FiscalNote Holdings, Inc.NOTE

FiscalNote sees early adoption of its agentic API product offerings including PolicyNote MCP APIs.

“FiscalNote also continued to see early adoption in its agentic API product offerings, including new licenses for its PolicyNote MCP APIs with Siemens, a multinational industrial and technology conglomerate, and a globally recognized U.S. technology and cloud infrastructure company.”

FiscalNote CEO mentions customers licensing agentic PolicyNote MCP API solutions.

“Commenting on the quarterly results, Key Compton, CEO and President of FiscalNote, said, “We came in $0.2 million light on adjusted EBITDA, but net revenue retention improved nine points sequentially to 98%, marking an important stabilization in our core business. We also continued to improve our operating efficiency. Looking forward, we will continue to hold the line on operating discipline while also investing behind the products our customers are pulling us toward, including the agentic PolicyNote MCP API solutions that Siemens and other global enterprises licensed this quarter."”

FiscalNote deepened adoption of PolicyNote API supporting MCP for enterprise AI agents.

“Deepened adoption of the PolicyNote API and its native support for the Model Context Protocol (MCP), enabling enterprises to embed FiscalNote’s proprietary legislative and regulatory intelligence directly into their AI agents and internal workflows.”

FiscalNote cites risk of failing to launch agentic APIs and achieve expected benefits.

“FiscalNote's ability to successfully launch new product and service offerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such offerings, including new sources of revenue;”

FiscalNote cites risk that generative AI and agentic AI tools will compete with its products.

“the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products;”

FiscalNote cites risk of successfully launching new offerings including agentic APIs.

“FiscalNote's ability to successfully launch new product and service offerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such offerings, including new sources of revenue;”

FiscalNote cites risk that generative and agentic AI tools will compete with its SaaS products.

“the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products;”

FiscalNote uses in-house AI for policy data analysis and is enhancing its agentic API offerings.

“FiscalNote delivers deep expertise in legislative tracking, regulatory analysis, and stakeholder engagement through PolicyNote, our flagship platform. Built to ensure a complete, real-time view of the policy landscape, PolicyNote delivers extensive policy data integrated with AI-powered monitoring and expert analysis, fueled by the trusted reporting of CQ and Roll Call, and coupled with the grassroots mobilization power of VoterVoice. Our PolicyNote suite rapidly provides users with the clarity on the policy landscape needed to make an impact. In our core products, we ingest unstructured data on legislative and regulatory developments, and overlay that data with our sophisticated in-house AI and data science expertise to deliver structured, relevant and actionable information that facilitates and informs our customers’ key operational and strategic decisions. In addition, as the way organizations consume policy data and analysis changes, we are leveraging our policy domain expertise to expand into political prediction markets and enhancing our agentic API offerings to enable organizations to incorporate our policy intelligence directly into their internally-developed systems.”

FiscalNote is focused on enhancing and productizing policy data agentic APIs as a growth lever.

“We are focused on several key growth levers, including cross-selling and upselling opportunities at existing clients, expanding our client base with a focus on enterprise and government customers, expansion into adjacent markets, such as the political prediction markets, and enhancing and productizing policy data agentic APIs. Several of these growth drivers require investment in and refinement of our go-to-market approach and, as a result, we may continue to incur additional costs upfront to obtain new customers and expand our relationships with existing customers, including additional sales and marketing expenses specific to subscription revenue.”

FiscalNote risks launching new offerings including agentic APIs.

“FiscalNote's ability to successfully launch new product and service offerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such offerings, including new sources of revenue;”

Risk that generative and agentic AI platforms will compete with and reduce demand for custom SaaS tools.

“the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products;”

PolicyNote platform uses in-house AI for policy data; expanding into agentic API offerings.

“FiscalNote delivers deep expertise in legislative tracking, regulatory analysis, and stakeholder engagement through PolicyNote, our flagship platform. Built to ensure a complete, real-time view of the policy landscape, PolicyNote delivers extensive policy data integrated with AI-powered monitoring and expert analysis, fueled by the trusted reporting of CQ and Roll Call, and coupled with the grassroots mobilization power of VoterVoice. Our PolicyNote suite rapidly provides users with the clarity on the policy landscape needed to make an impact. In our core products, we ingest unstructured data on legislative and regulatory developments, and overlay that data with our sophisticated in-house AI and data science expertise to deliver structured, relevant and actionable information that facilitates and informs our customers’ key operational and strategic decisions. In addition, as the way organizations consume policy data and analysis changes, we are leveraging our policy domain expertise to expand into political prediction markets and enhancing our agentic API offerings to enable organizations to incorporate our policy intelligence directly into their internally-developed systems.”

Growth strategy includes enhancing and productizing policy data agentic APIs.

“We are focused on several key growth levers, including cross-selling and upselling opportunities at existing clients, expanding our client base with a focus on enterprise and government customers, expansion into adjacent markets, such as the political prediction markets, and enhancing and productizing policy data agentic APIs. Several of these growth drivers require investment in and refinement of our go-to-market approach and, as a result, we may continue to incur additional costs upfront to obtain new customers and expand our relationships with existing customers, including additional sales and marketing expenses specific to subscription revenue.”

FiscalNote sees growth opportunities in agentic AI-driven data consumption.

“New Product Initiatives Take Advantage of Large Growth Opportunities in Agentic AI-Driven Data Consumption and Political Prediction Markets”

FiscalNote reports strong demand and early traction for its agentic API offerings.

“The Company reported Q1 2026 revenues of $20.0 million and Adjusted EBITDA (1) of $1.0 million, both meeting guidance. Customer engagement and retention metrics for PolicyNote continue to exceed the Company’s legacy platforms, reflecting PolicyNote’s growing value to its user base. Additionally, the Company has experienced strong demand for, and encouraging early traction in, its agentic API product offerings, including initial enterprise customer wins and a growing global pipeline.”

CEO highlights early enterprise wins in agentic API and entry into political prediction markets.

“Commenting on the quarterly results, Josh Resnik, CEO and President of FiscalNote, said, “Our operational transformation is expected to deliver positive free cash flow on an ongoing basis, PolicyNote is gaining strong traction with our customer base, and we are executing on compelling new growth initiatives. The early enterprise wins in our agentic API and our entry into political prediction markets reinforce what makes FiscalNote distinctive: unmatched depth and authority in policy intelligence that keeps proving its value across our core platform, across new markets, and across the agentic AI ecosystem that is reshaping how the world consumes data."”

FiscalNote launched expanded PolicyNote API with MCP support for embedding in AI agents and workflows.

“Launched in March the expanded PolicyNote API with native support for the Model Context Protocol (MCP), enabling organizations to embed FiscalNote's authoritative legislative, regulatory, and stakeholder intelligence — spanning Congress, all 50 states, and more than 100 countries — directly into internal systems, AI agents, and enterprise workflows.”

Risk that FiscalNote may fail to successfully launch agentic APIs or achieve expected benefits.

“FiscalNote's ability to successfully launch new product and service offerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such offerings, including new sources of revenue;”

Risk that generative AI platforms and agentic AI tools will compete with and reduce demand for FiscalNote products.

“the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products;”

FiscalNote enhances PolicyNote API so AI agents from Anthropic OpenAI Google and Microsoft can use its data.

“In addition, FiscalNote is positioned for meaningful long-term growth through two major initiatives that build directly on its core strengths. First, it is enhancing its PolicyNote API, including an MCP server to allow AI agents — including those developed by Anthropic, OpenAI, Google Gemini, and Microsoft — to leverage FiscalNote’s unique set of data to power new applications. This expands FiscalNote’s policy intelligence to serve as infrastructure for AI-driven consumption, including through the Company’s integration with OpenAI announced earlier today which enables developers, policy analysts, and enterprise teams from around the world to access FiscalNote’s structured policy and regulatory data directly within ChatGPT. Second, the Company is entering the fast-growing market for political predictions through a broad portfolio of products that leverage its domain expertise and data, including prediction markets themselves as well as engagement formats such as tip sheets and fantasy-style experiences. This approach expands the potential ways that FiscalNote can monetize its insights across multiple touchpoints in this rapidly emerging ecosystem.”

FiscalNote cites risk of failing to successfully launch new offerings including agentic APIs.

“FiscalNote's ability to successfully launch new product and service offerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such offerings, including new sources of revenue;”

FiscalNote identifies risk that generative and agentic AI tools will compete with and reduce demand for its SaaS products.

“the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products;”

FiscalNote is enhancing and productizing agentic APIs with self-service access and MCP support.

“In addition, we recognize that the way organizations consume policy data and analysis is evolving, particularly due to rapid developments in the capabilities of general purpose AI tools, as well as new methods for the generation of insights such as prediction markets. Accordingly, in addition to continuing to advance our core PolicyNote platform, we will leverage our proprietary data sets and deep policy domain expertise to launch products and services across multiple layers of the prediction markets ecosystem. We are also rapidly enhancing and productizing agentic APIs, with self-service access and native support for the Model Context Protocol (MCP), to enable organizations to incorporate our policy intelligence directly into their own systems.”

FiscalNote is enabling customers to derive insights from policy data via agentic APIs.

“In recent years, advancements in artificial intelligence and other technologies have created opportunities to transform how professionals work, including in our core of legal, government affairs and public sector markets. Increasingly, organizations are consciously adopting technological solutions such as AI, software products and workflow tools not only to monitor and track legal and regulatory changes, but also to generate meaningful insights and predictions about the impact of those changes, and to organize effective responses. As organizations increasingly make this transition, we believe we are well positioned to capture the expanding market opportunity while also understanding its risks. We will continue to invest in enhancing the content and building out features in our core PolicyNote platform and related suite of products and services. In addition, we are expanding beyond the software platform by, among other matters, enabling our customers to derive timely, clear insights from our trusted and proprietary policy data via agentic APIs, as well as leveraging our policy domain expertise to launch products and services in the political and policy prediction markets ecosystem.”

FiscalNote states organizations use its PolicyNote products and agentic API offerings to monitor policy and generate insights.

“We believe that legal and policy matters continue to grow in importance, while the pace of change is accelerating. The growing volume of data makes it challenging for organizations to not only quickly identify relevant policy and regulatory information that will impact their organizations, but also efficiently track, collaborate, assess, and report on the critical risks and opportunities. On one hand, we believe that existing solutions have failed to modernize to address the related needs of organizations of all sizes and sectors. We believe that current information and software providers are unable to support complex processes across multiple jurisdictions such as advocacy, constituent action, legislation, regulations, statutes, case law, and compliance. Legacy solutions also do little to structure the variable data and disparate information on legal and policy matters, making it difficult to search, identify patterns or derive insights from the abundance of information. In addition, they lack the technology and functionality required to navigate the complexity and nuances of cross-border laws and regulations. On the other hand, organizations leveraging general purpose AI platforms to develop custom internal tools and workflows lack sources of trusted policy data and analysis necessary to generate timely and accurate insights. Many organizations leverage our PolicyNote suite of products to monitor and impact policy, while our agentic API offerings enable us to support organi”

FiscalNote reduced headcount from 800 to 540 and launched PolicyNote with enhanced AI features in January 2025.

“From 2017 to 2023, we completed 16 acquisitions to increase our scale, expand our product offerings, enter new jurisdictions and seek to tap into adjacent markets. In 2023, we refocused strategically on organizational streamlining – including the integration of prior acquisitions, simplification of the organization, sunsetting of legacy or non-core products and divestitures of non-core businesses – in order to enhance the company’s profitability and financial strength. In 2024 and 2025 we divested certain non-core businesses and will continue to consider opportunities to divest additional businesses. Through these activities, we also intentionally reduced our employee headcount and cost base from approximately 800 as of December 31, 2022 to 540 as of December 31, 2025. In Q1 2026, we announced additional actions to further reduce headcount, streamline operations and drive cash generation in the core business. Consistent with these efforts, we also redoubled efforts to consolidate, replatform and upgrade the core Policy product offering – culminating in the launch of PolicyNote in January 2025 – which we expect to improve the customer experience, deliver greater functionality through the incorporation of enhanced AI features, and drive improvement in customer engagement and retention measures. In addition, we believe our PolicyNote product and related data will provide opportunities for us to capitalize on third-party usage of such data, such as our previously announced expans”

New initiatives target growth in agentic AI-driven data consumption and prediction markets.

“New Product Initiatives Take Advantage of Large Growth Opportunities in Agentic AI-Driven Data Consumption and Political Prediction Markets”

FiscalNote launched PolicyNote API with MCP support for embedding data into AI agents and workflows.

“Launched in March the expanded PolicyNote API with native support for the Model Context Protocol (MCP), enabling organizations to embed FiscalNote's authoritative legislative, regulatory, and stakeholder intelligence — spanning Congress, all 50 states, and more than 100 countries — directly into internal systems, AI agents, and enterprise workflows; initial enterprise customers include Lumen Technologies and ICE Data Services, Inc. (a subsidiary of Intercontinental Exchange, owner of numerous futures markets and stock exchanges, including the New York Stock Exchange), reflecting growing demand for trusted, programmatically accessible policy data in AI-driven production environments.”

Risk that new agentic AI product launches may not achieve expected revenue benefits.

“FiscalNote's ability to successfully launch new product and service offerings (e.g. relating to political and policy prediction markets or agentic APIs) or to achieve the expected benefits of such offerings, including new sources of revenue;”

Risk that generative and agentic AI platforms will compete with and reduce demand for SaaS products.

“the risk that general purpose generative AI platforms and agentic AI tools will directly compete with and reduce demand for custom-built SaaS tools and subscription products;”

FiscalNote is extending its data delivery via APIs to support consumption by AI agents and AI-driven workflows.

“At the same time, we’re also expanding how our insights are consumed beyond any single platform. We already deliver data and analysis to live customer workflows through APIs across multiple formats and integrations, and we’re extending those capabilities to support consumption by AI agents and additional experiences. As AI-driven workflows proliferate, the limiting factor is no longer generating answers; it’s ensuring that those answers are grounded in authoritative, well-governed data and expertise. That’s what will allow AI systems to be used responsibly in environments where decisions have real consequences. This positions us as the essential source of truth for organizations that rely on our proprietary mix of data and analysis to support mission-critical decisions, including those increasingly informed or executed through automated and AI-driven systems.”

FiscalNote discusses future increased capabilities in generative and agentic AI.

“2025 and Beyond: AI as an Accelerant Why LLMs Can’t Replace FiscalNote Trust & Accuracy ● Already a leading provider of AI-powered, sector- ● Comprehensive data sets are difficult to obtain specific information and analytics ● Subject matter expertise that enhances and improves ● Invested the last 11 years to create a deep reservoir of FiscalNote’s prompt engineering technical expertise, proprietary data, and purpose-built ● Purpose-built AI tools ensure accuracy AI tools ● Going beyond information discovery to include ● AI tools that run against proprietary data sets, ensuring workflow, reporting, and stakeholder management results are verified, up-to-date, and accurate New AI Capabilities as Accelerants ● Leveraging LLMs on the backend — as they improve, our results improve ● AI-powered search, alerting, and setup make delivery of information and insights more powerful and efficient ● Increased capabilities in generative and agentic AI will power greater automation of workflows — which in turn drive more opportunities for growth and market expansion © 2025 FiscalNote 21”

FiscalNote identifies rapidly shifting technology landscape with emphasis on generative and agentic AI as a risk factor.

“Rapidly Shifting Technology Landscape with an Increasing Emphasis on the Role of Generative and Agentic AI, Machine Learning, and Natural Language Processing”

FiscalNote discusses how AI technologies including agentic AI are changing industries and could provide competitive advantages.

“The evolution of Artificial Intelligence technologies such as Generative AI, Agentic AI, Machine Learning (ML), and Natural Language Processing (NLP) is rapidly changing the way industries approach data and analytics. Today's technologies enable far more sophisticated analysis, prediction, and automation. These trends are driving significant changes in how business is conducted and how data is evaluated by multinational corporations, non-profits, and governments. Such technological shifts are particularly impactful in markets being serviced by FiscalNote, including legal and policy analysis focused on the political, regulatory and macroeconomic environment. Appropriately navigating the technological shifts within the larger AI landscape is crucial for understanding and processing large volumes of text-based data such as legal documents, policy papers, and regulatory rulings. Deploying these technologies has the potential to automate repetitive tasks, reduce errors, and provide more actionable insights, decision-making, and strategic planning. Businesses that embrace these shifting technologies through platforms such as FiscalNote can gain a competitive advantage and enhance their efficiency, innovation, and customer experience.”

FiscalNote uses patented AI core technologies on cloud infrastructure leveraging third-party LLMs for generative and agentic AI features.

“Our information technology systems are fundamental to our success. We guide users across a complex information ecosystem, presenting acquired and generated content, with machine-derived metadata, in tailored client workflows. Our technology stack includes technologies for the storage, processing, access and delivery of the data that forms the foundation of our business. We generally own or have secured ongoing rights to use all the applications material to our operations. Our patented AI-enabled core technologies are built and operated on top of modern cloud infrastructure, providing a reliable and distributed computing infrastructure platform for business operations, and leverage cutting edge third-party LLMs to incorporate generative and agentic AI features and capabilities.”