Fiscalnote Holdings, Inc. · OTC:NOTE
Fiscalnote — Q1 2025 Earnings Presentation
34 slides from Fiscalnote's earnings presentation, May 12, 2025
Slide 1: Company Overview
Company Overview Updated Through Q1 20251 May 12, 2025 © 2025 FiscalNote fiscalnote.com 1 1. Includes the contribution of Oxford Analytica and Dragonfly Intelligence, two businesses divested on March 31, 2025.
Slide 2: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement Certain statements herein may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote’s future financial or operating pe
Slide 3: Trademarks & Use of Data
Trademarks & Use of Data Trademarks FiscalNote owns or has rights to various trademarks, service marks and trade names it uses in connection with the operation of its businesses. This presentation may also contain trademarks, service marks, trade names and copyrights of third parties, which are the
Slide 4: Table of Contents
Table of Contents I Products, Markets, and Customers II The Company III Key Takeaways IV Appendix © 2025 FiscalNote 4
Slide 5: SECTION I: Products, Markets, and Customers
SECTION I: Products, Markets, and Customers © 2025 FiscalNote fiscalnote.com 5
Slide 6: What We Do
WHAT WE DO Deliver subscription based access to essential and proprietary policy data, insights and workflow tools via an AI-driven SaaS platform 6 6
Slide 7: AI-Enhanced, SaaS-Based, Proprietary Information Services Business
AI-Enhanced, SaaS-Based, Proprietary Information Services Business FiscalNote provides policy and regulatory intelligence to enable actionable outcomes for customers globally. Connect Data: ACTIONS Cross the silos between data sets and professionals to create relationships between structured and uns
Slide 8: Our Customers – Sample Logos (as of 03/31/25)
Our Customers – Sample Logos (as of 03/31/25) Public Sector / Govt Orgs. Non-Profits & Private Sector / Corporates NGOs HEALTHCARE ENERGY CONSUMER & FINANCE RETAIL TRANSPORT EDUCATION TMT BUSINESS SERVICES © 2025 FiscalNote 8
Slide 9: Our Customers At A Glance (as of 03/31/25)
Our Customers At A Glance (as of 03/31/25) Global Target Customers Customer Dynamics 1 2 3 Private Public Non-Profit / Sector [~52%]1 Sector [~22%]1 NGO [~26%]1 4,100+ Customers End Users 92% Legal Subscription Revenue as Powered by data and AI, analyzed by experts, our policy % of Total Revenues Go
Slide 10: Use Case: Global Technology Company
Use Case: Global Technology Company Providing a centralized, integrated process to track global policy with comprehensive policy intelligence (e.g., Value public consultations, multilateral negotiations) and a dashboard of key regulatory issues across 35 countries Buyers Initial Business Challenge /
Slide 11: Proprietary Infrastructure and Expert Intelligence
Proprietary Infrastructure and Expert Intelligence Differentiators that are 10+ years in the making Sources Ingestion Processing Merge Modular collection ● Multimodal data sources framework (text, audio, video) ● Government regulation, legislation, Normalize Smart Scrapers and policy data (local, st
Slide 12: How We Differentiate
How We Differentiate An award-winning and unmatched combination of FISCALNOTE DIFFERENTIATORS AI-powered technology, global policy expertise, and comprehensive data. Trustworthy Data and Intelligence Comprehensive and real-time policy and regulatory Automated Human intelligence tailored to specific
Slide 13: Leveraging Key Competitive Advantages
Leveraging Key Competitive Advantages AI Technology for Actionable Workflow & Reporting 4 1 Data Intelligence 2 Capabilities for Proactive 3 Over a Decade of Expertise Decision Making ▪ Transforming unstructured ▪ Discovery capabilities to identify ▪ A first-mover in the space, shaping information i
Slide 14: Well Positioned to Serve an Expansive Market
Well Positioned to Serve an Expansive Market Enterprise Increasingly complex world of regulations and policy making Info Solutions TAM: $314B1 No such thing as an unregulated entity anymore Legal & Relevant professionals have increasing seniority and responsibility Regulatory Info TAM: $40B2 Use of
Slide 15: SECTION II: The Company
SECTION II: The Company © 2025 FiscalNote fiscalnote.com 15
Slide 16: Where We've Been
Where We’ve Been CONTINUED IMPROVEMENTS SINCE PUBLIC LISTING IN 2022 1 Profitability 2 Simplification & Product Rationalization 3 Product Focus • Right sized our cost structure and • Refined our product portfolio to focus • Leveraged AI technologies as the went from consistently negative in the area
Slide 17: Building for Long-Term, Sustainable Growth
Building for Long-Term, Sustainable Growth CURRENT FOCUS [2025 Onward] 1 Product-Centric Growth 2 Expanding Profitability 3 Strengthening Capital Structure • Continue to drive product • Established operating leverage • Sunset, reduce investment in, or enhancements and launches generates high contrib
Slide 18: New Product Launch: PolicyNote
New Product Launch: PolicyNote Accelerate your next move by using the built-in Al to summarize bills, create briefings or draft position statements. Cut through the clutter with features like our Al-assisted search and customizable dashboard that help you quickly zero in on what matters. Bring it al
Slide 19: New Product Launch: PolicyNote
New Product Launch: PolicyNote Accelerate your next move by using the built-in AI to summarize bills, create briefings or draft position statements. Cut through the clutter with features like our AI-assisted search and customizable dashboard that help you quickly zero in on what matters. Bring it al
Slide 20: Most Recent Reported Financials: 1Q25
Most Recent Reported Financials: 1Q25 FINANCIAL HIGHLIGHTS (as reported) KEY PERFORMANCE INDICATORS3 1Q25 1Q24 (as reported) • Total Revenues $27.5M $32.1M 1Q25 1Q24 • Gross Profit $20.5M $24.9M • Annual Recurring Revenue • Gross Margin 75% 77% (ARR) $87.7M $109.6M • Proforma ARR $87.7M $94.4M • Net
Slide 21: Historical Financials: Trailing Twelve Months
Historical Financials: Trailing Twelve Months TTM AEBITDA1 ($000) (1) Non-GAAP measure. Please see "Non-GAAP Financial Measures" for definitions and important disclosures regarding these financial measures; also refer to “Appendix” for reconciliations to the most directly comparable GAAP measure. ©
Slide 22: Historical Financials: Trailing Twelve Months
Historical Financials: Trailing Twelve Months TTM Free Cash Flow1,2 ($000) 1. Free Cash Flow is calculated as Cash Flow From Operating Activities minus Capex. 2. Non-GAAP measure; refer to “Non-GAAP Financial Measures” for definitions and important disclosures regarding these financial measures; als
Slide 23: Historical Financials: 4Q23 – 1Q25
Historical Financials: 4Q23 – 1Q25 Senior Term Loan Cash Interest Expense ($000) ($000) © 2025 FiscalNote
Slide 24: Financial Forecast: 2025
Financial Forecast: 2025 FULL YEAR Key Considerations Informing 2025 Forecast ($ in millions) REAFFIRMED Forecast1 (As of 05/12/2025) • incremental cost savings related to ongoing operating discipline initiatives; Total Revenues $94 to $100 • further reduction in debt service costs; Adjusted EBITDA3
Slide 25: SECTION III: Key Takeaways
SECTION III: Key Takeaways © 2025 FiscalNote fiscalnote.com 25
Slide 26: Key Takeaways
Key Takeaways Continue to Implement Strategic Shift to Product-Led Growth and Drive 1 Improvements to Key Performance Metrics Continue to Exercise Operational Discipline and Drive Margin Expansion 2 Through Operating Leverage Continue to Optimize Costs and Rationalize Portfolio and Drive Sustainable
Slide 27: SECTION IV: Appendix
SECTION IV: Appendix © 2025 FiscalNote fiscalnote.com 27
Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures In addition to financial measures prepared in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. Where applicable, we provid
Slide 29: Q1 2025: Reconciliation to Non-GAAP Measures
Q1 2025: Reconciliation to Non-GAAP Measures Adjusted Gross Profit and Adjusted Gross Profit Margin Three Months Ended March 31, ($ in thousands) 2025 2024 Total revenues $ 27,511 $ 32,112 Costs of revenue, including amortization of capitalized software (6,984) (7,244) development costs and acquired
Slide 30: Q1 2025: Reconciliation to Non-GAAP Measures
Q1 2025: Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin Three Months Ended March 31, FOOTNOTES: ($ in thousands) 2025 2024 a) Reflects the gain on disposal of Dragonfly and Oxford Analytica on March 31, 2025 and the gain on sale of Board.org on March 11, 2024
Slide 31: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures Free Cash Flow 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ($ in thousands) Operating Cash Flow $ (39,151) $ (15,126) $ (12,826) $ (7,380) $ (11,734) $ (3,554) $ 2,741 $ (3,729) $ (2,961) $ (1,349) $ 3,286 - Capital Expenditures (2,818) (2,508) (1,869)
Slide 32: Reconciliation to Non-GAAP Measures
Reconciliation to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ($ in thousands) Net income (loss) $ (109,002) $ (42,544) $ (19,273) $ (30,973) $ (14,467) $ (50,748) $ 50,599 $ (12,764) $ (14,935) $ (13,383) $ (4,250) Inc
Slide 33: Glossary
Glossary AI Artificial intelligence (“AI”) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. ARR Annual Recurring Revenue (“ARR”) is the value of the contracted recurring revenue components of term subscriptions normalized to
Slide 34: Contact
Contact ir@fiscalnote.com © 2025 FiscalNote fiscalnote.com 34