OLB Group Announces Financial Results for 2023 Third Quarter
- Revenue increased by 55.2% year over year, showing strong growth.
- Net loss decreased, indicating improved financial performance.
- Year-to-date adjusted EBITDA increased significantly, demonstrating positive financial trends.
- Deployment of a POS system and expansion of services to convenience store retailers show strategic growth initiatives.
- None.
NEW YORK, NY / ACCESSWIRE / November 15, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its financial results for the Third Quarter ending September 30, 2023. Investors can access the complete Third Quarter 10-Q at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390023087063/f10q0923_olbgroup.htm
Key Financial Highlights for Q3 2023 as Compared to Q3 2022
- Revenue was
$9.69 million for the quarter, compared to$6.25 million in the prior year's quarter. This is year over year increase of55.2% . - Net loss decreased to
$1,833,049 compared to$1,854,641 in the prior year's quarter. - Year-to-date adjusted EBITDA increased to
$795 K compared to$363 K in 2022. - Net loss per basic and diluted common share decreased by
$0.01 t o ($0.12) for the quarter vs. ($0.13) in prior year quarter.
Key Business Highlights for Q3 2023
- The Company has commenced the process to execute a spinoff of Dmint, its cryptocurrency mining business.
- Implementation is in process to complete all needed electrical and structural upgrades to the Selmer, TN facility.
- Revenue from Black011.com, platform for convenient stores and bodegas, increased to
$1.1M for Q3 bringing the YTD total to$1.5M since the June 2023 acquisition of a majority interest. - Company bringing additional products and services to convenient store retailers to provide additional services to the under and unbanked population.
- Point of sale (POS) system was completed and will be deployed to bodega /
convenience store channel and now includes reselling digital products such as OMNY card for public transportation.
We increase the revenues compared the previous year Q-2 2023 to Q-2 2022. The increase in revenue in Q-3 2023 was a result of increased number of payment processing transactions during the period. This was despite the removal of merchants due to initial improper underwriting, which is the subject of ongoing litigation.
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. Black 011 platform with network of 31,600 Continent stores and Bodegas and DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee utilizing sustainable hydroelectric and solar power.
For more information about The OLB Group, please visit https://www.olb.com
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions 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 include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company's management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company's most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
Contacts
OLB Group Investor Relations
Rick Lutz
ir@OLB.com
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
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