Financial Snapshot
Q3 2025 Financial Snapshot Financial Highlights Total Commentary Adjusted Cash3 Revenue ARR1 EBITDA2 $22.4M $84.8M $2.2M $31.8M Meets Guidance Exceeds Guidance 1. “Annual Recurring Revenue” is a key performance indicators (KPI). See “Key Performance Indicators” for the definitions and i mportant dis
Slide 23: Q3 2025 Financial Snapshot: August 2025 Balance Sheet Realignment
Q3 2025 Financial Snapshot August 2025 Balance Sheet Realignment ● Entered into definitive agreements to 1) refinance the senior debt; and 2) restructure substantially all subordinated debt. ● Subject to satisfaction of customary closing conditions; expected closing mid-August. ● Upon closing, we wi
Slide 24: Composition of Company Indebtedness
Q3 2025 Financial Snapshot Composition of Company Indebtedness PRINCIPAL DEBT AND PIK OUTSTANDING (as reported) As of As of As of As of ($ in millions) 12/31/2024 03/31/2025 06/30/2025 09/30/2025 New Senior Term Loan (Established August 2025) NA NA NA $74.5 New Convertible Note (Established August 2
Slide 25: Section III: Key Takeaways
SECTION III: Key Takeaways © 2025 FiscalNote fiscalnote.com 25
Slide 26: Key Takeaways
Key Takeaways Continue to Implement Strategic Shift to Product-Led Growth and Drive Improvements 1 to Key Performance Metrics Continue to Drive Meaningful Improvements to Key Sales Metrics (ACVs, 2 multiyears, and corporate win rates) Continue to Exercise Operational Discipline and Drive Margin Expa
Slide 27: Section IV: Appendix
SECTION IV: Appendix © 2025 FiscalNote fiscalnote.com 27
Slide 28: Most Recent Reported Financials: 3Q25
Most Recent Reported Financials: 3Q25 FINANCIAL HIGHLIGHTS KEY PERFORMANCE INDICATORS(3) (as reported) (as reported) ($ in millions) 3Q25 3Q24 ($ in millions) 3Q25 3Q24 Total Revenues $22.4 $29.4 Annual Recurring Revenue (ARR) $84.8 $109.5 Gross Profit $17.7 $23.2 Pro Forma ARR* $84.8 $92.2 Gross Ma
Slide 29: Financial Forecast: 2025
Financial Forecast: 2025 FULL YEAR Key Considerations Informing 2025 Forecast ($ in millions) UPDATED Forecast1,2 (As of 11/06/2025) • Incremental cost savings related to ongoing operating discipline initiatives; Total Revenues $95 to $96 [Previous Guidance: $94 to $100] • Pacing of the migration to
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. Where applicable, we provid
Slide 31: Q3 2025: Reconciliation to Non-GAAP Measures
Q3 2025: Reconciliation to Non-GAAP Measures Adjusted Gross Profit and Adjusted Gross Profit Margin Three Months Ended September 30, ($ in thousands) 2025 2024 Total revenues $ 22,429 $ 29,439 Costs of revenue, including amortization of capitalized software (4,774) (6,235) development costs and acqu
Slide 32: Q3 2025: Reconciliation to Non-GAAP Measures
Q3 2025: Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin Three Months Ended September 30, FOOTNOTES: ($ in thousands) 2025 2024 a) Reflects the gain on disposal from the sale of TimeBase on July 1, 2025, Dragonfly and Oxford Analytica recorded on March 31, 202
Slide 33: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures Free Cash Flow 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ($ in thousands) Operating Cash Flow $ (11,734) $ (3,554) $ 2,741 $ (3,729) $ (2,961) $ (1,349) $ 3,286 $ (6,181) $ (8,269) - Capital Expenditures (1,871) (1,981) (1,692) (2,741) (2,442) (2,009) (1,982) (
Slide 34: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 ($ in thousands) Net income (loss) $ (14,467) $ (50,748) $ 50,599 $ (12,764) $ (14,935) $ (13,383) $ (4,250) $ (13,271) $ (24,855) Income tax (benefit) provision (62)
Slide 35: Glossary
Glossary Artificial intelligence (“AI”) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their AI actions. Annual Recurring Revenue (“ARR”) is the value of the contracted recurring revenue components of term subscriptions normalized to a o
Slide 36: FiscalNote
FiscalNote Powering Better Policy Decisions with AI-Driven Insights CORPORATE OVERVIEW November 6, 2025 © 2025 FiscalNote fiscalnote.com 36 Footnote: Unless otherwise indicated, data presented herein is as of September 30, 2025.