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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): March 13, 2025

 

JANOVER INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-41748   83-2676794
(State or other jurisdiction
of Incorporation)
  (Commission
File Number)
  (IRS Employer
Identification Number)

 

6401 Congress Avenue, Suite 250
Boca Raton, Florida
  33487
(Address of registrant’s principal executive office)   (Zip code)

 

(561) 559-4111

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of each exchange on which
registered
Common Stock, par value $0.00001 per share   JNVR   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

 

On March 13, 2025, Janover Inc., a Delaware corporation (the “Company”), issued a press release reporting the financial results of the Company for the fourth quarter and full year ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein in its entirely by reference.

 

Limitation on Incorporation by Reference. The information furnished in this Item 2.02, including the press release attached hereto as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as set forth by specific reference in such a filing.

 

Cautionary Note Regarding Forward-Looking Statements. Except for historical information contained in the press release attached as Exhibit 99.1 hereto, the press release contains forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. Please refer to the cautionary note in the press release regarding these forward-looking statements.

  

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.   Description
99.1   Press Release, dated as of March 13, 2025.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

Forward Looking Statements

 

This Current Report contains forward-looking statements that involve risks and uncertainties intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of current or historical fact contained in this Current Report, including statements regarding the Company’s expected timeline for compliance with the Nasdaq’s Corporate Governance Rules, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “should,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. The Company has based these forward-looking statements on the current expectations about future events held by management. While the Company believes these expectations are reasonable, such forward-looking statements are inherently subject to risks and uncertainties, many of which are beyond the Company’s control. The Company’s actual future results may differ materially from those discussed here for various reasons. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The forward-looking statements included in this Current Report are made only as of the date hereof. We do not undertake any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 13, 2025 JANOVER INC.
     
  By: /s/ Blake Janover
  Name:   Blake Janover
  Title: Chief Executive Officer and President

 

 

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EX-99.1 2 ea023427801ex99-1_janover.htm PRESS RELEASE, DATED AS OF MARCH 13, 2025

Exhibit 99.1

 

Janover Inc. Reports Fourth Quarter and Full Year 2024 Financial Results with a 488% Increase in SaaS Revenue and 80% YoY Quarterly Growth

 

Reports an 73% improvement in YoY quarterly cashflow from operations and a 194% increase in YoY ARR.

 

BOCA RATON, FL - March 13, 2025 - Janover Inc. (Nasdaq: JNVR) (“Janover” or the “Company”), an AI-enabled platform connecting the commercial real estate industry, provided a business update and announced its financial results for the fourth quarter and full year ended December 31, 2024.

 

Q4 2024 Financial and Business Highlights:

 

488% YoY increase in Q4 Software as a Service (“SaaS”) subscription revenue
     
80% YoY Q4 revenue growth
     
194% YoY increase in annual recurring revenue (“ARR”)
     
59% YoY improvement in Q4 net loss
     
73% YoY improvement in Q4 cash flow from operations

 

Blake Janover, CEO of Janover, said, “Our fourth quarter results demonstrate the powerful and accelerating transformation we’ve undergone in the past year, with SaaS subscription revenue up 488% year-over-year in the fourth quarter, that’s 14x growth for the entire year. This further validates our strategic pivot to a subscription-first business model, and I am incredibly excited about what lies ahead with our fourth consecutive quarter of sequential revenue growth with net income and subscription revenue improvement over the past four quarters.”

 

Financial Results

 

Revenue for the quarter ended December 31, 2024, was approximately $629,000, as compared to approximately $350,000 for the quarter ended December 31, 2023, an increase of approximately $279,000, or 80%. The increase in revenue for the quarter was due primarily to an increase in subscription revenue related to our SaaS business, as well as an increase in platform fees, revenue related to our traditional debt business. In 2024, the Company started to market its lender marketplace: Janover Pro, its equity marketplace: Janover Engage, and its artificial intelligence technology: Janover AI (as a software as a service). Subscription Revenue also includes Janover Connect (formerly known as Groundbreaker), our real estate syndication software and investor portal and our Insurtech subsidiary. The revenue derived from these SaaS subscriptions will be recognized over the term of the SaaS agreement. Subscription revenue was approximately $480,000 for the year ended December 31, 2024, compared to approximately $32,000 for the same period the prior year. For the year ended December 31, 2024, approximately 23% of our total revenue was recurring revenue, compared to less than 1%, as there was only a minimal amount of recurring revenue in fiscal 2023. In fiscal 2025, we will continue to focus on transitioning from transactional debt revenue to the more predictable and profitable recurring SaaS subscription revenue. At December 31, 2024, our ARR reached approximately $812,000, compared to approximately $276,000 in the prior year, an increase of 194%. The recurring revenue in the prior year represented our acquisition of Groundbreaker, rebranded as Janover Connect, in November 2023. ARR increased sequentially by approximately 69%, which was approximately $480,000 for the nine months ended September 30, 2024. ARR represents an annualization of our recurring revenue, which assumes a full year of revenue.

 

 


 

Net loss for the three months ended December 31, 2024, was approximately $486,000 as compared to approximately $1.2 million for the three months ended December 31, 2023, a decrease of approximately $691,000, or 59%. Net loss for the year ended December 31, 2024, was approximately $2.7 million as compared to approximately $3.4 million for the year ended December 31, 2023, a decrease of approximately $647,000, or 19%. The reduction to our net loss for the quarter and year ended December 31, 2024, was primarily due to significant cost cutting across the organization and one-time IPO-related expenses and stock issuances for services in the prior year.

 

    Quarter Ended
December 31,
2024
    Quarter Ended
December 31,
2023
    $ Growth     % Growth  
Platform fees   $ 443,661     $ 318,670     $ 124,991       39 %
Subscription revenue     185,220       31,520       153,700       488 %
Total revenue     628,881       350,190       278,691       80 %
Annual recurring revenue (ARR)     811,884       276,127       535,757       194 %

 

About Janover Inc.

 

Janover Inc. (Nasdaq: JNVR) is an AI-powered online platform that connects the commercial real estate industry by providing data and software subscriptions as well as value-add services to multifamily and commercial property professionals as we connect the increasingly complex ecosystem that stakeholders have to manage.

 

We currently serve more than one million web users annually, including multifamily and commercial property owners and developers applying for billions of dollars of debt financing per year, professional service providers, and thousands of multifamily and commercial property lenders including more than 10% of the banks in America, credit unions, real estate investment trusts (“REITs”), debt funds, Fannie Mae® and Freddie Mac® multifamily lenders, FHA multifamily lenders, commercial mortgage-backed securities (“CMBS”) lenders, Small Business Administration (“SBA”) lenders, and more. Our data and software offerings are generally offered on a subscription basis as software as a service (“SaaS”).

 

To view the latest investor presentation, please visit https://ir.janover.co/.

 

Forward-Looking Statements

 

This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,” “expect,” strategy,” “future,” “likely,” “may,”, “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the effect of and uncertainties related the ongoing volatility in interest rates; (ii) our ability to achieve and maintain profitability in the future; (iii) the impact on our business of the regulatory environment and complexities with compliance related to such environment; (iv) our ability to respond to general economic conditions; (v) our ability to manage our growth effectively and our expectations regarding the development and expansion of our business; (vi) our ability to access sources of capital, including debt financing and other sources of capital to finance operations and growth and other risks and uncertainties more fully in the section captioned “Risk Factors” in the Company’s Registration Statement on Form 1-A related to the public offering (SEC File No. 024-12458) and other reports we file with the SEC. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

 

Company Contact:

 

Bruce S. Rosenbloom, CFO
Tel: (561) 782-2788
Email: IR@janover.co

 

(Tables follow)

 

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JANOVER INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    December 31,
2024
    December 31,
2023
 
ASSETS            
Total current assets     2,935,081       5,292,177  
Total assets   $ 4,375,775     $ 6,683,825  
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Total current liabilities     592,887       675,095  
Total liabilities     873,844       867,847  
Total stockholders’ equity     3,501,931       5,815,978  
Total liabilities and stockholders’ equity   $ 4,375,775     $ 6,683,825  

 

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JANOVER INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

    Three Months Ended
December 31,
    Year Ended
December 31,
 
    2024     2023     2024     2023  
Revenues:                        
Platform fees   $ 443,661     $ 318,670     $ 1,619,577     $ 1,971,635  
Subscription revenue     185,220       31,520       480,083       31,520  
Total revenues     628,881       350,190       2,099,660       2,003,155  
Cost of revenues     7,599       -       31,897       -  
Gross profit     621,282       350,190       2,067,763       2,003,155  
Operating expenses:                                
Sales and marketing     368,488       601,840       1,496,640       1,975,219  
Research and development     176,223       349,629       654,803       792,131  
General and administrative     622,030       643,728       2,612,603       2,639,785  
Depreciation and amortization     50,714       805       223,982       912  
Impairment expense     83,219       -       83,219       -  
Total operating expenses     1,300,674       1,596,002       5,071,247       5,408,047  
Loss from operations     (679,392 )     (1,245,812 )     (3,003,484 )     (3,404,892 )
Total other income     193,319       68,583       276,700       31,098  
Net loss   $ (486,073 )   $ (1,177,229 )   $ (2,726,784 )   $ (3,373,794 )
Weighted average common shares outstanding - basic and diluted     1,413,510       1,313,667       1,395,040       1,056,447  
Net loss per common share - basic and diluted   $ (0.34 )   $ (0.90 )   $ (1.95 )   $ (3.19 )

 

 

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