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Sep 30, 2022
FiscalNote Q3 2022 Earnings Report
Revenue increased by 34% year-over-year, reflecting strong annual recurring revenue and successful execution of the company's growth strategy.
Key Takeaways
FiscalNote reported a 34% increase in revenue to $29.1 million for Q3 2022, driven by strong annual recurring revenue. The company's GAAP net loss was $109 million, which included non-cash items related to its public listing. They reiterate that they remain on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023.
Revenue increased 34% to $29.1 million compared to Q3 2021.
Gross profit was $20.3 million representing 70% gross margin.
GAAP net loss of $109 million including non-cash charges related to the company's public listing.
ARR rose to $108 million at September 30, 2022 inclusive of businesses acquired in 2022.
FiscalNote
FiscalNote
FiscalNote Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.com Forward Guidance
FiscalNote provided guidance for full year 2022 with GAAP revenue of $112 million to $114 million, representing 36% year-over-year growth at the midpoint. Organic Run-Rate Revenue of $122 million to $126 million, indicating growth of approximately 13% year-over-year at the midpoint on a proforma basis. Adjusted EBITDA loss of $24 million to $22 million or approximately $23 million at the midpoint. In addition, the Company reiterated that it remains on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023.
Positive Outlook
- GAAP revenue of $112 million to $114 million, representing 36% year-over-year growth at the midpoint.
- Remains on track to achieve positive Adjusted EBITDA in the fourth quarter of 2023
Challenges Ahead
- Organic Run-Rate Revenue of $122 million to $126 million, indicating growth of approximately 13% year-over-year at the midpoint on a proforma basis. This new range better reflects a weakened macroeconomic environment and a commitment to capital efficient growth.
- Adjusted EBITDA loss of $24 million to $22 million or approximately $23 million at the midpoint, which is consistent with guidance the Company previously provided.