Executive Summary

Q4 2024 revenue rose 80% year over year to $0.629M ($628,881) as the company’s SaaS pivot accelerated; net loss improved 59% YoY to $0.49M as cost cuts and the absence of prior-year IPO costs flowed through .
SaaS subscription revenue surged 488% YoY in Q4 to $0.185M, and ARR reached ~$0.812M (+194% YoY), underscoring a subscription-first shift; management cited “fourth consecutive quarter of sequential revenue growth” and improving net income/subscription trends over the past four quarters .
Balance sheet contracted: total assets fell to $4.38M (from $6.68M) and stockholders’ equity to $3.50M (from $5.82M) at 12/31/24, highlighting the importance of scaling recurring revenue and managing cash burn .
No quantitative guidance and no accessible call transcript in our document set; S&P Global consensus estimates were unavailable in our system for JNVR, so estimate comparisons are not possible this quarter. We searched for an earnings-call transcript and additional Q4’24 press releases but found none in our corpus; we also searched for Q2’24 and Q3’24 updates and found none (no transcript or separate press-release docs found in our system-wide search for 7/1/2024–1/31/2025).

What Went Well and What Went Wrong

What Went Well

Subscription mix inflecting: “SaaS subscription revenue up 488% year-over-year in the fourth quarter… 14x growth for the entire year,” with ARR up 194% YoY to ~$0.812M — evidence the subscription-first model is gaining traction .
Profitability trajectory improved: Q4 net loss narrowed 59% YoY to ~$0.49M, aided by cost reductions and lapping one-time IPO-related and stock issuance costs from the prior year .
Momentum and narrative: CEO emphasized “fourth consecutive quarter of sequential revenue growth” and improving net income/subscription over the last four quarters, supporting the structural transition toward recurring revenue .

What Went Wrong

Small revenue base: Despite +80% YoY, quarterly revenue is still $0.629M, underscoring scale risk if growth moderates before operating leverage takes hold .
High operating intensity vs. revenue: Q4 operating expenses were $1.301M versus $0.629M in revenue, keeping GAAP operating losses elevated despite YoY progress .
Balance sheet compression: Total assets declined to $4.38M and stockholders’ equity to $3.50M at year-end 2024 (from $6.68M and $5.82M at year-end 2023), signaling continued burn and the need for disciplined execution on the SaaS ramp .

Financial Results

Quarterly Comparison (YoY; estimates unavailable)

Metric	Q4 2023	Q4 2024
Revenue ($)	$350,190	$628,881
Gross Profit ($)	$350,190	$621,282
Cost of Revenues ($)	$31,897	$7,599
Operating Expenses ($)	$1,596,002	$1,300,674
Loss from Operations ($)	$(1,245,812)	$(679,392)
Net Loss ($)	$(1,177,229)	$(486,073)
EPS (basic & diluted)	$(0.90)	$(0.34)
Shares (basic & diluted)	1,313,667	1,413,510

Notes: Management called out 80% YoY revenue growth and 59% YoY net loss improvement in Q4 . We searched for Q3’24 prior-quarter figures to present sequential comps but did not find an 8-K 2.02 or press release for Q3’24 in our document set.

Full-Year Comparison

Metric	FY 2023	FY 2024
Total Revenues ($)	$2,003,155	$2,099,660
Net Loss ($)	$(3,373,794)	$(2,726,784)
EPS (basic & diluted)	$(0.40)	$(1.95)
Total Assets (Year-End) ($)	$6,683,825	$4,375,775
Stockholders’ Equity (Year-End) ($)	$5,815,978	$3,501,931

Segment/Revenue Mix

Revenue Component	Q4 2023	Q4 2024
Platform Fees ($)	$318,670	$443,661
Subscription Revenue ($)	$31,520	$185,220
Total Revenue ($)	$350,190	$628,881
ARR ($, period-end)	$276,127	$811,884

KPIs and Highlights

KPI	Q4 2024 Result
SaaS Subscription Revenue YoY	+488%
ARR YoY	+194% to ~$811,884
Q4 Cash Flow from Operations YoY	+73% improvement
FY24 Recurring Revenue as % of Total	~23% (vs <1% in FY23)
Sequential ARR Change (Q3’24 to Q4’24)	+~69% (from ~$480k for 9M’24 to ~$812k at 12/31/24)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	N/A	No quantitative guidance provided	N/A
Margins	FY 2025	N/A	No quantitative guidance provided	N/A
OpEx	FY 2025	N/A	No quantitative guidance provided	N/A
Other (Segments/Tax/Dividends)	FY 2025	N/A	No quantitative guidance provided	N/A

Notes: No formal, numeric guidance was disclosed in the Q4 2024 press release .

Earnings Call Themes & Trends

We did not find a Q4 2024 earnings-call transcript in our document set; themes below reflect disclosures across accessible filings.

Topic	Previous Mentions (Q-2 & Q-1)	Current Period (Q4 2024)	Trend
SaaS pivot & subscription monetization	Q1’24: 18% of revenue was recurring; acquisition of Groundbreaker in Nov-2023 building recurring base .	SaaS +488% YoY in Q4; ARR ~$0.81M (+194% YoY); “subscription-first” strategy emphasized .	Improving/accelerating toward recurring mix .
AI/technology	2023: AI chatbot interface launched; broader AI-enabled platform positioning .	Marketing Janover AI (SaaS) alongside Janover Pro (lender marketplace) and Janover Engage (equity marketplace) .	Expanding AI-enabled offerings .
Macro/CRE & SBA	2023–Q1’24: CRE dislocation; SBA revenue growth and focus on larger loans to lift revenue/txn .	Mix includes platform fees (traditional debt) plus growing SaaS; continuing transition to recurring revenue amid CRE backdrop .	Mix normalizing toward SaaS while maintaining platform fees .
Operating discipline	2023: Elevated opex and IPO-related costs; Q1’24 higher S&M vs prior year .	Q4’24 net loss narrowed 59% YoY; management cites cost reductions and lapping one-time IPO costs .	Better expense control, improved loss trend .
Balance sheet	YE23 cash $5.08M; no material debt at Q1’24 .	Assets and equity down at YE24 ($4.38M assets; $3.50M equity) .	Resource base tighter; underscores need to scale subscriptions .

Management Commentary

“Our fourth quarter results demonstrate the powerful and accelerating transformation we’ve undergone in the past year, with SaaS subscription revenue up 488% year-over-year in the fourth quarter, that’s 14x growth for the entire year… our fourth consecutive quarter of sequential revenue growth with net income and subscription revenue improvement over the past four quarters.” — Blake Janover, CEO .
“The reduction to our net loss for the quarter and year ended December 31, 2024, was primarily due to significant cost cutting across the organization and one-time IPO-related expenses and stock issuances for services in the prior year.” .
“In 2024, the Company started to market its lender marketplace: Janover Pro, its equity marketplace: Janover Engage, and its artificial intelligence technology: Janover AI (as a software as a service)… ARR reached approximately $812,000, compared to approximately $276,000 in the prior year, an increase of 194%.” .

Q&A Highlights

No Q4 2024 earnings call transcript was found in our document set; therefore, Q&A highlights and any guidance clarifications from a call are unavailable in this analysis (we searched for “earnings-call-transcript” and found none for the period).

Estimates Context

Wall Street consensus via S&P Global was unavailable in our system for JNVR for Q4 2024 and FY 2024, so we cannot provide a comparison to estimates this quarter. If/when S&P Global mapping is available, we will update with consensus revenue and EPS and flag any beat/miss relative to actuals.

Key Takeaways for Investors

Recurring revenue flywheel is engaging: +488% YoY SaaS growth in Q4 and ARR +194% YoY to ~$0.81M validate the subscription-first pivot; watch for ARR additions and retention as leading indicators .
Operating loss narrowing: Q4 net loss fell 59% YoY amid cost controls and lapping one-time IPO costs; continued expense discipline could deliver operating leverage if subscription scale persists .
Small base and balance sheet compression heighten execution risk: Year-end assets/equity fell to $4.38M/$3.50M; sustained ARR growth and cash discipline are critical to funding the transition without dilutive capital raises .
Mix evolution: Platform fees remain meaningful alongside SaaS; the pace at which subscription revenue eclipses transactional debt revenue will shape gross margin durability and valuation narrative .
Catalyst path: Evidence of continued sequential ARR and subscription revenue growth, new AI/SaaS product traction (Janover AI, Pro, Engage), and stabilization in CRE/SBA activity could drive multiple expansion; absence of explicit guidance concentrates attention on quarterly KPIs and disclosures .
What to monitor next: Any disclosed churn/expansion metrics, sales pipeline conversion for SaaS, cash from operations trajectory, and whether management introduces quantitative guidance as visibility improves .

Sources

Q4 2024 8-K (press release and financials): revenue mix, ARR, YoY growth, P&L and balance sheet details .
Q1 2024 8-K (context on recurring revenue and operating profile) .
FY 2023 8-K (baseline for 2023 results and AI/product milestones) .

Janover Inc. (JNVR)·Q4 2024 Earnings Summary