Fiscalnote Holdings, Inc. · OTC:NOTE

Fiscalnote — Q4 2024 Earnings Presentation

32 slides from Fiscalnote's earnings presentation, Mar 13, 2025

Slide 2: Disclaimer
Disclaimer Safe Harbor Statement Certain statements herein may be considered forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or FiscalNote’s future financial or operating performance. Statements regarding Fisc
Slide 3: Table of Contents
Table of Contents 1 Products, Markets, and Customers 2 The Company 3 Key Takeaways 4 Appendix © 2025 FiscalNote 3
Slide 4: Section I: Products, Markets, and Customers
SECTION I: Products, Markets, and Customers © 2025 FiscalNote fiscalnote.com 4
Slide 5: 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 5 5
Slide 6: 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. Connect Data: ACTIONS Cross the silos between data sets and professionals to create relationships between structured and uns
Slide 7: Our Customers – Sample Logos (as of 12/31/24)
Our Customers – Sample Logos (as of 12/31/24) Non-Profits & Private Sector / Corporates Public Sector / Govt Orgs. NGOs HEALTHCARE ENERGY CONSUMER & FINANCE RETAIL TRANSPORT EDUCATION TMT BUSINESS SERVICES © 2025 FiscalNote 7
Slide 8: Our Customers At A Glance (as of 12/31/24)
Our Customers At A Glance (as of 12/31/24) Global Target Customers Customer Dynamics 1 2 3 Private Public Non-Profit / Sector [~52%]1 Sector [~22%]1 NGO [~26%]1 4,300+ Customers End Users Legal 92% Powered by data and AI, Subscription Revenue as analyzed by experts, our policy % of Total Revenues Go
Slide 9: Use Case: Global Technology Company
Use Case: Global Technology Company Providing a centralized, integrated process to track global policy with comprehensive policy intelligence (e.g., Value public consultations, multilateral negotiations) and a dashboard of key regulatory issues across 35 countries Buyers Initial Business Challenge /
Slide 10: Proprietary Infrastructure and Expert Intelligence
Proprietary Infrastructure and Expert Intelligence Differentiators that are 10+ years 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 (local, st
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: Leveraging Key Competitive Advantages
Leveraging Key Competitive Advantages AI Technology for Actionable Workflow & Reporting 4 1 Data Intelligence 2 Capabilities for Proactive 3 Over a Decade of Expertise Decision Making ▪ Transforming unstructured ▪ Discovery capabilities to identify ▪ A first-mover in the space, shaping information i
Slide 13: Well Positioned to Serve an Expansive Market
Well Positioned to Serve an Expansive Market Enterprise Increasingly complex world of regulations and policy making Info Solutions TAM: $314B1 No such thing as an unregulated entity anymore Legal & Relevant professionals have increasing seniority and responsibility Regulatory Info TAM: $40B2 Use of
Slide 15: Where We've Been
Where We’ve Been CONTINUED IMPROVEMENTS SINCE PUBLIC LISTING IN 2022 1 Profitability 2 Simplification & Product Rationalization 3 Product Focus • Right sized our cost structure and • Refined our product portfolio to focus • Leveraged AI technologies as the went from consistently negative in the area
Slide 16: Building for Long-Term, Sustainable Growth
Building for Long-Term, Sustainable Growth CURRENT FOCUS [2025 Onward] 1 Product-Centric Growth 2 Expanding Profitability 3 Strengthening Capital Structure • Continue to drive product • Established operating leverage • Sunset, reduce investment in, or enhancements and launches generates high contrib
Slide 17: New Product Launch: PolicyNote
New Product Launch: PolicyNote Accelerate your next move by using the built-in Al to summarize bills, create briefings or draft position statements. Cut through the clutter with features like our Al-assisted search and customizable dashboard that help you quickly zero in on what matters. Bring it al
Slide 18: New Product Launch: PolicyNote
New Product Launch: PolicyNote Accelerate your next move by using the built-in AI to summarize bills, create briefings or draft position statements. Cut through the clutter with features like our AI-assisted search and customizable dashboard that help you quickly zero in on what matters. Bring it al
Slide 19: Most Recent Reported Financials: 4Q24 and FY24
Most Recent Reported Financials: 4Q24 and FY24 FINANCIAL HIGHLIGHTS KEY PERFORMANCE INDICATORS3 4Q24 FY24 • Annual Recurring Revenue (ARR) $107M • Total Revenues $29.5M $120.3M • Quarterly Net Revenue Retention (NRR) 98% • Gross Profit $24.2M $94.6M • Gross Margin 82% 79% • Net Income (Loss) $(13.4)
Slide 20: Historical Financials
Historical Financials 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. © 2025 FiscalNote 20
Slide 21: Historical Financials
Historical Financials TTM Free Cash Flow1,2 ($000) $0 -$10,000 -$20,000 -$30,000 -$40,000 -$50,000 -$60,000 -$70,000 -$80,000 -$90,000 -$100,000 3Q22-2Q23 4Q22-3Q23 1Q23-4Q23 2Q23-1Q24 3Q23-2Q24 4Q23-3Q24 1Q24-4Q24 1. Free Cash Flow is calculated as Cash Flow From Operating Activities minus Capex. 2
Slide 22: Historical Financials
Historical Financials Senior Term Loan Cash Interest Expense ($000) ($000) $200,000 $10,000 $9,000 $175,000 $8,000 $150,000 $7,000 $125,000 $6,000 $100,000 $5,000 $4,000 $75,000 $3,000 $50,000 $2,000 $25,000 $1,000 $0 $0 4Q23 1Q24 2Q24 3Q24 4Q24 4Q23 1Q24 2Q24 3Q24 4Q24 © 2025 FiscalNote
Slide 23: Financial Forecast: 2025
Financial Forecast: 2025 FY 2025 Key Considerations Informing 2025 Forecast Initial FY 2025 Forecast1 Proforma FY 2024 Actual ($ in millions) (As of 03/13/2025) (For Comparison Purposes Only) • incremental cost savings related to ongoing operating discipline initiatives; Total Revenues $94 to $100 $
Slide 25: Key Takeaways
Key Takeaways Continue to Implement Strategic Shift to Product-Led Growth and Drive 1 Improvements 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
Slide 27: 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 28: Q4/FY 2024: Reconciliation to Non-GAAP Measures
Q4/FY 2024: Reconciliation to Non-GAAP Measures Adjusted Gross Profit and Adjusted Gross Profit Margin Three Months Ended December 31, Twelve Months Ended December 31, ($ in thousands) 2024 2023 2024 2023 Total revenues $ 29,469 $ 34,265 $ 120,266 $ 132,645 Costs of revenue, including amortization o
Slide 29: Q4/FY 2024: Reconciliation to Non-GAAP Measures
Q4/FY 2024: Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin a) Reflects the gain on disposal from the sale of Board.org on March 11, 2024 and the Three Months Ended December 31, Twelve Months Ended December 31, sale of Aicel on October 31, 2024. ($ in thousand
Slide 30: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures Free Cash Flow 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ($ in thousands) Operating Cash Flow $ (39,151) $ (15,126) $ (12,826) $ (7,380) $ (11,734) $ (3,554) $ 2,741 $ (3,729) $ (2,962) $ (1,348) - Capital Expenditures (2,818) (2,508) (1,869) (2,217) (1,87
Slide 31: Glossary
Glossary AI Artificial intelligence (“AI”) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. ARR Annual Recurring Revenue (“ARR”) is the value of the contracted recurring revenue components of term subscriptions normalized to

FiscalNote Holdings — Q4 2024 Earnings Presentation on 6ix

Fiscalnote — Q4 2024 Earnings Presentation

Slide 1: Company Overview

Slide 2: Disclaimer

Slide 3: Table of Contents

Slide 4: Section I: Products, Markets, and Customers

Slide 5: What We Do

Slide 6: AI-Enhanced, SaaS-Based, Proprietary Information Services Business

Slide 7: Our Customers – Sample Logos (as of 12/31/24)

Slide 8: Our Customers At A Glance (as of 12/31/24)

Slide 9: Use Case: Global Technology Company

Slide 10: Proprietary Infrastructure and Expert Intelligence

Slide 11: How We Differentiate

Slide 12: Leveraging Key Competitive Advantages

Slide 13: Well Positioned to Serve an Expansive Market

Slide 14: Section II: The Company

Slide 15: Where We've Been

Slide 16: Building for Long-Term, Sustainable Growth

Slide 17: New Product Launch: PolicyNote

Slide 18: New Product Launch: PolicyNote

Slide 19: Most Recent Reported Financials: 4Q24 and FY24

Slide 20: Historical Financials

Slide 21: Historical Financials

Slide 22: Historical Financials

Slide 23: Financial Forecast: 2025

Slide 24: Section III: Key Takeaways

Slide 25: Key Takeaways

Slide 26: Section IV: Appendix

Slide 27: Non-GAAP Financial Measures

Slide 28: Q4/FY 2024: Reconciliation to Non-GAAP Measures

Slide 29: Q4/FY 2024: Reconciliation to Non-GAAP Measures

Slide 30: Reconciliation to Non-GAAP Measures

Slide 31: Glossary

Slide 32: Contact