On November 7, 2024, Reliance Global Group, Inc. released its financial results for the third quarter ending September 30, 2024, along with a business update. The company reported a 5% increase in revenue to $3.4 million and a 16% reduction in total operating expenses to $3.9 million compared to the same period in the previous year. This resulted in a 64% improvement in loss from operations. However, the net loss increased to approximately $837,000, a 502% rise from the previous year's third quarter, primarily due to the absence of a $1.7 million gain from warrant liabilities recognized in 2023. Adjusted EBITDA (AEBITDA), a non-GAAP metric, showed a positive $43,000, marking a 121% improvement from the prior year. The company attributes these results to its OneFirm strategy, which integrates its geographically dispersed insurance agencies...Show More

On November 7, 2024, Reliance Global Group, Inc. released its financial results for the third quarter ending September 30, 2024, along with a business update. The company reported a 5% increase in revenue to $3.4 million and a 16% reduction in total operating expenses to $3.9 million compared to the same period in the previous year. This resulted in a 64% improvement in loss from operations. However, the net loss increased to approximately $837,000, a 502% rise from the previous year's third quarter, primarily due to the absence of a $1.7 million gain from warrant liabilities recognized in 2023. Adjusted EBITDA (AEBITDA), a non-GAAP metric, showed a positive $43,000, marking a 121% improvement from the prior year. The company attributes these results to its OneFirm strategy, which integrates its geographically dispersed insurance agencies to operate as a single unit. Reliance Global Group also highlighted the anticipated acquisition of Spetner Associates Inc., which is expected to nearly double the company's consolidated revenues. Additionally, the company launched an AI-powered Quote & Bind solution on the RELI Exchange platform, aimed at enhancing the quoting and binding process for commercial insurance policies. The company's CEO, Ezra Beyman, expressed confidence in the company's strategic initiatives and disciplined fiscal management, which he believes will drive sustained growth and long-term value for shareholders. A conference call was held on the same day to discuss the financial results and corporate progress.