Reliance Global Group, Inc. Q3 FY2024 earnings call

• The OneFirm strategy unified owned insurance agencies, driving 5% revenue growth, reducing operating costs, and improving net results. • Anticipated close of acquisition of Spetner Associates, which is expected to double consolidated revenues and enhance market position. • Launched an AI-powered commercial quote and buying solution on the RELI Exchange platform ahead of schedule. • Simplified capital structure by exercising all outstanding Series B and Series G warrants.

For the quarter ended September 30, 2024, revenue grew 5% to $3.4 million. Total operating expenses declined 16% to $3.9 million. Adjusted EBITDA was $43,000 gain, a 121% increase from the prior year's third quarter. Revenue contribution isn't broken down by product segments as no specific product segment details are provided.

• Anticipates closing the acquisition of Spetner Associates in the coming months, which is expected to double consolidated revenues and act as a catalyst for accelerated growth. • Believes the acquisition will strengthen market position and pave the way for sustained profitability.

• Forward-looking statements are subject to risks, uncertainties, and assumptions as described in the company’s Form 10-K filed with the SEC on April 4, 2024. These could cause actual results to differ materially from forward-looking statements.

Q: Congrats on positive adjusted EBITDA and asked about synergies and cost savings from the Spetner acquisition.

A: Ezra Beyman mentioned strong cross-selling potential with Spetner's over 85,000 covered employees needing other insurance products, and Joel Markovits noted Spetner's strong revenue and healthy EBITDA margin which will benefit the merged company.

Q: Asked about plans for excess cash flow post-acquisition.

A: Ezra Beyman said possible stock buyback and smart capital deployment, including growing the company through new lines, technology advancement, and further acquisitions