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