Financial Performance - Commission income revenue increased by $153,782, or 4%, to $4,236,220 in Q1 2025, compared to $4,082,438 in Q1 2024[3] - Commission expense increased by $192,885, or 15%, to $1,469,427 in Q1 2025, compared to $1,276,542 in Q1 2024[7] - Salaries and wages increased by $398,175, or 22%, to $2,229,837 in Q1 2025, compared to $1,831,662 in Q1 2024[7] - Net loss decreased by $3,609,781, or 68%, to $1,736,882 in Q1 2025, compared to $5,346,663 in Q1 2024[7] - Adjusted EBITDA ("AEBITDA") increased by $219,061, or 297%, to an AEBITDA gain of $145,407 in Q1 2025, compared to an AEBITDA loss of ($73,654) in Q1 2024[7] Strategic Initiatives - The company is moving closer to completing the Spetner acquisition, which is expected to enhance insurance capabilities and strengthen financial and market position[2] - The launch of RELI Auto Leasing allows agency partners to provide vehicle leasing access nationwide, enhancing client relationships and opening a new revenue stream[2] - Continued adoption of advanced InsurTech solutions is transforming the agent experience through AI-driven automation and improved underwriting precision[2] - The company aims to build RELI Exchange into the largest agency partner network in the U.S., driving significant shareholder value[9] - Management's disciplined cost controls and efficiencies gained under the OneFirm initiative are reflected in decreasing standard non-equity-based costs[7]
Reliance (RELI) - 2025 Q1 - Quarterly Results