via NewMediaWire --
Reliance Global Group,
Inc. (Nasdaq: RELI; RELIW), which combines AI and
cloud-based technologies with the personalized experience of a
traditional insurance agency, today provided a business update and
reported financial results for the second quarter ended June 30,
2021.
Ezra Beyman, CEO of Reliance Global Group, commented, “I am
pleased to report that our revenue for the second quarter of 2021
increased by approximately 33.4% to $2.2 million versus $1.6
million for the same period last year. Our solid year-over-year
growth reflects the continued execution of our insurance agencies.
These agencies continue to generate positive cash flow on a
standalone basis and serve as further validation of our strategy to
acquire regional agencies at attractive multiples in order to
rapidly expand our national footprint as well as the scope of our
offering. Each of these agencies provide a long term, highly
predictable and profitable revenue stream based on the expected
life of the insurance policies. We ended the quarter with over $6.8
million of cash and restricted cash, which provides us a solid
balance sheet to execute on our growth objectives, both organic and
through acquisitions.”
“The growth in our ‘bricks-and-mortar’ agency
business provides us a solid foundation upon which we are now
rolling out our new 5MinuteInsure.com platform and we
remain on track to commercially launch this summer. We also
added new insurance carriers to our 5MinuteInsure.com platform and
now offer insurance products from a total of 16 carriers and are
approved in 46 states. We believe 5MinuteInsure.com is truly poised
to disrupt the insurance industry, by providing consumers an
efficient means to compare and bind policies within minutes from
the convenience of home or with the assistance of one of our
registered agents. This is an exciting time for our company, and we
look forward to providing further updates.”
Financial Results
The Company achieved revenues of $2,190,847 for
the three months ended June 30, 2021, as compared to $1,642,018 for
the three months ended June 30, 2020. The Company had total
commission expense of $558,271 for the three months ended June 30,
2021 compared to $353,899 for the three months ended June 30, 2020.
The Company had total general and administrative expenses of
$1,202,350 for the three months ended June 30, 2021, as compared to
$1,082,752 for the three months ended June 30, 2020. Loss from
operations for the three months ending June 30, 2021 was
$1,104,790, compared to $1,025,443 for the three months ended June
30, 2020. Net loss for the three months ended June 30, 2021 was
$1,276,886, or ($0.12) per share, compared to $1,138,413, or
($0.27), the three months ended June 30, 2020.
The Company had revenues of $4,514,577 for the six
months ended June 30, 2021, as compared to $3,646,332 for the six
months ended June 30, 2020. The Company had total commission
expense of $1,087,743 for the six months ended June 30, 2021
compared to $779,484 for the six months ended June 30, 2020.
The Company had total general and administrative expenses of
$2,206,751 for the six months ended June 30, 2021, as compared to
$2,203,872 for the six months ended June 30, 2020. Loss from
operations for the six months ended June 30, 2021 was $1,589,645,
compared to $1,832,961 for the six months ended June 30, 2020. Net
loss for the six months ended June 30, 2021 was $1,890,812, or
($0.20) per share, compared to $2,118,211, or ($0.51), the six
months ended June 30, 2020.
The complete financial results will be available
in the Company’s Form 10-Q, which is expected to be filed with
the U.S. Securities & Exchange Commission later
today.
About Reliance Global Group,
Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW)
is combining advanced technologies, with the personalized
experience of a traditional insurance agency model. Reliance Global
Group’s growth strategy includes both an organic expansion,
including through 5minuteinsure.com, as well as acquiring well
managed, undervalued and cash flow positive insurance
agencies. Additional information about the Company is
available at https://www.relianceglobalgroup.com/.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Statements
other than statements of historical facts included in this press
release may constitute forward-looking statements and are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in our filings with the Securities and Exchange Commission and
elsewhere. The Company undertakes no duty to update any
forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release.
Contact:
Crescendo Communications, LLC Tel: +1 (212)
671-1020 Email: RELI@crescendo-ir.com
Reliance Global (NASDAQ:RELI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Reliance Global (NASDAQ:RELI)
Historical Stock Chart
From Apr 2023 to Apr 2024