Janover Inc. reported a revenue of approximately $2.1 million for the fiscal year ending December 31, 2024, marking a 5% increase from the $2.0 million recorded in the previous year. This growth was primarily driven by a significant rise in subscription revenue, which surged to approximately $480,000 from $32,000 in 2023, reflecting the company's strategic shift towards a Software as a Service (SaaS) model. Despite the revenue increase, Janover experienced a net loss of approximately $2.7 million, a reduction from the $3.4 million loss reported in 2023, attributed to cost-cutting measures and a decrease in one-time IPO-related expenses.
The company has made notable strategic developments, including the acquisition of Groundbreaker Technologies in November 2023, which has been rebranded as Janover Connect. This acquisition is expected to enhance Janover's offerings in real estate syndication and investor management. Additionally, Janover launched several new products in 2024, including Janover Pro, Janover Engage, and Janover AI, all aimed at improving the user experience and expanding the company's service offerings in the commercial real estate sector.
Operationally, Janover reported a decrease in transaction volume, with 115 transactions closed in 2024 compared to 179 in 2023, representing a 36% decline. However, the average revenue per transaction increased by 17%, indicating a shift towards larger loan sizes. The company also reported an annual recurring revenue (ARR) run-rate of approximately $812,000, a 194% increase from the previous year's $276,000. This transition to a more predictable revenue model is a key focus for Janover as it aims to enhance its market position.
As of December 31, 2024, Janover had approximately 26 employees and reported cash and cash equivalents of $2.5 million, down from $5.1 million in 2023. The company is actively pursuing additional capital through its At-the-Market Offering Agreement, which allows for the sale of common stock to raise funds for operational needs. Looking ahead, Janover plans to continue its focus on expanding its SaaS subscription revenue and enhancing its product offerings to better serve the commercial real estate market, while managing its growth effectively to mitigate operational risks.
About Janover Inc.
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