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FiscalNote Holdings Inc. Class A (NOTE-7.64%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing includes financial statements showing total revenues of $120.3 million for the year, a decrease from $132.6 million in the previous year. The decline in revenue is primarily attributed to the divestiture of Board.org and Aicel Technologies.
Subscription revenue accounted for approximately 92% of total revenues, with the remainder coming from advisory, advertising, and other revenue streams. Subscription revenue decreased by 7% year-over-year.
The company reported a net income of $9.5 million for 2024, compared to a net loss of $115.5 million in 2023. The improvement in net income was significantly impacted by the gain on the sale of businesses.
FiscalNote's operating expenses totaled $152.2 million, down from $230.4 million in 2023. This reduction was due to cost-saving measures and the sale of non-core businesses.
The company recorded a gain of $72.0 million from the sale of Board.org and Aicel Technologies. The proceeds were used to repay portions of the company's Senior Term Loan.
As of December 31, 2024, FiscalNote had cash, cash equivalents, restricted cash, and short-term investments totaling $35.3 million, up from $24.4 million at the end of 2023.
The company continues to focus on its core business of providing global policy and regulatory intelligence, with strategic initiatives aimed at product-led growth and sales optimization.
FiscalNote's management has implemented various cost-saving measures and is actively seeking additional sources of capital to support its operations and growth strategy.
The company faces risks related to its ability to maintain compliance with financial covenants under its Senior Term Loan and to generate sufficient cash flow to meet its obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FiscalNote Holdings Inc. Class A annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.