Shares of FiscalNote Holdings surged 15% to $0.08 on Wednesday after the company announced its policy-data tool is now available inside Anthropic's Claude Connectors Directory — a marketplace where businesses discover plug-ins for the popular AI assistant. The pop stands out because just days earlier, a dismal earnings report sent the stock sliding toward all-time lows. FiscalNote Gets an AI Storefront on Anthropic's Platform, but Can a Directory Listing Offset a Shrinking $75 Million Business?
Shares of FiscalNote Holdings jumped 15% to $0.08 Wednesday after the company announced its regulatory-data product is now discoverable inside Anthropic's Claude Connectors Directory — a storefront where businesses find plug-ins for the Claude AI assistant. The bounce arrives three days after a bruising earnings report cratered the stock, raising the question of whether an AI distribution deal can matter for a company whose equity value has nearly evaporated.
The Earnings Hole Is Deep. Q2 revenue came in at $19.6 million, down 16% from $23.3 million a year earlier.
The net loss ballooned to $27.8 million, swelled by a $19.1 million goodwill write-down — an accounting admission that past acquisitions are worth less than the company paid.
Management slashed its full-year revenue forecast to $75–$78 million, from $80–$83 million,
and cut its adjusted-EBITDA (a rough proxy for operating cash flow) target to $9–$11 million from $14–$16 million.
The stock now trades at a market capitalization of roughly $2.3 million — equity value has collapsed about 99% over the past year.
A New Shelf in an AI Storefront Doesn't Equal Revenue Yet. The Claude directory listing lets developers and policy analysts access FiscalNote's legislative data inside Claude without building custom integrations, adding a discovery channel alongside the company's existing OpenAI App Store listing.
FiscalNote also recently signed new data-access licenses with Siemens and an unnamed U.S. cloud-infrastructure company. These are real proof points, but neither the directory listing nor the new contracts come with disclosed dollar figures. For a company generating under $20 million a quarter, the revenue contribution would need to be material — and fast — to change the trajectory.
Customer Retention Is Stabilizing, Barely. Quarterly net revenue retention — the share of last year's subscription dollars that renewed — improved to 98% from 89% in Q1, a sign that the bleeding is slowing. Still, annual recurring revenue fell 13% to $74.9 million.
The Strategic Bet: Sell Data Where the AI Users Already Are. FiscalNote controls its own pricing; users pay FiscalNote directly, and data isn't shared for model training. That preserves margins. But at an $0.08 stock price, the market is pricing in existential risk, not incremental wins. Today's pop is a trader's reaction to a headline; the real test is whether AI-platform distribution can translate into subscription growth before cash and credibility run out.