FiscalNote Holdings Sees Promising New Chapter as Adjusted EBITDA Hits Key Milestone
FiscalNote Holdings, Inc. has made significant strides in strengthening its foundation and aligning its strategy with evolving customer needs and market opportunities. According to the company's fourth quarter and full year 2025 financial results conference call transcript, FiscalNote is now guiding to approximately $1 million of adjusted EBITDA in the first quarter and a range of $14 million-$16 million for the full year.
This represents a meaningful step change in profitability and approximately doubles the company's adjusted EBITDA margin profile compared to the same period in 2025. After implementing cost actions announced today, excluding one-time costs associated with restructuring, FiscalNote expects to generate positive free cash flow for the 12 months ending March 31, 2027.
The efforts made by FiscalNote have provided the company with a much stronger foundation, and it is now taking a new leap forward towards positive free cash flow. Josh Resnik, Chief Executive Officer and President, stated that FiscalNote has implemented changes to strengthen its foundation and align its strategy with evolving customer needs and market opportunities. He emphasized that the FiscalNote seen today is more profitable, more agile, and better positioned for the future.
In an effort to further reduce costs, FiscalNote announced a plan to cut its cash operating expenses by over 19%. The company will implement a workforce transformation plan, reducing headcount by approximately 25% year-over-year. This step follows on from previous efforts that have eliminated more than $35 million in annual cash operating expenses over the past three years.
FiscalNote has also been investing in technology to improve operational efficiency and reduce costs. With advancements in generative and agentic AI, the company is poised to take advantage of new opportunities and solidify its position as a leader in the market.
