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Reliance Global Group, Inc. ( Reliance, we , us , or the Company ) was incorporated in Florida on August 2, 2013 under the name Ethos Media Network, Inc. In September 2018, Reliance Global Holdings, LLC, a related party, acquired a controlling interest in the Company.
The business is unprofitable at the operating level (-72.50% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 11.6% YoY. Margins deteriorated 17.8pp alongside, both lines moving the wrong way.
ROIC dropped from -34.15% to -51.35%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$12M
▼ -11.6% YoY
Net Income (TTM)
-$7M
▲ +23.0% YoY
Op. Margin
-73.58%
▼ -17.8pp YoY
ROIC
-52.49%
▼ -17.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -22.5% YoY
Op. Cash Flow (TTM)
-$4M
▼ -23.0% YoY
Net Debt
$3M
Cash & Equiv.
$2M
5Y CAGR: +11.2%
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