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8-K: Reliance Global Group Reports Third Quarter 2024 Results and Provides Business Update

8-K: Reliance Global Group Reports Third Quarter 2024 Results and Provides Business Update

8-K：信实环球集团公布2024年第三季度业绩并提供业务最新情况
美股SEC公告 ·  2024/11/07 13:11

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Reliance Global Group reported improved financial results for Q3 2024, with revenue growing 5% to $3.4 million and operating expenses decreasing 16% to $3.9 million. The company achieved positive Adjusted EBITDA of $43,000, marking a 121% improvement YoY. Loss from operations improved 64% to $512,000, though net loss increased to $837,000 due to warrant liability adjustments.The company's OneFirm strategy has driven operational efficiencies through cross-selling and resource optimization across its insurance agencies. Additionally, Reliance successfully launched its AI-powered Quote & Bind solution on the RELI Exchange platform, enabling instant commercial insurance policy processing for agents.Looking ahead, Reliance plans to close the acquisition of Spetner Associates in the coming months, which is expected to nearly double consolidated revenues. Spetner serves over 85,000 employees nationally as a voluntary benefits insurance provider, positioning Reliance for accelerated growth and expanded market presence.
Reliance Global Group reported improved financial results for Q3 2024, with revenue growing 5% to $3.4 million and operating expenses decreasing 16% to $3.9 million. The company achieved positive Adjusted EBITDA of $43,000, marking a 121% improvement YoY. Loss from operations improved 64% to $512,000, though net loss increased to $837,000 due to warrant liability adjustments.The company's OneFirm strategy has driven operational efficiencies through cross-selling and resource optimization across its insurance agencies. Additionally, Reliance successfully launched its AI-powered Quote & Bind solution on the RELI Exchange platform, enabling instant commercial insurance policy processing for agents.Looking ahead, Reliance plans to close the acquisition of Spetner Associates in the coming months, which is expected to nearly double consolidated revenues. Spetner serves over 85,000 employees nationally as a voluntary benefits insurance provider, positioning Reliance for accelerated growth and expanded market presence.
Reliance Global Group报告了2024年第三季度的财务结果，营业收入增长5%，达到340万美元，营业费用减少16%，降至390万美元。公司实现了43,000美元的调整后EBITDA，同比改善121%。运营损失改善64%，降至512,000美元，但由于认股权证负债调整，净损失增加至837,000美元。该公司的OneFirm策略通过交叉销售和资源优化推动了保险代理机构的运营效率。此外，Reliance成功在RELI交易所平台上推出了其人工智能驱动的报价与绑定解决方案，使代理商能够快速处理商业保险单。展望未来，Reliance计划在未来几个月完成对Spetner Associates的收购，这预计将使合并营业收入几乎翻倍。Spetner作为自愿福利保险提供商，服务于全国超过85,000名员工，为Reliance的加速增长和市场扩展奠定基础。
Reliance Global Group报告了2024年第三季度的财务结果，营业收入增长5%，达到340万美元，营业费用减少16%，降至390万美元。公司实现了43,000美元的调整后EBITDA，同比改善121%。运营损失改善64%，降至512,000美元，但由于认股权证负债调整，净损失增加至837,000美元。该公司的OneFirm策略通过交叉销售和资源优化推动了保险代理机构的运营效率。此外，Reliance成功在RELI交易所平台上推出了其人工智能驱动的报价与绑定解决方案，使代理商能够快速处理商业保险单。展望未来，Reliance计划在未来几个月完成对Spetner Associates的收购，这预计将使合并营业收入几乎翻倍。Spetner作为自愿福利保险提供商，服务于全国超过85,000名员工，为Reliance的加速增长和市场扩展奠定基础。
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