FiscalNote Holdings, Inc. reported its financial results for the first quarter ended March 31, 2025, on May 12, 2025. The company exceeded expectations with total revenues of $27.5 million and adjusted EBITDA of $2.8 million, reflecting diligent expense management and efficiency initiatives.
The company reaffirmed its full-year 2025 financial forecast, projecting total revenues of $94-$100 million and adjusted EBITDA of $10-$12 million. For Q2 2025, revenue is projected between $22-$24 million and adjusted EBITDA at approximately $2 million.
Subscription revenue for Q1 2025 declined 15% year-over-year to $25.2 million, primarily due to the impact of the Board.org and Aicel divestitures. Annual Recurring Revenue (ARR) stood at $87.7 million, a 20% decline on an as-reported basis, and Net Revenue Retention (NRR) was 93%.
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