EXCLUSIVE: Janover's Q3 Shows Strong Sales Growth but Increased Net Loss, Focuses on AI and Strategic Partnerships

Janover Inc JNVR announced its financial results for the third quarter ended September 30, 2023.

Revenue for the quarter ended September 30, 2023, was $583,785, an increase of 11% year-on-year. Revenue per transaction increased 78% Y/Y.

Also Read: EXCLUSIVE: Janover Unveils Innovative AI Chatbot for Real Estate Finance

Sales and marketing expenses were $764,189, an increase of 70% Y/Y. Most of the increase reflects an increase in stock-based compensation expense during the three months ended September 30, 2023, due to the issuance of common stock upon its IPO for services, cancellation of employee stock options, and issuance of common stock in connection with the IPO.  

Net loss was $1.6 million, or 17 cents basic and diluted loss per share, for the third quarter, compared to net loss of $267,642, or $0.04 basic and diluted loss per share in the previous year's quarter.

Adjusted EBITDA was a loss of $407,107 compared to a loss of $395,725.  

CEO Blake Janover said that revenue from Small Business Administration (SBA) transactions more than doubled during the quarter Y/Y, implying a significant growth opportunity. Janover acknowledged building a powerful AI-enabled platform that could help it make the largest repository of first-party commercial lender and borrower data in America. 

He also addressed strategic partnerships with La Rosa Holdings and Xchange.Loans in the commercial real estate sector would likely help it win additional market share.

Price Action: JNVR shares are trading higher by 5.60% at $0.74 premarket on the last check Tuesday.