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

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

8-K：信实环球集团公布2024年第二季度业绩并提供业务最新情况
美股SEC公告 ·  2024/07/26 04:09

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Reliance Global Group reported Q2 2024 revenues of $3.2 million, up 1% YoY, with six-month revenues reaching $7.3 million, a 3% increase. The company reduced operating expenses by 13% YoY and improved net loss from continuing operations by 62%. AEBITDA showed a nominal loss of $178,000, representing just under 6% of revenues.The company's pending acquisition of Spetner Associates is expected to close in H2 2024, projected to double annual revenue to approximately $28 million. Spetner's BenManage voluntary benefit insurance segment has expanded from 45,000 to over 85,000 covered employees since the acquisition announcement.Reliance announced formation of a new real estate division led by Abe Miller, focusing on multi-family and commercial property acquisitions. The company also simplified its capital structure by removing Series B derivative instruments and eliminating warrant overhang through exercises of Series B and Series G warrants.
Reliance Global Group reported Q2 2024 revenues of $3.2 million, up 1% YoY, with six-month revenues reaching $7.3 million, a 3% increase. The company reduced operating expenses by 13% YoY and improved net loss from continuing operations by 62%. AEBITDA showed a nominal loss of $178,000, representing just under 6% of revenues.The company's pending acquisition of Spetner Associates is expected to close in H2 2024, projected to double annual revenue to approximately $28 million. Spetner's BenManage voluntary benefit insurance segment has expanded from 45,000 to over 85,000 covered employees since the acquisition announcement.Reliance announced formation of a new real estate division led by Abe Miller, focusing on multi-family and commercial property acquisitions. The company also simplified its capital structure by removing Series B derivative instruments and eliminating warrant overhang through exercises of Series B and Series G warrants.
Reliance全球集团报告2024年第二季度营业收入为320万，同比增长1%，六个月的营业收入达到730万，增长3%。该公司将营业费用同比减少了13%，并将持续运营的净亏损改善了62%。AEBITDA显示名义亏损为178,000，约占营业收入的6%以下。该公司对Spetner Associates的收购预计将在2024年下半年完成，预计将使年营业收入翻倍，达到约2800万。自收购公告以来，Spetner的BenManage自愿福利保险部门从45,000名保险员工扩展到超过85,000名。Reliance宣布成立一个新的房地产部门，由Abe Miller领导，专注于多户型和商业地产的收购。该公司还通过取消B轮衍生工具并通过行使B轮和G轮Warrants消除Warrant负担，简化了资本结构。
Reliance全球集团报告2024年第二季度营业收入为320万，同比增长1%，六个月的营业收入达到730万，增长3%。该公司将营业费用同比减少了13%，并将持续运营的净亏损改善了62%。AEBITDA显示名义亏损为178,000，约占营业收入的6%以下。该公司对Spetner Associates的收购预计将在2024年下半年完成，预计将使年营业收入翻倍，达到约2800万。自收购公告以来，Spetner的BenManage自愿福利保险部门从45,000名保险员工扩展到超过85,000名。Reliance宣布成立一个新的房地产部门，由Abe Miller领导，专注于多户型和商业地产的收购。该公司还通过取消B轮衍生工具并通过行使B轮和G轮Warrants消除Warrant负担，简化了资本结构。
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