Janover Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting both revenue growth and ongoing challenges in profitability. The company generated revenues of $618,669 for the three months ended September 30, 2024, a 6% increase from $583,785 in the same period of 2023. However, revenues for the nine months decreased by 11% to $1,470,779 compared to $1,652,965 in the prior year. The increase in quarterly revenue was attributed to a rise in average revenue per transaction, which increased by 26% to approximately $12,000, despite a decrease in the number of transactions closed.
Gross profit for the third quarter also saw a modest increase to $611,038, up from $583,785 in the previous year. However, gross profit for the nine-month period fell to $1,446,481 from $1,652,965. Total operating expenses for the third quarter significantly decreased by 52% to $1,065,127, down from $2,222,431 in Q3 2023, contributing to a reduced loss from operations of $(454,089), compared to $(1,638,646) in the prior year. Despite these improvements, the net loss for the nine months increased slightly to $(2,240,711) from $(2,196,565) in 2023.
The company’s cash and cash equivalents decreased to $2,768,398 as of September 30, 2024, down from $5,075,609 at the end of 2023. This decline reflects a net cash used in operating activities of approximately $2.2 million for the nine months, a significant increase from $908,139 in the same period of 2023. Janover's total assets also decreased to $4,484,795 from $6,683,825, while total stockholders' equity fell to $3,955,830 from $5,815,978.
Strategically, Janover made notable moves, including the acquisition of Groundbreaker Technologies Inc. in November 2023, which is expected to enhance its technology platform. Additionally, the company launched Janover Insurance Group Inc. to innovate in commercial property insurance using generative AI. The introduction of subscription revenue, which totaled $294,864 for the nine months ended September 30, 2024, marks a shift towards a more recurring revenue model, with subscription revenue accounting for approximately 22% of total revenue in Q3 2024.
Overall, while Janover Inc. has made strides in revenue growth and cost management, it continues to face challenges in achieving profitability and maintaining cash reserves.
About Janover Inc.
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