Reliance Global Group (EZRA) AI Stock Analysis

• Market Cap: $3.87M
• Dividend Yield: N/A
• Average Volume (3M): 3.41M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.38
• Revenue Growth: -6.84%
• EPS Growth: 97.23%
• Country: US
• Employees: 64
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Brokers
• EPS (TTM): -0.13
• Shares Outstanding: 21,253,014
• 10 Day Avg. Volume: 3,759,865
• 30 Day Avg. Volume: 3,413,808
• PEG Ratio: <0.01
• Price to Book (P/B): 0.43
• Price to Sales (P/S): 0.22
• P/FCF Ratio: -0.90
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 0.23
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -0.38
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $0.18 ▼(-70.00% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held down primarily by weak financial performance (recurring losses and negative operating/free cash flow) and bearish technicals (below key moving averages with negative MACD). Balance-sheet improvement and a strong earnings-call narrative around de-leveraging provide partial support, while valuation benefits from a very high dividend yield but is constrained by negative earnings.

Positive Factors

Balance-sheet repair

A material reduction in leverage and a move to ~0.35x debt/equity materially lowers financial risk and interest burden, improving capacity to fund operations or pursue strategic initiatives without immediate refinancing. This change supports multi-month resilience versus prior high-leverage cycles.

Stronger liquidity position

A large percentage increase in unrestricted cash and working capital growth provides lasting operational flexibility, reduces near-term solvency pressure, and enables targeted investments or debt paydown. Improved liquid reserves make the business less reliant on emergency capital over the next several months.

Strategic expansion into post-quantum cybersecurity

Moving toward control of Enquantum gives the company exposure to a multi-year upgrade cycle in post-quantum security, diversifying revenue potential away from purely insurance distribution. If executed, the move can create structural growth opportunities in high-demand infrastructure security markets.

Negative Factors

Chronic negative cash flow

Sustained operating and free cash flow deficits mean the business does not self-fund and remains dependent on external financing or asset sales. Over a 2–6 month horizon this constrains strategic optionality and elevates execution risk for growth or M&A unless cash generation meaningfully improves.

Recurring losses and weak margins

Large, persistent net losses and deeply negative margins indicate the core cost base is not covered by current revenues. Without durable margin improvement or higher recurring commissions, profitability remains unlikely, limiting the company's ability to compound equity or sustain dividend policies long-term.

Dependence on equity financing

Frequent use and amendment of ATM programs and recent public offerings signal ongoing reliance on equity capital to fund operations and M&A. This creates dilution risk and highlights that operating cash flow is insufficient, a structural governance and financing constraint for shareholders over coming months.

Reliance Global Group Business Overview & Revenue Model

Company Description

Reliance Global Group, Inc. is a diversified company, which engages in the business of insurance market and other relates sectors. It focuses on acquisition strategy, wholesale, and retail insurance agencies. The company was founded on August 2, 2013 and is headquartered in Lakewood, NJ.

How the Company Makes Money

Reliance Global Group generally earns revenue through insurance distribution economics associated with agency and brokerage operations. The core revenue stream is commissions and fees generated when the company (or its agents) places insurance policies for customers with insurance carriers; these payments are typically tied to written premium, policy issuance, and renewals, and may include new-business commissions and recurring renewal commissions. Additional revenue may come from service fees (e.g., policy-related administrative fees where permitted), and from contingent or performance-based compensation from carriers (often linked to factors such as premium volume, growth, persistency/retention, or loss performance); however, whether EZRA receives contingent commissions and the exact terms are not available here; null. If the company owns or manages agency platforms, it may also generate revenue from overrides/splits on commissions produced by affiliated agents and from acquiring books of business that produce ongoing renewal income; specific details for EZRA are not available here; null. Information on significant partnerships (e.g., named carrier relationships) and the exact mix of revenue by line of business is not available in the provided context; null.

Reliance Global Group Financial Statement Overview

Summary

Overall fundamentals are weak: income statement and cash flow show persistent losses, very poor margins, and ongoing operating/free cash flow burn. The main offset is a clearly improved balance sheet in 2025 driven by material debt reduction and stronger equity, but profitability and self-funding remain unproven.

Income Statement

Revenue has been volatile and recently declined (2025 down ~5% after modest growth in 2024), pointing to a choppy top-line trajectory. Profitability is the key weak spot: the company has posted sizable net losses in most years, with very weak net margins in 2023–2025 (roughly -56% to -87%) and negative EBITDA in those same periods, indicating the core cost structure is not yet supported by current revenue levels. 2022 is a notable outlier with positive net income and unusually strong margin performance versus surrounding years, but the lack of follow-through in subsequent periods limits confidence in earnings quality and sustainability.

Balance Sheet

Leverage and equity strength have improved meaningfully in the most recent year: total debt fell sharply in 2025 versus 2024, and debt relative to equity moved to a more conservative level (about 0.35x in 2025 vs. ~4.35x in 2024). That said, the balance sheet has shown instability over the cycle, including periods of very high leverage and even negative equity (2020–2021), which raises the overall risk profile. Returns on equity have been deeply negative in recent years (2023–2025), reflecting continued losses and limiting the balance sheet’s ability to compound value without further capital or sustained profitability.

Cash Flow

Cash generation remains a major concern: operating cash flow has been negative every year provided (2020–2025), and free cash flow has also been consistently negative, implying the business has not been self-funding. While free cash flow improved in 2025 versus 2024 (positive growth off a negative base), the company is still burning cash at a multi-million-dollar level in 2025, and operating cash flow remains negative relative to reported earnings in most years. Overall, the cash flow profile suggests ongoing reliance on external financing or balance sheet actions to support operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Mar 2022
Income Statement
Total Revenue	12.43M	14.05M	13.73M	11.76M	9.71M
Gross Profit	0.00	2.64M	2.50M	1.11M	2.61M
EBITDA	-7.68M	-5.70M	-5.76M	25.04M	-1.31M
Net Income	-6.99M	-9.07M	-12.01M	6.47M	-21.10M
Balance Sheet
Total Assets	13.55M	17.32M	23.02M	38.43M	27.68M
Cash, Cash Equivalents and Short-Term Investments	1.32M	372.69K	1.33M	505.41K	4.14M
Total Debt	2.26M	13.03M	14.54M	17.57M	9.43M
Total Liabilities	7.12M	14.32M	15.87M	29.52M	53.74M
Stockholders Equity	6.43M	3.00M	7.15M	8.91M	-26.07M
Cash Flow
Free Cash Flow	-3.11M	-2.60M	-1.04M	-3.99M	-2.94M
Operating Cash Flow	-3.09M	-2.52M	-847.97K	-3.19M	-2.25M
Investing Cash Flow	5.33M	-83.23K	710.19K	-24.64M	-2.30M
Financing Cash Flow	-1.30M	1.66M	966.92K	25.12M	8.64M

Reliance Global Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.59
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EZRA, the sentiment is Negative. The current price of 0.59 is above the 20-day moving average (MA) of 0.23, above the 50-day MA of 0.30, and below the 200-day MA of 0.85, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 37.66 is Neutral, neither overbought nor oversold. The STOCH value of -0.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EZRA.

Reliance Global Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
EHTH	55 Neutral	$46.92M	3.50	4.33%	―	16.79%	―
ZBAO	47 Neutral	$25.87M	-3.87	―	―	80.80%	―
HUIZ	46 Neutral	$18.16M	0.17	4.56%	―	19.30%	-17.56%
EZRA	45 Neutral	$3.87M	-0.40	-148.13%	―	-6.84%	97.23%
GOCO	44 Neutral	$26.07M	-0.09	-142.05%	―	7.56%	-344.04%

Reliance Global Group Corporate Events

Reliance Global Restates Governance and Extends Capital Commitment

On March 13 and March 11, 2026, Reliance Global Group, Inc. entered into two settlement agreements resolving disputes tied to prior stock purchase transactions, under which investors had acquired 1,333,334 common shares each for $100,000 and alleged guarantees by Reliance Global Holdings, LLC concerning share value. The company agreed to pay $90,560 in one case and $40,350 in the other, fully extinguishing all related obligations and guarantees, after unanimous approval by the independent directors, who deemed the settlements in the best interests of shareholders.

On March 12, 2026, Reliance Global Group amended its Common Stock Purchase Agreement with White Lion Capital, LLC, extending the commitment period through the earlier of full utilization or December 31, 2028, and increasing the total commitment amount to $50 million. The company also adopted amended and restated bylaws on March 11, 2026, giving the board flexibility to set the annual shareholder meeting date, and on March 17, 2026, filed Articles of Restatement in Florida, fully restating its articles of incorporation and aligning its corporate governance framework.

The most recent analyst rating on (EZRA) stock is a Hold with a $0.21 price target. To see the full list of analyst forecasts on Reliance Global Group stock, see the EZRA Stock Forecast page.

Reliance Global Grants One-Time Bonus to Chief Financial Officer

On March 2, 2026, the Compensation Committee of Reliance Global Group, Inc. approved and ratified a one-time compensation arrangement for Chief Financial Officer Joel Markovits. Under the decision, Mr. Markovits received a one-time cash bonus of $50,000 before taxes and deductions, underscoring the board’s use of targeted cash awards as part of its executive compensation and retention strategy.

The bonus signals the Committee’s support for the CFO’s role and contributions to the company’s financial management, while reinforcing Reliance Global Group’s reliance on discretionary incentives within its pay practices. This move may have implications for how the company structures future executive rewards and aligns leadership incentives with corporate performance and governance priorities.

The most recent analyst rating on (EZRA) stock is a Sell with a $0.18 price target. To see the full list of analyst forecasts on Reliance Global Group stock, see the EZRA Stock Forecast page.

Reliance Global Group Advances Post-Quantum Cybersecurity Strategy

On February 23, 2026, Reliance Global Group closed the initial phase of its acquisition of Enquantum Ltd., a post-quantum cryptography company developing hardware-accelerated, NIST-aligned quantum-resilient encryption solutions for high-performance environments. Through the conversion of a prior bridge note and a cash investment, Reliance took an initial 8% fully diluted stake and secured a milestone-based structure that could raise its ownership to a 51% controlling interest, while CEO Ezra Beyman joined Enquantum’s board.

The transaction, executed under Reliance’s Scale51 operating model within EZRA International Group, positions the company to gain majority control of what it aims to build into a core cybersecurity platform as industries prepare for a global shift to post-quantum encryption. By targeting infrastructure-grade cryptography in a market facing a multi-year upgrade cycle and rising cybersecurity spending, Reliance is extending its strategy beyond InsurTech to foundational security technologies, with potential implications for its role in financial, cloud, telecom, government, and other critical infrastructure sectors.

The most recent analyst rating on (EZRA) stock is a Sell with a $0.18 price target. To see the full list of analyst forecasts on Reliance Global Group stock, see the EZRA Stock Forecast page.

Reliance Global to Acquire Control of Enquantum Cybersecurity

On February 5, 2026, Reliance Global Group signed a share purchase agreement to acquire, over time and subject to milestones, a 51% controlling stake in Enquantum, a post-quantum cryptography firm focused on hardware-accelerated, NIST-aligned, quantum-resilient cybersecurity solutions. The $2,125,000 deal, announced publicly on February 9, 2026, is structured over an anticipated 10-month period, starting with an initial 8% stake and progressing in 4% monthly tranches to 48%, followed by a stock-funded top-up to 51% and board control rights tied to milestone achievements.

The planned acquisition, which remains subject to customary closing conditions and ongoing due diligence, is expected to make Enquantum the first operating platform within Reliance’s EZRA International Group technology portfolio. Management positions the transaction as a pivotal step in executing its Scale51 strategy, seeking to leverage rising urgency around post-quantum security across data centers, financial systems, communications networks and public-sector environments, and to shift Reliance from a passive investor toward an active, control-oriented operator in high-impact cybersecurity markets.

The most recent analyst rating on (EZRA) stock is a Sell with a $0.18 price target. To see the full list of analyst forecasts on Reliance Global Group stock, see the EZRA Stock Forecast page.

Reliance Global Updates At-The-Market Equity Offering Program

On February 6, 2026, Reliance Global Group filed Amendment No. 3 to its August 13, 2025 prospectus supplement with the U.S. Securities and Exchange Commission, updating its at-the-market offering of common stock under an existing agreement with H.C. Wainwright & Co. The amendment covers the potential sale, from time to time, of up to $1,764,443 in additional shares, and follows the company’s prior sale of $2,343,660 in common stock over the preceding 12 months under the same shelf registration framework.

The new amendment modifies and supplements the company’s existing registration statement and related ATM prospectus materials, and is intended to be used only together with those prior documents. By maintaining and updating this ATM facility, Reliance Global Group preserves flexibility to access incremental equity capital in the public markets, which may have implications for existing shareholders through potential dilution and for the company’s ongoing financing strategy.

The most recent analyst rating on (EZRA) stock is a Sell with a $0.18 price target. To see the full list of analyst forecasts on Reliance Global Group stock, see the EZRA Stock Forecast page.

Reliance Global Group Completes $2 Million Public Offering

On January 29, 2026, Reliance Global Group closed a previously announced public offering of 7,407,408 shares of common stock (or pre-funded warrants) together with 14,814,816 common warrants, raising approximately $2 million in gross proceeds at a combined price of $0.27 per share or pre-funded warrant. The two-year warrants, along with additional placement agent warrants issued to H.C. Wainwright & Co., introduce potential future dilution but provide the InsurTech company with fresh capital earmarked for working capital, M&A strategies and general corporate purposes, while 30-day lock-up agreements for officers and directors and short-term restrictions on new share issuance are designed to stabilize the stock following the financing.

The most recent analyst rating on (EZRA) stock is a Sell with a $0.18 price target. To see the full list of analyst forecasts on Reliance Global Group stock, see the EZRA Stock Forecast page.