Overview

* FiscalNote Q2 2025 revenue declines 20% yr/yr due to divestitures and product sunsetting

* Adjusted EBITDA for Q2 2025 exceeds guidance, improving 58% yr/yr

* Co reaffirms full-year 2025 guidance

Outlook

* FiscalNote ( NOTE ) reaffirms 2025 revenue guidance of $94-$100 mln

* Company expects 3Q 2025 revenue of $22-$23 mln

* FiscalNote ( NOTE ) anticipates 2025 adjusted EBITDA of $10-$12 mln

* Company sees ARR growth returning in 2H 2025

Result Drivers

* DIVESTITURES - Revenue decline attributed to business divestitures, impacting subscription revenue

* EXPENSE MANAGEMENT - Improved adjusted EBITDA driven by efficiency initiatives and expense management

* POLICYNOTE ADOPTION - Strong customer engagement and adoption of PolicyNote platform contributing to positive momentum

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $23.30

Revenue mln

Q2 Net -$13.30

Income mln

Q2 Beat $2.80 $2.08

Adjusted mln mln (5

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "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 ( NOTE ) is $2.50, about 74.1% above its August 6 closing price of $0.65

Press Release:

(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.)