Reliance Global Group Reports 54% Increase in Revenue for the Third Quarter of 2021
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) reported a 54% revenue increase for Q3 2021, reaching $2.6 million compared to $1.7 million in Q3 2020. The company reduced its consolidated EBITDA loss by 88% to approximately $87,000. The successful launch of the 5MinuteInsure.com platform in four states signals robust growth, with regulatory approval in 46 states. The firm ended the quarter with over $6.1 million in cash, indicating a solid balance sheet for future growth.
- Revenue increased by 54% to $2.6 million for Q3 2021.
- Consolidated EBITDA loss reduced by 88% to approximately $87,000.
- Successful launch of 5MinuteInsure.com in Ohio, Indiana, Michigan, and Arizona.
- Regulatory approval for 5MinuteInsure.com in 46 states.
- Ended the quarter with over $6.1 million in cash.
- Net loss increased to $595,233 or ($0.05) per share in Q3 2021, compared to $1,231,567 or ($0.30) per share in Q3 2020.
- Loss from operations was $475,208 in Q3 2021, down from $1,092,170 in Q3 2020.
Rapidly adding new states to nationwide rollout of 5MinuteInsure.com platform
LAKEWOOD, N.J., Nov. 10, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance” or the “Company”), which combines artificial intelligence (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 third quarter ended September 30, 2021.
Ezra Beyman, CEO of Reliance Global Group, commented, “We continue to generate strong growth, as evidenced by a
“We are also making progress with the nationwide rollout of our new 5MinuteInsure.com platform, as evidenced by its successful launch in the first four states: Ohio, Indiana, Michigan and Arizona. The goal of this platform is to tap into the growing number of online shoppers by providing them a seamless one-stop solution to compare insurance quotes from multiple carriers and instantly bind a policy. We’ve rolled out a robust and comprehensive marketing campaign in the aforementioned states and have witnessed a noticeable increase in daily quote requests. Further, we’re on track to commercially launch the platform in a number of additional states in the coming weeks, as we now have regulatory approval in 46 states and continue to add new insurance carriers to our network.”
Financial Results
For the three months ended September 30, 2021 as compared to September 30, 2020, respectively, the Company achieved revenues of
For the nine months ended September 30, 2021 as compared to September 30, 2020, respectively, the Company had revenues of
*EBITDA Reconciliation
The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of performance calculated in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), and should not be considered in isolation of, or as a substitute for, earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. The Company believes the presentation of EBITDA is relevant and useful by enhancing the readers’ ability to understand the Company’s operating performance. The Company’s management utilizes EBITDA as a means to measure performance. The Company’s measurements of EBITDA may not be comparable to similar titled measures reported by other companies. The table below reconciles EBITDA for income from continuing operations for the three and nine months ended September 30, 2021 and 2020.
| (Unaudited) | (Unaudited) | |||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||
| Loss from operations | $ (475,208) | $ (1,092,170) | $ (2,064,853) | $ (2,925,131) | ||||
| Adjustments: | ||||||||
| Depreciation and amortization | 387,729 | 344,888 | 1,090,183 | 1,003,070 | ||||
| EBIDTA | $ (87,479) | $ (747,282) | $ (974,670) | $ (1,922,061) | ||||
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
FAQ
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