Janover’s New Insurtech Platform, Achieves Profitability in Second Month of Operation; Increases Recurring Revenue by More Than 60% for the Month of May
July 31 2024 - 8:30AM
Janover Inc. (Nasdaq: JNVR) (“Janover” or the
“Company”), an AI-enabled platform for commercial real estate
transactions, today provided an update on Janover Insurance Group
(“Janover Insurance”), its insurtech subsidiary for commercial
property insurance and more. The Company officially launched
Janover Insurance in March 2024 and is pleased to report that
Janover Insurance achieved profitability in May 2024. Our total
monthly recurring revenue for the month of May increased by more
than 60% month over month compared to April 2024. This additional
Insurtech revenue increased our overall annual recurring revenue
(“ARR”) by approximately 5% month over month. Our ARR consists
mainly of recurring revenue from our recent Groundbreaker
acquisition and Janover Insurance.
Blake Janover, CEO of Janover, stated, “We
officially launched Janover Insurance in March and we are proud to
report that it achieved profitability in May, increasing our total
recurring revenue, which includes revenue attributed to recurring
Insurance and Groundbreaker subscription products, by more than 60%
month over month. May revenue from Janover Insurance represents
approximately 65% of our monthly Groundbreaker revenues. This is a
validation of the economic viability of our Insurtech platform and
further demonstrates our customers’ demand for a superior insurance
offering for their properties and businesses.”
“Janover Insurance has already been licensed in
several states and we are building out our digital infrastructure
to insert our insurance offerings throughout our funnel and sales
processes while building out new customer acquisition channels. In
May, Janover Insurance generated its first month of revenue,
accounting for approximately 40% of the total monthly revenue from
our core subscription business. We believe the insurance business
will be a meaningful addition to our platform delighting our
clients and improving the quality and predictability of our
revenue,” concluded Mr. Janover.
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 Registration Statement on Form S-1
related to the public offering (SEC File No. File No. 333-267907)
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.
The financial information presented herein is
not a comprehensive statement of our financial results for this
period, and our actual results may differ materially from these
estimates due to the completion of our financial closing
procedures, final adjustments, and other developments that may
arise between now and the time the closing procedures for the
fiscal quarter are completed.
Contact:Crescendo Communications, LLCTel:
212-671-1020Email: jnvr@crescendo-ir.com
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