EXCLUSIVE: Janover's Q3 Revenue Rises 6%, CEO Eyes Boost in Recurring Sales and Larger Loans

On Wednesday, Janover Inc JNVR announced its financial results for the third quarter ended September 30, 2024.

Revenue for the three months ended September 30, 2024, was approximately $619,000, up 6% from the previous year. Revenue increased sequentially by approximately 40%.

Also Read: EXCLUSIVE: Janover Scores New Deal With Real Estate Firm For AI Client Engagement Tools

During fiscal 2024, Janover focused on more considerable loan opportunities, which should increase its average loan size.

With the acquisition of Groundbreaker and the recent launch of Insurtech, an increasing portion of Janover’s total revenue will be recurring revenue, where it will receive annual, quarterly, and monthly subscriptions, as well as yearly insurance premium commissions.

For the quarter ended September 30, 2024, approximately 22% of Janover’s total revenue was recurring revenue compared to 20% Q/Q. The company said it will continue to migrate its revenue to recurring and subscription revenue for the remainder of fiscal 2024 and beyond.  

Subscription revenue was approximately $134,000 for the September 30, 2024 quarter, increasing sequentially by approximately 51%. Janover’s annual recurring revenue run rate reached roughly $480,000 for the September 30, 2024 quarter. 

ARR increased sequentially by approximately 58%. ARR represents an annualization of its recurring revenue, which assumes a full year of revenue.

Net loss for the three months ended September 30, 2024, was approximately $471,000, a decrease of approximately 70%. Net loss for the three months ended September 30, 2024, decreased sequentially by approximately 41%.

Quarterly Business Highlights:

• Janover Pro: Launched as a matching tool for commercial real estate loans, connecting professionals with over 1,000 lenders, including more than 10% of U.S. banks.
• Janover Insurance Group: Achieved another profitable quarter, with run rate recurring revenue increasing by 89% quarter-over-quarter.
• Janover Engage: Initiated the pilot of an equity marketplace connecting real estate syndicators and over 40,000 accredited investors who have collectively invested more than $1 billion.
• Janover Connect: Rebranded and relaunched as the user-friendly real estate syndication software and investor portal for syndicators and GPs.
• Janover Capital Markets: The debt placement team set a new revenue record for new business revenue in a single quarter.
• Janover AI: Its conversational AI applications are now licensed by two publicly traded companies to enhance operational efficiency.

Janover’s CEO, Blake Janover, highlighted a milestone quarter, noting it as the strongest since their IPO and marking a third consecutive period of simultaneous gains in revenue, net income, cash flow, adjusted EBITDA, and ARR.

Price Action: JNVR stock closed higher by 3.82% at $0.5623 at Tuesday.

Also Read:

• EXCLUSIVE: Janover Enhances Insurtech Subsidiary with AI-Powered Sales and Engagement Tools