Janover Inc. Reports Fourth Quarter and Full Year 2024 Financial Results with a 488% Increase in SaaS Revenue and 80% YoY Quarterly Growth

Rhea-AI Summary

Janover (Nasdaq: JNVR) reported strong Q4 and full year 2024 financial results, highlighting significant growth in its SaaS-based business model. The company achieved a 488% year-over-year increase in Q4 SaaS subscription revenue and 80% overall revenue growth, reaching $629,000 compared to $350,000 in Q4 2023.

Key financial metrics include a 194% increase in annual recurring revenue (ARR) to $812,000, a 59% improvement in Q4 net loss, and a 73% improvement in Q4 cash flow from operations. The company's subscription revenue reached $480,000 for 2024, compared to $32,000 in 2023, with recurring revenue now representing 23% of total revenue.

The AI-powered platform connects commercial real estate stakeholders, serving over one million web users annually through its various products: Janover Pro, Janover Engage, Janover AI, and Janover Connect.

Positive

• 488% YoY increase in Q4 SaaS subscription revenue
• 80% YoY revenue growth to $629,000 in Q4
• 194% YoY increase in ARR to $812,000
• 59% improvement in Q4 net loss
• 73% YoY improvement in Q4 cash flow from operations
• Successful transition to subscription-first business model with 23% recurring revenue

Negative

• Net loss of $486,000 in Q4 2024
• Annual net loss of $2.7 million for 2024
• Still heavily dependent on non-recurring revenue (77% of total)

Insights

Financial Analyst

Janover's Q4 2024 results demonstrate a significant acceleration in the company's strategic transformation toward a SaaS-focused business model, with substantial improvement across key financial metrics. The 488% YoY increase in Q4 SaaS subscription revenue is particularly noteworthy, indicating strong market adoption of their AI-enabled commercial real estate platform.

The 80% overall revenue growth for Q4 and 194% increase in ARR to $812,000 demonstrate the company's successful execution in transitioning from transactional to recurring revenue streams – a shift that typically commands higher valuation multiples in the market. Importantly, recurring revenue has grown from less than 1% of total revenue in 2023 to 23% in 2024.

While Janover remains unprofitable, the 59% reduction in quarterly net loss and 73% improvement in cash flow from operations show meaningful progress toward financial sustainability. The quarterly net loss decreased from approximately $1.2 million to $486,000, reflecting both revenue growth and cost discipline.

The sequential 69% ARR growth from Q3 to Q4 2024 indicates accelerating momentum. Janover's expansion into multiple SaaS offerings (Janover Pro, Engage, AI, and Connect) is creating a diversified subscription portfolio that reduces dependency on any single product line, while addressing the entire commercial real estate ecosystem.

With four consecutive quarters of sequential revenue growth and improving profitability metrics, Janover appears to be successfully executing its transformation strategy in the commercial real estate technology space.

Tech Industry Analyst

Janover's AI-enabled platform strategy is gaining significant traction in the commercial real estate sector, as evidenced by the 488% surge in SaaS revenue. This dramatic growth validates their technological pivot from a traditional commercial real estate services model to a high-margin, scalable SaaS business.

Their multi-product SaaS ecosystem now includes Janover Pro (lender marketplace), Janover Engage (equity marketplace), Janover AI (their AI technology offered as SaaS), and Janover Connect (formerly Groundbreaker, their syndication software). This integrated product suite allows them to monetize different aspects of the commercial real estate transaction workflow while creating potential network effects between products.

The 194% YoY increase in ARR demonstrates strong product-market fit and customer retention. In SaaS metrics, this rapid ARR growth is a leading indicator of future financial performance, as subscription revenue compounds over time with customer retention and expansion.

The platform's reach is substantial, serving "more than one million web users annually" including property professionals and over 10% of banks in America. This established user base provides significant opportunities for upselling premium SaaS offerings.

Janover's AI capabilities are particularly well-positioned in commercial real estate, where data complexity and fragmentation create substantial inefficiencies. Their focus on connecting the "increasingly complex ecosystem" suggests their technology is addressing genuine market pain points rather than simply applying AI as a marketing buzzword.

Reports a 73% improvement in YoY quarterly cashflow from operations and a 194% increase in YoY ARR.

BOCA RATON, Fla., March 13, 2025 (GLOBE NEWSWIRE) -- Janover Inc. (Nasdaq: JNVR) ("Janover" or the "Company"), an AI-enabled platform connecting the commercial real estate industry, provided a business update and announced its financial results for the fourth quarter and full year ended December 31, 2024.

Q4 2024 Financial and Business Highlights:

• 488% YoY increase in Q4 Software as a Service (“SaaS”) subscription revenue
• 80% YoY Q4 revenue growth
• 194% YoY increase in annual recurring revenue (“ARR”)
• 59% YoY improvement in Q4 net loss
• 73% YoY improvement in Q4 cash flow from operations
  

Blake Janover, CEO of Janover, said, "Our fourth quarter results demonstrate the powerful and accelerating transformation we've undergone in the past year, with SaaS subscription revenue up 488% year-over-year in the fourth quarter, that’s 14x growth for the entire year. This further validates our strategic pivot to a subscription-first business model, and I am incredibly excited about what lies ahead with our fourth consecutive quarter of sequential revenue growth with net income and subscription revenue improvement over the past four quarters.”

Financial Results

Revenue for the quarter ended December 31, 2024, was approximately $629,000, as compared to approximately $350,000 for the quarter ended December 31, 2023, an increase of approximately $279,000, or 80%. The increase in revenue for the quarter was due primarily to an increase in subscription revenue related to our SaaS business, as well as an increase in platform fees, revenue related to our traditional debt business. In 2024, the Company started to market its lender marketplace: Janover Pro, its equity marketplace: Janover Engage, and its artificial intelligence technology: Janover AI (as a software as a service). Subscription Revenue also includes Janover Connect (formerly known as Groundbreaker), our real estate syndication software and investor portal and our Insurtech subsidiary. The revenue derived from these SaaS subscriptions will be recognized over the term of the SaaS agreement. Subscription revenue was approximately $480,000 for the year ended December 31, 2024, compared to approximately $32,000 for the same period the prior year. For the year ended December 31, 2024, approximately 23% of our total revenue was recurring revenue, compared to less than 1%, as there was only a minimal amount of recurring revenue in fiscal 2023. In fiscal 2025, we will continue to focus on transitioning from transactional debt revenue to the more predictable and profitable recurring SaaS subscription revenue. At December 31, 2024, our ARR reached approximately $812,000, compared to approximately $276,000 in the prior year, an increase of 194%. The recurring revenue in the prior year represented our acquisition of Groundbreaker, rebranded as Janover Connect, in November 2023. ARR increased sequentially by approximately 69%, which was approximately $480,000 for the nine months ended September 30, 2024. ARR represents an annualization of our recurring revenue, which assumes a full year of revenue.

Net loss for the three months ended December 31, 2024, was approximately $486,000 as compared to approximately $1.2 million for the three months ended December 31, 2023, a decrease of approximately $691,000, or 59%. Net loss for the year ended December 31, 2024, was approximately $2.7 million as compared to approximately $3.4 million for the year ended December 31, 2023, a decrease of approximately $647,000, or 19%. The reduction to our net loss for the quarter and year ended December 31, 2024, was primarily due to significant cost cutting across the organization and one-time IPO-related expenses and stock issuances for services in the prior year.

	Quarter Ended December 31, 2024		Quarter Ended December 31, 2023		$ Growth		% Growth
Platform fees	$443,661		$318,670		$124,991		39	%
Subscription revenue	185,220		31,520		153,700		488	%
Total revenue	628,881		350,190		278,691		80	%
Annual recurring revenue (ARR)	811,884		276,127		535,757		194	%

About Janover Inc.

Janover Inc. (Nasdaq: JNVR) is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions as well as value-add services to multifamily and commercial property professionals as we connect the increasingly complex ecosystem that stakeholders have to manage.

We currently serve more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders including more than 10% of the banks in America, credit unions, real estate investment trusts (“REITs”), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more. Our data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”).

To view the latest investor presentation, please visit https://ir.janover.co/.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "believe," "project," "estimate," "expect," strategy," "future," "likely," "may,", "should," "will" and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the effect of and uncertainties related the ongoing volatility in interest rates; (ii) our ability to achieve and maintain profitability in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment; (iv) our ability to respond to general economic conditions; (v) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (vi) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth and other risks and uncertainties more fully in the section captioned "Risk Factors" in the Company's Registration Statement on Form 1-A related to the public offering (SEC File No. 024-12458) and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Company Contact:

Bruce S. Rosenbloom, CFO
Tel: (561) 782-2788
Email: IR@janover.co

JANOVER INC.
CONDENSED CONSOLIDATED BALANCE SHEET
							December 31,			December 31,
							2024			2023
ASSETS
	Total current assets							2,935,081			5,292,177
	Total assets						$	4,375,775		$	6,683,825
LIABILITIES AND STOCKHOLDERS' EQUITY
	Total current liabilities							592,887			675,095
	Total liabilities							873,844			867,847
	Total stockholders' equity							3,501,931			5,815,978
	Total liabilities and stockholders' equity						$	4,375,775		$	6,683,825

JANOVER INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
		Three Months Ended								Year Ended
		December 31,								December 31,
		2024				2023				2024				2023
Revenues:
Platform fees		$	443,661			$	318,670			$	1,619,577			$	1,971,635
Subscription revenue			185,220				31,520				480,083				31,520
Total Revenues			628,881				350,190				2,099,660				2,003,155
Cost of revenues			7,599				-				31,897				-
Gross profit			621,282				350,190				2,067,763				2,003,155
Operating expenses:
Sales and marketing			368,488				601,840				1,496,640				1,975,219
Research and development			176,223				349,629				654,803				792,131
General and administrative			622,030				643,728				2,612,603				2,639,785
Depreciation and amortization			50,714				805				223,982				912
Impairment expense			83,219				-				83,219				-
Total operating expenses			1,300,674				1,596,002				5,071,247				5,408,047
Loss from operations			(679,392	)			(1,245,812	)			(3,003,484	)			(3,404,892	)
Other income:
Total other income			193,319				68,583				276,700				31,098
Net loss		$	(486,073	)		$	(1,177,229	)		$	(2,726,784	)		$	(3,373,794	)
Weighted average common shares outstanding - basic and diluted			1,413,510				1,313,667				1,395,040				1,056,447
Net loss per common share - basic and diluted		$	(0.34	)		$	(0.90	)		$	(1.95	)		$	(3.19	)

FAQ

What was Janover's (JNVR) revenue growth in Q4 2024?

Janover achieved 80% year-over-year revenue growth in Q4 2024, reaching $629,000 compared to $350,000 in Q4 2023.

How much did Janover's (JNVR) SaaS subscription revenue grow in Q4 2024?

Janover's SaaS subscription revenue increased by 488% year-over-year in Q4 2024.

What is Janover's (JNVR) current Annual Recurring Revenue (ARR)?

Janover's ARR reached $812,000 as of December 31, 2024, representing a 194% increase from $276,000 in the prior year.

How much did Janover (JNVR) reduce its net loss in Q4 2024?

Janover reduced its Q4 net loss by 59%, from $1.2 million in Q4 2023 to $486,000 in Q4 2024.

What percentage of Janover's (JNVR) total revenue was recurring in 2024?

23% of Janover's total revenue was recurring revenue in 2024, up from less than 1% in 2023.