Financial Performance - Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023[3] - Net loss decreased by $2,938,398, or 24%, to $9,071,584 in 2024, versus $12,009,982 in 2023[7] - Adjusted EBITDA loss improved significantly during 2024, decreasing 39% or $205,573, from $(526,798) in 2023 to $(321,224) in 2024[7] - Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, compared to $3,732,939 in 2023[3] - Salaries and wages decreased by 4%, or $276,242, from $7,226,810 in 2024, versus $7,503,052 in 2023[3] - General and administrative expenses increased nominally by $129,646, or 3%, to $4,219,635 in 2024, versus $4,089,989 in 2023[3] Strategic Initiatives - The planned Spetner acquisition is in the final closing stages and is expected to expand Reliance's insurance offerings[4] - The RELI Exchange Quote & Bind platform has been expanded to include more carriers and a broader range of insurance products[5] - The Company aims to capitalize on emerging opportunities in the InsurTech landscape through strategic acquisitions and technology investments[6] - The Company is focused on innovation, operational excellence, and delivering superior service to agents and customers[6]
Reliance (RELI) - 2024 Q4 - Annual Results