Quarterly ResultMay 7, 2026, 05:17 PM
Reliance Global Reports Q1 Net Loss of $1.47M; Raises $2.54M Capital
AI Summary
Reliance Global Group, Inc. reported a net loss of $1.47 million for the first quarter of 2026, an improvement from a $1.74 million net loss in the prior year's quarter. Total revenue for the quarter decreased to $3.83 million from $4.24 million year-over-year. The company significantly strengthened its financial position by raising $2.54 million in net proceeds from a Series K Public Offering and increasing its Equity Line of Credit to $50 million. Additionally, Reliance Global made a strategic investment of $500,000 in Enquantum Ltd., acquiring a 23.8% stake in the quantum encryption technology company.
Key Highlights
- Net loss for Q1 2026 was $1.47 million, an improvement from $1.74 million in Q1 2025.
- Total revenue for Q1 2026 was $3.83 million, down from $4.24 million in Q1 2025.
- Basic and diluted loss per share improved to $(0.09) from $(0.66) year-over-year.
- Raised $2.54 million net proceeds from the Series K Public Offering of common shares and warrants.
- Increased Equity Line of Credit (ELOC) committed capital to $50 million.
- Invested $500,000 in Enquantum Ltd., acquiring approximately 23.8% ownership.
- Working capital stood at $2.60 million as of March 31, 2026.
- Cash and restricted cash increased to $3.24 million from $1.81 million year-over-year.