FiscalNote Reports Q4 and FY2022 Results; Revenue Up 37% to $113.8M, Provides FY2023 Outlook

FiscalNote provided guidance for full year 2023 as follows: • GAAP revenue of $136 to $141 million, representing 20% to 24% year over year growth inclusive of the Company’s recent acquisition of Dragonfly Eye, Ltd. • Total run-rate revenue (3)(5) of $148 million to $155 million representing growth of 17% to 22% over the prior year inclusive of the Company’s recent acquisition of Dragonfly Eye, Ltd. and growth of 10% to 16% over the prior year on an organic basis. • An adjusted EBITDA (1) loss of $8 million to $6 million for the year (6) , marking an improvement of approximately 71% year-over-year. • FiscalNote reiterates that it expects to achieve positive Adjusted EBITDA in the fourth quarter of 2023 and ongoing positive adjusted EBITDA beyond this milestone.

Revenue increased 29% to $31.4 million, compared to $24.5 million in Q4 2021. Non-GAAP adjusted revenue (1) was $31.5 million as compared to $25.7 million in the fourth quarter of 2021. ● Gross profit was $23.1 million representing 73% gross margin, and non-GAAP adjusted gross profit was $25.6 million (1) representing 81% non-GAAP adjusted gross margin. (1) ● GAAP net loss of $42.5 million. GAAP net loss for the quarter contains non-cash charges totaling $24.2 million, which includes $11.7 million related to the loss contingency recognized as a result of the previously-announced proposed terms of a lender arrangement (2) , $5.8 million related to the mark-to-market of the public and private warrants liability the Company is required to fair value at each reporting date, and $6.7 million of incremental expense related to the accounting treatment of stock based compensation related to the Company's public listing. ● Adjusted EBITDA (1) loss of $5.2 million. ● Cash and cash equivalents of

Revenue increased 37% to $113.8 million, at the top end of the Company’s guidance range announced in November 2022, compared to $82.9 million in FY 2021. Non-GAAP adjusted revenue (1) was $115.7 million as compared to $85.7 million in 2021. ● Gross profit was $81.8 million representing 72% gross margin, and non-GAAP adjusted gross profit (1) was $92.8 million representing 80% non-GAAP adjusted gross margin. (1) ● GAAP net loss of $218.3 million. GAAP net loss for the year contains approximately $85.8 million of net non-cash items which are primarily associated with the Company's public listing on July 29, 2022, as detailed in the reconciliation of Adjusted EBITDA to GAAP net loss provided below. GAAP net loss for FY 2022 also includes a non-cash charge of $11.7 million related to the loss contingency recognized as a result of the previously-announced proposed terms of a lender arrangement (2) . ● Adjusted EBITDA (1) loss of $24.4 million.