With Another Quarter of Sequential Revenue Growth Achieved a Record 20% of Total Revenue from Recurring and Subscription Revenue BOCA RATON, Fla., Aug. 13, 2024 (GLOBE NEWSWIRE) -- Janover Inc. (NASDAQ:JNVR) ("Janover" or the "Company"), an AI-enabled platform for commercial real estate transactions, provided a business update, and announced its financial results for the second quarter ended June 30, 2024. Q2 2024 Financial Highlights 7% sequential increase in revenue for Q2 2024 compared to Q1 2024; 20% of revenue from recurring and subscription revenue in Q2 2024; Groundbreaker Platform achieved profitability in Q2 2024, with over 200% quarterly increase in operating margin; Janover Insurance Group achieved profitability in its second month of operation, increasing total recurring revenue by more than 60% in May; $3.2 million in cash and cash equivalents as of June 30, 2024; and No debt on the balance sheet as of June 30, 2024. Blake Janover, CEO of Janover, stated, "While achieving single digit sequential growth in the second quarter of 2024, we drove an impressive 20% of our total revenue from recurring, high-margin software-as-a-service (SaaS) subscriptions and Insurtech commissions. With the acquisition of Groundbreaker, the recent launch of our insurance business, and our other AI and software products for real estate professionals; we will continue to migrate from transactional to compounding recurring revenue. Our AI technology has continued to drive impressive value within our organization, and we think it has exciting applications as a subscription service as well. Ultimately, we are a platform providing capital, technology and insurance services to multifamily and commercial property owners and professionals and occupy a very unique space in the market. I can confidently say that I have never been more excited about our future and the value we can drive for our customers and shareholders." Financial Results Revenue for the quarter ended June 30, 2024, was approximately $441,000 compared to approximately $602,000 for the quarter ended June 30, 2023. This decrease was primarily due to a reduction in closed loans compared to the same period in 2023. Revenue for the three months ended June 30, 2024, increased sequentially by approximately 7% compared to the three months ended March 31, 2024. Additionally, 20% of our total revenue consisted of recurring revenue. Sales and marketing expenses for the quarter ended June 30, 2024, were approximately $414,000, compared to approximately $315,000 for the quarter ended June 30, 2023. The majority of the increase can be attributed to an increase in compensation and benefits expense during the three months ended June 30, 2024, due to an increase in employees, compared to the same period in 2023. Net loss was approximately $805,000, or $0.07 basic and diluted loss per share, for the quarter ended June 30, 2024, compared to net loss of approximately $398,000, or $0.06 basic and diluted loss per share, for the quarter ended June 30, 2023.   Adjusted EBITDA loss was approximately $697,000, or $0.06 basic and diluted loss per share, for the quarter ended June 30, 2024, compared to adjusted EBITDA loss of approximately $143,000, or $0.03 basic and diluted loss per share, for the quarter ended June 30, 2023. Adjusted EBITDA and adjusted EBITDA per share are non-GAAP financial measures (defined below). About Janover Inc. Janover is an AI-enabled platform for commercial real estate transactions. The Company seeks to revolutionize the commercial real estate lending market by making it hyper-efficient, transparent, and accessible to all rather than the few. Through the Company's online platform, it provides technology that connects commercial mortgage borrowers looking for capital to refinance, build, or purchase commercial property, including, but not limited to, apartment buildings, to commercial property lenders. Borrowers include, but are not limited to, owners, operators, and developers of commercial real estate including multifamily properties and most recently, a growing segment of small business owners, which Janover believes represents a significant growth opportunity. Lenders include small banks, credit unions, REITs, Fannie Mae® and Freddie Mac® multifamily lenders, FHA® multifamily lenders, debt funds, CMBS lenders, SBA lenders, and more. Additional information about the Company is available at: https://janover.co/. 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. 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. 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 Offering 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. Contact:Crescendo Communications, LLCTel: 212-671-1020Email: (Tables follow)       JANOVER INC.CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)           June 30,     December 31,       2024     2023   ASSETS                 Current assets:                 Cash and cash equivalents   $ 3,236,660     $ 5,075,609   Accounts receivable     111,179       86,138   Prepaid expenses     71,610       130,430   Total current assets     3,419,449       5,292,177   Property and equipment, net     38,173       28,137   Intangible assets, net     556,433       675,957   Goodwill     606,666       606,666   Other assets     95,630       18,107   Right of use asset     38,269       62,781   Total assets   $ 4,754,620     $ 6,683,825                     LIABILITIES AND STOCKHOLDERS' EQUITY                 Current liabilities:                 Accounts payable and accrued expenses   $ 187,039     $ 539,136   Deferred revenue     86,617       83,228   Right of use liability, current portion     41,181       52,731   Total current liabilities     314,837       675,095   Contingent consideration     178,819       178,819   Right of use of liability     -       13,933   Total liabilities     493,656       867,847                     Stockholders' equity:                 Series A Preferred stock, $0.00001 par value, 100,000 shares authorized, 10,000 shares issued and outstanding as of both June 30, 2024 and December 31, 2023     -       -   Series B Preferred stock, $0.00001 par value, 1,000 shares authorized, 0 shares issued and outstanding as of both June 30, 2024 and December 31, 2023     -       -   Common stock, $0.00001 par value, 100,000,000 shares authorized, 11,064,576 and 11,046,981 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively     110       110   Additional paid-in capital     12,673,785       12,459,343   Accumulated deficit     (8,412,931 )     (6,643,475 ) Total stockholders' equity     4,260,964       5,815,978   Total liabilities and stockholders' equity   $ 4,754,620     $ 6,683,825       JANOVER INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)