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Janover (JNVR) - 2024 Q4 - Annual Report
JNVRJanover (JNVR)2025-03-27 18:24

Revenue Growth - Revenues for the year ended December 31, 2024, were 2,099,660,representinga52,099,660, representing a 5% increase from 2,003,155 in 2023[257] - Revenue for the year ended December 31, 2024 was approximately 2.1million,anincreaseofapproximately2.1 million, an increase of approximately 97,000, or 5% from the previous year[258] - Subscription revenue for the year ended December 31, 2024 was approximately 480,000,comparedtoapproximately480,000, compared to approximately 32,000 for the same period in the prior year, representing a significant increase[258] - The company experienced a significant increase in other income, which rose by 790% to 276,700in2024from276,700 in 2024 from 31,098 in 2023[257] Annual Recurring Revenue (ARR) - Annual recurring revenue run-rate reached approximately 812,000asofDecember31,2024,up194812,000 as of December 31, 2024, up 194% from approximately 276,000 in the prior year[246] - The Company reported an annual recurring revenue (ARR) run-rate of approximately 812,000asofDecember31,2024,representinga194812,000 as of December 31, 2024, representing a 194% increase from approximately 276,000 in the prior year[280] Operating Expenses - Operating expenses decreased by 6% to 5,103,144in2024from5,103,144 in 2024 from 5,408,047 in 2023[257] - Total sales and marketing expenses decreased by approximately 479,000,or24479,000, or 24%, to approximately 1.5 million for the year ended December 31, 2024[262] - Research and development expenses for the year ended December 31, 2024 were approximately 655,000,adecreaseofapproximately655,000, a decrease of approximately 137,000, or 17% from the previous year[263] - General and administrative expenses remained approximately 2.6millionforbothyearsendedDecember31,2024and2023[264]NetLoss−NetlossfortheyearendedDecember31,2024,was2.6 million for both years ended December 31, 2024 and 2023[264] Net Loss - Net loss for the year ended December 31, 2024, was 2,726,784, a 19% improvement from a net loss of 3,373,794in2023[257]−NetlossfortheyearendedDecember31,2024wasapproximately3,373,794 in 2023[257] - Net loss for the year ended December 31, 2024 was approximately 2.7 million, a decrease of approximately 647,000,or19647,000, or 19% from the previous year[268] Cash Flow - Cash used in operating activities was approximately 2.4 million for the year ended December 31, 2024, compared to approximately 1.6millionforthesameperiodintheprioryear[273]−Cashusedinfinancingactivitieswasapproximately1.6 million for the same period in the prior year[273] - Cash used in financing activities was approximately 118,000 for the year ended December 31, 2024, a significant decrease from approximately 5.8millioninthepreviousyear[275]NewOfferingsandStrategicFocus−JanoverPro,launchedin2024,istheflagshipofferingprovidinganonlineSaaSmarketplaceformultifamilyandcommercialrealestateloans[244]−JanoverConnect,acquiredin2023,isaSaaSplatformthathelpsrealestateownersraisecapitalandmanageinvestors[245]−Thecompanyplanstotransitionfromtransactionalplatformfeerevenuetomorepredictableandprofitablerecurringsubscriptionrevenue[246]−TheCompanyfocusesontransitioningfromtransactionalplatformfeerevenuetomorepredictableandprofitablerecurringSaaSsubscriptionrevenueinfiscal2025[280]−JanoverInsurance,launchedin2024,derivesrevenuefromannualinsurancepremiumcommissionsrecognizedatthestartoftheannualterm[284]−JanoverEngage,alsolaunchedin2024,isaSaaSplatformconnectingrealestateownerswithaccreditedinvestors,generatingrevenuefromsubscriptionfees[284]−JanoverAI,launchedin2024,isagenerativeAIplatformaimedatoptimizingtherealestatelifecycle,withrevenuerecognizedoverthetermoftheSaaSagreement[284]DeferredRevenueandImpairment−DeferredrevenueasofDecember31,2024,wasapproximately5.8 million in the previous year[275] New Offerings and Strategic Focus - Janover Pro, launched in 2024, is the flagship offering providing an online SaaS marketplace for multifamily and commercial real estate loans[244] - Janover Connect, acquired in 2023, is a SaaS platform that helps real estate owners raise capital and manage investors[245] - The company plans to transition from transactional platform fee revenue to more predictable and profitable recurring subscription revenue[246] - The Company focuses on transitioning from transactional platform fee revenue to more predictable and profitable recurring SaaS subscription revenue in fiscal 2025[280] - Janover Insurance, launched in 2024, derives revenue from annual insurance premium commissions recognized at the start of the annual term[284] - Janover Engage, also launched in 2024, is a SaaS platform connecting real estate owners with accredited investors, generating revenue from subscription fees[284] - Janover AI, launched in 2024, is a generative AI platform aimed at optimizing the real estate lifecycle, with revenue recognized over the term of the SaaS agreement[284] Deferred Revenue and Impairment - Deferred revenue as of December 31, 2024, was approximately 341,000, compared to 83,000intheprioryear,indicatinggrowthinSaaSfeesreceivedinadvance[280]−TheCompanyrecognizedanimpairmentofapproximately83,000 in the prior year, indicating growth in SaaS fees received in advance[280] - The Company recognized an impairment of approximately 83,000 for the Groundbreaker brand during Q4 of fiscal 2024, leading to a rebranding to Janover Connect[282] Other Financial Information - Cost of revenue for the year ended December 31, 2024 was approximately $32,000, representing about 2% of total revenue[259] - The Company does not have any off-balance sheet arrangements as defined under SEC rules during the periods presented[285] - The Company evaluates goodwill and indefinite-lived intangibles annually for impairment, with no impairment noted as of December 31, 2023[282]