Core Insights - Reliance Global Group reported continued revenue growth and strong operational execution in 2024, driven by disciplined fiscal management, strategic investments in technology, and targeted acquisitions [2][4] - The company's OneFirm strategy has successfully integrated agency operations into a unified, technology-driven platform, enhancing efficiency and reducing costs [2][5] - The planned Spetner acquisition is expected to expand Reliance's insurance offerings and strengthen its competitive position [4][5] Financial Performance - Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023 [6] - Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, driven by the commission income revenue mix [6] - Net loss decreased by $2,938,398, or 24%, to $9,071,584 in 2024, compared to $12,009,982 in 2023, due to less intangible impairment charges [6] - Adjusted EBITDA loss improved significantly, decreasing 39% or $205,573, from $(526,798) in 2023 to $(321,224) in 2024, indicating a trend toward profitability [6][17] Strategic Initiatives - The RELI Exchange Quote & Bind platform has been expanded, allowing agents to generate competitive quotes and bind policies in real time, enhancing efficiency and service delivery [2][5] - The platform leverages AI, automation, and advanced data analytics to improve underwriting precision and service quality [2][5] - The company aims to position RELI Exchange as a comprehensive InsurTech solution, empowering agents with advanced tools to maximize profitability [7] Future Outlook - The company is optimistic about its future, focusing on disciplined expansion, cutting-edge technology, and strategic acquisitions to capitalize on emerging opportunities in the InsurTech landscape [7] - The completion of the Spetner acquisition and ongoing enhancements to the Quote & Bind platform are expected to drive significant growth [7]

Lakewood, NJ, March 04, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (NASDAQ: RELI) (“Reliance” or the “Company”), announced today that it will host a conference call Thursday, March 6, 2025, at 4:30 PM Eastern Time to discuss financial results for the fourth quarter and year ended December 31, 2024 and provide a business update. The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access c ...

LAKEWOOD, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (NASDAQ:RELI) ("Reliance", "we" or the "Company") today announced a significant expansion of its Commercial Quote & Bind InsurTech solution on RELI Exchange, building off the highly successful beta launch late last year. This expansion brings additional carriers and more product offerings to RELI Exchange's agent distribution channel, with plans to continuously introduce new lines of business and carriers in the coming months. "At ...

LAKEWOOD, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced a significant expansion of its Commercial Quote & Bind InsurTech solution on RELI Exchange, building off the highly successful beta launch late last year. This expansion brings additional carriers and more product offerings to RELI Exchange’s agent distribution channel, with plans to continuously introduce new lines of business and carriers in the coming months. “A ...

OneFirm Approach Delivering Results - Drives Increased Revenue, Reduced Expenses, and Growing EBITDA Spetner Acquisition Nears Final Stages, Strengthening Company's Future Prospects LAKEWOOD, N.J., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (NASDAQ:RELI) ("Reliance", "we" or the "Company") today provided a year-end review of its operations, as well as a look to the future.  Ezra Beyman, Chairman and Chief Executive Officer of Reliance commented, "2024 has been a transformative year for Re ...

Acquisition Strategy - As of September 30, 2024, the Company has acquired nine insurance agencies as part of its aggressive acquisition strategy [69] - The Company plans to acquire 80% of Spetner Associates for $13,714,286, which includes $5,500,000 in cash and stock issuance [70] - The Company focuses on acquiring undervalued insurance agencies in growing or underserved segments, including healthcare and Medicare [76] - The acquisition strategy aims to offer lower rates, thereby boosting the Company's competitive position within the insurance industry [77] Financial Performance - Commission income for the three months ended September 30, 2024, was $3,441,458, representing a 5% increase from $3,275,583 in the same period of 2023 [83] - Total operating expenses decreased by 16% to $3,953,435 for the three months ended September 30, 2024, down from $4,710,637 in 2023 [83] - Net loss for the three months ended September 30, 2024, was $(837,314), a 502% increase compared to a net loss of $(139,004) in 2023 [83] - AEBITDA for the three months ended September 30, 2024, was $42,508, a significant improvement from $(200,602) in the same period of 2023 [86] - Commission income for the nine months ended September 30, 2024, was $10,757,238, reflecting a 3% increase from $10,410,591 in 2023 [84] - Total operating expenses for the nine months ended September 30, 2024, increased by 19% to $17,447,516, compared to $14,688,899 in 2023 [84] - Net loss for the nine months ended September 30, 2024, was $(7,673,373), a 157% increase from $(2,982,827) in 2023 [84] - AEBITDA for the nine months ended September 30, 2024, was $(209,114), an improvement from $(467,635) in the same period of 2023 [86] Cash Flow and Liquidity - As of September 30, 2024, the company had a cash balance of approximately $2,354,000, down from $2,739,000 at December 31, 2023 [87] - The company sold 658,088 shares of common stock under the ATM Agreement, receiving net proceeds of $2,824,227 during the nine months ended September 30, 2024 [88] - Net cash used in continuing operating activities for the nine months ended September 30, 2024, was approximately $1,648,000, a decrease from $3,833,545 for the same period in 2023, reflecting a significant improvement [93] - Cash flows used in continuing and discontinued investing activities were approximately $59,000 for the nine months ended September 30, 2024, compared to $719,000 provided in the same period in 2023, indicating a shift towards cash outflows [94] - Cash provided by continuing and discontinued financing activities was approximately $1,321,449 for the nine months ended September 30, 2024, up from $576,212 in the prior year, driven by proceeds from common shares issued [95] - The net loss for the nine months ended September 30, 2024, was approximately $7,673,000, with non-cash adjustments totaling approximately $5,830,000 [93] - The company reported a net increase in cash due to changes in net working capital items of approximately $195,000 during the nine months ended September 30, 2024 [93] Operational Efficiency - RELI Exchange has increased its agent roster by over 130% since its inception, enhancing the Company's B2B InsurTech capabilities [71] - The Company adopted a "OneFirm" strategy to improve cross-selling and operational efficiency across its agencies, enhancing market presence [72] - The company has extensive experience in managing insurance portfolios, with over 100 years of combined management experience in the sector [76] Corporate Governance - The Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of disclosure controls and procedures as of September 30, 2024, and determined them to be effective [99] - There have been no changes in internal control over financial reporting that materially affected the company during the most recently completed fiscal quarter [100] - The company is subject to various legal proceedings, but management does not believe these will have a material adverse effect on its financial position or operations [102] Stock and Shareholder Actions - The Company executed a 1-for-17 reverse stock split on July 1, 2024, resulting in a rounding addition of approximately 110,350 shares valued at par [80] - Adjusted EBITDA (AEBITDA) is a key financial performance metric used by the Company to evaluate operational performance across reporting periods [81]

Reliance Global Group, Inc. (NASDAQ:RELI) Q2 2024 Earnings Conference Call July 25, 2024 4:30 PM ET Company Participants Ted Ayvas - Investor Relations Ezra Beyman - Chairman and CEO Joel Markovits - Chief Financial Officer Conference Call Participants Nick Pincus - Forest Capital Operator Good day. And welcome to the Reliance Global Group’s Second Quarter Business Update Conference Call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions-and-comments ...

(c) During the quarter ended June 30, 2024, no director or officer adopted or terminated: (i) any contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a "Rule 10b5-1 trading arrangement"); and/or (ii) any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K 28 Reliance Global Group, Inc. Title of each class Trading Symbol(s) Name of each exchange on which registere ...

Exhibit 99.1 Reliance Global Group Reports Second Quarter 2024 Results and Provides Business Update Spetner Associates Acquisition on Track to Close in Second Half of 2024; Projected to Double Annual Revenue to Approximately $28 Million and Boost AEBITDA Reliance Forms Real Estate Division Headed up by Successful Real Estate Investor and M&A Executive Abe Miller, to Drive Growth and Diversification Simplified Capital Structure- Reliance Removes Warrant Overhang to Unlock Shareholder Value Mr. Beyman conclud ...

LAKEWOOD, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (NASDAQ:RELI, RELIW))) ("Reliance", "we" or the "Company") today announced the formation of a new Real Estate division drawing on Ezra Beyman's extensive background in building the third-largest mortgage brokerage in the nation and accumulating a multi-billion-dollar portfolio of multi-family properties. Furthermore, Abe Miller, successful real estate investor and M&A executive, has agreed to join Reliance to oversee this new divi ...