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Sep 30
FiscalNote Q3 2025 Earnings Report
FiscalNote reported its third quarter 2025 financial results, meeting revenue guidance and exceeding adjusted EBITDA guidance, while demonstrating sequential pro forma ARR growth.
Key Takeaways
FiscalNote delivered a solid third quarter in 2025, with total revenues of $22.4 million aligning with guidance and adjusted EBITDA reaching $2.2 million, surpassing expectations. The company achieved sequential pro forma Annual Recurring Revenue (ARR) growth, indicating stabilization in its core business, driven by strong customer engagement and sales metrics, particularly with the PolicyNote platform.
Total revenues for Q3 2025 were $22.4 million, meeting the company's guidance.
Adjusted EBITDA for Q3 2025 was $2.2 million, exceeding the company's guidance.
Annual Recurring Revenue (ARR) grew sequentially on a pro forma basis to $84.8 million, reflecting core business stabilization.
The company completed a balance sheet refinancing, securing long-term operating flexibility.
FiscalNote
FiscalNote
FiscalNote Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comAdvisory, Advertising, & Other Revenue
CapyFin.com Forward Guidance
For the full year 2025, FiscalNote updated its guidance, narrowing the forecast for total revenues to approximately $95 million to $96 million and adjusted EBITDA to approximately $10 million. Q4 2025 is anticipated to have total revenues in the range of $22 million to $23 million and adjusted EBITDA of approximately $2 million.
Positive Outlook
- Incremental cost savings from operating discipline initiatives are expected.
- Anticipated sales and customer retention benefits from the PolicyNote migration.
- Strength in overall demand and pipeline, particularly in the corporate sector.
- Improvements in key sales metrics like win rates and contract values in the corporate sector.
- Strategic review by the Board of Directors to evaluate value-maximizing options.
Challenges Ahead
- Current market volatility, especially in the private sector, may impact corporate buying decisions.
- Potential impact in the public sector due to changes in the federal government.
- Challenges in the federal public sector, including an extended federal government shutdown, are expected to impact Q4.
- The strategic review does not guarantee any transaction or specific outcome.
- Unpredictability of future events and items impacting net income make reconciliation of forecasted adjusted EBITDA to GAAP difficult.
Revenue & Expenses
Visualization of income flow from segment revenue to net income