Name: Janover Inc. Q2 2023 Earnings Call
Start: 2023-09-05T00:00:00.000Z

Executive Summary

Q2 revenue was $601,940, up 29% sequentially from Q1 2023 but down year over year; unit economics improved materially as average revenue per transaction rose 48.9% on larger loan sizes .
Profitability remained negative: loss from operations was $(246,414) and net loss per share was $(0.06); other expense swung to $(151,437) driven by higher fair-value adjustments on SAFE liabilities .
Liquidity improved: cash was $1,581,545 at 6/30; subsequent to quarter-end, the IPO raised ~ $5.0 million net, with management indicating funds sufficient for at least one year of operations as of the 10-Q issuance date .
Narrative/catalyst: management emphasized scaling AI, strengthening the marketplace, and leveraging SEO-driven organic traffic to drive growth post-IPO; the mix shift toward larger transactions boosted revenue per deal and supports the high gross-margin model .
Wall Street consensus (S&P Global) was unavailable for JNVR this quarter, so no beats/misses comparison could be made.

What Went Well and What Went Wrong

Sequential top-line acceleration: “second quarter 2023 revenue increasing to $602 thousand, a 29 percent sequential increase compared to the first quarter of 2023,” despite industry-wide challenges and IPO focus .
Unit economics: revenue per transaction +48.9% YoY on larger average loan sizes; Q2 average revenue/transaction was $13,346 vs $8,960 in Q2 2022 .
Cost discipline: total operating expenses fell to $848,354 from $1,115,186 (-24%) YoY as sales & marketing, R&D, and G&A were tightened ahead of April/July capital raises .

Lower volumes: deals closed were 45 vs 82 YoY, driving revenue down to $601,940 from $734,690 despite higher revenue per transaction .
Non-operating headwind: other expense was $(151,437) vs $5,360 prior year, primarily from an unfavorable change in fair value of future equity obligations (SAFEs) .
Customer concentration and reliance on external funding: two customers represented 47% of H1 revenue; the business ran losses and depended on $1.0M Series B (Q2) and the ~$5.0M IPO proceeds to support runway .

Metric	Q2 2022	Q2 2023
Revenue ($)	$734,690	$601,940
Sales & Marketing ($)	$433,850	$315,445
Research & Development ($)	$127,228	$90,419
General & Administrative ($)	$554,108	$442,490
Total Operating Expenses ($)	$1,115,186	$848,354
Loss from Operations ($)	$(380,496)	$(246,414)
Other Income (Expense), net ($)	$5,360	$(151,437)
Net Loss ($)	$(375,136)	$(397,851)
Net Loss per Share (basic & diluted) ($)	$(0.05)	$(0.06)
Weighted Avg Shares	6,830,514	7,064,008

KPIs

KPI	Q2 2022	Q2 2023
Transactions Closed (count)	82	45
Avg Revenue per Transaction ($)	$8,960	$13,346
YoY Change in Avg Revenue/Transaction (%)	—	+48.9%

Notes:

Metric	Period	Previous Guidance	Current Guidance	Change
Qualitative outlook	Post-IPO (forward)	N/A	Focus on revenue growth, scaling AI, enhancing marketplace; lean, high gross-margin infrastructure reiterated	N/A
Liquidity runway	Next 12 months from issuance	N/A	Mgmt expects cash at 6/30 plus ~ $5.0M net IPO proceeds to fund ≥1 year of operations	N/A

No formal numerical guidance was provided in the Q2 2023 press release/filings .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2023)	Trend
AI/Technology initiatives	No call transcript available	Emphasis on scaling generative AI and digital platform to drive efficiency and growth	Increasing strategic focus
Macro/interest rates	No call transcript available	Management highlights industry-wide challenges and interest-rate/macro uncertainty impacting CRE transaction activity	Ongoing headwind
Product/unit economics	No call transcript available	Revenue per transaction +48.9% YoY on larger average loan sizes; strategy to target more large deals	Improving unit economics
Sales & marketing efficiency	No call transcript available	Reduced advertising and stock comp; leveraging SEO and AI to lower acquisition costs	Improved efficiency
Regulatory/legal	No call transcript available	No material changes; risk disclosures unchanged vs S-1 reference	Stable

“On July 25, 2023, we achieved historic milestones… completing an IPO onto the Nasdaq Stock Market and concurrently raising over $5 million.” – Blake Janover, CEO .
“We performed well during the second quarter of 2023… revenue increasing to $602 thousand, a 29 percent sequential increase compared to the first quarter of 2023.” .
“Our revenue per transaction increased by 48.9 percent… a direct result of an increase in the average loan size.” .
“Our strategy remains focused around… scaling our AI, enhancing our marketplace… and… educational content… to drive… SEO and resulting organic traffic.” .
“Through the implementation of generative AI and our digital platform, we have maintained a lean, scalable and high gross-margin infrastructure.” .

No earnings call transcript was available for Q2 2023 in company filings; no Q&A highlights to report.

Wall Street consensus (S&P Global) for Q2 2023 and FY 2023 was unavailable for JNVR in our feed at this time; therefore, we cannot provide a beats/misses comparison. Coverage may be limited given the company’s recent IPO.

Sequential revenue growth (+29% QoQ) despite sector headwinds signals resilience; post-IPO focus on larger transactions supports further top-line scaling .
Mix shift to larger loans materially lifted revenue per transaction (+48.9% YoY), improving unit economics even as total deal count fell .
Cost controls are working: total operating expenses fell 24% YoY, narrowing the operating loss despite lower revenue .
Non-operating volatility from SAFE fair-value adjustments pressured bottom line; this should moderate after SAFEs converted at IPO in July .
Liquidity runway improved: $1.58M cash at 6/30 and ~$5.0M net IPO proceeds; management expects ≥12 months funding post-issuance .
Near-term narrative likely centers on AI-enabled marketplace scaling, SEO-driven demand capture, and converting larger transactions—key potential catalysts for the stock as the market refocuses on growth vs. survival post-IPO .

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