Filing Flows › FiscalNote Holdings (NOTE) › Q2 2025
FiscalNote Holdings (NOTE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 15, 2025
FiscalNote Holdings (NOTE) reported revenue of $23.3M for the second quarter 2025 (Q2 2025), -20% from a year earlier and -15% from the quarter before. Operating margin was -31.9%, net loss $13.3M (57.0% of revenue).
FiscalNote Holdings, Q2 2025: revenue $23.3M (-20% year over year), operating margin -31.9%, net loss $13.3M, operating cash flow −$6.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.3M | -15% | -20% |
| Operating profit | −$7.4M | — | — |
| Net earnings | −$13.3M | — | — |
| Operating cash flow | −$6.2M | -288% | — |
What changed
Revenue was $23.3M in Q2 2025, down 20% year over year and down 15% from the previous quarter. Subscription was the largest line at 92% of revenue. Subscription lost $5.8M year over year (down 21%), 96% of the total change.
Operating costs exceeded revenue by $7.4M, an operating margin of -31.9%. Total costs fell 18% while revenue fell 20%. The quarter ended with a net loss of $13.3M, wider than the previous quarter's $4.2M loss. Net interest and other expense of $6.6M was the main reason.
Operating cash flow was −$6.2M. Non-cash charges added back $2.2M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $945K. Capital expenditures of $1.5M exceeded it, leaving free cash flow of −$7.7M.
Questions
What was FiscalNote Holdings' revenue in the second quarter 2025?
FiscalNote Holdings (NOTE) reported revenue of $23.3M for the second quarter 2025 (Q2 2025), -20% from a year earlier and -15% from the quarter before.
Was FiscalNote Holdings profitable in the second quarter 2025?
Operating loss was $7.4M (-31.9% of revenue) and net loss $13.3M.