FiscalNote (NYSE: NOTE), a leader in policy and global intelligence insights, has made a significant strategic move by divesting its Board.org platform for $103 million, a transaction that underscores the company's focus on its core competencies. This sale, along with the company's reported financial performance for the fourth quarter of 2023, illustrates FiscalNote's commitment to streamlining its operations and enhancing profitability. The company's revenue saw a 9% increase to $34.3 million, driven by its Security Intelligence and Analysis Service (SIAS) subscription platform, with gross profit reaching $28.3 million and a non-GAAP gross margin of 83%. Adjusted EBITDA for the quarter was $3 million, marking a 157% increase year-over-year.
For the full year 2023, FiscalNote achieved a 17% revenue growth to $132.6 million, with subscription revenue, which makes up 90% of total revenue, growing by 18%. The company also reduced its adjusted EBITDA loss significantly, from $24.5 million in 2022 to $7.5 million in 2023. The divestiture of Board.org to Executive Platforms for $103 million, including $95 million in cash, is a pivotal step for FiscalNote. This move not only allows the company to reduce its leverage but also to concentrate on expanding its AI-enabled intelligence solutions in policy, regulatory, and geopolitical intelligence sectors.
FiscalNote's strategic review and subsequent actions, including the divestment and financial achievements, reflect its dedication to leveraging technology and AI for delivering actionable insights. The company's efforts to optimize its operations and focus on sustainable growth in its core areas are evident. With a clear trajectory toward profitability and operational efficiency, FiscalNote is positioning itself as a steadfast provider in the policy and global intelligence landscape. For more information on FiscalNote's services and solutions, visit https://www.fiscalnote.com.
