Additional Cash Deployment Reflects Confidence in ZEC’s Role Within Reliance’s Long-Term Treasury Strategy
LAKEWOOD, NJ, Nov. 26, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced that it has deployed additional cash into its Zcash (ZEC) position, as part of its focused Digital Asset Treasury (“DAT”) strategy. This step follows Reliance’s recent consolidation of its digital asset holdings into Zcash and reflects the Company’s current view of ZEC as its primary digital asset exposure within that strategy.
Zcash’s architecture, featuring a Bitcoin-based security model enhanced with optional privacy and selective disclosure, continues to distinguish it from other blockchain networks. Its dual-transaction model provides transparency when appropriate while enabling confidential, shielded transactions when needed, aligning Zcash with real-world regulatory, governance, and institutional requirements. Reliance believes these features, together reinforce Zcash’s position as a leading privacy-preserving digital asset.
“We deployed additional cash into our Zcash position because our ongoing analysis supports our decision to maintain ZEC as our primary digital asset exposure within our treasury strategy,” commented Moshe Fishman, Director of Insurtech at Reliance and member of the Company’s Crypto Advisory Board. “Zcash’s architecture, anchored by Bitcoin-based fundamentals but enhanced with privacy capabilities, offers a combination of transparency, security, and optional confidentiality that we believe will become increasingly important as digital assets mature and institutional participation accelerates.”
“Zcash’s technology and privacy-preserving features support our view that privacy-enabled digital assets may play a role in the continued maturation of digital asset markets,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “Our focused and disciplined strategy is intended to provide clarity around our digital asset approach and to position Reliance to participate, in a measured way, in the evolution of privacy-enabled, compliance-ready digital assets. We believe this expanded position is consistent with our long-term value creation objectives and overall Digital Asset Treasury framework.”
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions and include, without limitation, statements regarding: (i) our expectation that consolidating our Digital Asset Treasury into Zcash (ZEC) and actively managing that position may support our long-term Digital Asset Treasury strategy and shareholder value; (ii) our belief that Zcash’s technology, including its privacy-preserving features and selective disclosure capabilities, may provide resilience and growth potential for our treasury portfolio; (iii) our expectation that our governance, custody, risk management and compliance processes will enable responsible management of ZEC and other digital assets, if any, within a public-company framework; (iv) our belief that our participation in the Zcash ecosystem, and in blockchain initiatives more broadly, may position Reliance to benefit as institutional and commercial adoption evolves; and (v) other statements regarding our future financial and operating performance, business strategy, technology initiatives (including blockchain and AI), capital allocation (including dividends), and execution.
These forward-looking statements are based on current expectations and assumptions, including, among others: (a) our ability to implement and adapt our Digital Asset Treasury strategy focused on Zcash (ZEC) as approved by the Board; (b) sufficient stability, liquidity and market infrastructure in cryptocurrency and blockchain markets, including the market for ZEC, to execute that strategy; (c) regulatory, accounting and tax frameworks that permit our participation in digital asset markets, including holdings of privacy-preserving cryptocurrencies such as Zcash; (d) the absence of material adverse changes in market, economic or regulatory conditions affecting digital assets generally or Zcash specifically; and (e) the availability of sufficient liquidity, retained earnings and other legally available funds to support any declared dividends, as determined by our Board in its discretion.
Actual results could differ materially from those anticipated due to risks and uncertainties, including, without limitation: volatility, illiquidity or declines in cryptocurrency markets generally and in the market for ZEC in particular; the concentration of our Digital Asset Treasury in a single digital asset; operational, custody, cybersecurity and other technological risks associated with acquiring, holding and transferring digital assets; changes in laws, regulations, accounting standards or enforcement priorities (including with respect to privacy-preserving cryptocurrencies, anti-money laundering and sanctions compliance) that adversely affect digital asset holdings, Zcash or blockchain initiatives; challenges integrating blockchain technologies, including Zcash, with our businesses; competitive pressures from Insurtech, blockchain or digital-asset market participants; our ability to declare, fund and pay dividends in the future, which are at the discretion of our Board and depend on, among other things, our results of operations, cash flows, capital requirements, debt covenants, and applicable law; risks associated with development, integration and governance of AI technologies, including data, ethics, regulatory and cybersecurity considerations; and other risks described under “Risk Factors” in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 (as amended), our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Reliance Global Group, Inc. or any other person, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Any references to historical or past performance, including with respect to the price or market performance of Zcash (ZEC) or any other digital asset, are provided for illustrative purposes only and should not be relied upon as a guarantee of, or indication of, future results. Digital assets, including cryptocurrencies such as ZEC, involve a high degree of risk and have experienced, and may continue to experience periods of significant price volatility and market dislocation. Their value may fluctuate rapidly and could decline, including to zero. There can be no assurance that any current digital asset strategy will be successful or will achieve any particular outcome.
Zcash’s Dramatic Surge Over the Past 90 Days Underscores Rising Demand for Privacy-Enabled, Institution-Ready Digital Assets; Supports Reliance’s Focused Digital Asset Treasury Strategy
LAKEWOOD, NJ, Nov. 25, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced that it has completed a strategic realignment of its Digital Asset Treasury (“DAT”), by consolidating its digital asset position into Zcash (ZEC). The Company has fully exited its prior holdings and reallocated the proceeds into Zcash, a leading privacy-preserving cryptocurrency built on Bitcoin’s foundational architecture.
This decision follows a comprehensive strategic review in which the Company along with Blake Janover, the Chaiman of the Crypto Advisory Board determined, after an in-depth assessment, that Zcash presented the most compelling opportunity for a long term digital asset treasury (DAT) strategy. The analysis emphasized that Zcash’s privacy-centric architecture built on the back of Bitcoin’s success, was a more exciting value proposition for shareholders than a diversified portfolio of institutionally adapted digital assets. “Many in Silicon Valley believe it’s the earliest days for Zcash, and the case is compelling,” said Mr. Janover.
Zcash combines robust security, optional privacy, and institutional-grade flexibility in a way that distinguishes it from other major blockchain networks. Its dual-transaction model, allowing both transparent and privacy-centric activity, provides organizations with confidentiality when needed while preserving the ability to meet regulatory expectations; it puts the control in the hands of the owners of the asset.
Zcash has also demonstrated notable resilience during a period of volatility and consolidation across the broader crypto market, underscoring the durability of its technology and the unique demand for privacy-enabled digital assets. Notably, Zcash has appreciated more than 1,200% over the past 90 days as of the date hereof, reflecting growing recognition of its technological advantages and expanding institutional relevance. Importantly, we believe this progress represents only the early stages of Zcash’s broader adoption curve, as its privacy architecture and compliance-ready design continue to gain traction across both enterprise and financial sectors. These attributes make Zcash a strong strategic fit for Reliance’s long-term Digital Asset Treasury, leading the Company to adopt a focused, single-asset approach. These strengths formed the basis of Reliance’s analysis and are captured in the following core attributes:
Bitcoin-Based Architecture With Enhanced Privacy – Zcash maintains Bitcoin’s UTXO structure and fixed supply but integrates advanced, purpose-built privacy technology.
Flexible Transaction Model – Users can transact transparently for auditability or use shielded transactions when confidentiality is required.
Leadership in Zero-Knowledge Cryptography – Zcash pioneered zk-SNARK deployment, with upgrades like Sapling and Halo 2 making private transactions faster and more efficient.
Compliance-Ready Selective Disclosure – Institutions can share transaction details with auditors or regulators without exposing sensitive data publicly.
Enterprise-Grade Confidentiality – Zcash supports organizations managing competitive information, cross-border flows, or sensitive financial activity while maintaining strong governance alignment.
These factors, highlighted and validated through the Crypto Advisory Board’s review, collectively positioned Zcash as the Company’s most strategically aligned asset for the future of its Digital Asset Treasury.
“Our decision to consolidate our DAT into Zcash reflects a high-conviction belief in ZEC’s long-term potential and its unique position at the convergence of cryptography, compliance, and financial privacy,” said Moshe Fishman, a member of the Reliance Global Group Crypto Advisory Board and Director of Insurtech at Reliance. “Bitcoin introduced the world to decentralized digital money, but Zcash advances that foundation by delivering optional privacy in a way that we believe is both technologically superior and fundamentally aligned with institutional requirements. This move reflects the conclusions of a strategic reset undertaken by the Company, the CAB and our new CAB Chairman, Blake Janover, whose perspective brought renewed clarity and direction to our treasury strategy. Blake’s leadership played a central role in redesigning our strategy to be most aligned with our long-term objectives, and his deep experience in digital asset transformation and treasury strategy was instrumental in shaping this direction.”
“This strategic consolidation into Zcash reflects our commitment to clarity, discipline, and long-term value creation,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “As we evaluated the rapidly evolving digital asset landscape, it became clear that Zcash’s privacy architecture and institutional flexibility align more closely with our vision than a diversified crypto portfolio. Blake’s strategic insight and fresh perspective were instrumental in guiding this transition. We believe this focused approach positions Reliance to operate with greater clarity and seize the opportunities emerging in a rapidly transforming digital economy.”
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions and include, without limitation, statements regarding: (i) our expectation that consolidating our Digital Asset Treasury into Zcash (ZEC) and actively managing that position may support our long-term Digital Asset Treasury strategy and shareholder value; (ii) our belief that Zcash’s technology, including its privacy-preserving features and selective disclosure capabilities, may provide resilience and growth potential for our treasury portfolio; (iii) our expectation that our governance, custody, risk management and compliance processes will enable responsible management of ZEC and other digital assets, if any, within a public-company framework; (iv) our belief that our participation in the Zcash ecosystem, and in blockchain initiatives more broadly, positions Reliance to benefit as institutional and commercial adoption evolves; and (v) other statements regarding our future financial and operating performance, business strategy, technology initiatives (including blockchain and AI), capital allocation (including dividends), and execution.
These forward-looking statements are based on current expectations and assumptions, including, among others: (a) our ability to implement and adapt our Digital Asset Treasury strategy focused on Zcash (ZEC) as approved by the Board; (b) sufficient stability, liquidity and market infrastructure in cryptocurrency and blockchain markets, including the market for ZEC, to execute that strategy; (c) regulatory, accounting and tax frameworks that permit our participation in digital asset markets, including holdings of privacy-preserving cryptocurrencies such as Zcash; (d) the absence of material adverse changes in market, economic or regulatory conditions affecting digital assets generally or Zcash specifically; and (e) the availability of sufficient liquidity, retained earnings and other legally available funds to support any declared dividends, as determined by our Board in its discretion.
Actual results could differ materially from those anticipated due to risks and uncertainties, including, without limitation: volatility, illiquidity or declines in cryptocurrency markets generally and in the market for ZEC in particular; the concentration of our Digital Asset Treasury in a single digital asset; operational, custody, cybersecurity and other technological risks associated with acquiring, holding and transferring digital assets; changes in laws, regulations, accounting standards or enforcement priorities (including with respect to privacy-preserving cryptocurrencies, anti-money laundering and sanctions compliance) that adversely affect digital asset holdings, Zcash or blockchain initiatives; challenges integrating blockchain technologies, including Zcash, with our businesses; competitive pressures from Insurtech, blockchain or digital-asset market participants; our ability to declare, fund and pay dividends in the future, which are at the discretion of our Board and depend on, among other things, our results of operations, cash flows, capital requirements, debt covenants, and applicable law; risks associated with development, integration and governance of AI technologies, including data, ethics, regulatory and cybersecurity considerations; and other risks described under “Risk Factors” in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 (as amended), our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Reliance Global Group, Inc. or any other person, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Any references to historical or past performance, including with respect to the price or market performance of Zcash (ZEC) or any other digital asset, are provided for illustrative purposes only and should not be relied upon as a guarantee of, or indication of, future results. Digital assets, including cryptocurrencies such as ZEC, involve a high degree of risk and have recently experienced periods of significant price volatility and market dislocation. Their value may fluctuate rapidly and could decline, including to zero. There can be no assurance that any current digital asset strategy will be successful or will achieve any particular outcome.
Appointment strengthens Reliance’s leadership at the intersection of InsurTech and decentralized finance, driving the Company’s evolution into blockchain-based value creation
LAKEWOOD, NJ, Nov. 19, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance,” “we” or the “Company”) today announced the appointment of Blake Janover, a recognized pioneer in bringing digital assets into public markets, as Chairman of the Company’s Crypto Advisory Board (CAB). In this role, Mr. Janover will advise Reliance on its Digital Asset Treasury (DAT) initiative and other blockchain-related strategies designed to accelerate innovation, efficiency, and long-term shareholder value across the Company’s InsurTech and financial operations.
Mr. Janover is widely regarded as a leader in bringing blockchain and decentralized finance (DeFi) innovation to the public markets. He was the Founder, Chairman, and Chief Executive Officer of Janover, which he took public in 2023 under the ticker Nasdaq: JNVR before leading its transition into Defi Development Corporation, the first publicly traded company to announce a Digital Asset Transformation (DAT) strategy outside of Bitcoin on the Nasdaq or NYSE. He currently serves as Chief Commercial Officer and a Member of the Board of Directors at Defi Development Corporation, where he continues to participate in shaping the integration of decentralized finance within regulated corporate and financial frameworks.
Mr. Janover also serves on the Crypto Advisory Board of Caliber Cos, a Nasdaq listed public company and has been featured in Forbes, Bloomberg, and other leading financial media outlets. His most recent work continues to bridge traditional finance and digital assets, making him uniquely positioned to guide Reliance’s digital asset initiatives.
Mr. Janover brings a distinguished record of leadership and innovation. He has more than 20 years of experience as an entrepreneur and operator and has been involved in billions of dollars of commercial property transactions, as well as served as a principal in more than half a billion dollars of equity capital markets transactions. He currently serves as a Member of the Board of Soulpower Acquisition Corp, a SPAC traded on the NYSE and was an Official Member of the Forbes Real Estate Council and an On Deck Proptech and Scale Fellow. He is also a Harvard Business School alumnus (OPM 60), NATSEC Fellow at the National War College Alumni Association, and a Guest Lecturer and Mentor at Reichman University’s Zell Entrepreneurship Program.
As Chairman of the Crypto Advisory Board, Mr. Janover will collaborate with management and the Board of Directors to advance Reliance’s DAT strategy, digital asset initiatives, and capital markets strategy, aimed at supporting the execution of these programs with discipline and a focus on sustainable value creation.
“We are honored to welcome Blake Janover as Chairman of our Crypto Advisory Board,” commented Ezra Beyman, Chairman and CEO of Reliance Global Group. “Blake’s appointment comes at a strategically important moment following a significant consolidation across the crypto markets, conditions that historically create opportunities for disciplined digital-asset allocation, accretive treasury positioning, and long-term value capture. His expertise in navigating and capitalizing on these types of market dislocations further demonstrates the value he brings to our Digital Asset Treasury initiative. Blake’s pioneering leadership in digital-asset transformation brings invaluable insight that will help position Reliance at the forefront of blockchain-enabled value creation within the InsurTech ecosystem.”
“Reliance Global Group operates at one of the most transformative intersections in modern finance-where InsurTech meets decentralized finance,” said Blake Janover. “Through its Digital Asset Treasury Initiative, Reliance has an opportunity to pioneer how blockchain and tokenization can drive growth, efficiency, and meaningful long-term value for investors and stakeholders. I have seen firsthand how thoughtfully executed digital-asset strategies can unlock significant value, and I look forward to applying that experience to help accelerate Reliance’s evolution in this space.”
In addition to his DAT advisory role, Mr. Janover will help Reliance explore opportunities to tokenize insurance-linked assets, an emerging blockchain application designed to unlock new avenues for value creation within the insurance-linked marketplace. Reliance believes tokenization could introduce greater liquidity, accessibility, and efficiency, creating an investment category that merges insurance and decentralized finance in ways not previously possible.
Mr. Beyman concluded, “Blake’s forward-thinking approach to blockchain and decentralized finance aligns perfectly with Reliance’s mission to merge next-generation technology with traditional insurance and financial systems. His leadership will help guide our efforts to integrate digital asset innovation into our model while advancing growth and value creation across the broader InsurTech landscape.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) 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 which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding: our strategic initiatives, including our Digital Asset Treasury (“DAT”) strategy and other digital asset initiatives; the establishment and expected role of our Crypto Advisory Board; the anticipated contributions of Mr. Janover in his capacity as Chairman of the Crypto Advisory Board; our expectations regarding the development, execution and potential benefits of our DAT strategy and related digital asset activities; our capital markets strategy and access to capital; and our broader business and financial outlook.
These forward-looking statements are based on current expectations and assumptions that involve risks and uncertainties, including, among others, that the establishment of the Crypto Advisory Board and the appointment of Mr. Janover will provide the anticipated strategic, operational and capital markets benefits; that we will be able to successfully develop, implement and scale our DAT strategy and other digital asset initiatives; that we will be able to prudently manage our exposure to digital assets; that market, economic and regulatory conditions, including with respect to digital assets, will remain sufficiently favorable; and that we will be able to continue to access capital on acceptable terms and execute our broader business and capital markets strategy. There can be no assurance that these assumptions will prove accurate.
Actual results could differ materially from those anticipated due to a variety of risks and uncertainties, including, without limitation: our ability to realize the anticipated benefits of the establishment of the Crypto Advisory Board and the appointment of Mr. Janover; our ability to develop, implement and execute our DAT strategy and other digital asset initiatives; the performance and volatility of digital assets; the pace and outcome of regulatory developments affecting digital assets and our business; our ability to maintain adequate liquidity and access to capital and to execute our capital markets strategy; competitive pressures, including within InsurTech and insurance brokerage; general business, economic, market and geopolitical conditions; our ability to maintain adequate liquidity and access to capital (including any issuance under our ATM facility); regulatory developments; and other risks described under “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Report on Form 10-Q, and in other filings with the Securities and Exchange Commission.
You are encouraged to carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, as well as other SEC filings, for a more complete discussion of these and other risks and uncertainties. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Fortman Sale Nets a $3 Million Gain and Provides Capital to Significantly Reduce Long-Term Debt
Company Progresses Digital Asset Treasury Initiative to Support Capital Appreciation Model
Company on Track to Issue First Dividend in Its History – $0.03 Per Share Special Dividend Payable December 2, 2025
Company to Host Conference Call Today at 4:30 PM Eastern Time
LAKEWOOD, N.J., Nov. 06, 2025 — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today reported its financial results for the third quarter ended September 30, 2025, and provided a strategic and operational update.
“The third quarter marked another important step in Reliance’s transformation and execution of our long-term growth strategy,” commented Ezra Beyman, Chairman and CEO of Reliance Global Group. “We completed the $5 million sale of Fortman Insurance Services (FIS), a wholly owned subsidiary, monetizing an asset at an approximate $3 million gain. This transaction added capital to our balance sheet which we immediately deployed to decrease our long-term debt by approximately 50%, improving our financial flexibility, and allowing us to focus resources on scaling higher-margin business segments through our RELI Exchange platform. As a result of this and other prudent financial management steps taken, we have meaningfully strengthened our financial position- our unrestricted cash increased approximately 590%, or $2.2 million, to $2.6 million, compared to the prior fiscal year-end, while working capital and equity grew by $1.2 million, or 284% to $1.6 million, and equity grew by $3.7 million or 125% to $6.8 million. Together, these achievements highlight our continued progress toward building a stronger, more resilient balance sheet that supports sustainable growth.”
“As expected, the sale of Fortman Insurance Services (FIS) reduced short-term commission income, reflecting the divestiture of the asset; however, the transaction also eliminated related salary expenses and contributed to a leaner, more efficient operating model. In addition, we continued to advance our RELI Exchange platform with the addition of our Client Service Center, which enhances scalability by allowing agency partners to focus on growth while Reliance’s centralized service team manages client requests and policy administration. This initiative is improving client satisfaction, partner productivity, and operational efficiency.”
“Our OneFirm initiative continues to drive cost alignment and strengthen operational efficiency across the organization. These efforts, combined with our technology investments and focus on property, casualty, and health insurance growth, position Reliance for sustainable, technology-driven profitability. We are building a more focused business with stronger financial flexibility and a clear path toward long-term shareholder value. Notably, total operating expenses for the quarter included approximately $2.7 million in non-cash stock-based compensation. These equity awards reflect Reliance’s continued commitment to aligning management and employee incentives with long-term shareholder value creation. While this resulted in higher reported salaries and administrative expenses, it represents a strategic, non-cash investment in talent retention and performance alignment rather than ongoing cash outflows.”
“Beyond operational execution, we continue to look toward the future with our Digital Asset Treasury Initiative (DAT) – a disciplined, forward-thinking program that integrates blockchain technology into our long-term capital appreciation model,” stated Moshe Fishman, member of the Reliance Global Group Crypto Advisory Board and Director of InsurTech at Reliance. “Supported by our Crypto Advisory Board, the DAT positions Reliance at the forefront of the convergence between InsurTech and decentralized finance. To date, the Company has strategically acquired positions across several leading digital assets – including Bitcoin, Ethereum, Cardano, XRP, and Solana – reflecting a diversified approach designed to balance long-term potential with prudent risk management. This carefully structured allocation underscores our commitment to innovation and financial discipline. We see this as an important step toward diversifying our treasury, enhancing technological expertise, and preparing the business for new opportunities that blockchain innovation can bring to insurance and financial services.”
2025 Third Quarter Financial Highlights
(approximate figures)
Liquidity was strengthened through prudent financial management, as unrestricted cash increased approximately 590%, or $2.2 million, to $2.6 million, compared with the prior fiscal year-end.
Working capital improved by approximately $1.2 million, or 284%, to $1.6 million, and Equity improved by approximately $3.7 million, or 125%, to $6.8 million, compared to the 2024 fiscal year-end, reflecting the Company’s continued focus on strengthening its balance sheet and maintaining financial flexibility to support growth initiatives.
Commission income totaled $2.5 million in Q3 2025, compared to $3.4 million in Q3 2024. The change was primarily driven by the loss of revenue following the sale of Fortman Insurance Services (FIS) and lower medical commission revenues.
Commission expense was $1.0 million in Q3 2025, compared to $0.9 million in Q3 2024. The slight increase was primarily influenced by market-driven conditions in commission rates across the insurance sector.
Salaries and wages were $3.9 million in Q3 2025, compared to $1.7 million in Q3 2024. The increase was primarily due to non-cash share-based compensation, partially offset by the elimination of salaries related to Fortman Insurance Services following its sale.
General and administrative expenses were $1.1 million in Q3 2025, compared to $0.8 million in Q3 2024. The increase was substantially driven by director non-cash equity awards, partially offset by OneFirm efficiencies and overall leaner operations.
Net loss for the quarter was $1.2 million, compared to $0.8 million in Q3 2024 with the increase primarily being driven by the FIS sale, non-cash equity compensation but offset the gain recognized on the sale of FIS.
Adjusted EBITDA (“AEBITDA”) (Non-GAAP measure) loss for the quarter was $0.7 million, compared to a gain of $0.04 million in Q3 2024. The decrease was primarily due to the revenue decline and related fluctuations in commission expense, as discussed above (see reconciliation to AEBITDA below).
In keeping with its ongoing commitment to disciplined financial stewardship, the Board of Directors approved a special cash dividend of $0.03 per share, payable on or about December 2, 2025, to shareholders of record as of October 30, 2025. This decision reinforces Reliance’s balanced approach to growth and capital allocation, returning value to investors while maintaining the flexibility to advance its strategic initiatives.
“The declaration of this special dividend reflects our conviction in the strength of Reliance’s operations and the resilience of our strategy. We are executing with discipline – investing in technology and innovation while maintaining the financial flexibility to reward our shareholders. Our objective is to continue building value in a way that aligns long-term strategic growth with meaningful, near-term returns,” added Mr. Beyman.
“Looking ahead, we are confident in our strategic direction and the long-term opportunities that lie before us. Our foundation is stronger, our operations are more efficient, and our innovation pipeline continues to expand. We are building Reliance for the future – one defined by disciplined execution, sustainable growth, and enduring value creation for our shareholders,” concluded Mr. Beyman.
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 September 30, 2025, as well as the Company’s corporate progress and other developments.
A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through November 6, 2026. A telephone replay of the call will be available approximately one hour following the call, through November 20, 2025, 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 53204.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) 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 which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding: the expected financial and operational benefits of our recent actions to streamline and deleverage the business; our OneFirm strategy and its impact on efficiency, scalability and margins; our plans to realign around high-growth, tech-enabled assets, including continued expansion of the RELI Exchange platform and the new Client Service Center; the anticipated gain recognized from the sale of Fortman Insurance Services and related uses of proceeds; our Digital Asset Treasury initiative, including our exposure to, and strategy for, cryptocurrencies; our non-GAAP measures and financial outlook; our capital allocation plans, including the declaration and payment of dividends; and our potential use of our at-the-market (“ATM”) facility.
These forward-looking statements are based on current expectations and assumptions that involve risks and uncertainties, including, among others, that our OneFirm initiatives and technology investments will drive the anticipated efficiencies; that RELI Exchange and the Client Service Center will achieve expected adoption and scalability; that our anticipated gain on the Fortman sale and related balance-sheet improvements will be realized as expected; that market, economic, and regulatory conditions will remain favorable; and that our capital allocation plans (including the announced special dividend) will proceed as planned. There can be no assurance that these assumptions will prove accurate.
Actual results could differ materially from those anticipated due to a variety of risks and uncertainties, including, without limitation: our ability to execute operating initiatives and achieve expected cost savings and cash-flow improvements; successful scaling of RELI Exchange and the Client Service Center; the performance and volatility of digital assets and the execution of our Digital Asset Treasury initiative; competitive pressures within InsurTech and insurance brokerage; our ability to maintain adequate liquidity and access to capital (including any issuance under our ATM facility); regulatory developments; and other risks described under “Risk Factors” in our Annual Report on Form 10-K, our Quarterly Report on Form 10-Q, and in other filings with the Securities and Exchange Commission.
You are encouraged to carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, as well as other SEC filings, for a more complete discussion of these and other risks and uncertainties. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE
The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.
We exclude the following items when calculating AEBITDA, and the following items define our non-GAAP financial measure AEBITDA:
Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.
Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it’s excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Other income (expense), net: Includes certain non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.
Gain on sale of business: Includes certain gains on sale of business and is thus excluded as unrelated to core operations of the company.
Unrealized gains (losses) on digital assets, net: This account includes unrealized gains and losses from digital assets and is thus excluded as unrelated to core operations of the company.
Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. These costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
Non-standard costs: This account includes non-recurring non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in previously discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
The following table provides a reconciliation from net income (loss) to AEBITDA for the period three and nine months ended September 30, 2025 and September 30, 2024
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Net income (loss)
(1,156,583
)
(837,314
)
(5,604,367
)
(7,673,373
)
Adjustments:
Interest and related party interest expense
251,426
391,122
895,657
1,204,902
Depreciation and amortization
313,694
421,759
1,020,440
1,425,700
Asset impairment
–
–
–
3,922,110
Share based compensation employees directors and third parties
2,808,446
62,790
5,312,988
551,598
Change in estimated acquisition earn-out payables
–
–
47,761
Other (income) expense, net
16,470
(65,785
)
41,068
(65,807
)
Transactional costs
61,450
21,813
452,686
394,909
Non-standard costs
23,072
48,124
(12,182
)
139,087
Recognition and change in fair value of warrant liabilities
Lakewood, NJ, Nov. 04, 2025 — Reliance Global Group, Inc. (NASDAQ: RELI) (“Reliance” or the “Company”), announced today that it will host a conference call Thursday, November 6, 2025, at 4:30 PM Eastern Time to discuss financial results for the third quarter 2025 and provide a business update.
A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through November 6, 2026. A telephone replay of the call will be available approximately one hour following the call, through November 20, 2025, 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 53204.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) 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 which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.
