revenue $12.4M, net income -$7.0M. Reliance Global explores tech pivot via Scale51 model amid insurance asset sales, debt paydown

Filed March 10, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 7, 2025 · ~2 min read

Key Changes

• high

  Company launched EZRA International and Scale51 model targeting 51% stakes in tech firms; completed first investment (8% of Enquantum cybersecurity) with path to majority ownership for $2.1M over 10 months tied to milestones.

  Business: EZRA International and Scale51 strategic expansion verify on EDGAR →
• high

  Strategic pivot announced alongside 38% workforce reduction (64→40 employees), terminated Spetner acquisition, three insurance agency sales (Fortman, EBS, USBA), and 67% risk factor section contraction, suggesting aspirational rather than executed positioning.

  Business: Portfolio realignment and asset sales verify on EDGAR →
• high

  Commission revenue fell 12% ($1.6M) to $12.4M following insurance asset sales; adjusted EBITDA worsened 397% to negative $1.6M despite $3.2M one-time gain on divestitures and $6M debt paydown.

  MD&A: Commission income decline verify on EDGAR →