Reliance Global Group, Inc. (RELI) reported its financial performance for the quarter ended September 30, 2024. The company saw a 5% increase in commission income, reaching $3.44 million, primarily driven by sustained organic growth. However, RELI experienced a net loss of $837,314, a significant increase from the $139,004 loss reported in the same quarter of the previous year. This loss was attributed to various factors, including increased commission expenses, which rose by 13% to $902,246, and a decrease in general and administrative expenses by 23% to $821,510, reflecting the company's efforts to streamline operations. The loss from operations improved by 64%, from a loss of $1.43 million to $511,977. Other income and expenses also impacted the financial results, with interest expenses decreasing by 8% and other income net increasing significantly due to non...Show More

Reliance Global Group, Inc. (RELI) reported its financial performance for the quarter ended September 30, 2024. The company saw a 5% increase in commission income, reaching $3.44 million, primarily driven by sustained organic growth. However, RELI experienced a net loss of $837,314, a significant increase from the $139,004 loss reported in the same quarter of the previous year. This loss was attributed to various factors, including increased commission expenses, which rose by 13% to $902,246, and a decrease in general and administrative expenses by 23% to $821,510, reflecting the company's efforts to streamline operations. The loss from operations improved by 64%, from a loss of $1.43 million to $511,977. Other income and expenses also impacted the financial results, with interest expenses decreasing by 8% and other income net increasing significantly due to non-recurring sales of accounts. The company's Adjusted EBITDA for the quarter was $42,508, a positive change from the negative $200,602 reported in the previous year's quarter. In terms of business development, RELI continues to focus on its acquisition strategy, targeting undervalued insurance agencies and expanding its national platform. The company's recent agreement to acquire Spetner Associates, a benefits enrollment company, is part of this growth strategy. Looking ahead, RELI plans to further expand its business through asset acquisitions in the insurance market and organic growth of its current operations.