Janover Reports Third Quarter 2024 Financial Results and Provides Business Update
Janover (NASDAQ: JNVR) reported strong Q3 2024 financial results with 40% sequential revenue growth and 58% run rate Annual Recurring Revenue (ARR) growth. Total revenue reached $619,000, with recurring revenue comprising 22% of total revenue. The company achieved a 70% year-over-year reduction in net loss to $471,000 and a 39% improvement in net cash used in operations. Key business updates include the launch of Janover Pro, growth in Insurtech division, and the introduction of Janover Engage. The company's ARR run-rate reached $480,000, while subscription revenue increased 51% sequentially to $134,000.
Janover (NASDAQ: JNVR) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con una Crescita dei ricavi sequenziali del 40% e una Crescita del 58% nel tasso di Annual Recurring Revenue (ARR). I ricavi totali hanno raggiunto $619.000, con i ricavi ricorrenti che costituiscono il 22% del totale. L'azienda ha ottenuto una riduzione del 70% della perdita netta rispetto all'anno precedente, scendendo a $471.000, e un miglioramento del 39% nel cash netto utilizzato nelle operazioni. Tra i principali aggiornamenti aziendali si annoverano il lancio di Janover Pro, la crescita della divisione Insurtech e l'introduzione di Janover Engage. Il tasso di ARR dell'azienda ha raggiunto $480.000, mentre i ricavi da abbonamento sono aumentati del 51% sequenzialmente, toccando $134.000.
Janover (NASDAQ: JNVR) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un crecimiento secuencial de ingresos del 40% y un crecimiento del 58% en la tasa de Ingresos Recurring Annuales (ARR). Los ingresos totales alcanzaron $619,000, con los ingresos recurrentes representando el 22% del total. La compañía logró una reducción del 70% en la pérdida neta interanual, bajando a $471,000, y una mejora del 39% en el efectivo neto utilizado en operaciones. Las actualizaciones comerciales clave incluyen el lanzamiento de Janover Pro, el crecimiento en la división de Insurtech y la introducción de Janover Engage. La tasa de ARR de la compañía alcanzó $480,000, mientras que los ingresos por suscripción aumentaron un 51% secuencialmente, alcanzando $134,000.
Janover (NASDAQ: JNVR)는 2024년 3분기 재무 결과를 발표했으며, 40%의 순차적 수익 성장과 58%의 연간 반복 수익(ARR) 성장률을 기록했습니다. 총 수익은 619,000달러에 달하며, 반복 수익은 총 수익의 22%를 차지합니다. 회사는 전년 대비 70%의 순손실 감소를 달성하여 471,000달러에 이르렀고, 운영에서 사용된 순현금으로 39% 개선되었습니다. 주요 비즈니스 업데이트로는 Janover Pro의 출시, Insurtech 부문 성장, 그리고 Janover Engage의 도입이 포함됩니다. 회사의 ARR 런레이트는 480,000달러에 도달했으며, 구독 수익은 순차적으로 51% 증가하여 134,000달러에 이릅니다.
Janover (NASDAQ: JNVR) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec une croissance séquentielle des revenus de 40% et une croissance de 58% du taux de revenus récurrents annuels (ARR). Les revenus totaux ont atteint 619 000 $, les revenus récurrents représentant 22% du total. L'entreprise a réalisé une réduction de 70% de la perte nette d'une année sur l'autre, s'établissant à 471 000 $, et une amélioration de 39% de la trésorerie nette utilisée dans les opérations. Parmi les principales mises à jour commerciales figurent le lancement de Janover Pro, la croissance de la division Insurtech et l'introduction de Janover Engage. Le taux ARR de l'entreprise a atteint 480 000 $, tandis que les revenus d'abonnement ont augmenté de 51% par rapport au trimestre précédent, atteignant 134 000 $.
Janover (NASDAQ: JNVR) hat für das dritte Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit einem Umsatzwachstum von 40% im Quartalsvergleich und einem Wachstum von 58% in der jährlichen wiederkehrenden Umsatzrate (ARR). Der Gesamtumsatz erreichte 619.000 Dollar, wobei wiederkehrende Einnahmen 22% des Gesamtumsatzes ausmachten. Das Unternehmen hat eine 70%ige Reduzierung des Nettoverlusts im Jahresvergleich auf 471.000 Dollar erzielt und eine Verbesserung von 39% bei den im Betrieb verwendeten Nettokassen. Zu den wichtigsten Unternehmensupdates gehört die Einführung von Janover Pro, das Wachstum im Insurtech-Bereich und die Einführung von Janover Engage. Der ARR-Laufzeitwert des Unternehmens erreichte 480.000 Dollar, während die Abonnementeinnahmen im Quartalsvergleich um 51% auf 134.000 Dollar stiegen.
- 40% sequential quarter-over-quarter revenue growth
- 58% sequential growth in run rate Annual Recurring Revenue
- 70% year-over-year reduction in net loss
- 39% improvement in net cash used in operations
- 89% quarter-over-quarter growth in Insurtech recurring revenue
- Subscription revenue increased 51% sequentially to $134,000
- Net loss of $471,000 in Q3 2024
- Only 22% of total revenue is recurring revenue
- Modest 6% year-over-year revenue growth ($619,000 vs $584,000)
Insights
The Q3 results demonstrate significant operational improvements with 40% sequential revenue growth and 58% sequential ARR growth. The company's shift toward recurring revenue is particularly noteworthy, now comprising
The
The company's AI-enabled platform strategy is showing promising traction with two notable wins - securing licenses from publicly traded companies for their conversational AI applications. The integration of AI across voice, email, text and chat channels, combined with the expansion into Insurtech and equity marketplace services, demonstrates strong product-market fit in the commercial real estate tech space.
The launch of Janover Pro with access to over 1,000 lenders and the rebranding of Groundbreaker to Janover Connect creates a comprehensive ecosystem for real estate professionals. The platform's ability to connect with 40,000+ verified investors who've deployed over
Reports
BOCA RATON, Fla., Nov. 06, 2024 (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 third quarter ended September 30, 2024.
Q3 2024 Financial and Business Highlights:
40% sequential QoQ revenue growth.58% sequential QoQ run rate ARR growth.70% YoY and41% QoQ sequential improvement in net loss.39% sequential QoQ improvement in net cash used in operations.- Began executing share buybacks during the quarter.
Blake Janover, CEO of Janover, stated, "We are pleased to report the best quarter since our IPO, marking our third consecutive quarter of simultaneous top line growth, net income, cash flow, adjusted EBITDA improvement, and ARR growth. Run rate ARR broke out with
Key Business Updates for the Quarter:
- Janover Pro - Janover Pro was launched, which is a commercial real estate lender matching tool, commercial real estate professionals can use to place loans at more than 1,000 lenders, including more than
10% of the banks in America. - Janover Insurance Group – Our Insurtech completed another profitable quarter with an
89% QoQ growth in its run rate recurring revenue. - Janover Engage - Janover launched the pilot of its equity marketplace as a service: a marketplace connecting real estate syndicators and accredited investors. This platform provides access to more than 40,000 verified investors who have collectively invested over
$1 billion . - Janover Connect - Groundbreaker was rebranded, re-designed, and relaunched as Janover Connect, the ecosystem’s easiest-to-use, most service-focused real estate syndication software and investor portal for syndicators and general partners (GPs).
- Janover Capital Markets - Janover’s multifamily and commercial real estate debt placement team, using cutting edge technology for deal placement, “signed up” more new business by revenue than any quarter in its history since its founding.
- Janover AI- Janover’s artificial intelligence; more specifically its conversational applications across voice, email, text, and chat, have now been licensed by two publicly traded companies for use in optimizing their operations.
Blake Janover continued, "Look, we’re just obsessed. Obsessed with delivering a better suite of products, with creating more from less, with running lean and fast, and with being useful. And even in a difficult market, it’s manifesting in the results. I’m proud of our team and the work we’re doing together. Right now, we’re set on getting to cash flow positive through growth and controlled costs and I have to say, the year ahead looks very promising for Janover."
Financial Results
Revenue for the three months ended September 30, 2024 was approximately
Net loss for the three months ended September 30, 2024 was approximately
About Janover Inc.
Janover is an AI-enabled platform that connects the commercial real estate industry. The company serves over one million annual web users and 1,000+ lenders, including more than
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 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
(Tables follow)
| JANOVER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
| September 30, 2024 | | | December 31, 2023 | | ||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,768,398 | $ | 5,075,609 | ||||
| Accounts receivable | 165,785 | 86,138 | ||||||
| Prepaid expenses | 129,206 | 130,430 | ||||||
| Deferred offering costs | 48,528 | - | ||||||
| Total current assets | 3,111,917 | 5,292,177 | ||||||
| Property and equipment, net | 36,219 | 28,137 | ||||||
| Intangible assets, net | 510,283 | 675,957 | ||||||
| Goodwill | 606,666 | 606,666 | ||||||
| Marketable securities | 173,250 | - | ||||||
| Other assets | 20,742 | 18,107 | ||||||
| Right of use asset | 25,718 | 62,781 | ||||||
| Total assets | $ | 4,484,795 | $ | 6,683,825 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 121,539 | $ | 539,136 | ||||
| Deferred revenue | 200,948 | 83,228 | ||||||
| Right of use liability, current portion | 27,659 | 52,731 | ||||||
| Total current liabilities | 350,146 | 675,095 | ||||||
| Contingent consideration | 178,819 | 178,819 | ||||||
| Right of use of liability | - | 13,933 | ||||||
| Total liabilities | 528,965 | 867,847 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Stockholders' equity: | ||||||||
| Series A Preferred stock, | - | - | ||||||
| Series B Preferred stock, | - | - | ||||||
| Common stock, | 113 | 110 | ||||||
| Additional paid-in capital | 12,839,903 | 12,459,343 | ||||||
| Accumulated deficit | (8,884,186 | ) | (6,643,475 | ) | ||||
| Total stockholders' equity | 3,955,830 | 5,815,978 | ||||||
| Total liabilities and stockholders' equity | $ | 4,484,795 | $ | 6,683,825 | ||||
| JANOVER INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
| Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | 618,669 | 583,785 | $ | 1,470,779 | $ | 1,652,965 | |||||||||
| Cost of revenues | 7,631 | - | 24,298 | - | ||||||||||||
| Gross profit | 611,038 | 583,785 | 1,446,481 | 1,652,965 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 298,897 | 764,189 | 1,128,152 | 1,373,379 | ||||||||||||
| Research and development | 151,190 | 246,883 | 478,580 | 442,502 | ||||||||||||
| General and administrative | 564,437 | 1,211,252 | 1,990,573 | 1,996,057 | ||||||||||||
| Depreciation and amortization | 50,603 | 107 | 173,268 | 107 | ||||||||||||
| Total operating expenses | 1,065,127 | 2,222,431 | 3,770,573 | 3,812,045 | ||||||||||||
| Loss from operations | (454,089 | ) | (1,638,646 | ) | (2,324,092 | ) | (2,159,080 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of future equity obligations | - | - | - | (119,826 | ) | |||||||||||
| Change in fair value of marketable securities | (52,250 | ) | - | (52,250 | ) | - | ||||||||||
| Interest income | 34,288 | 57,587 | 129,220 | 77,115 | ||||||||||||
| Other income | 796 | 2,531 | 6,411 | 5,226 | ||||||||||||
| Total other income (expense) | (17,166 | ) | 60,118 | 83,381 | (37,485 | ) | ||||||||||
| Net loss | $ | (471,255 | ) | $ | (1,578,528 | ) | $ | (2,240,711 | ) | $ | (2,196,565 | ) | ||||
| Weighted average common shares outstanding - basic and diluted | 11,205,011 | 9,180,889 | 11,110,766 | 7,769,635 | ||||||||||||
| Net loss per common share - basic and diluted | $ | (0.04 | ) | $ | (0.17 | ) | $ | (0.20 | ) | $ | (0.28 | ) | ||||
| JANOVER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,240,711 | ) | $ | (2,196,565 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 173,268 | 107 | ||||||
| Stock-based compensation | 263,313 | 893,400 | ||||||
| Change in fair value of marketable securities | 52,250 | - | ||||||
| Issuance of common stock upon IPO for services | - | 541,064 | ||||||
| Change in fair value of future equity obligations | - | 119,826 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (230,147 | ) | (89,422 | ) | ||||
| Prepaid expenses | 91,695 | (183,846 | ) | |||||
| Other assets | (2,634 | ) | - | |||||
| Accounts payable and accrued expenses | (386,806 | ) | 6,328 | |||||
| Deferred revenue | 42,720 | - | ||||||
| Right of use of liability, net | (1,944 | ) | 969 | |||||
| Net cash used in operating activities | (2,238,996 | ) | (908,139 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property and equipment | (13,176 | ) | (9,073 | ) | ||||
| Intangible assets, net | (2,500 | ) | - | |||||
| Net cash used in investing activities | (15,676 | ) | (9,073 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Issuance of preferred stock | - | 1,000,000 | ||||||
| Issuance of common stock | - | 5,023,500 | ||||||
| Exercise of stock options | 1,232 | - | ||||||
| Repurchase of common stock | (5,243 | ) | - | |||||
| Deferred offering costs | (48,528 | ) | (272,405 | ) | ||||
| Net cash (used in) provided by financing activities | (52,539 | ) | 5,751,095 | |||||
| Net change in cash | (2,307,211 | ) | 4,833,883 | |||||
| Cash at beginning of period | 5,075,609 | 981,125 | ||||||
| Cash at end of period | $ | 2,768,398 | $ | 5,815,008 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for interest | $ | 1,089 | $ | - | ||||
| Cash paid for taxes | $ | - | $ | - | ||||
| Supplemental disclosure of non-cash financing activities: | ||||||||
| Issuance of common stock for prepaid and accrued services | $ | 121,262 | $ | - | ||||
| Marketable securities received in exchange for customer contract | $ | 225,500 | $ | - | ||||
| Conversion of future equity obligations into common stock in connection with IPO | $ | - | $ | 659,408 | ||||
| Conversion of preferred stock into common stock in connection with IPO | $ | - | $ | 1,000,000 | ||||
| JANOVER INC. RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Consolidated Reconciliation of GAAP Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (471,255 | ) | $ | (1,578,528 | ) | $ | (2,240,711 | ) | $ | (2,196,565 | ) | ||||
| Add (subtract): | ||||||||||||||||
| Stock-based compensation | 50,103 | 1,231,433 | 263,313 | 1,434,464 | ||||||||||||
| Depreciation and amortization | 50,603 | 107 | 173,268 | 107 | ||||||||||||
| Other income (expense) | (17,166 | ) | 60,118 | 83,381 | (37,485 | ) | ||||||||||
| Adjusted EBITDA | $ | (353,383 | ) | $ | (407,106 | ) | $ | (1,887,511 | ) | $ | (724,509 | ) | ||||
| Three Months Ended September 30, | Nine Months Ended September 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 | $ | (0.04 | ) | $ | (0.17 | ) | $ | (0.20 | ) | $ | (0.28 | ) | ||||
| Add (subtract): | ||||||||||||||||
| Stock-based compensation | - | 0.13 | 0.02 | 0.18 | ||||||||||||
| Depreciation and amortization | 0.01 | - | 0.02 | - | ||||||||||||
| Other income (expense) | - | - | 0.01 | (0.01 | ) | |||||||||||
| Adjusted EBITDA per share | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.15 | ) | $ | (0.09 | ) | ||||
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 growth in Q3 2024?
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