Summary by Moomoo AI
Reliance Global Group, Inc. reported its financial results for the year ended December 31, 2023, on April 4, 2024. The company announced a significant revenue increase of 17% over the previous year and 40% over the past two years, with a portion of the growth attributed to organic expansion and the rest to acquisitions. Despite the revenue growth, the company experienced a net loss of $12.0 million, primarily due to non-core operating and non-cash expense charges totaling $11.3 million. However, when adjusting for these charges, the Adjusted EBITDA loss was reduced to $687,000, marking a 75% improvement from 2022. The company's Chairman and CEO, Ezra Beyman, highlighted the success of the 'OneFirm' strategy in driving efficiency and growth. Reliance Global Group also reported progress in finalizing a definitive agreement for the acquisition of a voluntary benefits provider, which is expected to contribute over $4 million in AEBITDA for 2024. The company held a conference call to discuss these results and updates on its corporate progress.