Janover reports Q1 EPS (9c) vs. (3c) last year

Reports Q1 revenue $411,000 vs. $467,000 last year. Blake Janover, CEO of Janover, stated, “I am pleased to report that despite significant dislocation in the commercial real estate market, we achieved more than 17% sequential growth for the first quarter of 2024. This was due in part to the strength of our SBA business line, which experienced a sequential increase of 16%, as well as our focus on pursuing larger loan opportunities to enhance revenue per transaction. This strategy has resulted in a 10% year-over-year increase in revenue per transaction for the quarter ending March 31, 2024. Perhaps most importantly, approximately 18% of our total revenue consisted of recurring revenue in the first quarter of 2024 from software-as-a-service subscriptions. The acquisition of Groundbreaker in November 2023, a recurring revenue B2B SaaS platform for commercial property professionals, coupled with the recent launch of Janover Insurance Group, positions us to significantly bolster recurring and contractual revenue for the remainder of fiscal 2024. We will continue to focus on improving revenue by focusing on larger loan opportunities and products per transaction, while moving towards more and more recurring, subscription, and contractual revenue offerings. We are cultivating a robust array of premium, tech-powered product offerings aimed at delivering maximum value and experience to our customers and ultimately our shareholders. Our product mix is increasingly comprised of high margin, recurring revenue products, including Groundbreaker and Janover Insurance (which renews annually), supported by our cutting-edge AI enabled platform. Additionally, our digital media assets include dozens of websites, generating over 100 million impressions annually on Google and facilitating tens of billions of dollars in loan applications each year. Our core multifamily, commercial real estate, and SBA finance marketplace round out our comprehensive suite of services. All of this is enabled by a team that provides world-class customer service and a team of expert advisors. We believe we have established a meaningful foundation and a highly scalable infrastructure, which we believe positions us well for future growth and real value to our shareholders in the years to come. I appreciate everyone that is with us on the journey during what we know is a challenged market. We’ve built something special here and I’m incredibly excited about where our new business lines combined with our current offerings will take us in the years ahead.”