Janover (US:JNVR)2024-11-07 21:00Revenue Performance - Revenue for the three months ended September 30, 2024, was approximately $619,000, an increase of 6% compared to $584,000 for the same period in 2023[110]. - Total revenue for the nine months ended September 30, 2024 was approximately $1.5 million, a decrease of $182,000 or 11% from approximately $1.7 million in the same period of 2023[120]. - Approximately 20% of total revenue for the nine months ended September 30, 2024 was recurring revenue, with subscription revenue reaching approximately $295,000[120]. Average Revenue per Transaction - The average revenue per transaction increased by 26% to approximately $12,000 in Q3 2024, up from approximately $10,000 in Q3 2023, due to a change in average loan size[110]. - The average revenue per transaction increased by 9% to approximately $12,000 in the nine months ended September 30, 2024, compared to approximately $11,000 in the same period of 2023[120]. Recurring Revenue - Approximately 22% of total revenue for Q3 2024 was recurring revenue, compared to 20% for Q2 2024, with subscription revenue reaching approximately $134,000[110]. - The annual recurring revenue (ARR) run-rate reached approximately $480,000 for Q3 2024, a sequential increase of 58% from approximately $303,000 in Q2 2024[110]. - Annual recurring revenue (ARR) run-rate reached approximately $480,000 as of September 30, 2024, compared to no ARR in the prior year[120]. Operating Expenses - Total operating expenses decreased by 52% to $1,065,127 in Q3 2024, down from $2,222,431 in Q3 2023[108]. - Total operating expenses for the nine months ended September 30, 2024 were approximately $3.77 million, a decrease of $41,472 or 1% from $3.81 million in the same period of 2023[119]. - Sales and marketing expenses for Q3 2024 were approximately $299,000, a decrease of $465,000 or 61% compared to $764,000 in Q3 2023[113]. - Sales and marketing expenses decreased by approximately $245,000, or 18%, to $1.1 million for the nine months ended September 30, 2024, compared to $1.4 million for the same period in 2023[124]. - Research and development expenses for Q3 2024 were approximately $151,000, down $96,000 or 39% from $247,000 in Q3 2023[114]. - Research and development expenses increased by approximately $36,000, or 8%, to $479,000 for the nine months ended September 30, 2024, compared to $443,000 for the same period in 2023[126]. - General and administrative expenses for Q3 2024 were approximately $564,000, a decrease of $647,000 or 53% compared to $1.2 million in Q3 2023[115]. - General and administrative expenses remained stable at approximately $2.0 million for both the nine months ended September 30, 2024, and 2023[127]. Net Loss - Net loss for Q3 2024 was $471,255, a significant improvement of 70% compared to a net loss of $1,578,528 in Q3 2023[108]. - Net loss for the nine months ended September 30, 2024 was approximately $2.24 million, compared to a net loss of approximately $2.20 million in the same period of 2023[119]. - Adjusted EBITDA for the nine months ended September 30, 2024, was approximately $(353,383), compared to $(407,106) for the same period in 2023[140]. Cash Flow - Cash used in operating activities was approximately $2.2 million for the nine months ended September 30, 2024, compared to approximately $908,000 for the same period in 2023, reflecting an increase of $1.3 million[134]. - Cash used in investing activities was approximately $16,000 for the nine months ended September 30, 2024, compared to approximately $9,000 for the same period in 2023[135]. - Cash used in financing activities was approximately $53,000 for the nine months ended September 30, 2024, a decrease from approximately $5.8 million for the same period in 2023[136]. Transactions and Market Activity - The company closed 36 transactions on its marketplace in Q3 2024, compared to 60 transactions in Q3 2023[110]. Future Plans - The company plans to focus on expanding its sales channels and enhancing its product offerings in fiscal 2024[97]. - The acquisition of Groundbreaker and the launch of new subsidiaries are expected to increase recurring revenue streams moving forward[96]. Other Financial Information - Cost of revenue for Q3 2024 was approximately $8,000, representing about 1% of total revenue[111]. - Cost of revenue for the nine months ended September 30, 2024 was approximately $24,000, representing about 2% of total revenue[122]. - The Company derives revenue from SaaS subscription fees recognized over the term of customer contracts[146]. - As of September 30, 2024, there was approximately $201,000 in deferred revenue related to SaaS fees received in advance, to be recognized in 2024 and 2025[147]. - The Company evaluates goodwill and indefinite-lived intangibles annually for impairment, with no impairment necessary as of September 30, 2024, and December 31, 2023[149]. - Stock-based compensation is recorded based on the fair value of equity instruments issued, recognized over the employee's required service period[150]. - The Company did not have any off-balance sheet arrangements during the periods presented[151].