Reliance Global 2023 revenue +17% to $13.7M, net loss $12.0M; acquisition LOI in final stages

Reliance Global Group, Inc.

2024-Q1 EPS reported -$0.81 revenue$4,082,438

Revenue $13.7M, up 17% YoY; 67% organic, 33% acquisition-related.
GAAP net loss $12.0M vs $6.5M net income in 2022, driven by $7.6M goodwill impairment.
Adjusted EBITDA loss improved 75% to $687k from $2.8M loss in 2022.
Working capital turned positive to $1.2M from negative $4.6M; cash $2.7M, +43%.
Acquisition LOI for voluntary benefits provider (45k+ employee lives) progressing to definitive agreement; projected AEBITDA >$4M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Reliance Global Group, Inc. reported the year ended December 31, 2023 results: revenue $13.7 million, net income $12.0 million.

Period: the year ended December 31, 2023
Revenue: $13.7 million
Net income: $12.0 million
Result: reported results

Exact text from the filing

2023 Financial Highlights*: (approximates) ● Commission income increased by $2.0 million, or 17%, to $13.7 million in 2023, compared to $11.8 million in 2022, of which 67% is organic growth and 33%, is acquisition related. ● Commission expense increased by $592,000, or 19%, to $3.7 million in 2023, compared to $3.1 million in 2022, driven primarily by the Company’s increased commission income revenues. ● Salaries and wages remained relatively flat at $7.5 million, representing a nominal decrease of $5,000, or 0.1%, during 2023 compared to 2022, demonstrating the Company’s ability to effectively leverage its in-place talent (human capital) despite robust increases in top-line revenue. ● General and administrative expenses decreased by $869,000, or 18%, to $4.1 million in 2023, compared to $5.0 million in 2022, driven in part by OneFirm efficiencies gained, coupled with lower acquisition-related costs. ● Net loss was $12.0 million in 2023, compared to net income of $6.5 million in 2022.

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Source: SEC EDGAR

accession 0001493152-24-013111

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