FiscalNote Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue and adjusted EBITDA met guidance, with improved profitability and a clear path to positive free cash flow by Q1 2027. Platform migration, API expansion, and entry into prediction markets are expected to drive future growth, despite retention and delisting challenges.
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Prediction markets are experiencing explosive growth, driven by regulatory changes and high-profile events, with political contracts attracting significant capital. The strategy leverages data expertise, AI innovation, and partnerships to create differentiated, credible products and expand into new markets.
Fiscal Year 2025
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2025 saw major operational transformation, divestitures, and the launch of PolicyNote, driving improved margins and a clearer path to profitability. 2026 guidance targets $80–$83M revenue and >20% EBITDA margin, with positive free cash flow expected by Q1 2027.
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Q3 2025 revenue was $22.4M with adjusted EBITDA of $2.2M, both meeting or exceeding guidance. Corporate segment growth and product innovation offset federal sector volatility, while cost discipline and refinancing strengthened the capital structure.
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The company is driving growth through its AI-powered PolicyNote platform, consolidating legacy products and enhancing user engagement. Financial discipline has led to sustained profitability and improved cash flow, while rapid innovation and strong sales momentum position the business for continued ARR growth in the second half of the year.
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Q2 2025 saw revenue of $23.3M and adjusted EBITDA of $2.8M, both above guidance, with margins and cash position improving. Migration to PolicyNote is ahead of schedule, driving customer engagement and multi-year commitments, while refinancing extends debt maturity to 2029.
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The event detailed a shift to a unified, AI-driven platform (PolicyNote) that boosts user engagement, retention, and growth through product innovation and operational discipline. Financials show a turnaround to profitability, with reaffirmed 2025 guidance and a focus on leveraging AI for workflow automation and competitive differentiation.
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Q1 2025 results exceeded guidance with $27.5M revenue and $2.8M adjusted EBITDA, driven by operational improvements and product innovation. Despite divestitures, full-year guidance is reaffirmed, with ARR growth expected in the second half as PolicyNote adoption accelerates.
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The company provides AI-driven policy and regulatory intelligence via a subscription SaaS platform, serving over 4,000 diversified clients. Recent product consolidation and the launch of Policy Note are expected to drive growth, profitability, and operational efficiency.
Fiscal Year 2024
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Delivered first full year of positive adjusted EBITDA, improved margins, and reduced senior debt by over 60%. Launched PolicyNote, driving strong customer engagement and multi-year contracts. 2025 guidance reflects divestitures, with revenue of $94–$100M and adjusted EBITDA of $10–$12M.
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Leadership transition announced as company posts five straight quarters of positive adjusted EBITDA and raises full-year profitability guidance. Revenue declined year-over-year due to divestitures, but gross margins and cash position improved, with strong government and international sector performance.
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FiscalNote presented strong financials, with $120M+ expected 2024 revenue, high retention, and four consecutive quarters of positive adjusted EBITDA. The company leverages proprietary AI for global legal data, serving 4,000+ clients, and is expanding through product innovation and partnerships.
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Q2 2024 revenue declined year-over-year due to the Board.org divestiture, but subscription revenue remained strong and adjusted EBITDA turned positive for the fourth consecutive quarter. Full-year revenue guidance was lowered amid macro headwinds, while profitability guidance was raised.