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- **Stabilizing Growth**: Q3 ARR stabilized at $84.8 million (pro forma), with corporate win rates up 500bps and multiyear contracts now 50% of new ARR.
- **Product Success**: PolicyNote migration complete, with 35+ enhancements driving 98% user engagement and 98% NRR.
- **Cost Efficiency**: Operating expenses down 11% YoY, automation initiatives reducing costs and accelerating innovation.
- **Federal Risk**: Shutdown reduced Q3 revenue by $2-3 million, but corporate pipeline strength supports guidance.

**【CEO Summary Section】**
- Q3 2025 revenue of $22.4 million, with adjusted EBITDA of $2.2 million (10% margin), exceeding guidance. ARR stabilized at $84.8 million (pro forma), up $100,000 sequentially, signaling core business stabilization.
- Corporate win rates improved 500 basis points year-to-date, with multiyear contracts for policy data now 50% of new ARR, up from 20% in 2024. Average contract values (ACV) increased due to expanded global data packages.
- PolicyNote platform enhancements (e.g., AI-powered legislative drafting, Bill Comparison) drove 35+ product updates, with 98% of legacy users migrated to PolicyNote, completing transition by year-end.
- Automation initiatives in R&D and operations are reducing costs and accelerating feature development, with 2026 focus on scaling automation for efficiency and growth.

**【CFO Financial Commentary】**
- Full-year 2025 guidance updated to $95-96 million revenue and $10 million adjusted EBITDA, narrowing prior range. Q4 2025 revenue expected $22-23 million, with EBITDA $2 million.
- Subscription revenue $21.2 million (94% of total), ARR decline of $7.4 million (2024 divestitures). NRR 98% (flat year-over-year, +200bps sequentially).
- Operating expenses decreased 11% YoY ($4 million reduction), with G&A up 31% due to non-recurring costs. Gross margin 79% (flat YoY), adjusted gross margin 87% (up 1% YoY).
- Federal sector disruption (e.g., government shutdown) reduced Q3 revenue by $2-3 million, impacting public sector ARR but offset by corporate strength.

**【Q&A Key Highlights】**
- **ACV Growth Drivers**: Expansion of global data packages into enterprise use cases, driving higher-value deals.
- **Migration Churn**: No material churn from PolicyNote transition; usage metrics indicate strong engagement post-migration.
- **Automation Impact**: R&D leveraging AI to accelerate feature development (e.g., 35+ updates in 2025), with operational automation reducing costs and improving efficiency.
- **Federal Sector Volatility**: Shutdown reduced Q3 federal revenue by $2-3 million, but corporate pipeline strength offsets this risk.
- **2026 Outlook**: Focus on gross retention via PolicyNote adoption and multiyear contracts, with automation as key efficiency lever.

FiscalNote Holdings, Inc. (NOTE) Q3 2025 Earnings Call Transcript

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NOTE

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