Janover Reports Second Quarter 2024 Financial Results and Provides Business Update
Janover Inc. (JNVR) reported Q2 2024 financial results, highlighting a 7% sequential revenue increase from Q1 2024. Notably, 20% of total revenue came from recurring and subscription sources. The Groundbreaker Platform achieved profitability with a 200%+ quarterly increase in operating margin. Janover Insurance Group also turned profitable in its second month, boosting recurring revenue by over 60% in May.
Despite these positives, overall revenue decreased year-over-year to $441,000 from $602,000 in Q2 2023. The company reported a net loss of $805,000, or $0.07 per share, compared to a $398,000 loss in Q2 2023. Adjusted EBITDA loss widened to $697,000 from $143,000 year-over-year. Janover maintained a strong balance sheet with $3.2 million in cash and no debt as of June 30, 2024.
Janover Inc. (JNVR) ha riportato i risultati finanziari del secondo trimestre del 2024, evidenziando un aumento del 7% dei ricavi rispetto al primo trimestre del 2024. In particolare, il 20% del fatturato totale proviene da fonti ricorrenti e da abbonamenti. La Groundbreaker Platform ha raggiunto la redditività con un aumento del margine operativo superiore al 200% rispetto al trimestre precedente. Anche il Janover Insurance Group è diventato redditizio nel suo secondo mese, aumentando il fatturato ricorrente di oltre il 60% a maggio.
Nonostante questi aspetti positivi, i ricavi totali sono diminuiti anno su anno, passando da 602.000 dollari a 441.000 dollari nel secondo trimestre del 2023. L'azienda ha riportato una perdita netta di 805.000 dollari, pari a 0,07 dollari per azione, rispetto a una perdita di 398.000 dollari nel secondo trimestre del 2023. La perdita dell'EBITDA rettificato è aumentata a 697.000 dollari, rispetto ai 143.000 dollari dell'anno precedente. Janover ha mantenuto un bilancio solido con 3,2 milioni di dollari in contanti e nessun debito al 30 giugno 2024.
Janover Inc. (JNVR) informó los resultados financieros del segundo trimestre de 2024, destacando un aumento del 7% en los ingresos en comparación con el primer trimestre de 2024. Notablemente, el 20% de los ingresos totales provino de fuentes recurrentes y de suscripción. La Plataforma Groundbreaker logró rentabilidad con un aumento de más del 200% en el margen operativo trimestral. El Grupo de Seguros Janover también obtuvo rentabilidad en su segundo mes, aumentando los ingresos recurrentes en más del 60% en mayo.
A pesar de estas noticias positivas, los ingresos totales disminuyeron interanualmente a 441,000 dólares desde 602,000 dólares en el segundo trimestre de 2023. La empresa reportó una pérdida neta de 805,000 dólares, o 0.07 dólares por acción, en comparación con una pérdida de 398,000 dólares en el segundo trimestre de 2023. La pérdida de EBITDA ajustado se amplió a 697,000 dólares desde 143,000 dólares interanualmente. Janover mantuvo un saldo sólido con 3.2 millones de dólares en efectivo y sin deudas al 30 de junio de 2024.
Janover Inc. (JNVR)는 2024년 2분기 재무 결과를 발표하며, 2024년 1분기 대비 7% 증가한 수익을 강조했습니다. 특히, 총 수익의 20%는 반복적이고 정기적인 출처에서 발생했습니다. Groundbreaker 플랫폼은 수익성을 달성했습니다며, 분기별 운영 마진이 200% 이상 증가했습니다. Janover 보험 그룹 또한 두 번째 달에 수익성을 얻었으며, 5월에 반복 수익을 60% 이상 증가시켰습니다.
이러한 긍정적인 소식에도 불구하고, 전체 수익은 전년 대비 602,000달러에서 441,000달러로 감소했습니다. 회사는 805,000달러의 순손실을 기록했으며, 주당 0.07달러에 해당합니다. 이는 2023년 2분기 398,000달러의 손실과 비교됩니다. 조정된 EBITDA 손실은 전년 대비 143,000달러에서 697,000달러로 확대되었습니다. Janover는 2024년 6월 30일 기준으로 320만 달러의 현금을 보유하고 있으며, 부채는 없습니다.
Janover Inc. (JNVR) a reporté les résultats financiers du deuxième trimestre 2024, mettant en évidence une augmentation séquentielle des revenus de 7 % par rapport au premier trimestre 2024. Notamment, 20 % du chiffre d'affaires total provient de sources récurrentes et d'abonnements. La Plateforme Groundbreaker a atteint la rentabilité avec une augmentation de plus de 200 % de la marge opérationnelle trimestrielle. Le Janover Insurance Group est également devenu rentable au cours de son deuxième mois, augmentant les revenus récurrents de plus de 60 % en mai.
Malgré ces éléments positifs, les revenus globaux ont diminué d'une année sur l'autre, atteignant 441 000 $ contre 602 000 $ au deuxième trimestre 2023. L'entreprise a rapporté une perte nette de 805 000 $, soit 0,07 $ par action, contre une perte de 398 000 $ au deuxième trimestre 2023. La perte réajustée de l'EBITDA s'est étendue à 697 000 $, contre 143 000 $ l'année précédente. Janover a maintenu un bilan solide avec 3,2 millions de dollars en espèces et aucun endettement au 30 juin 2024.
Janover Inc. (JNVR) hat die finanziellen Ergebnisse des 2. Quartals 2024 veröffentlicht und dabei einen sequenziellen Umsatzanstieg von 7 % gegenüber dem 1. Quartal 2024 hervorgehoben. Bemerkenswert ist, dass 20 % des Gesamtumsatzes aus wiederkehrenden und Abonnementquellen stammen. Die Groundbreaker-Plattform hat Rentabilität erreicht mit einem über 200 % gestiegenen operativen Gewinn im Quartal. Auch die Janover Insurance Group wurde im zweiten Monat rentabel und steigerte die wiederkehrenden Einnahmen im Mai um über 60 %.
Trotz dieser positiven Aspekte sind die Gesamterlöse im Jahresvergleich auf 441.000 US-Dollar von 602.000 US-Dollar im 2. Quartal 2023 gesunken. Das Unternehmen meldete einen netto Verlust von 805.000 US-Dollar, bzw. 0,07 US-Dollar pro Aktie, im Vergleich zu einem Verlust von 398.000 US-Dollar im 2. Quartal 2023. Der Verlust beim bereinigten EBITDA weitete sich im Jahresvergleich von 143.000 US-Dollar auf 697.000 US-Dollar aus. Janover maintainte eine starke Bilanz mit 3,2 Millionen US-Dollar in bar und ohne Schulden zum 30. Juni 2024.
- 7% sequential revenue growth from Q1 to Q2 2024
- 20% of total revenue from recurring and subscription sources
- Groundbreaker Platform achieved profitability with 200%+ increase in operating margin
- Janover Insurance Group turned profitable in second month of operation
- $3.2 million cash balance and no debt as of June 30, 2024
- Year-over-year revenue decrease from $602,000 in Q2 2023 to $441,000 in Q2 2024
- Net loss widened to $805,000 in Q2 2024 from $398,000 in Q2 2023
- Adjusted EBITDA loss increased to $697,000 from $143,000 year-over-year
- Sales and marketing expenses increased to $414,000 from $315,000 year-over-year
Insights
Janover's Q2 2024 results present a mixed picture. The 7% sequential revenue growth and
The profitability of Groundbreaker Platform and Janover Insurance Group are encouraging developments. However, the widening net loss (
Janover's pivot towards AI-enabled solutions in commercial real estate is promising. The company's emphasis on AI technology driving value internally suggests potential for future product offerings. The transition from transactional to recurring revenue through SaaS subscriptions aligns with industry trends and could lead to more predictable income streams.
However, the specifics of Janover's AI capabilities and their competitive edge in the market remain unclear. The company's ability to leverage AI for tangible benefits in real estate transactions will be important for long-term success. The 200% quarterly increase in Groundbreaker Platform's operating margin is impressive, but more details on user adoption rates and platform stickiness would provide better insights into the sustainability of this growth.
Janover's strategy to diversify into insurance and SaaS offerings is a smart move in the evolving real estate tech landscape. The 60% increase in recurring revenue from the insurance group in just its second month is noteworthy. However, the overall market conditions for commercial real estate remain challenging, as evidenced by the reduction in closed loans compared to 2023.
The company's unique positioning in providing capital, technology and insurance services to commercial property stakeholders could be a differentiator. Yet, the increased sales and marketing expenses (
With Another Quarter of Sequential Revenue Growth
Achieved a Record
BOCA RATON, Fla., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Janover Inc. (Nasdaq: JNVR) (“Janover” or the “Company”), an AI-enabled platform for commercial real estate transactions, provided a business update, and announced its financial results for the second quarter ended June 30, 2024.
Q2 2024 Financial Highlights
7% sequential increase in revenue for Q2 2024 compared to Q1 2024;20% of revenue from recurring and subscription revenue in Q2 2024;- Groundbreaker Platform achieved profitability in Q2 2024, with over
200% quarterly increase in operating margin; - Janover Insurance Group achieved profitability in its second month of operation, increasing total recurring revenue by more than
60% in May; $3.2 million in cash and cash equivalents as of June 30, 2024; and- No debt on the balance sheet as of June 30, 2024.
Blake Janover, CEO of Janover, stated, “While achieving single digit sequential growth in the second quarter of 2024, we drove an impressive
Financial Results
Revenue for the quarter ended June 30, 2024, was approximately
About Janover Inc.
Janover is an AI-enabled platform for commercial real estate transactions. The Company seeks to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through the Company’s online platform, it provides technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders. Borrowers include, but are not limited to, owners, operators, and developers of commercial real estate including multifamily properties and most recently, a growing segment of small business owners, which Janover believes represents a significant growth opportunity. Lenders include small banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders, SBA lenders, and more. Additional information about the Company is available at: https://janover.co/.
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. 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. 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 Offering 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.
Contact:
Crescendo Communications, LLC
Tel: 212-671-1020
Email: jnvr@crescendo-ir.com
(Tables follow) | ||||||||
| JANOVER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,236,660 | $ | 5,075,609 | ||||
| Accounts receivable | 111,179 | 86,138 | ||||||
| Prepaid expenses | 71,610 | 130,430 | ||||||
| Total current assets | 3,419,449 | 5,292,177 | ||||||
| Property and equipment, net | 38,173 | 28,137 | ||||||
| Intangible assets, net | 556,433 | 675,957 | ||||||
| Goodwill | 606,666 | 606,666 | ||||||
| Other assets | 95,630 | 18,107 | ||||||
| Right of use asset | 38,269 | 62,781 | ||||||
| Total assets | $ | 4,754,620 | $ | 6,683,825 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 187,039 | $ | 539,136 | ||||
| Deferred revenue | 86,617 | 83,228 | ||||||
| Right of use liability, current portion | 41,181 | 52,731 | ||||||
| Total current liabilities | 314,837 | 675,095 | ||||||
| Contingent consideration | 178,819 | 178,819 | ||||||
| Right of use of liability | - | 13,933 | ||||||
| Total liabilities | 493,656 | 867,847 | ||||||
| Stockholders' equity: | ||||||||
| Series A Preferred stock, | - | - | ||||||
| Series B Preferred stock, | - | - | ||||||
| Common stock, | 110 | 110 | ||||||
| Additional paid-in capital | 12,673,785 | 12,459,343 | ||||||
| Accumulated deficit | (8,412,931 | ) | (6,643,475 | ) | ||||
| Total stockholders' equity | 4,260,964 | 5,815,978 | ||||||
| Total liabilities and stockholders' equity | $ | 4,754,620 | $ | 6,683,825 | ||||
| JANOVER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 440,973 | $ | 601,940 | $ | 852,110 | $ | 1,069,180 | ||||||||
| Cost of revenues | 8,034 | - | 16,667 | - | ||||||||||||
| Gross profit | 432,939 | 601,940 | 835,443 | 1,069,180 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 413,629 | 315,445 | 829,255 | 609,190 | ||||||||||||
| Research and development | 154,006 | 90,419 | 327,390 | 195,619 | ||||||||||||
| General and administrative | 667,375 | 442,490 | 1,426,136 | 784,805 | ||||||||||||
| Depreciation and amortization | 49,680 | - | 122,665 | - | ||||||||||||
| Total operating expenses | 1,284,690 | 848,354 | 2,705,446 | 1,589,614 | ||||||||||||
| Loss from operations | (851,751 | ) | (246,414 | ) | (1,870,003 | ) | (520,434 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of future equity obligations | - | (165,536 | ) | - | (119,826 | ) | ||||||||||
| Interest income | 43,853 | 12,833 | 94,932 | 19,528 | ||||||||||||
| Other income | 2,493 | 1,266 | 5,615 | 2,695 | ||||||||||||
| Total other income (expense) | 46,346 | (151,437 | ) | 100,547 | (97,603 | ) | ||||||||||
| Net loss | $ | (805,405 | ) | $ | (397,851 | ) | $ | (1,769,456 | ) | $ | (618,037 | ) | ||||
| Weighted average common shares outstanding - basic and diluted | 11,064,576 | 7,064,008 | 11,063,215 | 7,064,008 | ||||||||||||
| Net loss per common share - basic and diluted | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.09 | ) | ||||
| JANOVER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,769,456 | ) | $ | (618,037 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 122,665 | - | ||||||
| Stock-based compensation | 213,210 | 203,032 | ||||||
| Change in fair value of future equity obligations | - | 119,826 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (25,041 | ) | (60,956 | ) | ||||
| Prepaid expenses | 58,820 | - | ||||||
| Other assets | (77,523 | ) | - | |||||
| Accounts payable and accrued expenses | (352,097 | ) | 33,215 | |||||
| Deferred revenue | 3,389 | 973 | ||||||
| Right of use of liability, net | (972 | ) | - | |||||
| Net cash used in operating activities | (1,827,005 | ) | (321,947 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property and equipment | (13,176 | ) | - | |||||
| Net cash used in investing activities | (13,176 | ) | - | |||||
| Cash flows from financing activities: | ||||||||
| Exercise of stock options | 1,232 | - | ||||||
| Issuance of preferred stock | - | 1,000,000 | ||||||
| Deferred offering costs | - | (77,633 | ) | |||||
| Net cash provided by financing activities | 1,232 | 922,367 | ||||||
| Net change in cash and cash equivalents | (1,838,949 | ) | 600,420 | |||||
| Cash and cash equivalents at beginning of period | 5,075,609 | 981,125 | ||||||
| Cash and cash equivalents at end of period | $ | 3,236,660 | $ | 1,581,545 | ||||
| RECONCILIATION OF NON-GAAP MEASURES JANOVER INC. (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Consolidated Reconciliation of GAAP Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (805,405 | ) | $ | (397,851 | ) | $ | (1,769,456 | ) | $ | (618,037 | ) | ||||
| Add (subtract): | ||||||||||||||||
| Stock-based compensation | 105,055 | 103,876 | 213,210 | 203,032 | ||||||||||||
| Depreciation and amortization | 49,680 | - | 122,665 | - | ||||||||||||
| Other income (expense) | 46,346 | (151,437 | ) | 100,547 | (97,603 | ) | ||||||||||
| Adjusted EBITDA | $ | (697,016 | ) | $ | (142,538 | ) | $ | (1,534,128 | ) | $ | (317,402 | ) | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Consolidated Reconciliation of GAAP Net Loss per share to Adjusted EBITDA per share: | ||||||||||||||||
| Net loss per share - basic and diluted | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.09 | ) | ||||
| Add (subtract): | ||||||||||||||||
| Stock-based compensation | 0.01 | 0.01 | 0.02 | 0.03 | ||||||||||||
| Depreciation and amortization | - | - | 0.01 | - | ||||||||||||
| Other income (expense) | - | (0.02 | ) | 0.01 | (0.01 | ) | ||||||||||
| Adjusted EBITDA per share | $ | (0.06 | ) | $ | (0.03 | ) | $ | (0.13 | ) | $ | (0.05 | ) | ||||
Non-GAAP Financial Measures
To provide investors and the market with additional information regarding our financial results, we have disclosed adjusted EBITDA and adjusted EBITDA per share, non-GAAP financial measures that we calculate as net loss excluding; stock-based compensation expense; depreciation and amortization; and other income. We have provided reconciliations of adjusted EBITDA to net loss and adjusted EBITDA per share to earnings per share, the most directly comparable GAAP financial measures.
We have included adjusted EBITDA and adjusted EBITDA per share, herein, because they are key measures used by our management and Board of Directors to evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses. Accordingly, we believe that adjusted EBITDA and adjusted EBITDA per share provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and Board of Directors.
FAQ
What was Janover's (JNVR) revenue for Q2 2024?
Did Janover (JNVR) report a profit or loss in Q2 2024?
What percentage of Janover's (JNVR) revenue came from recurring sources in Q2 2024?
How much cash did Janover (JNVR) have on hand as of June 30, 2024?
