Fiscalnote Holdings, Inc. · OTC:NOTE
Fiscalnote — Q4 2025 Earnings Presentation
35 slides from Fiscalnote's earnings presentation, Mar 19, 2026
Slide 1: FiscalNote: Powering Policy Decisions with AI-Driven Insights
FiscalNote: Powering Beer Policy Decisions with AI-Driven Insights Corporate Overview March 19, 2026 Footnote: Unless otherwise indicated, data presented herein is as of December 31, 2025. 1
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 per
Slide 3: Trademarks & Use of Data
Trademarks & Use of Data Safe Harbor Statement (continued) The risk factors listed on the prior slide and other factors discussed in FiscalNote’s SEC filings, including its most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports, could cause actual result
Slide 4: What We Do
WHAT WE DO Deliver unique and essential political and policy related data, insights, and workflow across proprietary and third-party platforms 4
Slide 5: Section I: Products, Markets, and Customers
SECTION I: Products, Markets, and Customers 5
Slide 6: Large and Expanding Market Opportunity
Large and Expanding Market Opportunity FiscalNote operates at the intersection of policy intelligence and emerging markets for AI-driven data consumption and political prediction. Current Trends Enterprise Info Solutions Increasingly complex regulatory environment driving demand for policy TAM: $314
Slide 7: Our Customers – Sample Logos
Our Customers – Sample Logos (as of 12/31/25) Private Sector / Corporates Public Sector / Govt Orgs. NFPs & NGOs HEALTHCARE ENERGY CONSUMER & FINANCE RETAIL TRANSPORT EDUCATION TMT BUSINESS SERVICES 7
Slide 8: Our Customers At A Glance
Our Customers At A Glance (as of 12/31/25) Global Target Customers Customer Dynamics 1 2 3 Private Public Non-Profit / Sector [~50%]1 Sector [~21%]1 NGO [~29%]1 3,500+ Customers End Users 95% Legal Powered by data and AI, analyzed Subscription Revenue as by experts, our policy and global % of Total R
Slide 9: AI-Enhanced, Proprietary Information Business
AI-Enhanced, Proprietary Information 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 scaered global-to-local data sets that are cumb
Slide 10: Proprietary Infrastructure and Expert Intelligence
Proprietary Infrastructure and Expert Intelligence Dierentiators 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, and Smart Scrapers policy data (
Slide 11: How We Differentiate
How We Dierentiate An award-winning and unmatched combination of AI-powered technology, global policy expertise, and comprehensive data. Automated Human KEY DIFFERENTIATORS Trustworthy Data and Intelligence Comprehensive Local to Global Data and SaaS Comprehensive and real-time policy and regulator
Slide 12: Section II: The Company
+ FISCALNOTE SECTION II: The Company
Slide 13: Clear Priorities and Strategic Positioning
Clear Priorities and Strategic Positioning Strategic Priorities Proof Points ● Operational Transformation: ~25% headcount reduction; cash operating expenses reduced by more than 19%; over $35M in cumulative annual cash cost reductions over past 3 years Strengthen the Core ● Margin Inflection: AEBITD
Slide 14: Organizational Transformation
Organizational Transformation Accelerating the Path to Positive Free Cash Flow Workforce & Cost Restructuring AI Deployment at Scale Financial Impact ● Headcount Reduction: 25% relative to ● Engineering Adoption: 100% AI tooling ● Margin Expansion: Adjusted EBITDA year-end 2025, driving cash operati
Slide 15: PolicyNote Unifies FiscalNote's Leading Solutions into an AI-Powered Platform
PolicyNote Unifies FiscalNote’s Leading Solutions into an AI-Powered Platform Combining trusted news, expert analysis, and expanded data sources to streamline policy management at every level of government, PolicyNote empowers organizations to move beyond monitoring policy to actively shaping it with
Slide 16: PolicyNote: AI-Driven Platform with Global Data and Proprietary Insights
PolicyNote: AI-Driven Platform with Global Data and Proprietary Insights AI THAT SPEAKS POLICY BUILT-IN AI SUMMARIES CHAT-BASED, AI-POWERED SEARCH & ALERTS CUSTOM DASHBOARD & IN-DEPTH REPORTING BILL Q&A BILL FORECASTS 16
Slide 17: PolicyNote Progress: Engagement Metrics
PolicyNote Progress: Engagement Metrics Improvement from FiscalNote vs. PolicyNote Key activity adoption and frequency of use is higher in PolicyNote in December 2025 versus FiscalNote in December 2024, indicating a higher percentage of users making PolicyNote part of their regular workflow. Key acti
Slide 18: Creating Competitive Differentiation
Creating Competitive Dierentiation Regular LLM Flow FiscalNote’s LLM Flow Domain expertise All User LLM potential layer Only relevant trained on Response User LLM data sources Response User prompt sources of Personalization public data prompt trained on maintained or feedback info layer public data
Slide 19: 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 GENERIC
Slide 20: Policy Intelligence as Infrastructure for AI-Driven Consumption
Policy Intelligence as Infrastructure for AI-Driven Consumption As demand shifts toward embedded, programmatic access to policy intelligence, FiscalNote is positioning itself as the trusted infrastructure layer for AI-driven consumption. What We’ve Built Why It Maers Early Traction & Commercial Mod
Slide 21: FiscalNote Announces Expansion
FiscalNote Announces Expansion Entry into political prediction markets supported by a strategic partnership, an initial product preview, and experienced market leadership. What This Is What This Means ● Expansion into the political prediction market, an emerging ● Provides exposure to high-growth, o
Slide 22: Sample Initiatives Across the Ecosystem
Sample Initiatives Across the Ecosystem FiscalNote empowers the decisions that shape policy for future generations. We plan to launch new product oerings that invite the public to engage with those decisions in a structured, engaging way. 1 Outcome-Based Political 2 Issue-Based Political 3 AI & Exp
Slide 23: Why FiscalNote is Uniquely Positioned to Unlock this Opportunity
Why FiscalNote is Uniquely Positioned to Unlock this Opportunity Unmatched Depth World-class policy experts across governments, industries, and geographies, and Breadth of enabling the expansion of policy and political prediction markets that drive Policy Expertise sustained interest and engagement.
Slide 24: Financial Forecast: 2026
Financial Forecast: 2025 FY 2026 Key Considerations Informing 2026 Forecast ● Workforce transformation leveraging AI Initial FY 2026 Forecast1 Proforma FY 2025 Actual deployment, oshoring, and organizational ($ in millions) (As of 3/18/2026) (For Comparison Purposes Only) streamlining to enable 25%
Slide 25: Q4 2025 Financial Snapshot
Q4 2025 Financial Snapshot Financial Highlights Total Commentary 1 Adjusted Cash3 Revenue ARR EBITDA2 $22.2M $84.1M $2.5M $26.9M Meets Guidance Exceeds Guidance 1. “Annual Recurring Revenue” is a key performance indicators (KPI). See “Key Performance Indicators” for the definitions and important disc
Slide 26: Section III: Key Takeaways
SECTION III: Key Takeaways 26
Slide 27: Key Takeaways
Key Takeaways Drive Greater Eiciencies in Order to Achieve Positive Free Cash Flow on a Trailing Twelve Month Basis by the 1 End of Q1 2027 and Adjusted EBITDA Margins in Excess of 20% Stabilize and Strengthen the Core Subscription Business Through PolicyNote Platform Investment, Improved 2 Retenti
Slide 28: Section IV: Appendix
+ FISCALNOTE SECTION IV: Appendix
Slide 29: Most Recent Reported Financials: 4Q25
Most Recent Reported Financials: 4Q25 FINANCIAL HIGHLIGHTS KEY PERFORMANCE INDICATORS(3) (as reported) (as reported) ($ in millions) 4Q25 4Q24 ($ in millions) 4Q25 4Q24 Total Revenues $22.2 $29.5 Annual Recurring Revenue (ARR) $84.1 $107.5 Gross Profit $17.7 $24.2 Pro Forma ARR* $84.0 $92.0 Gross Mar
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. Where applicable, we provide
Slide 31: Q4 2025: Reconciliation to Non-GAAP Measures
Q4 2025: Reconciliation to Non-GAAP Measures Adjusted Gross Profit and Adjusted Gross Profit Margin Three Months Ended December 31, ($ in thousands) 2025 2024 Total revenues $ 22,203 $ 29,469 Costs of revenue, including amortization of capitalized software (4,491) (5,297) development costs and acquire
Slide 32: Q4 2025: Reconciliation to Non-GAAP Measures
Q4 2025: Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin Three Months Ended December 31, FOOTNOTES: ($ in thousands) 2025 2024 a) Reflects the loss (gain) on disposal from the sale of TimeBase on July 1, 2025, Dragonfly and Oxford Analytica recorded on March 31,
Slide 33: Reconciliation to Non-GAAP Measures: Free Cash Flow
Reconciliation to Non-GAAP Measures Free Cash Flow 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ($ in thousands) Operating Cash Flow $ (3,554) $ 2,741 $ (3,729) $ (2,962) $ (1,348) $ 3,286 $ (6,181) $ (8,269) $ (279) - Capital Expenditures (1,981) (1,692) (2,741) (2,442) (2,009) (1,982) (1,492) (2,0
Slide 34: Reconciliation to Non-GAAP Measures: Adjusted EBITDA
Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 ($ in thousands) Net income (loss) $ (50,748) $ 50,599 $ (12,764) $ (14,935) $ (13,383) $ (4,250) $ (13,271) $ (24,855) $ (22,871) Income tax (benefit) provision 42 1,4
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 on