Summary by Moomoo AI
On July 25, 2024, Reliance Global Group, Inc. released its financial results for the second quarter and first half of the year, reporting modest revenue growth and significant improvements in net loss and operational efficiencies. The company announced revenues of $3.2 million for the quarter and $7.3 million for the six months, marking 1% and 3% increases respectively from the previous year. Reliance also reported a 62% improvement in net loss from continuing operations for the quarter, down to $1.5 million, and a nominal AEBITDA loss. The 'OneFirm' strategy has been credited for creating cross-selling opportunities and operational efficiencies. The anticipated acquisition of Spetner Associates is expected to nearly double annual revenues to approximately $28 million and significantly boost AEBITDA. Reliance also formed a new real estate division...Show More