Summary by Moomoo AI
On November 7, 2024, Reliance Global Group, Inc. released its financial results for the third quarter ending September 30, 2024, along with a business update. The company reported a 5% increase in revenue to $3.4 million and a 16% reduction in total operating expenses to $3.9 million compared to the same period in the previous year. This resulted in a 64% improvement in loss from operations. However, the net loss increased to approximately $837,000, a 502% rise from the previous year's third quarter, primarily due to the absence of a $1.7 million gain from warrant liabilities recognized in 2023. Adjusted EBITDA (AEBITDA), a non-GAAP metric, showed a positive $43,000, marking a 121% improvement from the prior year. The company attributes these results to its OneFirm strategy, which integrates its geographically dispersed insurance agencies...Show More
