The following is a summary of the Reliance Global Group, Inc. (RELI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Reliance reported Q2 2024 revenues of $3.2 million, representing a 1% growth from the prior year, and six-month revenues of $7.3 million, up 3% year-over-year.

• Operating expenses decreased by 13%, highlighting improved efficiency.

• Net loss from continual operations improved by 62% from the previous year.

• Non-GAAP EBITDA showed a nominal loss of $178,000, just under 6% of revenues.

Business Progress:

• Reliance has implemented the OneFirm strategy, integrating nine owned agencies into a unified business unit, which has improved operational efficiency and expanded revenue through higher commission tiers and cross-selling opportunities.

• The anticipated acquisition of Spetner Associates is expected to double annual revenues to approximately $28 million and significantly boost EBITDA.

• A new real estate division is being launched, which will focus on acquiring multifamily and commercial real estate properties.

Opportunities:

• The integration of Spetner Associates and its growing BenManage voluntary benefit insurance segment into Reliance's operations is expected to significantly enhance market position and accelerate growth.

• The launch of a real estate division represents a strategic move into real estate investment, diversifying business lines and potentially leveraging non-dilutive financing sources.

Risks:

• No explicit risks/opportunities detected.

More details: Reliance Global Group IR

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