The following is a summary of the FiscalNote Holdings, Inc. (NOTE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• FiscalNote reported Q2 2024 revenue of $29.2 million, lower than the previous year due to the divestiture of Board.org.

• Subscription revenue comprised 93% of total revenue, aligning with historical trends.

• The company achieved positive adjusted EBITDA of $2 million, marking four consecutive quarters of positive performance.

• Expenses decreased by $11 million compared to the previous year, reflecting cost-saving initiatives and the impact of Board.org divestiture.

Business Progress:

• FiscalNote made significant product launches in Q2, including StressLens and two new Copilots, aimed at enhancing efficiency and impact on policy and legislative workflows.

• The company focuses on high-return business segments to improve client retention rates, margins, and profitability.

• Continuous investments in product innovation are expected to drive higher customer engagement and revenue growth.

Opportunities:

• FiscalNote is capitalizing on a large $40 billion addressable market driven by increasing global uncertainty and regulatory complexity.

• The company's leading position in AI and deep patent portfolio in generative and domain-specific AI offers competitive advantages.

• New AI-driven features are expected to render traditional methods of analyzing legislative and political risks obsolete, opening significant opportunities for FiscalNote.

Risks:

• Lowered revenue forecasts due to customer churn, influenced by macroeconomic conditions and slower product launch schedules.

• Despite optimistic forecasts, the company acknowledges challenges in macroeconomic conditions affecting customer decisions and renewals.

More details: FiscalNote Holdings IR

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