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Sep 30, 2023
FiscalNote Q3 2023 Earnings Report
Announced third quarter 2023 financial results, reaching Adjusted EBITDA profitability and delivering 17% revenue growth year-over-year.
Key Takeaways
FiscalNote announced its Q3 2023 financial results, marking its first quarter of Adjusted EBITDA profitability, one quarter earlier than initially forecast. Revenue increased by 17% year-over-year to $34.0 million, driven by ongoing demand for FiscalNote’s trusted, AI-enabled global policy and market intelligence.
Revenue increased 17% to $34.0 million compared to Q3 2022.
Subscription revenue, which comprises approximately 89% of total revenue, grew 15% year-over-year.
Gross profit was $23.6 million representing 69% gross margin.
Adjusted EBITDA was $0.7 million, an increase of approximately $8 million year-over-year.
Revenue by Segment
Forward Guidance
FiscalNote expects ongoing Adjusted EBITDA growth in the fourth quarter as the Company continues to deliver year-over-year revenue growth and maintain strong adjusted gross profit margins.
Positive Outlook
- GAAP revenue of $34 million to $35 million, representing 8% to 11% year-over-year growth.
- Adjusted EBITDA of approximately $2.5 million for the quarter and an annualized Adjusted EBITDA of approximately $10 million exiting the year.
- Year-on-year improvement of approximately $8 million in adjusted EBITDA profitability compared to Q4 2022 reflecting the benefits of the efficiency programs the Company implemented in 2023.
- GAAP revenue of $132 million to $133 million for full year 2023, representing 16% to 17% year-over-year growth.
- Total run-rate revenue of $139 million to $141 million for full year 2023, representing growth of 10% to 11% over the prior year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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