FiscalNote Holdings delivered stable financial performance in Q3 2025, with revenue of $22.4 million and adjusted EBITDA exceeding expectations, signaling strong operational efficiency and growth momentum.

• Revenue of $22.4 million met guidance, while adjusted EBITDA reached $2.2 million, achieving a solid 10% margin for the fifth consecutive quarter.
• Operating expenses reduced by approximately 8% pro forma, reflecting ongoing cost discipline and improved operational efficiency.
• Annual recurring revenue (ARR) stabilized, with notable increases in enterprise win rates and contract values, indicating enhanced sales performance and revenue visibility.
• Significant product innovation with over 35 major enhancements to the PolicyNote platform this year, contributing to user engagement and retention.
• Balance sheet extended with four-year maturity enhancements, strengthening financial flexibility for future growth initiatives.