FiscalNote (NYSE: NOTE), a leading provider of policy and global intelligence insights, has been the focus of a strategic review as the company announced the divestment of its Board.org platform for $103 million, or 7x sales. The company also reported surpassing its adjusted EBITDA guidance for the fourth quarter of 2023.
FiscalNote’s fourth-quarter financial highlights showcase the company’s growth trajectory toward profitability. The company reported a 9% increase in revenue, totaling $34.3 million, driven by its proprietary Security Intelligence and Analysis Service (SIAS) subscription platform. Gross profit reached $28.3 million, with a non-GAAP gross margin of 83%, and adjusted EBITDA surpassed the guided figure, reaching $3 million, a 157% year-over-year increase.
For the full year 2023, FiscalNote reported a 17% increase in revenue to $132.6 million, primarily fueled by an 18% increase in subscription revenue, which accounted for 90% of the total. The company also narrowed its adjusted EBITDA loss to $7.5 million from $24.5 million in 2022.
In a significant strategic move, FiscalNote announced the sale of its Board.org peer-to-peer executive community platform to Executive Platforms for a total consideration of $103 million, including $95 million in cash. This transaction allows FiscalNote to deleverage its capital structure and focus on its core expertise in policy, regulatory, and geopolitical intelligence, as it continues to expand its AI-enabled intelligence solutions.
As FiscalNote moves forward, the company remains committed to leveraging AI and technology to provide actionable insights, with a clear focus on enhancing profitability and operational efficiency. The strategic review and the divestment of Board.org demonstrate FiscalNote’s efforts to optimize its operations and position itself for sustainable growth in the policy and global intelligence sectors.
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