FiscalNote Holdings, Inc.

https://fiscalnote.com

FiscalNote is a software, data, and media company that provides AI-driven enterprise SaaS solutions for policy and global intelligence. Founded in 2013 by Timothy Hwang, Gerald Yao, and Jonathan Chen, the company's mission is to help organizations manage government risk and opportunity by delivering comprehensive, actionable policy and regulatory intelligence worldwide. Headquartered in Washington, D.C., at 1201 Pennsylvania Avenue Northwest, FiscalNote aims to be a primary source of truth for policy professionals, equipping them with the clarity and tools needed to shape policy outcomes.

The company offers a suite of products and services, including its core FiscalNote Government Relationship Management (GRM) service, which leverages AI to analyze legislation and regulatory developments. Key offerings include the AI-focused PolicyNote platform, CQ Federal, EU Issue Tracker, Curate, and specialized geopolitical and market intelligence through brands like FrontierView, Oxford Analytica, and Dragonfly Eye. FiscalNote serves a diverse global clientele, including policy, legal, and compliance teams within multinational corporations, government agencies, trade associations, and non-profits, with over half of the Fortune 100 among its customers.

In terms of recent developments, Josh Resnik assumed the role of CEO and President on January 1, 2025, succeeding co-founder Timothy Hwang, who transitioned to Executive Chairman. FiscalNote was delisted from the NYSE on March 25, 2026, due to not meeting listing standards and began trading on the OTCID market under the ticker NOTE on April 6, 2026, while exploring uplisting options. The company announced a 25% workforce reduction in March 2026 and expects positive free cash flow for the subsequent twelve months. FiscalNote has also expanded its AI capabilities, launching PolicyNote MCP in the OpenAI App Store and enhancing its PolicyNote API with district matching capabilities in early 2026. The company is strategically focusing on its core policy and global intelligence services, having divested non-core assets in late 2024 and early 2025.

Latest updates

FiscalNote Integrates VoterVoice Data into API, Expanding Advocacy Toolset

Event summary

  • FiscalNote has integrated VoterVoice's address-to-district matching capability into its PolicyNote API.
  • The API now allows developers to resolve any U.S. address to its corresponding legislative districts (federal, state, and local).
  • VoterVoice has matched millions of addresses annually for the past 25 years.
  • The integration is immediately available and requires no existing VoterVoice account or active campaign.

The big picture

FiscalNote's integration of VoterVoice data into the PolicyNote API represents a strategic move to deepen its value proposition for advocacy organizations and developers. By bringing this critical data infrastructure in-house, FiscalNote reduces reliance on external vendors and strengthens its competitive position in the growing market for AI-driven policy intelligence. This move aligns with the broader trend of organizations seeking more granular, real-time data to optimize their engagement with policymakers and constituents.

What we're watching

Adoption Rate
The success of this integration hinges on developer adoption; widespread use will validate FiscalNote's strategy of platform expansion and increase API stickiness.
Competitive Response
Competitors relying on third-party district data may face pressure to either build in-house solutions or risk losing customers to FiscalNote's differentiated offering.
Advocacy Spend
Increased programmatic access to district data could accelerate the shift towards more targeted and data-driven grassroots advocacy campaigns, potentially increasing demand for FiscalNote's Advocate Acquisition Program.

FiscalNote Departs Nasdaq, Trades OTC as Uplisting Remains Uncertain

Event summary

  • FiscalNote (OTC: NOTE) has begun trading on the OTCID market, effectively leaving the Nasdaq.
  • The move is part of a broader strategy to explore uplisting to a higher-tier exchange or market.
  • The company reports ten consecutive quarters of Adjusted EBITDA profitability and forecasts positive Free Cash Flow within 12 months.
  • FiscalNote is expanding its PolicyNote API capabilities, including integration with OpenAI's ChatGPT.
  • The transition to OTCID does not affect ongoing operations or customer commitments.

The big picture

FiscalNote's move to the OTCID market signals challenges in maintaining Nasdaq listing requirements, potentially reflecting concerns about valuation or investor sentiment. The company's focus on AI-driven policy intelligence addresses a growing need for organizations navigating complex regulatory environments, but the transition highlights the risks associated with scaling a specialized data and analytics business. The OpenAI integration is a strategic bet on the future of policy analysis, positioning FiscalNote as a key infrastructure provider for AI applications.

What we're watching

Uplisting Prospects
The timeline and likelihood of FiscalNote successfully uplisting to a major exchange remain uncertain, and the OTCID listing suggests a potentially protracted process.
API Adoption
The success of FiscalNote’s API strategy, particularly its integration with generative AI platforms, will be crucial for driving new revenue streams and expanding market reach.
Profitability Sustain
Whether FiscalNote can sustain its Adjusted EBITDA profitability and achieve positive Free Cash Flow will depend on continued growth in demand for AI-driven policy intelligence and effective cost management.

FiscalNote Faces NYSE Delisting, Pursues Appeal Amid Restructuring

Event summary

  • FiscalNote received a notice of delisting from the NYSE due to failing to maintain a $1.00 average closing share price over 30 trading days.
  • Trading on the NYSE has been suspended, and trading will commence on the OTC markets on March 26, 2026, under the same ticker symbol (NOTE).
  • The company is undertaking a workforce reduction of 25% and cutting cash operating costs by approximately 19%.
  • FiscalNote has completed the migration of customers off its legacy platform and is now focused on PolicyNote, which is showing improved user engagement and retention.
  • The company is exploring strategic options, including potential divestitures of non-core assets, with no set timetable for completion.

The big picture

FiscalNote's delisting highlights the challenges faced by high-growth, AI-focused companies navigating volatile public markets. The company's strategic pivot towards cost optimization and AI-driven data monetization reflects a broader trend of businesses seeking to leverage AI for competitive advantage while managing financial pressures. The move to OTC markets significantly reduces liquidity and visibility, potentially impacting future fundraising opportunities and valuation.

What we're watching

Governance Dynamics
The success of FiscalNote’s appeal to the NYSE Listing Qualifications Panel will be a key indicator of investor confidence and the company’s ability to regain compliance.
Execution Risk
The company's ability to achieve positive free cash flow by April 2026, as projected, will be critical to demonstrating the effectiveness of its restructuring efforts.
Regulatory Headwinds
The adoption rate and monetization potential of the PolicyNote API, particularly its integration with AI platforms, will determine if this initiative can offset the challenges of the delisting and broader market conditions.

FiscalNote Embeds Policy Intelligence in ChatGPT, Targets New Revenue Streams

Event summary

  • FiscalNote has integrated its PolicyNote MCP into the OpenAI App Store, allowing ChatGPT users direct access to its policy intelligence data.
  • The PolicyNote MCP provides programmatic access to legislative and regulatory data spanning Congress, all 50 states, and over 100 countries.
  • OpenAI reported 700 million weekly active users as of January 2026, representing a significant potential user base for FiscalNote’s services.
  • FiscalNote intends to leverage this integration to expand its addressable market beyond traditional enterprise clients and drive consumption-based revenue growth.

The big picture

FiscalNote is strategically positioning itself as an infrastructure provider for AI-driven policy analysis, recognizing the shift towards AI agents as primary decision-making interfaces. This move represents a departure from a traditional software sales model, aiming to tap into a much larger market of users who may not have previously purchased standalone enterprise platforms. The partnership with OpenAI and integration into ChatGPT provides FiscalNote with unprecedented reach and scalability, but also introduces new dependencies and competitive pressures.

What we're watching

Adoption Rate
The success of this strategy hinges on the actual adoption rate of PolicyNote MCP within ChatGPT’s user base, and whether this translates into paying customers.
Pricing Model
FiscalNote’s ability to maintain control over pricing and access terms while embedded within ChatGPT will be crucial for profitability and preventing commoditization of its data.
Competitive Response
Other policy intelligence providers may attempt similar integrations, potentially intensifying competition and requiring FiscalNote to continually innovate its offerings.

FiscalNote Bets on Prediction Markets with Good Wolf Studios Partnership

Event summary

  • FiscalNote has partnered with Good Wolf Studios to develop and monetize political prediction market content.
  • The partnership aims to create tip sheets, fantasy league formats, and other predictive engagement tools.
  • FiscalNote is also engaging a third-party technology provider to support the backend infrastructure for transactions.
  • The initiative represents a move beyond traditional subscription models to incorporate revenue from premium content, sponsorships, and user transactions.

The big picture

FiscalNote is attempting to capitalize on the growing popularity of prediction markets, a sector experiencing rapid expansion as consumers and institutions seek probabilistic forecasting tools. This partnership represents a significant shift away from the company’s traditional subscription-based model, aiming to unlock new revenue streams through transactional engagement. The move signals a broader trend among policy intelligence providers to diversify their offerings and engage directly with end-users in novel ways.

What we're watching

Monetization
The success of this venture hinges on FiscalNote’s ability to effectively monetize predictive content and user engagement, which is unproven at scale.
Execution Risk
The reliance on third-party partners for technology and content creation introduces execution risk and potential dependencies that could impact speed to market and profitability.
Market Adoption
The pace at which users and institutions adopt FiscalNote’s new prediction market offerings will determine the overall impact on the company’s revenue streams.

FiscalNote Expands Asia Reach via Korean Law Firm Partnership

Event summary

  • FiscalNote has entered into a Memorandum of Understanding (MOU) with D&A Advisory LLC, the advisory arm of Korean law firm D&A LLC.
  • The MOU aims to expand FiscalNote's access to U.S. policy intelligence across Asian markets, particularly in Korea.
  • D&A’s Policy Navigator Reports will cite FiscalNote and CQ Roll Call as sources for U.S. policy data.
  • Hyosung, a South Korean industrial conglomerate with $11 billion in annual sales, and the Embassy of the Republic of Korea in the United States are existing clients of D&A.

The big picture

FiscalNote’s partnership with D&A reflects a growing demand for specialized U.S. policy intelligence among Asian businesses and governments navigating increasingly complex trade and regulatory landscapes. This move signals a strategic shift towards international expansion, leveraging a local partner’s established network and credibility to overcome market entry barriers. The MOU provides FiscalNote with a foothold in a high-growth market, but its success depends on the effective integration of the two firms’ offerings and the ability to tailor intelligence to regional nuances.

What we're watching

Market Adoption
The success of this partnership hinges on D&A’s ability to effectively integrate FiscalNote’s intelligence into its existing client offerings and drive adoption across the Korean and broader Asian markets.
Competitive Landscape
Other policy intelligence providers may attempt to replicate this model, potentially intensifying competition for market share in the Asian region.
Regulatory Alignment
How FiscalNote adapts its U.S.-centric policy intelligence to meet the specific needs and regulatory frameworks of various Asian countries will be critical for long-term success.

FiscalNote Restructures, Shifts Focus to AI-Driven Policy Intelligence

Event summary

  • FiscalNote reported Q4 2025 revenue of $22.2 million, in line with guidance, and exceeded Adjusted EBITDA guidance.
  • The company is implementing a significant organizational transformation, including a workforce reduction of approximately 25%.
  • FiscalNote is expanding into political prediction markets and introducing Model Context Protocol (MCP) support for its PolicyNote API.
  • ARR declined by 9% on a pro forma basis, driven by execution challenges and macroeconomic headwinds.

The big picture

FiscalNote's strategic pivot towards AI-driven policy intelligence and political prediction markets signals a recognition of shifting market dynamics and a need to diversify beyond traditional regulatory tracking. The significant workforce reduction and divestitures suggest a move towards a leaner, more focused business model, but also introduces execution risk. The company's foray into prediction markets, while potentially lucrative, is a high-risk venture requiring significant credibility and data expertise.

What we're watching

Execution Risk
The success of the restructuring plan and workforce reduction hinges on FiscalNote’s ability to maintain operational efficiency and customer retention amidst significant organizational change.
Market Adoption
The adoption rate of the PolicyNote API and MCP support will be critical to expanding FiscalNote’s total addressable market and diversifying revenue streams beyond traditional subscriptions.
Regulatory Landscape
The evolving regulatory environment surrounding AI and data privacy could significantly impact FiscalNote’s ability to leverage its data and intelligence offerings.

FiscalNote Embeds Policy Intelligence in AI Agent Infrastructure with API Expansion

Event summary

  • FiscalNote expanded its PolicyNote API to enable direct integration of policy intelligence into AI agents and enterprise systems.
  • The API now supports the Machine-Configurable Platform (MCP) standard, facilitating integration with AI platforms like Anthropic, OpenAI, Google, and Microsoft.
  • Existing customers include Lumen Technologies and ICE Data Services.
  • FiscalNote is implementing a self-serve access model for the API, lowering the barrier to entry for new users.
  • The PolicyNote API provides programmatic access to legislative, regulatory, and stakeholder data spanning multiple countries.

The big picture

FiscalNote is strategically positioning itself as a foundational intelligence layer for the burgeoning agentic AI market. As enterprises increasingly rely on AI for critical decision-making, the need for reliable, authoritative data sources will intensify, creating a significant opportunity for FiscalNote to expand its recurring revenue base. The move to MCP support represents a shift from a primarily research-focused tool to a core infrastructure component for AI-driven workflows.

What we're watching

Adoption Rate
The speed at which AI developers and enterprises adopt the self-serve PolicyNote API will determine the success of this expansion and its impact on FiscalNote’s revenue growth.
Competitive Landscape
How other policy intelligence providers respond to FiscalNote’s MCP-native approach will shape the competitive dynamics within the AI data infrastructure space.
Agent Dependency
The degree to which AI agents become reliant on FiscalNote’s data for compliance and regulatory functions will dictate the stickiness of the API and its long-term value.

FiscalNote Enters Political Prediction Markets with AI and Advisor Hire

Event summary

  • FiscalNote is expanding into political prediction markets, launching a preview experience at PoliticalPredictions.com.
  • The company has appointed Dr. Laila Mintas, previously with Sportradar, FIFA, and CONCACAF, as a Strategic Advisor.
  • FiscalNote has entered into a non-binding MOU to form a strategic partnership with 365Prediction, founded by Dr. Mintas.
  • The political prediction market is experiencing rapid growth, with monthly trading volumes in the billions of dollars.

The big picture

FiscalNote’s move into political prediction markets represents a strategic bet on the growing demand for outcome-based insights and the increasing acceptance of market-based forecasting. This expansion leverages the company’s existing AI capabilities and policy data assets, but also introduces new regulatory and competitive challenges within a rapidly evolving landscape. The partnership with 365Prediction suggests a focus on technological innovation and a desire to quickly establish a foothold in this emerging market.

What we're watching

Regulatory Scrutiny
The nascent political prediction market will likely face increasing regulatory scrutiny as trading volumes and participation grow, potentially impacting FiscalNote’s business model and expansion plans.
Partnership Integration
The success of the partnership with 365Prediction hinges on the effective integration of FiscalNote’s policy expertise and data with 365Prediction’s technology, which carries execution risk.
Market Adoption
The pace at which political prediction markets gain mainstream adoption beyond sports and event-driven forecasting will determine the ultimate size and profitability of FiscalNote’s venture.

FiscalNote Completes Platform Migration, Drives User Engagement with AI

Event summary

  • FiscalNote has completed the migration of customers from its legacy platform to PolicyNote.
  • The migration resulted in a 252% increase in weekly PolicyNote usage among customers.
  • AI-powered features like Impact Summaries saw a 34% adoption rate in search sessions.
  • Usage of Bill Comparison and Similar Bills features nearly doubled since launch.
  • Clarence Mingo, VP of Corporate Affairs & Government Relations at The Marzetti Company, highlighted PolicyNote’s value in proactive issue management.

The big picture

FiscalNote's consolidation of its platform under PolicyNote represents a strategic bet on AI-driven policy intelligence, a market increasingly vital for organizations navigating complex regulatory landscapes. This move aims to streamline operations and enhance customer value, but also concentrates risk around the PolicyNote platform's performance and adoption. The success of this transition will be a key indicator of FiscalNote's ability to execute its product-led growth strategy and maintain its competitive position in a rapidly evolving market.

What we're watching

Churn Risk
While the press release touts minimal churn, continued monitoring of customer retention will be crucial to validate the long-term success of the migration and assess the impact on recurring revenue.
AI Dependency
FiscalNote's reliance on AI for core functionality introduces a dependency that could be vulnerable to algorithmic bias, model drift, or competitive advancements in AI technology.
Growth Sustainability
The significant increase in weekly usage needs to be sustained; a slowdown could indicate that the initial boost was a migration-related novelty effect rather than a fundamental shift in customer behavior.

FiscalNote Automates Complex Data Processing with Epstein Archive Play

Event summary

  • FiscalNote launched 'Epstein Unboxed,' an AI-enhanced database consolidating thousands of documents related to the Epstein investigations.
  • The database utilizes AI to process, index, and search documents, including newly released materials, with updates appearing within 4-8 hours.
  • FiscalNote’s technology includes OCR processing, text extraction, AI-driven summarization, and link following.
  • The platform aims to serve investigative journalists, policymakers, researchers, and the public by centralizing fragmented records.

The big picture

FiscalNote is leveraging its AI and data engineering capabilities to address a growing need for efficient access and analysis of complex, unstructured government data. This move positions the company to capitalize on increasing demand for transparency and accountability, particularly as regulatory bodies and government agencies release larger volumes of information. The Epstein Unboxed project demonstrates a scalable model for transforming raw data into actionable intelligence, potentially opening new revenue streams beyond its core policy and regulatory intelligence offerings.

What we're watching

Data Dependency
The success of Epstein Unboxed hinges on the continued release of documents by the Department of Justice; a slowdown or cessation of releases would significantly diminish the product's value proposition.
Competitive Response
Other data intelligence providers may attempt to replicate FiscalNote's approach, potentially eroding its market advantage in processing and structuring complex government data.
Expansion Scope
FiscalNote's commitment to expanding its library of structured datasets will reveal the extent to which this model can be applied to other areas of civic information beyond the Epstein case.
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