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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：信實環球集團公佈2024年第二季度業績並提供業務最新情況
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全球集團報告2024年第二季度營業收入爲320萬，同比增長1%，六個月的營業收入達到730萬，增長3%。該公司將營業費用同比減少了13%，並將持續運營的淨虧損改善了62%。AEBITDA顯示名義虧損爲178,000，約佔營業收入的6%以下。該公司對Spetner Associates的收購預計將在2024年下半年完成，預計將使年營業收入翻倍，達到約2800萬。自收購公告以來，Spetner的BenManage自願福利保險部門從45,000名保險員工擴展到超過85,000名。Reliance宣佈成立一個新的房地產部門，由Abe Miller領導，專注於多戶型和商業地產的收購。該公司還通過取消B輪衍生工具並通過行使B輪和G輪Warrants消除Warrant負擔，簡化了資本結構。
Reliance全球集團報告2024年第二季度營業收入爲320萬，同比增長1%，六個月的營業收入達到730萬，增長3%。該公司將營業費用同比減少了13%，並將持續運營的淨虧損改善了62%。AEBITDA顯示名義虧損爲178,000，約佔營業收入的6%以下。該公司對Spetner Associates的收購預計將在2024年下半年完成，預計將使年營業收入翻倍，達到約2800萬。自收購公告以來，Spetner的BenManage自願福利保險部門從45,000名保險員工擴展到超過85,000名。Reliance宣佈成立一個新的房地產部門，由Abe Miller領導，專注於多戶型和商業地產的收購。該公司還通過取消B輪衍生工具並通過行使B輪和G輪Warrants消除Warrant負擔，簡化了資本結構。
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