Policy analytics firm FiscalNote's Q3 adjusted EBITDA exceeds expectations

Reuters
2025/11/07
Policy analytics firm FiscalNote's Q3 adjusted EBITDA exceeds expectations

Overview

  • FiscalNote Q3 2025 revenue meets company's guidance at $22.4 mln

  • Adjusted EBITDA for Q3 2025 exceeds guidance

  • ARR grows sequentially, reflecting core business stabilization

Outlook

  • FiscalNote narrows 2025 revenue forecast to $95-$96 mln, adjusted EBITDA to $10 mln

  • Company expects Q4 2025 revenue of $22-$23 mln, adjusted EBITDA of ~$2 mln

  • FiscalNote cites market volatility and federal sector challenges affecting outlook

Result Drivers

  • CORE BUSINESS STABILIZATION - Sequential ARR growth driven by improved performance with corporate clients and PolicyNote platform success

  • POLICYNOTE PLATFORM - Strong user engagement and platform migration contributed to results

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$22.40 mln

Q3 Net Income

-$24.90 mln

Q3 Adjusted EBITDA

Beat

$2.20 mln

$2.10 mln (3 Analysts)

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the software peer group is "buy"

  • Wall Street's median 12-month price target for FiscalNote Holdings Inc is $27.00, about 87.7% above its November 5 closing price of $3.31

Press Release: ID:nBw6gwffSa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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