Summary by Moomoo AI
Reliance Global Group, Inc. (RELI) reported its financial performance for the quarter ended September 30, 2024. The company saw a 5% increase in commission income, reaching $3.44 million, primarily driven by sustained organic growth. However, RELI experienced a net loss of $837,314, a significant increase from the $139,004 loss reported in the same quarter of the previous year. This loss was attributed to various factors, including increased commission expenses, which rose by 13% to $902,246, and a decrease in general and administrative expenses by 23% to $821,510, reflecting the company's efforts to streamline operations. The loss from operations improved by 64%, from a loss of $1.43 million to $511,977. Other income and expenses also impacted the financial results, with interest expenses decreasing by 8% and other income net increasing significantly due to non...Show More
