Reliability Incorporated

What they do

Reliability operates through Maslow, founded in 1988 and acquired in the October 2019 reverse merger. Maslow's core offering is Employer of Record (EOR) services, in which it becomes the legal employer of contingent workers for clients, handling state employment registration, onboarding/offboarding, payroll processing and compliance, while clients control the workplace. The company also provides staffing solutions, managed services and video production services to clients in media, financial services, healthcare, telecommunications, pharmaceuticals, energy and education, both domestically and internationally.

Revenue drivers

• Employer of Record (EOR) — The primary workforce solution: Maslow assumes costs and compliance obligations for contingent workers classified as its employees or contractors and manages the worker lifecycle including classification, onboarding and payroll. No separate segment revenue figures were provided in the excerpts.
• Staffing Solutions — Listed as one of the company's workforce solutions alongside EOR; places workers with clients. The excerpts do not break out revenue by service line.
• Managed Services — Listed as a service offering providing outsourced workforce management to clients. No standalone revenue figure is disclosed in the provided excerpts.
• Video Production Services — Rooted in Maslow's origins as a production management and media support business in the Washington, D.C. market. No standalone revenue figure is disclosed in the provided excerpts.

Recent performance

Annual revenue has declined from $26.2M in 2021 to $20.7M in 2025, including a drop from $24.0M in 2024 to $20.7M in 2025. The company has reported net losses each year from 2022 through 2025: $739,000, $740,000, $594,000 and $664,000, respectively, after net income of $7.9M in 2021. Operating cash flow has been uneven, at $2.5M in 2021, -$1.4M in 2022, $3.0M in 2023, -$2.6M in 2024 and $1.9M in 2025. Quarterly revenue for the four most recent reported quarters was $5.4M (Sept 2025), $5.8M (Dec 2025), $5.6M (Mar 2026) and $5.0M (Jun 2026). As of June 30, 2026, total assets were $2.8M, total liabilities $2.9M, shareholder equity was negative $74,000 and cash was $470,000.

Strategy

The company describes operating through Maslow across EOR, staffing, managed services, and video production, serving clients in media, financial services, healthcare, telecommunications, pharmaceuticals, energy and education. During 2025 it reduced corporate staffing levels as a cost-management initiative to align operating expenses with current revenue levels while maintaining infrastructure for future growth. Management uses OIBITDA, a non-GAAP measure excluding interest, taxes, depreciation, amortization and certain public-company and legacy legal costs, to evaluate core operating performance. No specific growth investments were quantified in the excerpts provided.

Risks

• Working capital and receivables financing dependence — The business requires significant working capital, and the company relies on receivables purchase programs with financial institutions; delays in client payments or reduced access to this financing could hurt liquidity.
• Client concentration in cyclical end markets — Demand is tied to general economic conditions and client workforce needs in industries such as media, financial services and energy, so downturns or client spending cuts could reduce revenue and profitability.
• Negative shareholder equity and thin liquidity — At June 30, 2026, liabilities of $2.9M exceeded assets of $2.8M, leaving shareholder equity of negative $74,000 and cash of $470,000.
• Ongoing Vivos Matter and ownership resolution — A February 2026 settlement with the Vivos Group provides for transfer of 253,292,210 shares to the company, but the company has filed a motion seeking a consent judgment to effectuate the transfer and intends to hold an annual meeting only after ownership matters are resolved.

Outlook

The 10-K does not provide specific revenue or earnings guidance; management's forward-looking statements address plans, strategies and adequacy of resources generally. The company states it reduced corporate staffing in 2025 to align costs with current revenue levels while preserving infrastructure for future growth, and will hold an annual meeting following resolution of the share-transfer ownership matters. The 10-Q notes that factors and trends discussed in the 10-K remained relevant during the six months ended June 30, 2026.