Thu, Jul 25, 8:17 PM (44 days ago)
Reliance Global Group, Inc. reported a net loss of $1.49 million for Q2 2024, a deterioration from the $1.05 million loss in Q2 2023. Revenue remained relatively stable at $3.23 million, driven by organic growth. However, operating expenses decreased by 13% to $4.38 million, reflecting cost-cutting measures. Despite this, the company faced increased interest expenses and asset impairments totaling $3.92 million, contributing to a significant loss from operations. Cash and restricted cash stood at $2.82 million, with a working capital of $600,000. The company raised $2.07 million through an ATM program, offset by debt repayments. Future operations may be impacted by inflation and competitive market conditions.