EX-99.1

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EX-99.1

Exhibit 99.1

Reliance Global Group Reports Second Quarter 2026 Results and Accelerates AI-Driven Transformation

Proprietary AI Platform Enhances Insurance Operations and Positions Company for Long-Term Growth

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., July 30, 2026 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: EZRA) (“we,” “us,” “our,” the “Company” or “Reliance”) today reported financial results for the second quarter ended June 30, 2026, while highlighting continued progress in the development and deployment of its proprietary artificial intelligence platform designed to enhance operational efficiency, automate complex workflows, and create new long-term growth opportunities.

Key Highlights

●Launched proprietary AI agent for secure browser automation, marking a significant milestone in the Company’s AI strategy.

●Began deploying AI capabilities across Reliance’s insurance operations to improve workflow automation, productivity and customer service.

●Continued expanding proprietary AI technologies designed to enhance both internal operations and future commercial opportunities.

●Continued delivering organic growth within the Company’s retained insurance operations following the divestiture of non-core businesses.

●Reduced second quarter operating expenses by approximately 28% year-over-year through continued operational efficiencies and disciplined cost management.

●Improved second quarter net loss by approximately 26% compared with the prior-year period.

Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, commented, “The second quarter marked an important milestone in our evolution as we continue transforming Reliance through the development of proprietary AI technologies. During the quarter, we accelerated the development of our AI platform and began deploying our secure browser automation technology across our insurance operations to improve productivity, streamline workflows and enhance customer service.”

“We believe artificial intelligence represents a transformational opportunity for our Company. By combining our deep insurance industry expertise with advanced AI capabilities, we are building technology that has the potential to improve operating performance while creating valuable intellectual property. As we continue to develop, deploy and refine innovative AI solutions, we believe this strategy creates meaningful opportunities to strengthen our existing insurance operations while establishing a scalable technology platform capable of driving long-term growth and creating value for our shareholders.”

Strategic Update

In July, Reliance announced the successful launch of its proprietary AI agent for secure browser automation. The AI solution is designed to securely automate complex web-based workflows while maintaining enterprise-grade security and compliance standards. The platform represents a significant milestone in the Company’s ongoing strategy to leverage proprietary artificial intelligence to enhance operational performance, improve scalability and create new long-term growth opportunities.

The Company’s AI platform is being deployed across Reliance’s insurance operations, where it is expected to improve productivity, reduce manual processes and enhance customer service. By integrating the technology into its own operations, the Company expects to optimize internal workflows, reduce administrative burdens and further strengthen the efficiency of its insurance platform while continuing to refine the technology through real-world applications. Management believes the technology also has significant long-term commercialization potential beyond its internal applications.

Building on these capabilities, Reliance intends to expand the platform’s functionality across additional business processes while continuing to invest in the development of proprietary AI technologies that complement its insurance operations. The Company believes its secure browser automation technology has broad applicability for enterprise customers operating in regulated industries that require secure, reliable and compliant workflow automation.

As Reliance continues to enhance its proprietary AI platform, management believes the technology has the potential to strengthen the Company’s insurance operations, improve operating efficiency and create new long-term commercialization opportunities. By combining its deep insurance industry expertise with innovative AI capabilities, the Company believes it is well positioned to build a scalable technology platform that complements its core business, diversifies future revenue opportunities and creates long-term shareholder value. The Company remains focused on executing its core business strategy by growing its InsurTech and insurance operations while continuing to expand its proprietary AI platform.

2026 Second Quarter Financial Highlights

●Commission income was app

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EX-99.1

Exhibit 99.1

Reliance Global Group Reports 2025 First Quarter Results and Provides Business Update

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., May 14, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the quarter ended March 31, 2025.

“We are pleased to begin 2025 with improving financial results that build on the momentum we achieved in 2024,” said Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group. “Our growth in organic revenues highlights the attractive strides we’ve made in expanding our market share. At the same time, the substantial reduction in net loss and the increase in AEBITDA reflect the sustained benefits of our disciplined fiscal management, streamlined operations under the OneFirm model, and the absence of prior-year impairment charges. This strong momentum has reinforced our foundation and positioned us for scalable, long-term growth with improved profitability.”

“We are excited about the road ahead as we build on the progress made in 2024 and move closer to completing the Spetner acquisition—an important milestone that is expected to enhance our insurance capabilities and strengthen our financial and market position. We also continue to drive innovation across our platform, most notably with the launch of RELI Auto Leasing. This new offering allows our RELI Exchange agency partners to provide clients with convenient access to vehicle leasing nationwide while earning commissions—without requiring expertise in auto finance. By integrating leasing into the insurance process, we are enhancing our value proposition, deepening client relationships, and opening a compelling new revenue stream for our agents. At the same time, the continued adoption of our advanced InsurTech solutions is transforming the agent experience through AI-driven automation, improved underwriting precision, and streamlined service. These innovations, combined with our disciplined approach to growth and operational excellence, position us to capitalize on emerging opportunities in the evolving InsurTech landscape. We believe the foundation we have put in place sets the stage for a period of exceptional expansion in 2025 and beyond, and we remain committed to delivering superior service to our agents and clients while driving long-term value for our shareholders,” concluded Mr. Beyman.

2025 First Quarter Financial Highlights

●Commission income revenue increased by $153,782, or 4%, to $4,236,220 in Q1 2025, compared to $4,082,438 in Q1 2024. This increase reflects continued organic growth across the Company’s insurance distribution channels.

●Commission expense increased by $192,885, or 15%, to $1,469,427 in Q1 2025, compared to $1,276,542 in Q1 2024. The increase reflects higher payouts to agents in line with rising commission volumes and improved agency performance.

●Salaries and wages increased by $398,175, or 22%, to $2,229,837 in Q1 2025, compared to $1,831,662 in Q1 2024. The increase is primarily due to $540,015 in non-cash equity awards, and indicates that overall, standard non-equity-based salaries and wages costs have been decreasing for the Company quarter over quarter.

●General and administrative increased by $141,388, to $1,516,228 in Q1 2025, compared to $1,374,890 in Q1 2024. The increase is primarily due to $484,970 of non-cash equity pay to certain of the Company’s directors and service providers, and indicates that overall, standard non-equity-based general and administrative costs have been decreasing for the Company quarter over quarter, reflecting management’s disciplined cost controls and efficiencies gained under our OneFirm initiative.

●Net loss decreased by $3,609,781, or 68%, to $1,736,882 in Q1 2025, compared to $5,346,663 in Q1 2024. This substantial improvement was driven by the elimination of impairment charges, and the Company’s continued focus on cost control and streamlining its operations. When further deducting the total non-cash equity payments of $1,024,985 discussed above, standard non-equity net loss further improves significantly as compared to the quarter in the prior year and is a testament to the Company’s focus and success in increasing its top-line revenues and managing its operating costs.

●Adjusted EBITDA (“AEBITDA”), our key non-GAAP financial measure, increased by $219,061, or 297% to an AEBITDA gain of $145,407 in Q1 2025, compared to an AEBITDA loss of ($73,654) in Q1 2024. This marks another quarter of AEBITDA gain for the Company and demonstrates the continued trend toward increased profitability, brought about through disciplined fiscal management and exciting organic operational growth.

Conference Call

Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2025, as well

EX-99.1

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Exhibit 99.1

Reliance Global Group Reports 2024 Results and Provides Business Update

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD, N.J., March 6, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the year ended December 31, 2024.

“We are pleased to report continued revenue growth and strong operational execution in 2024,” said Ezra Beyman, Chairman and Chief Executive Officer of Reliance. “This year has been truly transformative for Reliance, driven by disciplined fiscal management, strategic investments in technology, and targeted acquisitions. Our OneFirm strategy has successfully integrated our agency operations into a unified, technology-driven platform, enhancing efficiency, reducing costs, and strengthening net operating results. These initiatives have significantly improved profitability and, we believe, positioned the Company for long-term, scalable growth in the evolving InsurTech landscape.”

“Additionally, we believe the planned Spetner acquisition and the continued expansion of RELI Exchange’s AI-powered Quote & Bind platform are poised to drive significant value for the Company and its shareholders. Our Quote & Bind platform has revolutionized the insurance purchasing process, allowing agents to quickly generate competitive quotes and seamlessly bind policies in real time. By leveraging AI, automation, and advanced data analytics, we are enhancing efficiency, improving underwriting precision, and delivering superior service to our agents and their clients.”

2024 Financial Highlights

●Commission income revenue increased by $322,535, or 2%, to $14,054,361 in 2024, compared to $13,731,826 in 2023, attributed to sustained organic growth of our current in-place operations.

●Commission expense increased by $456,660, or 12%, to $4,189,599 in 2024, compared to $3,732,939 in 2023, driven primarily by the Company’s commission income revenue mix.

●Salaries and wages decreased by 4%, or $276,242, from $7,226,810 in 2024, versus $7,503,052 in 2023, demonstrating the Company’s ability to effectively leverage its talent (human capital) and continue to organically grow revenues.

●General and administrative expenses increased nominally by $129,646, or 3%, to $4,219,635 in 2024, versus $4,089,989 in 2023, driven in part by acquisition related costs and general inflation, but offset by OneFirm efficiency enhancements.

●Net loss decreased by $2,938,398, or 24%, to $9,071,584 in 2024, versus $12,009,982 in 2023. This positive swing is a result of less intangible impairment charges in the current year and the Company’s focus on streamlining its balance sheet which has previously been encumbered by certain fair value contingent and warrant liabilities that were liquidated or substantially reduced as of and for the year ended December 31, 2024, thus minimizing the impact of fair value swings affecting the Company’s profitability.

●Adjusted EBITDA loss (“AEBITDA”), a non-GAAP financial measure, improved significantly during 2024, decreasing 39% or $205,573, from $(526,798) in 2023, to $(321,224) in 2024. This demonstrates the Company’s continued trend toward AEBITDA profitability, brought about through disciplined fiscal management and exciting organic operational growth.

The Company also provided an update on its pending Spetner acquisition, which is in the final closing stages. Once closed, the acquisition is expected to expand Reliance’s insurance offerings, further strengthening its competitive position and enhancing its ability to serve a broader market with a more comprehensive suite of insurance solutions.

Reliance has also expanded its RELI Exchange Quote & Bind platform, reinforcing its leadership in the InsurTech space. Initially launched in beta, the platform now includes more carriers and a broader range of insurance products, with further enhancements underway. Designed to streamline agent workflows, it enables instant quoting and policy binding, improving efficiency and accelerating policy issuance. AI-driven automation enhances underwriting accuracy, while access to top-tier carriers ensures competitive pricing and diverse coverage options.

Moshe Fishman, Reliance’s Director of InsurTech and Operations, added “At Reliance, we are revolutionizing the insurance industry through cutting-edge technology and automation. With the continued expansion of our Quote & Bind platform, we are empowering agents with advanced tools that enhance efficiency, speed up deal closures, and maximize profitability. This initiative is a cornerstone of our strategy to make RELI Exchange the most comprehensive and accessible InsurTech solution in the industry.”

Mr. Beyman concluded, “As we look ahead, the future for Reliance has never been brighter. With our disciplined approach to expansion, cutting-edge technology, and strategic acquisitions, we are well-positione

EX-99.1

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Exhibit 99.1

Reliance Global Group Reports Third Quarter 2024 Results and Provides Business Update

Reports Continued Revenue Growth and Significant Improvements to Net Results

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., November 7, 2024 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the three and nine months ended September 30, 2024.

Ezra Beyman, Reliance’s Chairman and Chief Executive Officer, commented, “We are very pleased to report a highly successful third quarter, both in growing our revenues, as well as in controlling our operating costs, which has resulted in sustained revenue growth, decreased expenses and improved net financial results.”

The following presents some key financial highlights for the third quarter ended September 30, 2024:

Three Months Ended

Financial Highlights

September 30,

2024

September

30,2023

$ Change % Change

Commission income $3,441,458 $3,275,583 $165,875 5%

Commission expense $902,246 $796,001 $106,245 13%

Salaries and wages $1,707,737 $1,803,698 $(95,961) -5%

General and administrative expenses $821,510 $1,068,778 $(247,268) -23%

Marketing and advertising expenses $100,183 $117,752 $(17,569) -15%

Total operating expenses $3,953,435 $4,710,637 $(757,202) -16%

Loss from operations $(511,977) $(1,435,054) $923,077 -64%

Recognition and change in fair value of warrant liabilities – gain (loss)

$- $1,715,397 $(1,715,397) -100%

Net loss $(837,314) $(139,004) $(698,310) 502%

AEBITDA

$42,508 $(200,602) $243,111 121%

Mr. Beyman continued, “As illustrated above, for the quarter ended September 30, 2024, as compared to the quarter ended September 30, 2023, revenues continued to grow by 5% to $3.4 million and total operating expenses continued to decrease by 16% to $3.9 million, positively impacting loss from operations which shows a very refreshing 64% improvement, notwithstanding a 13% increase in commission expense driven by higher first year commissions. Net loss came in at approximately $837,000, and when compared to net loss of approximately $139,000 in the prior year’s third quarter, or $1.8 million when adjusted for comparability purposes to remove the $1.7 million warrant liability fair value gain (as that instrument was substantially liquidated during 2024), net loss for the current year’s quarter versus the prior year’s quarter shows an improvement of approximately $1 million, or 54%. Further, we are very pleased to report that this quarter brings positive Adjusted EBITDA (“AEBITDA” a non-GAAP metric), coming in at an approximate $43,000 gain, representing a 121% increase from the same period in the prior year.”

“These highly positive financial results are a testament to the success of our OneFirm strategy, which brings together our owned and operated, but geographically dispersed, insurance agencies, to operate as one cohesive unit, allowing for efficient and effective cross-selling, cross-collaboration, and human capital cross utilization. The OneFirm enhancements are clearly evident and demonstrated by the quarter’s promising revenue growth, shrinkage in operating costs and positive changes to net results. We feel strongly that our disciplined approach strengthens our financial position and sets the stage for continued sustained growth and long-term value creation for our shareholders.”

“We also remain focused and highly energized in anticipation of a close in the coming months on the previously announced acquisition of Spetner Associates Inc. (“Spetner”), a leading voluntary benefits insurance agency/provider to over 85,000 employees nationally, and we are confident that the integration of Spetner will close to double our consolidated revenues and serve as a catalyst for additional accelerated revenue growth, by having an expanded combined range of service offerings, enhancing our market position and paving the way for sustained profitability and longer term success.”

“Additionally, in the third quarter of 2024, we were thrilled to launch our AI-powered Quote & Bind solution on the RELI Exchange platform ahead of schedule, offering our agents a transformative tool that significantly accelerates the quoting and binding process for commercial insurance policies. This cutting-edge technology is now live, enabling agents to provide faster, more competitive quotes and bind policies instantly, meeting client needs in real time. The solution not only enhances operational efficiency for our partners but also creates new revenue opportunities by capitalizing on high-demand commercial lines, such as, general liability, cyber liability, and workers compensation.”

Mr. Beyman concluded, “Our mission at Reliance remains to build a multi-billion dollar, highly profitable business enterprise, through the execution of our strategic business initiatives, including, expansion, innovation and disciplined fis

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Exhibit 99.1

Reliance Global Group Reports Second Quarter 2024 Results and Provides Business Update

Spetner Associates Acquisition on Track to Close in Second Half of 2024; Projected to Double Annual Revenue to Approximately $28 Million and Boost AEBITDA

Reliance Forms Real Estate Division Headed up by Successful Real Estate Investor and M&A Executive Abe Miller, to Drive Growth and Diversification

Simplified Capital Structure- Reliance Removes Warrant Overhang to Unlock Shareholder Value

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., July 25, 2024 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the three and six months ended June 30, 2024.

Ezra Beyman, Reliance’s Chairman and Chief Executive Officer, commented, “We are pleased to report consistent and sustained revenue levels for the first three and six months ended June 30, 2024, with revenues of $3.2 million and $7.3 million, which represent 1% and 3% growth from the same periods in the prior year, respectively. We’ve also been decreasing our operating expenses with the Company. As a result, we’ve seen 13% efficiencies for the second quarter of 2024 over the same period in 2023, and our $1.5 million net loss from continuing operations for the second quarter has improved by 62% from the same period in the prior year. AEBITDA, our key non-GAAP metric, came in at a nominal loss of $178,000, or just under 6% of revenues, for the second quarter of 2024.

“Building on the Company’s strong performance in the first quarter, the second quarter of 2024 continued our trend of sustained organic growth. Throughout the quarter, we continued to emphasize our foundational ‘OneFirm’ strategy, uniting our nine owned and operated agencies nationwide to function as one cohesive business unit. OneFirm has provided the Company with access to higher commission tiers and has created broad cross-selling opportunities which has, and we believe will continue to, drive material revenue growth. Additionally, cross-collaboration is a key OneFirm initiative and spotlights cross-utilization of our exceptional talent employed across our organization, in addition to promoting enhanced data access and sharing and the segmentation of specialized support services. As part of OneFirm, we continue to consolidate our vendor relationships and contracts, thereby reducing our overall operating spend, as is illustrated in our second quarter financial results.”

“The pending acquisition of Spetner Associates, which we now believe will be even more impactful than we initially expected, continues to progress smoothly toward an anticipated closing in the second half of 2024. Since first announcing our acquisition plans, Spetner’s BenManage voluntary benefit insurance segment has experienced impressive growth, now covering over 85,000 employees, a significant increase from their 45,000 covered employees when we initially announced the planned transaction. This acquisition will be one of the largest in our Company’s history and will mark a pivotal moment for Reliance, with projections suggesting it will close to double our annual revenues to around $28 million and significantly boost our AEBITDA. We believe that Spetner’s wide array of unique voluntary benefits programs and its extensive market reach offer considerable synergistic opportunities, especially in expanding our personal insurance lines through the RELI Exchange platform.”

Mr. Beyman continued, “In early July, we initiated the formation of a new division within Reliance focused on acquiring multi-family and commercial real estate properties. Abe Miller, a successful real estate investor and M&A executive, has joined the Company to lead this division and provide strategic guidance for our future real estate projects. With a remarkable track record that includes creating a $3 billion real estate portfolio through strategic acquisitions, his expertise in enhancing asset value and navigating complex market dynamics to generate substantial investment returns will be invaluable. We anticipate that the new real estate division, set to launch following the closing of the Spetner acquisition, will align perfectly with our strategy of pursuing accretive and cash flow-positive deals, an area where we have a proven track record, especially in the insurance brokerage sector. Additionally, we expect this division to broaden our Company’s portfolio by diversifying into multiple business lines and asset categories. Through this expansion into real estate, we expect that Reliance will be well positioned to leverage non-dilutive financing sources, supported by the intrinsic value of the assets and our operational cash flows.

“Finally, as previously announced, pursuant to exercises of all outstanding Series B and Series G warrants, Reliance has vastly simplified its capital structure by removing the S

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Exhibit 99.1

Reliance Global Group Reports First Quarter 2024 Results and Provides Business Update

Definitive agreement to acquire Spetner Associates marks significant milestone in Company’s evolution

Expected to more than double current revenue to approximately $28 million and contribute meaningful EBITDA.

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., May 20, 2024 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the three months ended March 31, 2024.

Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group, commented, “We achieved another solid quarter with continued organic growth. During the first quarter of 2024, we focused heavily on our new ‘OneFirm’ approach, which brings together our nine owned and operated agencies across the United States to function as one cohesive unit. As these initiatives take hold, we anticipate significantly enhanced top and bottom-line performance.”

“We are also excited about our recently announced definitive agreement to acquire Spetner Associates, which we believe will be a transformational event for our Company. We expect that the integration of Spetner will more than double our annual revenues to roughly $28 million and significantly boost our EBITDA. Spetner excels in its field, with advanced technologies that complement the innovative solutions we already provide. Spetner’s broad range of unique voluntary benefits programs and extensive market reach offer considerable synergistic potential, especially in expanding our personal insurance lines through the RELI Exchange platform.”

Moshe Fishman, Director of Insurtech and Operation of Reliance Global Group, added, “We are very pleased with how the RELI Exchange OneFirm vision is materializing, further strengthening our insurance distribution and company as a whole. The recently announced acquisition of Spetner Associates including the BenManage voluntary benefit insurance business providing insurance to over 75,000 employee lives, is the ideal acquisition target that we look for at Reliance. Some of the key points that we are very excited about are a strong management team, excellent revenue with a high EBIDTA to revenue ratio, residual commission income, and highly synergistic with our current core businesses.”

Mr. Beyman concluded, “Overall, our goal is to develop a profitable, multi-billion-dollar enterprise that drives meaningful shareholder returns. Toward this end, we believe this acquisition will unlock significant opportunities that fit well with our ‘OneFirm’ go-to-market strategy. This strategic integration is not about simply increasing our market footprint within the $463 billion global insurance agency/brokerage market, but it is also about establishing Reliance as a formidable and cutting-edge, technology-enabled enterprise focused on sustainable profitability and enhanced shareholder value.”

Conference Call

Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2024, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 512517. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/50621 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through May 20, 2025. A telephone replay of the call will be available approximately one hour following the call, through June 4, 2024, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 50621.

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies whic

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Exhibit 99.1

Reliance Global Group’s Revenue Grows by 17% and 40% in 2023 Compared to 2022 and 2021, respectively

Acquisition letter of intent previously announced progresses to final stages of definitive agreement discussions

Company to Host Conference Call Today at 1:00 PM Eastern Time

LAKEWOOD,

N.J., April 4, 2024 -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the year ended December 31, 2023.

“We are pleased to report 17% and 40% year-over-year increases in revenue for 2023 compared to 2022 and 2021, respectively,” commented Ezra Beyman, Chairman and Chief Executive Officer of Reliance Global Group. “Of the 17% revenue increase, 67% relates to organic growth, and 33% was acquisition related.”

“Our net loss was substantially driven by non-core operating and non-cash expense charges, such as, net estimate & fair value changes in acquisition earn-out payables & warrant liabilities, goodwill impairment, amortization, interest, share based compensation and discontinued operations results, tallying a net total of $11.3 million, resulting in a GAAP net loss of $12.0 million. When excluding these items to arrive at AEBITDA (Adjusted EBITDA, a non-GAAP metric as defined below), our AEBITDA loss in 2023 shrinks to $687,000, which represents an improvement of $2.1 million or 75% from 2022. We attribute much of our AEBITDA improvement to our recently announced “OneFirm” strategy, which brings together our 9 owned and operated agencies across the United States to function as one cohesive unit, allowing for efficient and effective cross-selling, cross-collaboration, and cross-utilization of our human capital, which has resulted in increases to both the Company’s top and bottom lines.”

2023 Financial Highlights*:

(approximates)

● Commission income increased by $2.0 million, or 17%, to $13.7 million in 2023, compared to $11.8 million in 2022, of which 67% is organic growth and 33%, is acquisition related.

● Commission expense increased by $592,000, or 19%, to $3.7 million in 2023, compared to $3.1 million in 2022, driven primarily by the Company’s increased commission income revenues.

● Salaries and wages remained relatively flat at $7.5 million, representing a nominal decrease of $5,000, or 0.1%, during 2023 compared to 2022, demonstrating the Company’s ability to effectively leverage its in-place talent (human capital) despite robust increases in top-line revenue.

● General and administrative expenses decreased by $869,000, or 18%, to $4.1 million in 2023, compared to $5.0 million in 2022, driven in part by OneFirm efficiencies gained, coupled with lower acquisition-related costs.

● Net loss was $12.0 million in 2023, compared to net income of $6.5 million in 2022. The change and swing were primarily driven by a 2023 goodwill impairment charge of $7.6 million combined with a gain in the fair value change of warrant liabilities of only $5.5 million in 2023 compared to $23.5 million in 2022.

●

AEBITDA

improved in 2023 by 75% or $2.1 million, from a loss of $2.8 million in 2022 to $687,000 in 2023, a result of increased revenues and decreased AEBITDA costs, driven by OneFirm, our strategy to operate leaner coupled with lower acquisition-related costs.

● Working capital increased by $5.8 million, or 126%, to $1.2 million in 2023, compared to negative working capital of $4.6 million in 2022.

● Cash and restricted cash of $2.7 million at the end of 2023 increased by $829,000, or 43%, compared to $1.9 million at the end of 2022.

*Complete financial results are available in the Company’s Annual Report on Form 10-K, which was filed with the U.S. Securities & Exchange Commission today.

“As illustrated by our financial highlights, we’ve had great growth momentum and strong performance throughout 2023, a real testament to the significant contributions and commitment of my friends and colleagues here at Reliance. We’ve also effectively expanded our cutting-edge RELI Exchange agency partner digital platform, which now boasts solutions in 46 states, access to 35 carriers, and a network of hundreds of committed agency partners.”

“We continue to see vast potential in the global insurance agency/brokerage market, which in 2023 had an estimated value of $436 billion, forecasted to grow to $613 billion by 2028. M&A deal volume in 2023 was $78 billion, or around 17% of market value. Reliance remains keenly active on identifying and growing its insurance agency/brokerage portfolio through strategic and synergistic acquisitions.”

“As previously announced, the Company has an open letter of intent to acquire a leading provider of voluntary benefits to more than 45,000 employee lives throughout the United States, with projected AEBITDA of more than $4 million for 2024.” Mr. Beyman concludes, “I’m happy to provide an update that the deal continues to progress positively with the parties current

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Exhibit 99.1

Reliance Global Group’s Revenue Grows by 16% for the Third Quarter of 2023

Working Capital Increases by $5.4 million

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., November 13, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), today provided a business update and reported financial results for the third quarter and nine months ended September 30, 2023.

Ezra Beyman, CEO of Reliance, commented, “We are pleased to report a 16% and 19% year-over-year increase in revenue for the third quarter and first nine months of 2023 respectively. This growth primarily stems from the organic expansion of our business, bolstered by our acquisition of Barra Associates in April 2022. Following the acquisition and the rebranding to RELI Exchange, our agency network has demonstrated consistent growth. Despite substantial investments in RELI Exchange, we’ve managed to cut our operational losses by over 21% in the first nine months of 2023 compared to the same period in the prior year. Additionally, our working capital has increased by $5.4 million, or 117%, for the nine-month period ended, and as of September 30, 2023. RELI Exchange is crucial to our long-term strategic vision and growth and we are extremely pleased with the significant progress we’ve made in such a short time. By equipping independent agencies with a robust array of business tools, which include cutting-edge technologies and AI capabilities, RELI Exchange enables these agencies to not only compete but actually outperform larger national agencies in their services. Lastly, we’re moving to consolidate Reliance Global Group’s standalone agencies under the umbrella of RELI Exchange and look forward to providing near-term updates on our refined strategy.”

Moshe Fishman, Director of Insurtech and Operations, added, “Having completed the majority of our investment in RELI Exchange and experiencing solid performance across our operating subsidiaries, we’ve established what we believe is a highly scalable business model. The U.S. market alone presents a $2.7 trillion market opportunity for the Company, nearly 40% of the global market, and is anticipated to experience significant growth of 26% to $3.4 trillion by 2027. We remain active in tapping into this market and continue to seek out accretive business acquisition opportunities to grow our agency network, expand our national footprint, and increase our market share. As we continue to organically enhance our platform and broaden our presence throughout the U.S., we believe the Company is well-placed to achieve success in the short term and lay the groundwork for significant, ongoing long-term growth. We are confident that our strategic, cost-effective, and distinctive market approach can generate substantial long-term returns for our shareholders.”

The Company’s complete financial results are available in its Quarterly Report on Form 10-Q, which will be filed with the U.S. Securities and Exchange Commission today.

Conference Call

Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter and nine months ended September 30, 2023, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and using entry code: 757200. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/49462 or on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/.

A webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/events-and-presentations/) through November 13, 2024. A telephone replay of the call will be available approximately one hour following the call, through November 27, 2023, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference

ID: 49462.

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own port

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Reliance Global Group Achieves 12% Increase in Revenue for the Second Quarter of 2023

Working Capital Increases by $6.8 million

RELI

Exchange Continuing to Grow its Network of Agency Partners

Strategic Plan for Consolidation of Subsidiary Agencies Leading to Enhanced Market Presence

Reports 30% Reduction in Loss from Operations for the First Half of 2023 Over Same Period Last Year

Company to Host Conference Call Today at 12:00 PM Eastern Time

LAKEWOOD,

N.J., August 10, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), today provided a business update and reported financial results for the second quarter ended June 30, 2023.

Ezra Beyman, CEO of Reliance, commented, “We are pleased to report a 12% and 21% year-over-year increase in revenue for the second quarter and first half of 2023 respectively, which primarily reflects the organic growth of the business, having acquired Barra Associates, in April 2022. Since that acquisition and subsequent rebranding as RELI Exchange, we have experienced continued growth of the agency network. Even though we made significant investments in RELI Exchange, we reduced our loss from operations by more than 30% in the first half of 2023 over the same period last year and our working capital has increased by $6.8 million or 150% since the end of fiscal year 2022. We view RELI Exchange as central to the long-term strategic plan and growth for the Company, and we are extremely pleased with our progress to date. By providing independent agencies a comprehensive suite of business tools, powered by the latest technologies and AI capabilities, the platform empowers these agents to not only compete but often surpass larger national agencies in their offerings.”

“As we look to the future, we are also consolidating our standalone agencies under Reliance Global Group, which we believe will provide significant benefits and efficiencies. We believe this consolidation would immediately boost the Company’s market presence across the U.S. by allowing Reliance Global Group to operate under one brand across all business lines. We expect it would also enhance our commission and bonus structure with the carriers due to volume, as well as increase cross-selling and enable better utilization of our talent across the organization within their respective insurance specialties.”

Moshe Fishman, Director of Insurtech and Operations, added, “With the bulk of the investment in RELI Exchange now completed and solid performance across our operating subsidiaries, we have successfully constructed what we believe is a highly scalable business model. Moreover, as an insurance agency, we do not face the industry headwinds or risk exposure of the carriers. In fact, rising premiums can have a positive impact on our margins and is often a catalyst for a large portion of the 300+ million American consumers to look for quotes elsewhere and replace their current policies with policies offering more value and a better price. As we continue to organically grow our platform and expand our reach across the U.S., we believe we are poised to succeed in the near term while also setting the stage for significant, sustained long-term future growth. We are confident that our strategic, cost-efficient, and differentiated approach to the market will drive substantial long-term returns for our shareholders.”

The Company’s complete financial results are available in its Quarterly Report on Form 10-Q, which will be filed with the U.S. Securities and Exchange Commission today.

Conference Call

Reliance Global Group will host a conference call today at 12:00 PM Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2023, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and using entry code: 892366. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/48879 or on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/.

A webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/events-and-presentations/) through August 7, 2024. A telephone replay of the call will be available approximately one hour following the call, through August 22, 2023, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference

ID: 48879.

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Reliance Global Group Achieves 29% Increase in Revenue for the First Quarter of 2023

RELI

Exchange Continuing to Add New Agency Partners and Support Growth

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., May 18, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), today provided a business update and reported financial results for the first quarter ended March 31, 2023.

Ezra Beyman, CEO of Reliance, commented, “We are pleased to announce a 29% increase in revenue for the first quarter of 2023, compared to the same period in 2022. We’ve also reduced our operating costs by 9%, which includes a reduction in general and administrative expenses of approximately 42%, partially offset by investments to support our continued growth. As a result of these activities, our net operating results improved by approximately 60%. It is also important to note that our operating agencies are collectively performing well and remain profitable with healthy margins, on a standalone basis. We look forward to continuing and building on this trajectory of sustained growth with increased profit margins and positive cash flows.”

“Further, RELI Exchange continues to perform well, with over 250 agency partners now on our platform. We attribute this success to the fact that RELI Exchange provides independent insurance agents with an extensive array of business tools, enabling them to effectively compete with, and even outperform, larger national agencies. Initially, we focused on recruiting newer agents to the platform. However, as the platform has matured, we are now transitioning our efforts to attract more experienced agents with an established clientele. Historically, many of these agents were restricted to offering a single carrier, leading to a low close rate due to the unfavorable captive agreement. On our platform, with access to many carriers, we believe our partners will have a much more competitive offering, given they can now offer a broader selection of quotes with many of the largest insurance companies.”

“In addition to home and auto insurance, we are constantly looking to add new products that our agency partners can offer their clients. For example, in February 2023, we incorporated a proprietary life insurance quote tool into the platform, allowing agents to compare life insurance policies and prices in less than a minute, thus enhancing client conversations and expediting policy binding. In March 2023, we introduced RELI University, a new training platform for our RELI Exchange agency partners. The platform provides both new and experienced agents with a complete education on all the products, services, and tools available through RELI Exchange.”

“With most of the RELI Exchange investment now behind us, coupled with strong performance from our operating agencies, we have built and continue to build a highly scalable business poised to drive significant returns for our shareholders.”

The Company’s complete financial results are available in its Quarterly Report on Form 10-Q, which will be filed with the U.S. Securities & Exchange Commission today.

Conference Call

Reliance Global Group will host a conference call today at 4:30 PM. Eastern Time to discuss the Company’s financial results for the quarter ended March 31, 2023, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free +1 877-545-0523 for U.S. callers or +1 973-528-0016 for international callers and using entry code: 539575. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/48391 or on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/.

A webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/events-and-presentations/) through May 15, 2024. A telephone replay of the call will be available approximately one hour following the call, through June 1, 2023, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference ID: 48391.

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday con

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Reliance Global Group Achieves 73% Increase in Revenue to $16.8 Million for 2022

Reports Continued Growth of RELI Exchange Platform

Company to Host Conference Call Today at 4:30 PM Eastern Time

LAKEWOOD,

N.J., March 30, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), today provided a business update and reported financial results for the year-ended December 31, 2022.

Ezra Beyman, CEO of Reliance, commented, “We are extremely pleased to report a 73% increase in revenue in 2022 as compared to 2021. This achievement was due to the growth and overall solid performance from our ten operating subsidiaries. We are also very proud of our most recent business formation, RELI Exchange, built on the foundations of Barra & Associates, an agency we acquired in April 2022. RELI Exchange is a business-to-business (B2B) InsurTech platform and agency partner network for insurance agents and agencies, providing independent agents a comprehensive suite of business development tools propelling them to effectively compete with national agencies.”

“The RELI Exchange InsurTech platform has been a game-changer for Reliance, allowing us to deliver on our promise, to provide our clients best in class risk management / insurance coverage at the best value for their money. RELI Exchange as of December 31, 2022, supported home and auto insurance, however, we continually invest time and resources to expand the platform for additional products that will provide added client value. This is best illustrated by our February 2023 addition of our proprietary life insurance quotation tool, which enables agents to immediately compare life insurance policies and pricing in under a minute, thereby facilitating enhanced client discussions and more expeditious policy binding.”

“March 2023 saw the unveiling of RELI University, a new training platform for our RELI Exchange agency partners. Designed specifically for the independent insurance industry, the platform provides both new and experienced agents with a complete education on all the products, services, and tools available through RELI Exchange. In addition, RELI University keeps agents abreast of the latest carrier and industry developments, enabling them to stay ahead of the curve and grow their businesses.”

“The exceptional efforts and unwavering commitment from our team have driven a surge of nearly 200% in agency partners on the RELI Exchange platform since its inception in July 2022. We believe our unique and highly scalable business model positions us as leaders in the industry, and we are optimistic about the platform’s future growth potential as we work to enhance and expand its services and capabilities. We anticipate that RELI Exchange will serve as a strong catalyst for organic growth for the foreseeable future, delivering significant benefits to our clients and returns / value to our shareholders.”

The complete financial results are available in the Company’s Annual Report on Form 10-K, which was filed with the U.S. Securities & Exchange Commission today.

Conference Call

Reliance Global Group will host a conference call today at 4:30 PM. Eastern Time to discuss the Company’s financial results for 2022, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephone by dialing toll free 877-545-0320 for U.S. callers or +1 973-528-0002 for international callers and using entry code: 133394. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/47952 or on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/.

A webcast replay will also be available on the Company’s Investors section of the website (https://relianceglobalgroup.com/events-and-presentations/) through March 30, 2024. A telephone replay of the call will be available approximately one hour following the call, through April 13, 2023, and can be accessed by dialing 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering conference

ID: 47952.

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes organic expansion of its current portfolio of agencies and the growth of both RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies, and 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes in ap

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Reliance Global Group Projects Strong Revenue Growth

of More Than 70% for Fiscal 2022

LAKEWOOD,

N.J., March 16, 2023 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided preliminary revenue guidance for the 2022 fiscal year. The Company currently projects revenue for the 2022 fiscal year of more than $16.5 million, an increase of greater than 70% compared to 2021.

Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to report that we are projecting more than a 70% increase in 2022 revenue. We attribute this success to the collective performance of our operating subsidiaries, including Barra & Associates, which we acquired in April 2022 and subsequently rebranded as RELI Exchange. Moreover, 2022 was a transformative year with the successful rollout of our RELI Exchange InsurTech platform. Our team has worked diligently to ensure that RELI Exchange is delivering real value to our agency partners and their customers. We are gratified to see that this effort is paying off, as illustrated by the rapid growth in agency partners. Moreover, we are excited about the future of the business as we continue to expand and enhance our offerings. Looking ahead to 2023, we expect RELI Exchange will be a key driver of organic growth. Additionally, we believe we have built a highly scalable business model that will drive profits and shareholder value in the years ahead.”

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of its current portfolio of agencies owned in addition to the growth of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national 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. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. 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 and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. 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, LL

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Reliance Global Group Achieves 61% Increase in Revenue for the Third Quarter of 2022

Highly Successful RELI Exchange Platform Helping Drive Revenue Growth

Company to Host Conference Call Today at 12:00 PM

LAKEWOOD,

N.J., November 15, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, yesterday provided a business update and reported financial results for the third quarter ended September 30, 2022.

Ezra Beyman, CEO of Reliance Global Group, commented, “We are extremely pleased to report a 61% year-over-year increase in revenue for the third quarter of 2022. Our strong growth has been fueled by our recent acquisitions, including Barra & Associates, which was successfully relaunched as RELI Exchange earlier this year. With the RELI Exchange platform, we believe we have built a best-in-class InsurTech platform and are not aware of any other offering in the insurance industry with its speed or versatility. The platform enables agents to quickly generate side by side quote comparisons across a broad universe of carriers, to ensure they are getting the best policies and value for their clients. RELI Exchange also simplifies an agent’s back-office burden and reduces their costs by streamlining their operations and minimizing paperwork, thus providing an agent more time to focus on clients, selling policies, and growing their business. The platform has scaled even faster than anticipated, as independent agents continue to join the network. I am pleased to report RELI Exchange now has more than 120 agency partners, up from just 65 a few short months ago.”

“We continue to add additional streams of revenue for our agency partners, which we believe will make RELI Exchange an even more compelling value proposition and help further accelerate growth of the platform. As an example, we recently added a new referral partnership with NRS Funding, whereby RELI Exchange agents are now able to offer their clients merchant cash advance services. In addition, there are several other services that are in the pipeline which we believe we will be rolling out to RELI Exchange agency partners in the near future.”

“Overall, we remain committed to achieving our goal of building RELI Exchange into the largest agency partner network in the U.S. and, based on our results to date, we believe we are moving in the right direction. In addition, we believe that our highly scalable business model will drive significant shareholder value as we move forward.”

Financial results for the three months ended September 30, 2022

● Revenue for the three months ended September 30, 2022, was approximately $4.2 million, an increase of approximately 61%, compared to $2.6 million for the three months ended September 30, 2021. The increase of $1.6 million was primarily driven by organic growth and the additional insurance agencies acquired in 2022.

● Operating expenses for the three months ended September 30, 2022, were approximately $5.7 million, compared to approximately $3.1 million for the three months ended September 30, 2021. The increase was primarily attributable to commission expense, salaries and wages, general & administrative, and advertising & marketing costs, which increased due to a combination of organic growth and the inclusion of the agencies acquired in 2022. Operating expenses for the three months ended September 30, 2022 include approximately $1 million of non-cash and non-recurring expenses.

● Net income for three months ended September 30, 2022, was approximately $6.1 million, compared to a loss of $595 thousand for the same period last year. The increase was primarily attributable to the $7.9 million change in fair value of the warrant liabilities.

Financial results for the nine months ended September 30, 2022

● Revenue for the nine months ended September 30, 2022, was approximately $12.6 million, an increase of approximately 78%, compared to $7.1 million for the nine months ended September 30, 2021. The increase was primarily driven by organic growth and the additional insurance agencies acquired in 2022.

● Operating expenses for the nine months ended September 30, 2022, were approximately $18.5 million, compared to approximately $9.2 million for the nine months ended September 30, 2021. The increase was primarily attributable to commission expense, salaries and wages, general & administrative, and advertising & marketing costs, which increased due to a combination of organic growth and the inclusion of the agencies acquired in 2022. Operating expenses for the nine months ended September 30, 2022 include approximately $4.4 million of non-cash and non-recurring expenses.

● Net income for nine months ended September 30, 2022, was approximately $26.0 million, compared to a loss of $2.5 million for the same peri

EX-99.1

6 ex99-1.htm

Exhibit 99.1

Reliance Global Group Achieves 92% Increase in Revenue for the Second Quarter of 2022

RELI

Exchange driving agency partner channel growth

Company to host conference call today at 2:00 PM

LAKEWOOD,

N.J., August 15, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” 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 second quarter ended June 30, 2022.

Ezra Beyman, CEO of Reliance Global Group, commented, “We are extremely pleased to report a 92% year-over-year increase in revenue for the second quarter of 2022. Our strong growth reflects the successful acquisitions of JP Kush & Associates, Medigap Health Insurance Company and Barra & Associates. Importantly, we are also experiencing solid organic growth, which illustrates the synergies of our portfolio. As an example, we recently relaunched Barra & Associates as RELI Exchange, our new business-to-business InsurTech platform and agency partner network, which builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com. RELI Exchange combines the best of digital and the human element by providing agents and customers quotes from multiple carriers within minutes, while reducing back office expense and driving operational efficiency. Due to the competitive advantages and compelling value proposition of our platform, we are aggressively adding new agency partners to RELI Exchange, as evidenced by an increase in agents of more than 30% in just three months. We are committed to achieving our goal of building RELI Exchange into the largest agency partner network in the U.S. Overall, we have built a highly scalable business model that we believe will drive significant shareholder value for years to come.”

Financial results for the three months ended June 30, 2022

● Revenue for the three months ended June 30, 2022, was approximately $4.2 million, an increase of approximately 92%, compared to $2.2 million for the three months ended June 30, 2021. The increase of $2.0 million was primarily driven by expanded operations, both organic and due to the additional insurance agencies acquired throughout 2021 and 2022.

● Operating expenses for the three months ended June 30, 2022, were approximately $6.2 million, compared to approximately $3.3 million for the three months ended June 30, 2021. The increase in operating expenses was primarily attributable to higher commission expense, salaries, and wages, general and administrative, advertising and marketing expenses, reflecting operating expenses of the acquired insurance agencies during 2021 and 2022, as well as increased expenses to support the Company’s growth. Operating expenses also included certain non-cash expenses and non-recurring expenses related to financing activities.

● Net income for three months ended June 30, 2022, was approximately $10.5 million, compared to a loss of $1.3 million for the same period last year. The increase is primarily attributable to the recognition and change in fair value of warrant liabilities of $12.6 million.

Financial results for the six months ended June 30, 2022

● Revenue for the six months ended June 30, 2022, was approximately $8.4 million, an increase of approximately 86.7%, compared to $4.5 million for the six months ended June 30, 2021. The increase was primarily driven by expanded operations, both organic and due to the additional insurance agencies acquired throughout 2021 and 2022.

● Operating expenses for the six months ended June 30, 2022, were approximately $12.8 million, compared to approximately $6.1 million for the six months ended June 30, 2021. The increase in operating expenses was primarily attributable to higher commission expense, salaries, and wages, general and administrative, advertising and marketing expenses, reflecting operating expenses of the acquired insurance agencies during 2021 and 2022, as well as increased expenses to support the Company’s growth. Operating expenses also included certain non-cash expenses and non-recurring expenses related to financing activities.

● Net income for six months ended June 30, 2022, was approximately $19.8 million, compared to a loss of $1.9 million for the same period last year is attributable primarily to the recognition and change in fair value of warrant liabilities of $24.5 million.

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.

Conference Call

Reliance Global Group will host a conference call today at 2:00 P.M. Eastern Time to discuss the Company’s financial results for the second quarter ended June 30, 2022, as well as the Company’s corporate progress and other developments.

The conference call will be available via telephon

EX-99.1

2 ex99-1.htm

Exhibit 99.1

Reliance Global Group Projects Q2 2022 Revenue to Approximately Double

Compared to the Same Period Last Year

LAKEWOOD,

N.J., August 2, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, today provided preliminary revenue guidance for the second quarter of 2022. The Company currently expects revenue for the second quarter of 2022 to approximately double compared to the same period last year.

Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “I am pleased to report that we expect year-over-year revenues will approximately double compared to the same period last year. This growth is due in part to the acquisitions of Barra & Associates and Medigap. Importantly, both of these businesses are experiencing strong organic growth since we acquired them earlier this year, further validating our buy-and-build strategy, as well as our ability acquire cash flow positive agencies at attractive multiples.”

“Since relaunching Barra & Associates as RELI Exchange, following the integration of our state-of-the-art InsurTech platform, we have witnessed unprecedented interest and demand from new agency partners. When we acquired Barra & Associates in April of this year, it was our intention and strategy to leverage their agent network to accelerate the growth of RELI Exchange. I could not be more pleased with the progress and receptivity from the agents. Specifically, we provide our agency partners the ability to generate instant and competitive insurance quotes for their customers from more than thirty insurance carriers, utilizing our own 5MinuteInsure.com platform, while reducing back-office burden and expenses by eliminating paperwork. In turn, this frees up agents to focus on selling policies. In just three short months, we have grown our agency partner channel by over 30%. We believe this reflects the scalability of our platform and we remain steadfast in our goal of building RELI Exchange into the largest agency partner network in the U.S.”

“At the same time, we are experiencing steady growth in Medigap. In July of 2022 alone , Medigap recorded nearly 800 new policies, an increase of more than 20% compared to January of 2022, the month in which we acquired them. Medicare supplemental insurance coverage represents a tremendous growth opportunity and we are executing on our strategy to aggressively expand their operations, as well as capitalize on cross-selling opportunities across our existing portfolio companies. Overall, we remain highly encouraged by the outlook for the business and look forward to providing further updates on our progress.”

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. n In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as revenue for the second quarter of 2022 to approximately double compared to the same period last year, year-over-year revenues approximately double compared to the same period last year, the intention and strategy to leverage Barra & Associates network to accelerate the growth of RELI Exchange, the scalability of the Company’s platform, the goal of building RELI Exchange into the largest agency partner network in the U.S., Medicare supplemental insurance coverage representing a tremendous growth opportunity and providing further updates on our progress. 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 and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated, the ability to accelerate the RELI Exchange, the ability to grow the RELI Exchange into the largest agency partner