Adjusted EBITDA Exceeds Guidance
Adjusted EBITDA for Q3 2025 was $2.2 million, exceeding guidance and marking the fifth consecutive quarter of adjusted EBITDA margins at or above 10%.
Corporate Sales Momentum
Win rates among enterprise clients improved by 400 basis points compared to Q2, with corporate multiyear contracts now accounting for 50% of new logo ARR, up from 20% in early 2024.
Product Innovation and Enhancements
35 major enhancements to the PolicyNote platform were launched in 2025, including AI-powered features like legislative drafting and Bill Comparison.
Cost Management and Operating Efficiency
Operating expenses decreased by approximately 8% on a pro forma basis due to continued cost discipline and operating efficiency.