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Janover (JNVR) - 2025 Q1 - Quarterly Report
JNVRJanover (JNVR)2025-05-14 12:11

Revenue Growth - As of March 31, 2025, the annual recurring revenue (ARR) reached approximately 1.4million,a3791.4 million, a 379% increase from approximately 287,000 as of March 31, 2024[126]. - Subscription revenue increased to approximately 191,000inQ12025fromapproximately191,000 in Q1 2025 from approximately 73,000 in Q1 2024, representing a growth of 161%[162]. - Revenue for Q1 2025 was approximately 287,000,adecreaseof287,000, a decrease of 124,000 or 30% compared to Q1 2024 revenue of approximately 411,000[161].−SubscriptionrevenueisderivedfromvariousSaaSplatforms,includingJanoverPro,JanoverConnect,andJanoverInsurance,withrevenuerecognizedoverthetermofcustomercontracts[181].FinancialPerformance−TotaloperatingexpensesforQ12025wereapproximately411,000[161]. - Subscription revenue is derived from various SaaS platforms, including Janover Pro, Janover Connect, and Janover Insurance, with revenue recognized over the term of customer contracts[181]. Financial Performance - Total operating expenses for Q1 2025 were approximately 1.17 million, down 259,000or18259,000 or 18% from approximately 1.43 million in Q1 2024[161]. - Net loss for Q1 2025 was approximately 778,000,areductionof778,000, a reduction of 186,000 or 19% compared to a net loss of approximately 964,000inQ12024[161].−Cashusedinoperatingactivitiesdecreasedtoapproximately964,000 in Q1 2024[161]. - Cash used in operating activities decreased to approximately 786,000 in Q1 2025 from approximately 1.1millioninQ12024,areductionof1.1 million in Q1 2024, a reduction of 360,000[174]. - General and administrative expenses decreased by approximately 215,000or28215,000 or 28% to approximately 544,000 in Q1 2025 from approximately 759,000inQ12024[167].−Salesandmarketingexpensesincreasedbyapproximately759,000 in Q1 2024[167]. - Sales and marketing expenses increased by approximately 49,000 or 12% to approximately 465,000inQ12025,primarilyduetoincreasedonlineadvertisingcosts[165].CapitalandInvestment−Thecompanyhaspurchasedapproximately465,000 in Q1 2025, primarily due to increased online advertising costs[165]. Capital and Investment - The company has purchased approximately 103 million in Solana (SOL), including staking rewards, as part of its treasury strategy[133]. - The company aims to generate incremental revenue through staking SOL rewards and validator-based monetization[124]. - The company has invested approximately 103millioninSOL,includingstakingrewards,aspartofitscapitalallocationstrategy[157].−Thecompanyenteredintoasecuritiespurchaseagreementforgrossproceedsofapproximately103 million in SOL, including staking rewards, as part of its capital allocation strategy[157]. - The company entered into a securities purchase agreement for gross proceeds of approximately 24.0 million, issuing 315,838 shares of common stock at 46.00pershare[158].−ThecompanyacquiredSolsyncSolutionsPartnership,aSOLvalidatorbusiness,for46.00 per share[158]. - The company acquired Solsync Solutions Partnership, a SOL validator business, for 3.5 million, integrating its staking rewards into the company's revenue streams[159]. Treasury and Compliance - The company adopted a new treasury policy to allocate its treasury reserve primarily to digital assets, starting with SOL[146]. - The company regained compliance with Nasdaq's minimum closing bid price requirement, maintaining a minimum closing bid price of 1.00pershareforatleast10consecutivetradingdays[140].−AchangeincontroloccurredwhenDeFiDevLLCandNSCorppurchasedapproximately51.01.00 per share for at least 10 consecutive trading days[140]. - A change in control occurred when DeFi Dev LLC and NS Corp purchased approximately 51.0% of the company's common stock for 4 million[141][142]. - The company issued approximately 42.0millioninconvertiblenotes,whichareconvertibleintocommonstockatapriceof42.0 million in convertible notes, which are convertible into common stock at a price of 68.19 per share[147][149]. Future Outlook - The company plans to focus on expanding net revenue retention (NRR) and average contract values (ACV) to enhance revenue predictability[134]. - The company plans to continue investing in research and development, sales and marketing, and general and administrative expenses to drive growth[172]. - The Company expects to continue generating operating losses as it focuses on revenue growth, but anticipates a decline in these losses as subscription software revenue increases[176]. Miscellaneous - The company serves hundreds of thousands of web users annually, applying for billions of dollars in debt financing, including over 10% of banks in America[118]. - The average fee earned per transaction is approximately 1% of the loan amount, generally earned at the time of closing[121]. - The Company recorded an impairment of approximately $83,000 related to the Groundbreaker brand during the fourth quarter of fiscal 2024, which has since been rebranded to Janover Connect[183]. - The Company does not believe inflation has materially affected its results of operations during the periods presented[189]. - The Company has not had any off-balance sheet arrangements during the periods presented[185]. - The Company’s revenue recognition follows ASC 606, ensuring that revenue is recognized when control of goods or services is transferred to customers[178]. - The Company’s cash consists of readily available checking accounts and short-term money market fund investments, with historical fluctuations in interest income being insignificant[188].