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Dec 31, 2022
FiscalNote Q4 2022 Earnings Report
Announced fourth quarter and full year 2022 financial results.
Key Takeaways
FiscalNote's Q4 2022 results demonstrated strong fundamentals with revenue increasing 29% to $31.4 million and a gross profit of $23.1 million, representing a 73% gross margin. The company's durable revenue growth was driven by a diversified customer base, strong net retention, and strategic M&A.
Revenue increased 29% to $31.4 million, compared to $24.5 million in Q4 2021.
Gross profit was $23.1 million representing 73% gross margin.
GAAP net loss of $42.5 million, including non-cash charges totaling $24.2 million.
Cash and cash equivalents of $61.2 million with approximately $94 million of additional debt capacity.
Forward Guidance
FiscalNote provided guidance for full year 2023. They expect GAAP revenue of $136 to $141 million, total run-rate revenue of $148 million to $155 million, and an adjusted EBITDA loss of $8 million to $6 million. FiscalNote reiterates that it expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023 and ongoing positive adjusted EBITDA beyond this milestone.
Positive Outlook
- GAAP revenue of $136 to $141 million, representing 20% to 24% year over year growth inclusive of the Company’s recent acquisition of Dragonfly Eye, Ltd.
- Total run-rate revenue of $148 million to $155 million representing growth of 17% to 22% over the prior year inclusive of the Company’s recent acquisition of Dragonfly Eye, Ltd. and growth of 10% to 16% over the prior year on an organic basis.
- An adjusted EBITDA loss of $8 million to $6 million for the year, marking an improvement of approximately 71% year-over-year.
- FiscalNote reiterates that it expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023 and ongoing positive adjusted EBITDA beyond this milestone.
- GAAP revenue of $31 to $32 million for Q1 2023.
Challenges Ahead
- Adjusted EBITDA loss of $7 to $6 million for the quarter, including higher Q1 seasonal public company costs.
Historical Earnings Impact
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