FiscalNote sells Australian subsidiary TimeBase to Thomson Reuters for $6.5m

WASHINGTON - FiscalNote Holdings, Inc. (NYSE:NOTE) has completed the sale of its Australian subsidiary TimeBase to Thomson Reuters Corporation (TSX/Nasdaq:TRI) for $6.5 million, according to a press release statement issued by the company. The transaction comes as InvestingPro data shows FiscalNote operating with a significant debt burden of $142.83 million.

The divestiture is part of FiscalNote’s strategy to focus on its core policy and regulatory intelligence business while strengthening its balance sheet. The company, which provides AI-driven policy intelligence solutions, indicated that it will continue serving customers in the Australian market through its PolicyNote platform and related solutions. Despite recent challenges, the company maintains impressive gross profit margins of 78%.

"This transaction further strengthens the Company’s balance sheet and contributes to the Company’s path to future positive free cash flow," the company stated in its announcement.

FiscalNote noted that it is seeing positive indicators that reinforce its outlook for improved performance in the second half of the year, driven by customer engagement with its PolicyNote platform and ongoing AI feature enhancements.

The legal advisors for the transaction were Womble Bond Dickinson (US) LLP and King & Wood Mallesons (Australia).

FiscalNote, founded in 2013, provides AI-driven policy and regulatory intelligence solutions to help organizations manage political and business risk. The company serves thousands of customers globally with offices across North America, Europe, and Asia.

The company’s product portfolio includes PolicyNote, CQ, Roll Call, and VoterVoice, among other brands. FiscalNote went public and began trading on the New York Stock Exchange under the ticker symbol "NOTE."

In other recent news, FiscalNote Holdings reported its first-quarter 2025 earnings, surpassing expectations with an earnings per share (EPS) of -$0.03, compared to the forecasted -$0.08. The company’s revenue reached $27.5 million, exceeding its guidance range of $26 million to $27 million, despite a year-over-year decline due to divestitures. Subscription revenue remained a significant focus, constituting 92% of total revenue. FiscalNote’s PolicyNote platform has also seen an increase in daily active users, surpassing the company’s legacy system, which indicates strong customer adoption. The company continues to innovate, adding features like AI-powered alerts and tariff monitoring to its platform. Additionally, FiscalNote is considering international expansion strategies and exploring stablecoin payment options to facilitate cross-border transactions. The company reaffirmed its full-year 2025 revenue forecast of $94 million to $100 million and adjusted EBITDA forecast of $10 million to $12 million, indicating confidence in its operational efficiency and growth potential.

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