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Jun 30
FiscalNote Q2 2025 Earnings Report
FiscalNote reported its second quarter 2025 financial results, with total revenue exceeding guidance midpoint and adjusted EBITDA surpassing expectations, driven by expense management and efficiency initiatives.
Key Takeaways
FiscalNote delivered a strong second quarter in 2025, with total revenues of $23.3 million and adjusted EBITDA of $2.8 million, both exceeding guidance. The company's performance was positively impacted by effective expense management and efficiency initiatives, leading to improved operating leverage and expanded adjusted EBITDA margins. Despite a decline in total revenues and subscription revenue due to business divestitures and product sunsetting, the company saw encouraging signals in product and customer metrics, particularly with PolicyNote adoption and engagement.
Total revenues for Q2 2025 were $23.3 million, exceeding the guidance midpoint.
Adjusted EBITDA for Q2 2025 was $2.8 million, surpassing guidance and showing a 58% year-over-year improvement.
PolicyNote platform adoption and customer engagement are building momentum, with daily usage surpassing the legacy FiscalNote platform.
The company reaffirmed its full-year 2025 guidance for total revenues of $94-$100 million and adjusted EBITDA of $10-$12 million, anticipating a return to ARR growth in the second half of 2025.
FiscalNote
FiscalNote
FiscalNote Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comAdvisory, Advertising, & Other Revenue
CapyFin.com Forward Guidance
FiscalNote reaffirmed its full-year 2025 financial guidance, expecting total revenues between $94 million and $100 million and adjusted EBITDA between $10 million and $12 million. The company anticipates a return to ARR growth in the second half of 2025.
Positive Outlook
- Reaffirmed full-year 2025 total revenue guidance of $94-$100 million.
- Reaffirmed full-year 2025 adjusted EBITDA guidance of $10-$12 million.
- Expects a return to Annual Recurring Revenue (ARR) growth in the second half of 2025.
- Anticipates continued margin expansion.
- Seeing improvements in inbound sales leads, sales pipeline, and user engagement metrics on the new PolicyNote platform.
Challenges Ahead
- Current market volatility, particularly in the private sector, may impact corporate buying decisions and timelines.
- Potential impact in the public sector due to changes in the federal government.
- Guidance incorporates the impact of business divestitures completed in Q1 and Q2 2025.
- Q3 2025 total revenue guidance of $22-$23 million indicates a slight sequential decline from Q2.
- Q3 2025 adjusted EBITDA guidance of ~$2 million indicates a sequential decline from Q2.
Revenue & Expenses
Visualization of income flow from segment revenue to net income