Book Online or Call 1-855-SAUSALITO

Sign In  |  Register  |  About Sausalito  |  Contact Us

Sausalito, CA
September 01, 2020 1:41pm
7-Day Forecast | Traffic
  • Search Hotels in Sausalito

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

FiscalNote (NYSE: NOTE) Reports 21% Year-On-Year Growth In Revenue In Q1 2023 and Expects Positive Adjusted EBITDA in Q4

--News Direct--

By Jad Malaeb, Benzinga

On May 10, 2023, FiscalNote Holdings Inc. (NYSE: NOTE) announced its financial results for the first quarter that ended on March 31, 2023. FiscalNote, a provider of global policy and market intelligence, reported a 21% increase in revenue to $31.5 million compared to the same period in the previous year. This result was consistent with the guidance range previously provided.

FiscalNote's subscription revenue, which accounted for approximately 90% of its total revenue, grew 25% year-over-year, with 14% of that increase being organic. The company reported a gross profit of $22.6 million, representing a gross margin of 72%, while non-GAAP adjusted gross profit was $25.2 million, representing an 80% non-GAAP adjusted gross margin. The company had a GAAP net loss of $19.3 million and an adjusted EBITDA loss of $7.0 million with higher Q1 seasonal public company costs, which was consistent with its previous guidance.

FiscalNote continued to demonstrate its leadership in delivering AI-enabled policy and market information which empowers organizations to mitigate risk and navigate businesses confidently in an increasingly complex global geopolitical, economic, and regulatory environment. The company's first quarter operational metrics showed an organic run-rate revenue increase of 9% to $124 million as of March 31, 2023, a 19% total growth year-over-year (YoY), and a 10% growth over the prior year on a proforma basis. Its Annual Recurring Revenue was approximately $119 million on March 31, 2023, representing a 19% total growth year-over-year and a 10% growth over the prior year on a proforma basis.

FiscalNote’s financial outlook for the second quarter of 2023 foresees a GAAP revenue of $32 million to $34 million, representing 18% to 25% YoY growth, and an adjusted EBITDA loss of $4.5 million to $3.5 million for the quarter. The company has implemented efficiency programs that leverage its prior investments in technology and sales and marketing to optimize operations, enhance the company’s go-to-market strategy, and reduce costs, which are all expected to significantly benefit adjusted EBITDA starting in the second quarter.

FiscalNote reiterated its full-year 2023 guidance, with a GAAP revenue of $136 million to $141 million – representing 20% to 24% year-over-year growth – and total run-rate revenue of $148 million to $155 million, representing growth of 17% to 22% over the prior year on a proforma basis. Additionally, FiscalNote expects to achieve approximately break-even adjusted EBITDA in the third quarter and positive adjusted EBITDA in the fourth quarter of 2023, marking an improvement of approximately 71% YoY.

FiscalNote's CEO, Tim Hwang, said, "With each quarter, we are continuing to prove our model of building an enduring and resilient growth company with compounding subscription revenue growth, strong gross margins, and, over time, an impressive free cash flow model." The company's financial results demonstrate that FiscalNote is executing well on its plan to become a profitable enterprise SaaS technology provider, and it is confident that it will continue to maintain its leadership in the market.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

Contact Details

Benzinga

+1 877-440-9464

info@benzinga.com

Company Website

http://www.benzinga.com

View source version on newsdirect.com: https://newsdirect.com/news/fiscalnote-nyse-note-reports-21-year-on-year-growth-in-revenue-in-q1-2023-and-expects-positive-adjusted-ebitda-in-q4-398864531

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Photos copyright by Jay Graham Photographer
Copyright © 2010-2020 Sausalito.com & California Media Partners, LLC. All rights reserved.