Q2 2024 Reliance Global Group Inc Earnings Call Transcript
Key Points
- Reliance Global Group Inc (RELI) reported consistent and sustained revenue growth for the first half of 2024, with revenues of $3.2 million for Q2 and $7.3 million for the first six months, representing 1% and 3% growth respectively from the prior year.
- The company achieved a 13% reduction in operating expenses in Q2 2024 compared to the same period in 2023, demonstrating improved efficiency.
- Net loss from continuing operations improved by 62% in Q2 2024 compared to the same period last year.
- The acquisition of Specifar is expected to double annual revenues to approximately $28 million and significantly boost EBITDA, marking a transformational period for the company.
- The launch of a new real estate division, led by experienced executive Ed Miller, aims to diversify the company's portfolio and leverage non-dilutive financing sources.
- Despite revenue growth, the company still reported a net loss from continuing operations, indicating ongoing financial challenges.
- Adjusted EBITDA showed a nominal loss of $178,000 in Q2 2024, reflecting that profitability improvements are still needed.
- The company faces risks and uncertainties related to the successful integration of acquisitions and the realization of projected synergies.
- Inflationary pressures and increased employee compensation costs have impacted the company's operating expenses.
- The company's reliance on forward-looking statements introduces potential variability in future performance, which may not align with current projections.
Good day, and welcome to the Reliance Global Group second quarter business update conference call. (Operator Instructions)
It is now my pleasure to turn the floor over to your host, Ted Ayvas, Investor Relations at Reliance Global. Sir, the floor is yours.
Thank, Paul. Good afternoon, and thank you for joining Reliance global Group's 2024 Second Quarter Financial Results and Business Update Conference Call. On the call with us today are Ed Rabin, Chairman and Chief Executive Officer of Reliant global group, and Joe Margolis, Chief Financial Officer of Reliant.
Earlier today, the Company announced its operating results for the year ended June 30th, 2020 for the press release is posted on the Company's website, w. w. w. dot Reliance Global Group.com. In addition, the company filed its quarterly report on Form 10 Q with the US Securities and Exchange Commission today, which can also be accessed on the Company's website as well as the SEC's website at
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