FiscalNote Posts $0.18 Loss Per Share, Beating $0.94 Estimate

FiscalNote reported a loss of $0.18 per share for the quarter on Monday, beating the analyst consensus estimate of a $0.94 loss by $0.76. The number landed far better than Wall Street expected. The rest of the picture proved rougher.

Revenue came in at $18.66 million for the quarter, falling short of the $19.00 million consensus estimate. The company also posted a negative net margin of 68.39% and a negative return on equity of 80.70%. In plain words: FiscalNote lost more than two-thirds of every revenue dollar it booked, and shareholder capital shrank rather than grew.

What does the earnings mix tell CFOs?

The gap between the two headline figures deserves attention. A large EPS beat paired with a revenue miss usually points to cost discipline rather than demand strength. Here the cost line did the heavy lifting.

The profitability metrics frame the challenge starkly:

• Negative net margin: 68.39%
• Negative return on equity: 80.70%
• Revenue: $18.66 million against a $19.00 million estimate

A 68.39% negative net margin means losses ran wide of revenue itself, not merely beneath it. For a company that went public during the 2021-2022 SPAC window, that arithmetic keeps refinancing and restructuring questions alive.

How is the stock trading?

Shares of NYSE:NOTE traded flat at effectively $0.00 on Tuesday, with no measurable price movement during the session. Volume told a different story. Investors exchanged 1,217,963 shares, nearly double the stock's average volume of 618,162.

The technical profile reads like a company in its endgame as a listed entity:

• Market cap: $134,059.20
• Price-to-earnings ratio: -0.00
• Beta: 0.88
• 50-day simple moving average: $0.03
• 200-day simple moving average: $0.33
• 52-week range: $0.00 to $3.05

The distance between the two moving averages is the telling figure. A stock averaging $0.33 over 200 days that now prints at zero has shed essentially all of its value over roughly half a year. The 52-week high of $3.05 belongs to another era of the company's story.

What does the balance sheet show?

The leverage picture adds pressure. FiscalNote carries a debt-to-equity ratio of 2.03, meaning debt runs at roughly twice the book value of its equity. Liquidity remains technically adequate but thin:

• Current ratio: 1.03
• Quick ratio: 1.01

A quick ratio of 1.01 leaves almost no cushion. Current assets cover current liabilities, and little more. Any stumble in collections or a demand dip would push the measure below one. Takeaway: the balance sheet offers no buffer against another quarter like this one.

What does FiscalNote actually do?

FiscalNote Holdings provides technology and information services that help organizations monitor, understand and respond to government policy, legislation and regulation. Its platform combines data, artificial intelligence and workflow tools to deliver insights into developments that may affect businesses, government agencies and other institutions.

The product set spans legislative and regulatory tracking, policy intelligence, issue monitoring, stakeholder and advocacy management, risk analysis, and tools for managing public-affairs workflows. The demand thesis — regulatory complexity keeps rising — remains intact. The financial results, so far, have not caught up with it.

A beaten EPS estimate is not the same as a healed business. FiscalNote still spends far more than it earns, trades near zero, and carries twice its equity in debt.