FiscalNote Holdings, Inc. reported its financial results for the second quarter ended June 30, 2025, on August 7, 2025. The company reported total revenues of $23.3 million and adjusted EBITDA of $2.8 million, both exceeding the guidance midpoint.
Adjusted EBITDA margin for Q2 2025 was 12%, a significant increase from 4% in the same period last year. Subscription revenue for the quarter decreased by 21.3% year-over-year to $21.4 million, primarily due to recent business divestitures and instability in the U.S. federal sector.
Annual Recurring Revenue (ARR) stood at $85.9 million as of June 30, 2025, down from $93.6 million pro forma in the prior year, and Net Revenue Retention (NRR) was 96%. Operating expenses decreased by 17% year-over-year, and gross margin improved to 79% on a GAAP basis and 86% on an adjusted basis.
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