FiscalNote Holdings, Inc. (NYSE: NOTE) announced on March 20, 2026 that it has entered into a Memorandum of Understanding (MOU) with D&A Advisory LLC, the Washington, D.C.–based consulting arm of South Korea’s leading law firm D&A LLC. The MOU establishes a long‑term collaboration that will bring FiscalNote’s PolicyNote platform and U.S. legislative and regulatory intelligence to Korean and Asian enterprises, law firms, and government affairs professionals. D&A’s clients—including Hyosung and the Embassy of the Republic of Korea in the United States—will gain access to PolicyNote’s full suite of U.S. policy intelligence, including data sourced from CQ and Roll Call.
Josh Resnik, CEO and President of FiscalNote, said the partnership "is the right way to bring that intelligence where it’s needed most," adding that "the organizations that win in today's environment are the ones that can see Washington clearly in real time, with depth, and with trust." He further noted that "Signing this MOU with D&A, one of Korea's most respected legal and advisory institutions, is the right way to bring that intelligence where it's needed most." The deal is part of FiscalNote’s broader strategy to expand beyond the U.S. market and strengthen its position as a global leader in AI‑driven policy intelligence.
FiscalNote’s recent Q4 2025 earnings highlighted the company’s ongoing transformation. The company reported an earnings per share of –$1.45 versus a forecast of –$0.06, and revenue of $22.2 million against a forecast of $23.01 million. Adjusted EBITDA reached $2.5 million, exceeding guidance. Management cited a 25% workforce reduction and 100% adoption of AI tooling across its engineering organization—"which is translating directly into development cycles that are now approximately 3x faster than before"—as key drivers of the financial results and the company’s path to positive free cash flow by the end of Q1 2027.
Looking ahead, FiscalNote projects 2026 GAAP revenue between $80 million and $83 million and adjusted EBITDA between $14 million and $16 million, with adjusted EBITDA margins expected to exceed 20% as the year progresses. The company’s guidance reflects confidence in its AI‑enabled platform and the growing demand for U.S. policy intelligence in Asia, while acknowledging the need for continued cost discipline amid the transformation. The partnership with D&A Advisory is expected to accelerate revenue growth in the Asian market and provide a new channel for the company’s AI‑driven products.
Hochang Song, Partner and Director of U.S. Strategy Division at D&A LLC, emphasized the strategic importance of the deal, stating "U.S. policy has never been more directly consequential for Korean business and government," and that "our clients need more than analysis. They need a continuous, trusted window into the legislative and regulatory forces shaping the American market." The MOU therefore positions FiscalNote to deliver real‑time, authoritative policy insights to a high‑growth market while reinforcing its global footprint and AI‑powered analytics capabilities.
The partnership marks a significant step in FiscalNote’s expansion strategy, aligning its AI‑driven policy intelligence platform with a key Asian market and reinforcing its commitment to delivering actionable insights to clients worldwide. The deal, announced on March 20, 2026, is a material event that complements the company’s recent financial turnaround and strategic transformation, providing a clear path for future growth in a complex U.S. policy environment.
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