FiscalNote Holdings, Inc. Q2 2025 10-Q Filing

TL;DR

FiscalNote's Q2 10-Q is in: Convertible notes and financial instruments are key. Check the details.

AI Summary

FiscalNote Holdings, Inc. filed its 10-Q for the period ending June 30, 2025. The filing details financial instruments, including convertible notes payable, with specific dates like November 12, 2024, and January 1, 2025. The company, formerly Duddell Street Acquisition Corp., is based in Washington, D.C., and operates in business services.

Why It Matters

This filing provides insight into FiscalNote's financial health and debt obligations as of mid-2025, which is crucial for investors assessing the company's stability and future prospects.

Risk Assessment

Risk Level: medium — The filing involves financial instruments and convertible notes, which can introduce financial complexity and risk.

Key Numbers

• 20250630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20250815 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FiscalNote Holdings, Inc. (company) — Filer
• Duddell Street Acquisition Corp. (company) — Former company name
• 20250630 (date) — Reporting period end date
• November 12, 2024 (date) — Convertible note date
• January 1, 2025 (date) — Convertible note date

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share NOTE NYSE Warrants to p
• $11.50 — mon stock, each at an exercise price of $11.50 per share NOTE.WS NYSE Indicate b

Filing Documents

• note-20250630.htm (10-Q) — 3499KB
• note-ex10_4.htm (EX-10.4) — 223KB
• note-ex10_5.htm (EX-10.5) — 137KB
• note-ex10_7.htm (EX-10.7) — 441KB
• note-ex31_1.htm (EX-31.1) — 26KB
• note-ex31_2.htm (EX-31.2) — 26KB
• note-ex32.htm (EX-32) — 19KB
• img141513439_0.jpg (GRAPHIC) — 176KB
• 0000950170-25-109434.txt ( ) — 16157KB
• note-20250630.xsd (EX-101.SCH) — 2455KB
• note-20250630_htm.xml (XML) — 2552KB

Financial Information (Unaudited, except as noted below)

PART I. Financial Information (Unaudited, except as noted below):

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Audited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 4 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risks

Item 3. Quantitative and Qualitative Disclosures About Market Risks 40

Controls and Procedures

Item 4. Controls and Procedures 40

OTHER INFORMATION

Part II. OTHER INFORMATION 41

Legal Proceedings

Item 1. Legal Proceedings 41

Risk Factors

Item 1A. Risk Factors 41

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41

Defaults upon Senior Securities

Item 3. Defaults upon Senior Securities 42

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 42

Other Information

Item 5. Other Information 42

Exhibits

Item 6. Exhibits 43

SIGNATURES

SIGNATURES 44 Table of Contents Forward-Lo oking Statements This Quarterly Report on Form 10-Q includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They may appear in a number of places throughout this Quarterly Report on Form 10-Q, including Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A, "Risk Factors," and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our future results of operations, financial condition and liquidity; our prospects, growth, strategies and the markets in which FiscalNote operates. Such forward-looking statements are based on available current market material and management's expectations, beliefs and forecasts concerning future events impacting FiscalNote. Factors that may impact such forward-looking statements include: concentration of revenues from U.S. government agencies, changes in the U.S. government spending priorities, dependence on winning or renewing U.S. government contracts, delay, disruption or unavailability of funding on U.S. government contracts, and the U.S. government's right to modify, delay, curtail or terminate contracts; FiscalNote's ability to successfully execute on its strategy to achieve and sustain organic growth through a focus on its core Policy business, including risks to FiscalNote's ability to develo

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. FISCALNOTE HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except shares, and par value) (Unaudited) June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 34,009 $ 28,814 Restricted cash 644 640 Short-term investments 4,508 5,796 Accounts receivable, net 9,357 13,465 Costs capitalized to obtain revenue contracts, net 2,557 3,016 Prepaid expenses 2,666 2,548 Other current assets 2,931 2,908 Total current assets 56,672 57,187 Property and equipment, net 4,582 5,051 Capitalized software costs, net 12,348 15,099 Noncurrent costs capitalized to obtain revenue contracts, net 2,644 3,197 Operating lease assets 14,580 15,620 Goodwill 139,776 159,061 Customer relationships, net 33,407 41,717 Database, net 15,112 16,147 Other intangible assets, net 9,177 13,018 Other non-current assets 51 100 Total assets $ 288,349 $ 326,197 Liabilities and Stockholders' Equity Current liabilities: Current maturities of long-term debt $ - $ 36 Accounts payable and accrued expenses 7,641 8,462 Deferred revenue, current portion 32,729 35,253 Customer deposits 1,089 1,850 Operating lease liabilities, current portion 3,267 3,386 Other current liabilities 706 2,266 Total current liabilities 45,432 51,253 Long-term debt, net of current maturities 116,748 147,041 Deferred tax liabilities 615 1,934 Deferred revenue, net of current portion 454 222 Operating lease liabilities, net of current portion 20,948 22,490 Public and private warrant liabilities 1,522 2,458 Other non-current liabilities 4,816 2,968 Total liabilities 190,535 228,366 Commitment and contingencies (Note 16) Temporary equity ( 2,596,050 Class A Common Stock issued and outstanding at June 30, 2025) 2,719 - Stockholders' equity:

View Full Filing

View this 10-Q filing on SEC EDGAR