Fiscalnote Holdings, Inc. · OTC:NOTE

Fiscalnote — Oppenheimer 28th Annual Technology, Internet & Communications Conference 2025

39 slides from Fiscalnote's conference presentation, Aug 11, 2025

1. Slide 1: FiscalNote: Powering Better Policy Decisions with AI-Driven Insights

   FiscalNote Powering Better Policy Decisions with AI-Driven Insights Josh Resnik, CEO & President Oppenheimer 28th Annual Technology, Internet & Communications Conference August 11, 2025 © 2025 FiscalNote fiscalnote.com 1 Footnote: Unless otherwise indicated, data presented herein is as of June 30, 2

2. 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

3. 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

4. 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

5. Slide 5: Section I: Products, Markets, and Customers

   SECTION I: Products, Markets, and Customers © 2025 FiscalNote fiscalnote.com 5

6. 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

7. Slide 7: Our Customers – Sample Logos

   Our Customers – Sample Logos (as of 06/30/25) Private Sector / Corporates Public Sector / Govt Orgs. NFPs & NGOs HEALTHCARE ENERGY CONSUMER & FINANCE RETAIL TRANSPORT EDUCATION TMT BUSINESS SERVICES © 2025 FiscalNote 7

8. Slide 8: Our Customers At A Glance

   Our Customers At A Glance (as of 06/30/25) 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 92% Powered by data and AI, Subscription Revenue as analyzed by experts, our policy % of Total Revenues Go

9. 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

10. 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 (

11. 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

12. Slide 12: Section II: The Company

    SECTION II: The Company © 2025 FiscalNote fiscalnote.com 12

13. Slide 13: Clear Priorities and Meaningful Progress

    Clear Priorities and Meaningful Progress Key Operating Objectives Demonstrating Rapid and Significant Progress Expand Adjusted ● Transformed Operations: FY24 $9.8M AEBITDA profit vs. FY22 $24.5M loss EBITDA Margins ● Consistency: 8 consecutive quarters of AEBITDA profitability (as of 2Q25) Consisten

14. 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

15. 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

16. 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

17. 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

18. Slide 18: Accelerating 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

19. Slide 19: How We Know It's Working

    How We Know It’s Working Key Indicators of Effectiveness (as of 2Q25) Positive quantitative and qualitative feedback Engagement Sales Contractual Metrics Metrics Metrics ● PolicyNote users surpassed legacy ● Inbound leads for policy products up ● Rate of new corporate customers for FiscalNote platfo

20. Slide 20: FY 2025 Guidance – Reaffirmed

    FY 2025 Guidance – Reaffirmed (as of 2Q25) FY 2025 Guidance Commentary Total Revenue Adjusted EBITDA1 $94M - $100M $10M - $12M Accelerating Momentum Continues, Driven By -- Product-Led Growth Strategy -- -- Ongoing Operational Discipline -- -- Continued Targeted Investments in Future Organic Growth

21. Slide 21: 2025 and Beyond: AI as an Accelerant

    2025 and Beyond: AI as an Accelerant Trust & Accuracy Why LLMs Can’t Replace FiscalNote ● Already a leading provider of AI-powered, sector- ● Comprehensive data sets are difficult to obtain specific information and analytics ● Subject matter expertise that enhances and improves ● Invested the last 1

22. Slide 22: Q2 2025 Financial Snapshot

    Q2 2025 Financial Snapshot Financial Highlights Total Commentary Adjusted Cash3 Revenue ARR1 EBITDA2 $23.3M $85.9M $2.8M $39.2M Above Guidance Exceeded Midpoint Guidance (1) “Annual Recurring Revenue” is a key performance indicators (KPI). See “Key Performance Indicators” for the definitions and imp

23. Slide 23: Q2 2025 Financial Snapshot: Balance Sheet Realignment

    Q2 2025 Financial Snapshot Balance Sheet Realignment (Announced August 6, 2025) ● 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

24. Slide 24: Section III: Key Takeaways

    SECTION III: Key Takeaways © 2025 FiscalNote fiscalnote.com 24

25. Slide 25: Key Takeaways

    Key Takeaways Continue to Implement Strategic Shift to Product-Led Growth and Drive Improvements 1 to Key Performance Metrics Continue to Exercise Operational Discipline and Drive Margin Expansion 2 Through Operating Leverage Continue to Optimize Costs and Rationalize Portfolio and Drive Sustainable

26. Slide 26: Section IV: Appendix

    SECTION IV: Appendix © 2025 FiscalNote fiscalnote.com 26

27. Slide 27: Most Recent Reported Financials: 2Q25

    Most Recent Reported Financials: 2Q25 FINANCIAL HIGHLIGHTS KEY PERFORMANCE INDICATORS(3) (as reported) (as reported) ($ in millions) 2Q25 2Q24 ($ in millions) 2Q25 2Q24 Total Revenues $23.3 $29.2 Annual Recurring Revenue (ARR) $85.9 $109.0 Gross Profit $18.3 $22.4 Pro Forma ARR* $85.9 $93.6 Gross Ma

28. Slide 28: Historical Financials: Trailing Twelve Months (AEBITDA)

    Historical Financials: Trailing Twelve Months TTM AEBITDA1 ($000) (1) Non-GAAP measure. Please see "Non-GAAP Financial Measures" for definitions and important disclosures regarding these financial measures; also refer to “Appendix” for reconciliations to the most directly comparable GAAP measure. ©

29. Slide 29: Historical Financials: Trailing Twelve Months (Free Cash Flow)

    Historical Financials: Trailing Twelve Months TTM Free Cash Flow1,2 ($000) 1. Free Cash Flow is calculated as Cash Flow From Operating Activities minus Capex. 2. Non-GAAP measure; refer to “Non-GAAP Financial Measures” for definitions and important disclosures regarding these financial measures; als

30. Slide 30: Historical Financials: Cash Interest Expense

    Historical Financials: 4Q23 – 2Q25 Cash Interest Expense ($000) © 2025 FiscalNote

31. Slide 31: Historical Financials: Capital Expenditures

    Historical Financials: 4Q23 – 2Q25 Capital Expenditures ($000) © 2025 FiscalNote

32. Slide 32: Financial Forecast: 2025

    Financial Forecast: 2025 FULL YEAR Key Considerations Informing 2025 Forecast ($ in millions) REAFFIRMED Forecast1 (As of 08/07/2025) • Incremental cost savings related to ongoing operating discipline initiatives; Total Revenues $94 to $100 • Pacing of the migration to PolicyNote and the anticipated

33. Slide 33: 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

34. Slide 34: Q2 2025: Reconciliation to Non-GAAP Measures

    Q2 2025: Reconciliation to Non-GAAP Measures Adjusted Gross Profit and Adjusted Gross Profit Margin Three Months Ended June 30, ($ in thousands) 2025 2024 Total revenues $ 23,264 $ 29,246 Costs of revenue, including amortization of capitalized software (4,948) (6,863) development costs and acquired

35. Slide 35: Q2 2025: Reconciliation to Non-GAAP Measures

    Q2 2025: Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin Three Months Ended June 30, FOOTNOTES: ($ in thousands) 2025 2024 a) Reflects the Q2 2025 adjustment to the gain on disposal of Dragonfly and Oxford Analytica recorded on March 31, 2025. Net loss $ (13,2

36. Slide 36: Reconciliation to Non-GAAP Measures: Free Cash Flow

    Reconciliation to Non-GAAP Measures Free Cash Flow 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 ($ in thousands) Operating Cash Flow $ (39,151) $ (15,126) $ (12,826) $ (7,380) $ (11,734) $ (3,554) $ 2,741 $ (3,729) $ (2,961) $ (1,349) $ 3,286 $ (6,181) - Capital Expenditures (2,818) (

37. Slide 37: Reconciliation to Non-GAAP Measures: EBITDA

    Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 ($ in thousands) Net income (loss) $ (109,002) $ (42,544) $ (19,273) $ (30,973) $ (14,467) $ (50,748) $ 50,599 $ (12,764) $ (14,935) $ (13,383) $ (4,250

38. Slide 38: 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

39. Slide 39: FiscalNote

    FiscalNote Powering Better Policy Decisions with AI- Driven Insights August 11, 2025 © 2025 FiscalNote fiscalnote.com 39 Footnote: Unless otherwise indicated, data presented herein is as of June 30, 2025.

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