NYSE$NOTE
Fiscalnote Holdings Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Announced third quarter 2023 financial results, reaching Adjusted EBITDA profitability and delivering 17% revenue growth year-over-year.
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.
Headline financials
Revenue & EPS history
FiscalNote · Revenue · Quarterly
$34M
Revenue by segment
FiscalNote · $30.1M total across 1 segment · Q3 2023
- Subscription Revenue$30.1M+15.3%100.0%
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.
Tailwinds
- 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
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q3 2023
-3.8%
Avg return
Earnings day
-2.1%
Avg return
5 days after
-11.4%
Avg return
30 days after
28%
5 / 18 earnings
Positive
+25.7%
Q3 2022
Best reaction
-37.9%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.1% | +4.6% | — | |
| Q4 2025 | -1.5% | -42.9% | -72.3% | |
| Q3 2025 | +2.0% | -9.3% | -33.7% | |
| Q1 2025 | -2.8% | +5.1% | -23.1% | |
| Q4 2024 | -4.4% | +4.7% | -30.6% | |
| Q3 2024 | -17.8% | -14.4% | -3.7% | |
| Q2 2024 | -5.8% | -7.9% | -14.4% | |
| Q1 2024 | +4.1% | +24.6% | -6.6% | |
| Q4 2023 | -17.2% | -13.8% | -36.9% | |
| Q3 2023 | -37.9% | -39.4% | -11.4% | |
| Q2 2023 | -27.2% | -18.3% | -40.0% | |
| Q1 2023 | +15.5% | +22.4% | +74.5% | |
| Q4 2022 | +5.6% | +23.9% | +0.0% | |
| Q3 2022 | +25.7% | +22.6% | +17.3% | |
| Q2 2022 | -3.3% | +1.4% | -12.9% | |
| Q1 2022 | -0.2% | -0.2% | -0.4% | |
| Q4 2021 | -0.1% | +0.0% | +0.2% | |
| Q3 2021 | -0.2% | +0.1% | -0.1% |
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