Information TechnologySnapshot 2026-07-23
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Create your account →A long-form read on the 1–3 year hold thesis. Slower and deeper than the daily snapshot — it refreshes only when the evidence moves.
This investment represents a speculative growth opportunity. The current thesis state is cautious, as the company is loss-making and management has shown volatility in execution.
The market appears to expect continued challenges, given the company's weak recent financial performance and high risk profile. There is a notable gap between current results and the ambitious revenue and EBITDA targets set by management.
Management is focused on achieving positive adjusted EBITDA and revenue growth, but recent trends show limited progress. While cash flow from operations has improved, overall financial performance remains weak, which could impact future results.
The long-term thesis hinges on management's ability to meet its financial targets and the potential impact of external factors, such as Federal Reserve rate cuts and performance of sector leaders like NVDA and AMD. Any negative guidance from management could also significantly affect sentiment.
In the next 1 to 3 years, NOTE's outlook is uncertain, with key risks and opportunities ahead. Not investment advice.
The most important moves since the prior daily snapshot.
Our read on the company is unchanged since the prior snapshot.
as of 2026-07-23
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Why it matters: If sector revenue growth drops, it means the Information Technology sector is slowing down. This might hurt FiscalNote.
Confirms:Sector revenue growth falls below its median, indicating a slowdown.
Disproves:Sector revenue growth is still above average. This shows that the sector is strong.
Why it matters: Better cash flow is important for the company's health. It shows improved management.
Confirms:Q2 cash from operations was over $3 million.
Disproves:Cash from operations falls back below $3 million.
Why it matters: Revenue growth is key for FiscalNote. A recovery means better business results.
Confirms:Q2 revenue reported above $20 million, showing growth from Q1.
Disproves:Q2 revenue is below $20 million, which continues the decline.
Why it matters: Positive adjusted EBITDA means the company is doing well with its money goals.
Confirms:Adjusted EBITDA was $2.5 million or more for Q2 2026.
Disproves:Adjusted EBITDA was less than $2.5 million for Q2 2026.
