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FiscalNote Holdings, Inc.(NOTE), a leading provider of solutions f or government affairs and compliance professionals, has released its unaudited condensed consolidated financial statements for the first quarter of 2023. The financial data reveals a challenging quarter for the company, with a decrease in revenue compared to the previous year's Q1 results, resulting in a net loss for the quarter.
FiscalNote Holdings, Inc. faced financial headwinds in the first quarter of 2023, reporting a net loss of $19.3 million. This loss marked a significant downturn compared to the same period in the previous year. The company's financial performance was impacted by various factors, including changes in operating expenses and the valuation of financial instruments.
The company's revenue figures for the first quarter of 2023 dipped when compared to the same period in 2022. The decrease in revenues can be attributed to several factors, including shifts in customer demand and competitive pressures within the government affairs and compliance industry.
FiscalNote Holdings, Inc. faced a challenging start to 2023 as revealed by its recently released unaudited condensed consolidated financial statements for the first quarter. The company, known for its innovative solutions catering to government affairs and compliance professionals, reported a decline in revenue and a net loss during this period. The financial figures shed light on the company's financial performance and the key factors contributing to these outcomes.
The company's total revenues for Q1 2023 reached $31.5 million, a decrease from the $26.1 million reported in the same period in 2022. This decline in revenue was primarily driven by changes in subscription and advisory revenues. While subscription revenue amounted to $28.5 million, marking a growth from the previous year, advisory, advertising, and other revenues decreased to $3.1 million.
The decrease in revenue was accompanied by an operating loss of $27.4 million, a notable increase from the operating loss of $12.4 million reported in Q1 2022. Operating expenses, including costs of revenues, research and development, sales and marketing, editorial, general and administrative expenses, and amortization of intangible assets, contributed to this increase in operating loss.
The company's net loss for the quarter stood at $19.3 million, compared to a net loss of $28.4 million during the same period last year. This improvement in net loss was partially attributed to gains resulting from changes in the fair value of financial instruments.
FiscalNote Holdings, Inc. continues to navigate challenges in the evolving landscape of government affairs and compliance solutions. The company remains committed to addressing the factors impacting its financial performance and implementing strategies to enhance revenue generation and profitability moving forward.