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Janover Inc. (JNVR+1.22%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines Janover's business model as an AI-powered online platform connecting commercial real estate stakeholders, offering data, software subscriptions, and value-added services. The company connects borrowers seeking to refinance, build, or buy commercial property with lenders, including banks, credit unions, and other financial institutions.
Revenue for the year was approximately $2.1 million, a 5% increase from the previous year. This growth was primarily due to an increase in subscription revenue, offset by a reduction in platform revenue. Subscription revenue, which includes SaaS fees from Janover Pro, Janover Connect, and other services, accounted for 23% of total revenue.
The company reported a net loss of approximately $2.7 million for the year, a decrease from the $3.4 million loss in the prior year. This reduction was attributed to cost-cutting measures and one-time IPO-related expenses in the previous year.
Operating expenses totaled approximately $5.1 million, a 6% decrease from the previous year. The decrease was primarily due to reduced stock-based compensation expenses.
Janover's strategy for 2025 includes focusing on larger loan opportunities, transitioning from transactional platform fee revenue to more predictable subscription revenue, and enhancing its AI and technology platform.
The company faces risks related to economic downturns, interest rate changes, and the availability of capital, which could impact transaction activity and property values.
Janover's cash and cash equivalents were approximately $2.5 million as of December 31, 2024, with cash used in operations totaling approximately $2.4 million for the year.
The company plans to continue investing in research and development, sales and marketing, and general and administrative expenses to drive growth and market penetration.
Janover's management believes its current capital is sufficient to sustain operations for at least one year, with plans to raise additional capital through its ATM Sales Agreement in 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Janover Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.