Stock Markets
ONAR Provides Q3 2024 Results and Business Update
LOS ANGELES, Dec. 30, 2024 /PRNewswire/ — Reliant Holdings, Inc. (OTCQB:RELT) soon to be ONAR Holding Corporation (“ONAR”), a growing network of highly-specialized marketing agencies, has released its Q3 Shareholder Letter along with its SEC filing of its 10-Q for the last quarter. This letter covers the results of the company’s financial progress as it continues to grow.
The letter to shareholders covers key highlights for the nine months that ended September 30, 2024 and gives a first look at the Company’s consolidated business since the reverse merger announced in Q2 2024.
“It has been quite a journey getting to this point. ONAR is now on the trajectory we envisioned when we started the reverse merger process,” said Claude Zdanow, CEO of ONAR. “We are incredibly proud of where we are today and know we have a platform set for rapid growth through the acquisitions we are targeting and our plans for organic growth.”
In alignment with its commitment to becoming a $100 million revenue company and uplisting to NASDAQ, ONAR has developed a comprehensive business plan that includes a targeted acquisition strategy for the next 18-24 months.
Additionally, ONAR will announce a new board charter to usher in an Independent (LON:) Board of Directors in Q1 of 2025. The new board and its growing investor base demonstrates the support that exists for the company’s vision and growth strategy, underscoring the shared commitment to building a premier, technology-enabled marketing powerhouse.
The shareholder letter highlights these notable achievements from Q3:
- Increased Revenues: By completing the reverse merger, the Company’s consolidated revenue for the nine months ending September 30, 2024, was 57% higher than the same period last year.
- Decreased Cost of Revenues: The Cost of Revenues declined by almost $250,000 as compared to the same period last year.
- Increase in Cash on Hand: Cash Balance Increased by almost $.5 Million as compared to December 31, 2023.
- Global Reach: Overall headcount increased globally, with 60% of the Company’s workforce being international across five continents.
- Partnership for Growth and Tech Expansion: A strategic alliance was signed with iQSTEL, Inc. (OTCQX:IQST) to help iQSTEL increase its market presence and share technologies to further both companies’ businesses.
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 Q3 FY-2024 results, a testament to ONAR’s extraordinary growth and strategic innovation. This quarter has solidified our position as a leader in the marketing industry, and we are eager to share the tangible progress we have made.
1. Revenue and Profitability
- By completing the reverse merger, the Company’s consolidated revenue for the nine months ending September 30, 2024, was 57% higher than the same period last year.
- Recurring Revenues remained steady as Cost of Revenues declined by almost $250,000 as compared to the same period last year.
- Revenues are expected to increase organically in the near future due to new contracts being negotiated.
- Digital Marketing Agency Performance
- Recurring revenues remained steady, with Net Operating Income equaling ~5% of Sales. NOI is expected to increase in the near term due to new sales hires, which contributed to the reduction in NOI.
- Healthcare Marketing Agency Performance
- Net Operating Income for Healthcare Marketing services was nearly 44% of Sales.
2. Interest Expense
- Interest paid increased nominally as compared to the previous year as a result of financing activities to complete the reverse merger. This will be offset by an increase in Revenues in the near future, as well as liabilities that will be converted into Equity.
3. Assets and Liabilities
- Cash Balance increased by almost $.5 Million as compared to December 31, 2023
4. Cash Flow and Liquidities
- Financing activities provided $1.8M (Net) for the 9 months ended September 30, 2024. This provided working capital and funds for expansion and the reverse merger.
5. Global Presence, Operational Reach, and Marketing
- Overall headcount increased globally, with 60% of the Company’s workforce being international across five continents.
6. Partnership for Growth and Tech Expansion
- A strategic alliance was signed with iQSTEL, Inc. (OTCQX:IQST) to help iQSTEL increase its market presence and share technologies to further both companies’ businesses.
- ONAR CEO Claude Zdanow attended NobleCon 2024 and showcased a glimpse into the Company’s proprietary artificial intelligence usage and how machine learning capabilities are helping shape how the company leverages data.
Summary
We are pleased to report that our strategic initiatives are progressing according to plan, delivering strong results across key performance indicators. This positive momentum reinforces our confidence in the company’s ability to achieve sustained growth.
Thank you for your support.
Sincerely,
Claude Zdanow
CEO, ONAR
About ONAR
ONAR (OTCQB: RELT) is a dynamic marketing and business solutions network, 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 its diverse brand family’s strengths. Committed to honor, candor, and best-in-class results, ONAR aims to lead the industry by example, ensuring every client relationship is deeply rooted in trust and excellence.
ONAR has nearly 50 employees across five continents, and it is aggressively expanding its team to support the company’s growth and acquisition pipeline. Its agencies service over 45 clients across various industries:
- Performance Marketing & SEO: Our high-touch performance marketing agency, Storia, specializes in brand growth, data-driven excellence, and paid advertising.
- Full-Service Healthcare Marketing: Partnering with healthcare professionals, Of Kos provides the best possible patient experience and strives to revolutionize the standard of care.
- Experiential Marketing & Events: CHALK is an experiential marketing powerhouse of event architects who turn bold ideas into unforgettable reality, designing events that dare to defy the ordinary.
ONAR’s network of agencies focuses on servicing companies ranging from $50M to $1B+ in revenue, and ONAR is actively searching for agencies to acquire 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 about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, and financial needs. These statements are not historical facts and are inherently uncertain and outside of ONAR’s control. Forward-looking statements include, among other things, statements regarding ONAR’s expectations regarding its ability to achieve its financial and strategic goals, including surpassing $100 million in revenue and securing a NASDAQ listing; its ability to expand its client 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, the ability to protect intellectual property, the ability to manage growth, changes in laws and regulations, and other factors described in ONAR’s filings with the Securities and Exchange 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, except as required by law.
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SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Nextracker
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Nextracker To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 in Nextracker between February 1, 2024 and August 1, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Nextracker Inc. (“Nextracker” or the “Company”) (NASDAQ: NXT) and reminds investors of the February 25, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the impact of project delays on Nextracker’s business, financial results, and prospects was far more severe than represented to investors; (2) permitting and interconnection delays had materially impaired Nextracker’s ability to convert backlog into revenue at historical conversion rates; (3) Nextracker had been unable to offset the negative impact from project delays through increased client demand and the purported ability to pull forward its other projects in the manner represented by defendants; (4) Nextracker did not possess the competitive advantages which purportedly shielded it from industry-wide headwinds or the ability to effectively offset the adverse effects of project delays as claimed by defendants; and (5) consequently, defendants lacked a reasonable basis for their positive statements about Nextracker’s business, financial results, and prospects.
The Nextracker class action lawsuit further alleges that on August 1, 2024 Nextracker revealed that its revenue had declined sequentially, from $737 million in the fourth fiscal quarter of 2024 to $720 million during the first fiscal quarter of 2025. Similarly, Nextracker’s GAAP gross profit had declined sequentially from $340 million in the fourth fiscal quarter of 2024 to $237 million during the first fiscal quarter of 2025. Notably, Nextracker did not raise guidance for the first time since it became a public company, implying a slowdown in growth for the remainder of the year.
On this news, the price of Nextracker stock fell approximately 15% over two trading days.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information Nextracker’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236028
Stock Markets
SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Symbotic
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Symbotic To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Symbotic between February 8, 2024 and November 26, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information].
New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Symbotic Inc (NASDAQ:). (“Symbotic” or the “Company”) (NASDAQ: SYM) and reminds investors of the February 3, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Symbotic improperly accelerated revenue recognition in its 2024 financial statements; and (2) as a result, defendants’ statements about Symbotic’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 27, 2024, before market hours, Symbotic filed a current report on Form 8-K with the SEC in which it announced that it would restate its fiscal year 2024 financial results. The report stated that Symbotic “identified errors in its revenue recognition related to cost overruns on certain deployments that will not be billable, which additionally impacted system revenue, income (loss) before income tax, net income (loss) and gross margin recognized in the second, third, and fourth quarters of fiscal year 2024.”
On this news, Symbotic’s stock price fell $13.41 per share, or 36%, to close at $24 per share on November 27, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Symbotic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, on X, or on Facebook (NASDAQ:).
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236032
Stock Markets
SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of AstraZeneca
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In AstraZenecaTo Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in AstraZeneca (NASDAQ:) between between February 23, 2022 and December 17, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York–(Newsfile Corp. – January 4, 2025) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against AstraZeneca PLC (LON:) (“AstraZeneca” or the “Company”) (NASDAQ: AZN) and reminds investors of the Feb. 21, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (1) AstraZeneca engaged in insurance fraud in China; (2) as a result, AstraZeneca faced heightened legal exposure in China, which eventually resulted in the AstraZeneca China President being detained by Chinese law enforcement authorities; (3) as a result, AstraZeneca understated its legal risks; (4) the foregoing, once revealed, could materially harm AstraZeneca’s business activities in China; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 30, 2024, AstraZeneca announced that Leon Wang, Executive Vice President International and AstraZeneca China President, was “cooperating with an ongoing investigation by Chinese authorities.”
On this news, AstraZeneca American Depositary Shares (“ADS”) fell 3.1% on October 30, 2024.
Then, on November 5, 2024, Yicai Global published an article entitled “AstraZeneca Insurance Fraud Involves Dozens of Senior Executives in China, Source Says.” This article stated that “[d]ozens of senior executives at AstraZeneca China have been implicated in an ongoing insurance fraud case as of last week, according to a person familiar with the matter.” Further, it stated that “[o]ver the past three years, insurance fraud cases involving AstraZeneca have surfaced in Shenzhen as well as the provinces of Fujian and Jiangxi. [. . .] These cases amount to the largest insurance fraud in the nation’s pharmaceutical sector for years, a person familiar with the matter pointed out.”
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The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AstraZeneca’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236013
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