Loading...
•
Jun 30, 2024
FiscalNote Q2 2024 Earnings Report
Exceeded previous forecast and reported fourth consecutive quarter of positive adjusted EBITDA while implementing accelerated AI product strategy and roadmap.
Key Takeaways
FiscalNote reported strong Q2 2024 results, exceeding previous forecasts with total revenues of $29.2 million and adjusted EBITDA of $1.8 million. The company marked its fourth consecutive quarter of positive adjusted EBITDA and its first year of positive adjusted EBITDA on a trailing LTM basis. They are focused on AI product strategy and roadmap.
Reported Q2 2024 total revenues of $29.2 million and adjusted EBITDA of $1.8 million, both exceeding previously provided forecast
Recorded fourth consecutive quarter of positive adjusted EBITDA, FiscalNote’s first year of positive adjusted EBITDA on a trailing LTM basis
Provided Q3 2024 forecast with total revenues of approximately $29 million and adjusted EBITDA of approximately $2 million; continued focus on profitability, raises and tightens full year adjusted EBITDA forecast, with higher expected full year adjusted EBITDA margins
Maintained commitment to invest in new products and product enhancements to drive higher customer engagement, retention rates, revenue growth and operating leverage anticipated in 2025
FiscalNote
FiscalNote
FiscalNote Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comAdvisory, Advertising, & Other Revenue
CapyFin.com Forward Guidance
The Company expects Q3 2024 total revenues of approximately $29 million and adjusted EBITDA of approximately $2 million. They raised and tightened profitability forecast, reflecting realization of continued operational efficiencies.
Positive Outlook
- Continued focus on profitable growth.
- Expects 2024 to deliver its first full calendar year of adjusted EBITDA profitability in the Company’s history.
- Company continues to focus on reallocating resources towards higher returning sources of revenue
- Company continues to focus on investments in improving retention rates, margins and profitability among our subscription customers.
- Company expects continued investments in product innovation and platform investments focused on improved customer experience to drive higher customer engagement, retention rates and, as a result, revenue growth and improved operating leverage as it progresses through the second half of 2024 and into 2025.
Challenges Ahead
- Recently experienced lower than expected rates of customer retention driven by a number of factors, including macroeconomic headwinds and delays in the launch of certain product enhancements.
- These impacts have temporarily led to slower than expected ARR growth
- Revision to total revenues for the full year reflects the impact to the second half of 2024 from recently experienced lower than expected rates of customer retention driven by a number of factors, including macroeconomic headwinds and delays in the launch of certain product enhancements.
- There can be no assurance that the strategic review will result in any transaction or other outcome.
- The Company has not set a timetable for completion of the review and does not intend to disclose developments or provide updates on the progress or status of the review unless and/or until it deems further disclosure is appropriate or required.
Revenue & Expenses
Visualization of income flow from segment revenue to net income