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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
Revenue by Segment
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.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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