ONAR provides Investing.com Q3 2024 earnings and business news

LOS ANGELES, December 30, 2024 /PRNewswire/ — Reliant Holdings, Inc. (OTCQB:RELT) soon ONAR Holding Corporation (“ONAR”), a growing network of highly specialized marketing agencies, released its third quarter shareholder letter along with SEC filing its 10-Q for the most recent quarter. This letter covers the results of the company’s financial progress as it continues to grow.

The letter to shareholders covers the key highlights for the nine months just ended September 30, 2024 and provides the first look at the Company’s consolidated operations since the reverse merger announced in the second quarter of 2024.

“It’s been a pretty tough journey to this point. ONAR is now on the trajectory we envisioned when we started the reverse merger process,” he said. Claude Zdanowdirector of ONAR. “We are incredibly proud of where we are today and know that we have the platform in place for rapid growth through the acquisitions we are targeting and our plans for organic growth.”

In keeping with its commitment to become a 100 million dollars company’s revenue and listing on NASDAQ, ONAR has developed a comprehensive business plan that includes a targeted acquisition strategy for the next 18-24 months.

In addition, ONAR will publish a new board charter that will introduce Independent (LON:) Board Q1 2025 The new board and its growing investor base demonstrate the support that exists for the company’s vision and growth strategy, underscoring a shared commitment to building a cutting-edge, technology-enabled marketing powerhouse.

The shareholder letter highlights these significant achievements from the third quarter:

• Increased income: Upon completion of the reverse merger, the consolidated income of the Company for the nine months ending September 30, 2024it was 57% higher compared to the same period last year.
• Reduced cost of revenue: The cost of income decreased by almost 250 thousand dollars compared to the same period last year.
• Increase in cash in the cash register: Cash balance increased by almost 0.5 million dollars compared to December 31, 2023.
• Global reach: The total number of employees has increased globally, with 60% of the company’s workforce being international across five continents.
• Partnership for growth and technological expansion: A strategic alliance was signed with iQSTEL, Inc. (OTCQX:IQST) to help iQSTEL increase its presence in the market and share technologies to improve the business of both companies.

ONAR concludes the letter with enthusiasm and optimism for the future, stating its ambitious goals to expand its network of agencies in 2025.

The full shareholder letter is shared below.

Dear shareholders,

We are excited to announce our results for the third quarter of fiscal year 2024, a testament to ONAR’s extraordinary growth and strategic innovation. This quarter solidified our position as a leader in the marketing industry, and we’re eager to share the tangible progress we’ve made.

1. Income and profitability

• Upon completion of the reverse merger, the consolidated income of the Company for the nine months ending September 30, 2024it was 57% higher compared to the same period last year.
• Current revenues remained stable as the cost of revenues decreased by almost 250 thousand dollars compared to the same period last year.
• Organic revenue growth is expected in the near future due to new contracts being negotiated.
• The success of a digital marketing agency
  • Current revenues remained stable, with net operating income equal to ~5% of sales. NOI is expected to increase in the near term due to new sales hires, which contributed to the NOI decline.
• The success of a healthcare marketing agency
  • Net operating income for healthcare marketing services was nearly 44% of sales.

2. Interest expenses

• Interest paid increased nominally compared to the previous year as a result of financing activities for the completion of the reverse merger. This will be offset by an increase in income in the near future, as well as liabilities that will be converted into equity.

3. Assets and liabilities

• The cash balance almost increased 0.5 million dollars compared to December 31, 2023

4. Cash flow and liquidity

• Secured financing activities 1.8 million dollars (Net) for the 9 months ended September 30, 2024. This provided working capital and funds for expansion and reverse merger.

5. Global presence, operational reach and marketing

• The total number of employees has increased globally, with 60% of the company’s workforce being international across five continents.

6. Partnership for growth and technological expansion

• A strategic alliance was signed with iQSTEL, Inc. (OTCQX:IQST) to help iQSTEL increase its presence in the market and share technologies to improve the business of both companies.
• ONAR CEO Claude Zdanow attended NobleCon 2024 and presented an insight into the company’s use of artificial intelligence and how machine learning capabilities are helping shape the way the company uses data.

Abstract

We are pleased to report that our strategic initiatives are progressing according to plan, delivering strong results across all key performance indicators. This positive momentum strengthens our confidence in the company’s ability to achieve sustainable growth.

Thank you for your support.

Sincerely,

Claude ZdanowCEOONAR

About ONAR

ONAR (OTCQB: RELT) is a dynamic network of marketing and business solutions, currently publicly traded as Reliant Holdings, Inc. with plans to become Onar Holding Corporation in the near future. ONAR’s mission is to provide unparalleled service through an integrated AI-driven approach, leveraging the strength of its diverse family of brands. Committed to honor, integrity and best-in-class results, ONAR aims to lead the industry by example, ensuring that every client relationship is deeply rooted in trust and excellence.

ONAR has nearly 50 employees on five continents and is aggressively expanding its team to support the company’s growth and a series of acquisitions. Its agencies serve more than 45 clients in various industries:

• Performance marketing and SEO: Our top marketing agency, Storyspecializing in brand growth, data-driven excellence and paid advertising.
• Marketing of overall health care: In cooperation with health workers, from Kos provides the best possible patient experience and strives to revolutionize the standard of care.
• Experiential marketing and events: CHALK is an experiential marketing center for event architects who turn bold ideas into unforgettable reality, designing events that dare to defy the ordinary.

ONAR’s network of agencies is focused on providing services to companies ranging from 50 million dollars to more than $1 billion in revenue, and ONAR is actively looking for agencies to buy and become part of the network.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on ONAR’s current expectations and projections of future events and financial trends that it believes could affect its financial condition, results of operations, business strategy and financial needs. These statements are not historical facts and are inherently uncertain and beyond ONAR’s control. Forward-looking statements include, among other things, statements regarding ONAR’s expectations regarding its ability to achieve its financial and strategic objectives, including exceeding 100 million dollars in revenues and securing a NASDAQ listing; its ability to expand its customer base and market share; and its ability to develop and launch new products and services. Actual results may differ materially from ONAR’s expectations and projections due to various risks and uncertainties, including market conditions, competition, ability to protect intellectual property, ability to manage growth, changes in laws and regulations and other factors described in ONAR’s filings with the Securities Commission. These forward-looking statements are made as of the date of this press release, and ONAR undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless it is required by law. .