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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.
FiscalNote
FiscalNote
FiscalNote Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.com 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.