ONAR Holding Corporation Reports 8% Revenue Decline and Increased Net Loss for Fiscal Year 2024

ONAR Holding Corporation, formerly known as Reliant Holdings, Inc., reported a revenue of $2.57 million for the fiscal year ending December 31, 2024, marking an 8% decrease from the previous year's revenue of $2.80 million. The decline in revenue was attributed to a shift in the company's customer mix, focusing on higher-margin clients, which was partially offset by the acquisition of Reliant Pools. The cost of goods sold also decreased by 11% to $2.61 million, down from $2.93 million in 2023, primarily due to reduced staffing costs and cost-saving measures implemented by management.

The company's general and administrative expenses rose significantly by 53% to $1.35 million, compared to $886,822 in the prior year, largely due to increased costs associated with being a public company. Additionally, ONAR reported a net loss of $3.08 million for 2024, a substantial increase from the $1.74 million loss recorded in 2023. This loss was influenced by higher interest expenses, which surged to $436,861 from $88,039, and merger-related expenses of $461,115 incurred during the acquisition of HLDCO, LLC.

Strategically, ONAR has undergone significant organizational changes, including the acquisition of HLDCO and its subsidiary, Integrum Group LLC, through a reverse merger completed on July 25, 2024. This acquisition has positioned ONAR as a marketing technology company, enhancing its capabilities in performance digital marketing, healthcare marketing, and experiential marketing. The company has also rebranded itself, changing its name to ONAR Holding Corporation in August 2024, and has plans to relaunch its experiential marketing subsidiary, Chalk Experiences, in 2025.

Operationally, ONAR's total assets increased to $2.45 million as of December 31, 2024, compared to $1.43 million in the previous year. However, the company reported a working capital deficit of $4.03 million, up from $1.82 million in 2023. The increase in liabilities, which totaled $5.00 million, was primarily due to the issuance of new notes payable and the costs associated with the merger. The company is actively seeking additional funding to support its operations and growth strategy, which may involve selling equity or debt securities.

Looking ahead, ONAR's management has expressed a commitment to pursuing strategic acquisitions and organic growth, although the company faces challenges related to its financial condition and the need for additional capital. The management's plans include aggressive marketing efforts and the potential for further investments to enhance operational capabilities. However, the company has acknowledged substantial doubt about its ability to continue as a going concern without securing additional funding or achieving profitable operations in the near future.