Janover provides Q2 business update

Blake Janover, CEO of Janover, stated, “On July 25, 2023, we achieved historic milestones for our Company by completing an IPO onto the Nasdaq Stock Market and concurrently raising over $5 million. This was a direct result of intensive analysis, planning and hard work by our leadership team and Board of Directors. Despite industry-wide challenges and management’s focus on our IPO, we performed well during the second quarter of 2023, with second quarter 2023 revenue increasing to $602 thousand, a 29 percent sequential increase compared to the first quarter of 2023. Although we experienced a modest decline over the second quarter of 2022, we believe we outperformed the broader market by a significant margin, which we believe reflects the efficacy of our business model and the inherent ability of our platform to capitalize on the volatility in the market. It is also important to note that the second quarter of 2022 included a single transaction that significantly lifted revenue. Excluding this loan, our base business would have also increased on a year-over-year basis. Looking ahead and with the IPO behind us, we aim to secure more of these larger transactions going forward. Moreover, our revenue per transaction increased by 48.9 percent. This was a direct result of an increase in the average loan size, which is a testament to our ability to continue to execute on our strategy, supported by a best-in-class digital platform. Our strategy remains focused around building an all-star team to execute on our key initiatives including scaling our AI, enhancing our marketplace for borrowers and lenders, and continuing to provide best-in-class educational content across our ecosystem of websites to drive our best-in-class SEO and resulting organic traffic. Our focus is delivering long-term shareholder value via delivering cost-effective value throughout our entire ecosystem to all stakeholders. Through the implementation of generative AI and our digital platform, we have maintained a lean, scalable and high gross-margin infrastructure.”