By Jad Malaeb, Benzinga
FiscalNote Holdings Inc. (NYSE: NOTE) has once again exhibited its prowess with the release of its Q2 2023 earnings report. The company's consistent growth is evidenced by notable financial achievements, strategic strides and technological innovations.
Below are some highlights from FiscalNotes results:
Revenue: The company witnessed a notable 21% increase in revenue compared to the same period last year, highlighting its unwavering dedication to driving growth and delivering value to its stakeholders. Subscription revenue which comprises approximately 90% of total revenue also grew 21% year-over-year.
Gross Profit: FiscalNote maintained a solid gross profit margin of 80% on a non-GAAP adjusted basis, a testament to its efficient operational management and commitment to sustainable growth.
Adjusted EBITDA Loss: The company narrowed its Adjusted EBITDA loss to $4.3 million as it continues to accelerate toward profitability, with company guidance indicating positive Adjusted EBITDA of $0.2 million to $1.0 million in Q3 2023. FiscalNote reports that it has implemented efficiency programs that are expected to significantly benefit Adjusted EBITDA in the 2H of 2023.
Cash + Cash Equivalents: With cash and cash equivalents totaling $38.1 million and approximately $94 million of additional debt capacity, FiscalNote seems well-positioned to support its current growth plans and M&A opportunities without requiring additional capital raises to achieve its plan.
Tim Hwang, CEO of FiscalNote, expressed his satisfaction with the company's performance, saying, "We are pleased to report another quarter of strong financial results, reflecting our dedication to innovation and client-focused solutions. Our team's hard work and commitment have contributed to these impressive numbers."
The results reflect ongoing demand for FiscalNotes trusted, AI-enabled policy and market intelligence that empowers organizations to mitigate risk and navigate their businesses.
FiscalNote's dedication to innovation is evident in its advancements in AI technology. The company has strategically partnered with OpenAIs ChatGPT and Microsofts (NASDAQ: MSFT) new AI-powered Bing, leveraging Microsoft's Azure cloud platform to deliver even more powerful insights and predictive analytics to clients.
The company's AI innovations extend to its breakthroughs in natural language processing (NLP) and machine learning algorithms. These advancements have enabled FiscalNote to provide clients with deeper insights into regulatory trends and developments, empowering them to make informed decisions in complex and rapidly changing environments.
In addition to technological advancements, FiscalNote has achieved several noteworthy operational and business milestones:
Global Expansion: FiscalNote has expanded its global reach by establishing a presence in key international markets, enabling it to better serve clients across the world and provide tailored solutions to regional regulatory challenges.
Strategic Acquisitions: The company's strategic acquisitions have bolstered its portfolio and strengthened its capabilities, allowing it to offer a comprehensive suite of solutions to clients seeking to navigate regulatory complexities.
Enhanced Client Engagement: FiscalNote's dedication to superior customer service has led to the development of innovative AI-driven tools such as FiscalNoteGPT that empower clients to access real-time regulatory information, ensuring they remain well-informed and agile in their decision-making.
For more information about FiscalNote's Q2 2023 financial results, view the official press release here.
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