Janover (JNVR) - 2024 Q4 - Annual Report

Revenue Growth - Revenues for the year ended December 31, 2024, were $2,099,660, representing a 5% increase from $2,003,155 in 2023[257] - Revenue for the year ended December 31, 2024 was approximately $2.1 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, 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 $276,700 in 2024 from $31,098 in 2023[257] Annual Recurring Revenue (ARR) - Annual recurring revenue run-rate reached approximately $812,000 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 $812,000 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 $5,103,144 in 2024 from $5,408,047 in 2023[257] - Total sales and marketing expenses decreased by approximately $479,000, 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, a decrease of approximately $137,000, or 17% from the previous year[263] - General and administrative expenses remained approximately $2.6 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 $3,373,794 in 2023[257] - Net loss for the year ended December 31, 2024 was approximately $2.7 million, a decrease of approximately $647,000, 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 $1.6 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 $5.8 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 $83,000 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]