The following is a summary of the Reliance Global Group, Inc. (RELI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Reliance Global Group reported revenue of $3.4 million for Q3 2024, demonstrating a 5% increase YoY.

• Operating expenses were significantly reduced by 16% YoY to $3.9 million, enhancing operational efficiency.

• Net loss for the quarter improved by approximately $1 million or 54% over the prior year; adjusted EBITDA was positive at $42,000, a 121% increase YoY.

Business Progress:

• The company successfully implemented the OneFirm strategy, consolidating its insurance agencies to optimize operations and improve financial results.

• Launched an AI-powered commercial quote and buying solution on the RELI Exchange platform ahead of schedule, enhancing service speed and competitiveness.

• Expects significant revenue growth and EBITDA improvement from the pending acquisition of Spetner Associates, which will nearly double the company's revenues.

Opportunities:

• Planned acquisition of Spetner Associates is expected to expand service offerings and substantially increase revenues, leveraging cross-selling opportunities with Spetner's client base of over 85,000 employees.

• The newly launched AI-powered platform is set to open new revenue streams and boost commission potential.

Risks:

• Reliance is heavily reliant on the successful integration of Spetner Associates and the performance of the AI-powered platform to sustain growth.

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