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10-Q: Q2 2024 Earnings Report

10-Q: Q2 2024 Earnings Report

10-Q：2024财年二季报
美股SEC公告 ·  2024/07/26 04:16

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Reliance Global Group reported Q2 2024 commission income of $3.23 million, up 1% year-over-year, while posting a net loss of $1.49 million compared to a $1.06 million loss in Q2 2023. The quarter saw operating expenses decrease 13% to $4.38 million, driven by cost-cutting measures and reduced depreciation charges following asset impairments.The company's strategic "One-Firm" initiative aimed to enhance operational efficiency through unified branding and cross-selling opportunities. Key developments included the planned acquisition of Spetner Associates for $13.7 million to expand its benefits enrollment business. The RELI Exchange InsurTech platform continued growth with over 130% increase in agent roster since inception.As of June 30, 2024, Reliance maintained $2.82 million in cash and restricted cash with working capital of $600,000. The company raised $2.07 million through an ATM offering during H1 2024. Management implemented enhanced internal controls over goodwill evaluation and successfully regained Nasdaq listing compliance in July 2024 after addressing minimum bid price requirements.
Reliance Global Group reported Q2 2024 commission income of $3.23 million, up 1% year-over-year, while posting a net loss of $1.49 million compared to a $1.06 million loss in Q2 2023. The quarter saw operating expenses decrease 13% to $4.38 million, driven by cost-cutting measures and reduced depreciation charges following asset impairments.The company's strategic "One-Firm" initiative aimed to enhance operational efficiency through unified branding and cross-selling opportunities. Key developments included the planned acquisition of Spetner Associates for $13.7 million to expand its benefits enrollment business. The RELI Exchange InsurTech platform continued growth with over 130% increase in agent roster since inception.As of June 30, 2024, Reliance maintained $2.82 million in cash and restricted cash with working capital of $600,000. The company raised $2.07 million through an ATM offering during H1 2024. Management implemented enhanced internal controls over goodwill evaluation and successfully regained Nasdaq listing compliance in July 2024 after addressing minimum bid price requirements.
Reliance Global Group报告2024年第二季度佣金收入为323万美元，同比增长1%，同时报告净亏损为149万美元，而2023年第二季度亏损为106万美元。该季度营业费用下降13%至438万美元，主要得益于削减成本措施和资产减值后减少的折旧费用。公司的战略 "一体化" 计划旨在通过统一品牌和交叉销售机会提升运营效率。关键进展包括计划以1370万美元收购Spetner Associates，以扩大其福利登记业务。RELI 交易所InsurTech平台继续增长，自成立以来代理人名册增加超过130%。截至2024年6月30日，Reliance保持282万美元的现金和限制现金，流动资金为600,000美元。公司在2024年上半年通过ATm发行筹集了207万美元。管理层加强了商誉评估的内部控制，并在2024年7月成功恢复了纳斯达克上市合规性，解决了最低买盘价格要求。
Reliance Global Group报告2024年第二季度佣金收入为323万美元，同比增长1%，同时报告净亏损为149万美元，而2023年第二季度亏损为106万美元。该季度营业费用下降13%至438万美元，主要得益于削减成本措施和资产减值后减少的折旧费用。公司的战略 "一体化" 计划旨在通过统一品牌和交叉销售机会提升运营效率。关键进展包括计划以1370万美元收购Spetner Associates，以扩大其福利登记业务。RELI 交易所InsurTech平台继续增长，自成立以来代理人名册增加超过130%。截至2024年6月30日，Reliance保持282万美元的现金和限制现金，流动资金为600,000美元。公司在2024年上半年通过ATm发行筹集了207万美元。管理层加强了商誉评估的内部控制，并在2024年7月成功恢复了纳斯达克上市合规性，解决了最低买盘价格要求。
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