Reliance Global reports Spetner Q1 revenue $5.16M vs. $2.64M last year

As previously announced, Reliance has entered into a definitive agreement to acquire Spetner, and the transaction continues to advance toward closing. Revenue increased by more than 95% year-over-year to approximately $5.16M, compared with $2.64M in Q1 2024. Operating income margin grew by 29% year-over-year to 74% from 46% in Q1 2024. Net income grew by 220% to approximately $2.98M, more than triple the approximately $0.9M reported for Q1 2024. Cash flows from operating activities increased by 112% to $2.6M, more than double the $1.2M generated in Q1 2024. Ezra Beyman, CEO, commented, “We’re thrilled with Spetner’s impressive first quarter results, illustrating full alignment with our strategy of acquiring and integrating high-performing cash-generating synergistic insurance distribution platforms. Combined with Reliance’s scalable operating model and technology-driven platform, the combined organization will be well positioned to generate consistent significant profits, returns and cash flows.”