earnings
confidence high
sentiment positive
materiality 0.70
Reliance Global Q2 net loss improves 62% to $1.5M; Spetner acquisition on track to double revenue to ~$28M
Reliance Global Group, Inc.
2024-Q2 EPS reported
-$14.77
revenue$7,315,780
- Q2 revenues $3.2M (+1% YoY); net loss from continuing ops $1.5M, improved 62% YoY.
- AEBITDA (non-GAAP) loss of $178k or ~6% of revenue in Q2; operating expenses down 13%.
- Spetner Associates acquisition on track to close H2 2024; expected to double annual revenue to ~$28M and boost AEBITDA.
- Capital structure simplified as all Series B and G warrants exercised, removing derivative liability and warrant overhang.
- New real estate division formed, led by Abe Miller, to focus on multi-family/commercial real estate post-Spetner close.