Analysts Have Made A Financial Statement On FiscalNote Holdings, Inc.'s (NYSE:NOTE) Third-Quarter Report

It's been a sad week for FiscalNote Holdings, Inc. (NYSE:NOTE), who've watched their investment drop 16% to US$0.80 in the week since the company reported its quarterly result. Revenues came in at US$29m, in line with expectations, while statutory losses per share were substantially higher than expected, at US$0.11 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.

View our latest analysis for FiscalNote Holdings

Taking into account the latest results, FiscalNote Holdings' four analysts currently expect revenues in 2025 to be US$124.6m, approximately in line with the last 12 months. Losses are forecast to balloon 89% to US$0.37 per share. Before this earnings announcement, the analysts had been modelling revenues of US$129.7m and losses of US$0.35 per share in 2025. Overall it looks as though the analysts are negative in this update. Although revenue forecasts held steady, the consensus also made a moderate increase in to its losses per share forecasts.

The average price target was broadly unchanged at US$3.31, perhaps implicitly signalling that the weaker earnings outlook is not expected to have a long-term impact on the valuation. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. There are some variant perceptions on FiscalNote Holdings, with the most bullish analyst valuing it at US$5.00 and the most bearish at US$1.75 per share. Note the wide gap in analyst price targets? This implies to us that there is a fairly broad range of possible scenarios for the underlying business.

Looking at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up against both past performance and industry growth estimates. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 0.3% by the end of 2025. This indicates a significant reduction from annual growth of 17% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 5.8% annually for the foreseeable future. It's pretty clear that FiscalNote Holdings' revenues are expected to perform substantially worse than the wider industry.

The Bottom Line

The most important thing to take away is that the analysts increased their loss per share estimates for next year. Unfortunately, they also downgraded their revenue estimates, and our data indicates underperformance compared to the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for FiscalNote Holdings going out to 2026, and you can see them free on our platform here.

However, before you get too enthused, we've discovered 3 warning signs for FiscalNote Holdings (1 is a bit unpleasant!) that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.