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FiscalNote
🇺🇸 NYSE:NOTE
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•
Mar 31

FiscalNote Q1 2025 Earnings Report

FiscalNote reported strong results in the first quarter of 2025, with revenues and adjusted EBITDA exceeding forecasts.

Key Takeaways

FiscalNote delivered a strong first quarter in 2025, with total revenues of $27.5 million and adjusted EBITDA of $2.8 million, both surpassing expectations. This performance was attributed to effective expense management and efficiency initiatives, leading to improved operating leverage and expanding adjusted EBITDA margins. The company reaffirmed its full-year 2025 guidance, anticipating accelerating momentum from its product-led growth strategy and continued operational discipline.

Total revenues for Q1 2025 were $27.5 million, exceeding expectations.

Adjusted EBITDA for Q1 2025 was $2.8 million, also exceeding forecasts.

The company reaffirmed its full-year 2025 guidance for total revenues and adjusted EBITDA.

FiscalNote continues to streamline its business, including the recent divestiture of Oxford Analytica and Dragonfly Intelligence and an agreement to sell TimeBase.

Total Revenue
$27.5M
Previous year: $32.1M
-14.3%
EPS
-$0.03
Previous year: -$0.12
-75.0%
Annual Recurring Revenue
$87.7M
Previous year: $110M
-20.0%
Net Revenue Retention
93%
Previous year: 96%
-3.1%
Pro Forma ARR
$87.7M
Gross Profit
$20.5M
Previous year: $24.9M
-17.6%
Cash and Equivalents
$41.7M
Previous year: $36.5M
+14.4%
Total Assets
$300M
Previous year: $358M
-16.2%

FiscalNote

FiscalNote

FiscalNote Revenue by Segment

Forward Guidance

FiscalNote reaffirmed its full-year 2025 forecast and provided guidance for the second quarter of 2025.

Positive Outlook

  • Incremental cost savings from ongoing operating discipline initiatives are anticipated.
  • Further reduction in debt service costs is expected.
  • Pacing of the migration to PolicyNote is expected to yield sales and customer retention benefits.
  • Continued targeted investments in future organic growth drivers are planned.
  • Accelerating momentum from product-led growth strategy is indicated.

Challenges Ahead

  • Current market volatility, particularly in the private sector, may impact corporate buying decisions and timelines.
  • Macroeconomic unpredictability is likely to affect corporate buying decisions over the year.
  • Potential impact in the public sector due to changes in the federal government.
  • Financial impact of the recently announced divestiture of TimeBase.
  • The reaffirmation of guidance includes contributions from businesses divested in Q1 2025.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View FiscalNote