OLB Group Announces Financial Results for Second Quarter, 2024
The OLB Group, Inc. (NASDAQ:OLB) has released its financial results for Q2 2024. The company reported revenue of $3.5 million, down from $8.3 million in Q2 2023. The net loss increased to $2.6 million compared to $631,000 in the prior year's quarter. Adjusted EBITDA was ($1.4) million vs $1.2 million in Q2 2023. The net loss per share rose to ($1.49) from ($0.41) year-over-year.
The revenue decline was primarily due to the closure of a merchant portfolio acquired in Q4 2021, which is now subject to ongoing litigation. Despite challenges, OLB has stabilized with an annual revenue run rate of $14M. The company now fully owns Black011 and plans to rebrand and expand its offerings. OLB has also signed new minor league baseball teams for payment processing and software applications.
Il Gruppo OLB, Inc. (NASDAQ:OLB) ha pubblicato i risultati finanziari per il secondo trimestre del 2024. L'azienda ha riportato un fatturato di 3,5 milioni di dollari, in calo rispetto agli 8,3 milioni del secondo trimestre del 2023. La perdita netta è aumentata a 2,6 milioni di dollari rispetto ai 631.000 dollari dello stesso trimestre dell'anno precedente. L'EBITDA rettificato è stato di ($1,4) milioni rispetto a 1,2 milioni nel secondo trimestre del 2023. La perdita netta per azione è salita a ($1,49) rispetto a ($0,41) dell'anno passato.
Il calo del fatturato è stato principalmente dovuto alla chiusura di un portafoglio di commercianti acquisito nel quarto trimestre del 2021, attualmente oggetto di contenzioso. Nonostante le sfide, OLB si è stabilizzato con un tasso di fatturato annuo di 14 milioni di dollari. L'azienda possiede ora completamente Black011 e prevede di rebrandizzare ed espandere le sue offerte. OLB ha anche firmato nuovi contratti con squadre di baseball della lega minore per il processamento dei pagamenti e le applicazioni software.
El Grupo OLB, Inc. (NASDAQ:OLB) ha publicado sus resultados financieros para el segundo trimestre de 2024. La empresa reportó ingresos de 3,5 millones de dólares, disminuyendo desde los 8,3 millones en el segundo trimestre de 2023. La pérdida neta aumentó a 2,6 millones de dólares en comparación con 631,000 dólares en el mismo trimestre del año anterior. El EBITDA ajustado fue de ($1,4) millones frente a 1,2 millones en el segundo trimestre de 2023. La pérdida neta por acción subió a ($1,49) desde ($0,41) en el año anterior.
La disminución de ingresos se debió principalmente al cierre de una cartera de comerciantes adquirida en el cuarto trimestre de 2021, que ahora está sujeta a litigios en curso. A pesar de los desafíos, OLB se ha estabilizado con una tasa de ingresos anuales de 14 millones de dólares. La empresa ahora posee completamente Black011 y planea rebrandar y expandir sus ofertas. OLB también ha firmado nuevos contratos con equipos de béisbol de ligas menores para procesamiento de pagos y aplicaciones de software.
OLB 그룹, Inc. (NASDAQ:OLB)는 2024년 2분기 재무 결과를 발표했습니다. 회사는 매출 350만 달러를 기록했으며, 이는 2023년 2분기 830만 달러에서 감소한 수치입니다. 순손실은 260만 달러로 증가했으며, 이는 지난해 같은 분기의 631,000달러와 비교됩니다. 조정된 EBITDA는 140만 달러의 적자였으며, 2023년 2분기의 120만 달러와 비교됩니다. 주당 순손실은 작년의 ($0.41)에서 ($1.49)로 상승했습니다.
매출 감소는 주로 2021년 4분기에 인수한 상인 포트폴리오의 종료에 기인하며, 현재 진행 중인 소송의 대상이 되고 있습니다. 어려움에도 불구하고 OLB는 연간 매출 전망이 1,400만 달러로 안정되었습니다. 회사는 이제 Black011을 완전 소유하며, 리브랜딩과 제품 확장을 계획하고 있습니다. OLB는 또한 지불 처리 및 소프트웨어 애플리케이션을 위해 새로운 마이너 리그 야구팀과 계약을 체결했습니다.
Le Groupe OLB, Inc. (NASDAQ:OLB) a publié ses résultats financiers pour le deuxième trimestre 2024. L'entreprise a annoncé un chiffre d'affaires de 3,5 millions de dollars, en baisse par rapport à 8,3 millions de dollars au deuxième trimestre 2023. La perte nette a augmenté à 2,6 millions de dollars contre 631.000 dollars au même trimestre de l'année précédente. L'EBITDA ajusté était de (-1,4) million de dollars contre 1,2 million de dollars au deuxième trimestre 2023. La perte nette par action a grimpé à (-1,49 $) contre (-0,41 $) l'année précédente.
La diminution des revenus est principalement due à la fermeture d'un portefeuille de commerçants acquis au quatrième trimestre 2021, qui fait maintenant l'objet de litiges en cours. Malgré les défis, OLB s'est stabilisé avec un chiffre d'affaires annuel de 14 millions de dollars. L'entreprise possède désormais entièrement Black011 et prévoit de rebrander et d'élargir ses offres. OLB a également signé de nouveaux contrats avec des équipes de baseball de ligues mineures pour les traitements de paiement et les applications logicielles.
Die OLB Gruppe, Inc. (NASDAQ:OLB) hat ihre Finanzergebnisse für das zweite Quartal 2024 veröffentlicht. Das Unternehmen berichtete von Umsätzen in Höhe von 3,5 Millionen Dollar, was einem Rückgang von 8,3 Millionen Dollar im zweiten Quartal 2023 entspricht. Der Nettoverlust stieg auf 2,6 Millionen Dollar im Vergleich zu 631.000 Dollar im Vorjahresquartal. Das angepasste EBITDA betrug ($1,4) Millionen gegenüber 1,2 Millionen im zweiten Quartal 2023. Der Nettoverlust pro Aktie stieg auf ($1,49) von ($0,41) im Vorjahr.
Der Rückgang der Einnahmen war hauptsächlich auf die Schließung eines im vierten Quartal 2021 erworbenen Händlerportfolios zurückzuführen, das derzeit Gegenstand laufender Rechtsstreitigkeiten ist. Trotz der Herausforderungen hat sich OLB mit einer jährlichen Umsatzprognose von 14 Millionen Dollar stabilisiert. Das Unternehmen besitzt jetzt Black011 vollständig und plant, diese Marke neu zu positionieren und das Angebot auszuweiten. OLB hat auch neue Verträge mit Minor-League-Baseball-Teams für Zahlungsabwicklung und Softwareanwendungen unterzeichnet.
- Stabilized annual revenue run rate of $14M
- 100% ownership of Black011 subsidiary
- Signed new minor league baseball teams for payment processing and software applications
- Plans to increase revenue and sales, including field sales representatives for Black011
- Revenue decreased from $8.3M in Q2 2023 to $3.5M in Q2 2024
- Net loss increased from $631K to $2.6M year-over-year
- Adjusted EBITDA declined from $1.2M to ($1.4M)
- Net loss per share worsened from ($0.41) to ($1.49)
- Ongoing litigation with FFS Data Corp and Clear Fork Bank over merchant portfolio closure
Insights
OLB Group's Q2 2024 results reveal significant challenges. Revenue plummeted
The ongoing litigation with FFS Data Corp and Clear Fork Bank adds uncertainty and potential legal costs. However, the company's efforts to stabilize with a
The ongoing litigation with FFS Data Corp and Clear Fork Bank is a critical factor in OLB Group's financial performance. The dispute over the acquired merchant portfolio, which led to its closure and significant revenue loss, underscores the importance of due diligence in acquisitions. The company's decision to write off the entire portfolio suggests a pessimistic outlook on the litigation's outcome.
Investors should be aware that legal proceedings can be protracted and costly, potentially impacting OLB's financial resources and management focus. The claims against Clear Fork Bank add another layer of complexity. While litigation can sometimes result in favorable settlements, the current financial strain indicates that a quick resolution is important for OLB's stability and growth prospects.
OLB Group's strategic pivot following the merchant portfolio closure is noteworthy. The acquisition of 100% ownership in Black011 and plans for rebranding and expansion signal a shift in focus. This move, coupled with new partnerships in minor league baseball, suggests an attempt to diversify revenue streams and reduce dependence on a single portfolio.
However, the sharp decline in revenue and widening losses raise questions about the company's ability to execute its growth strategy effectively. The
NEW YORK, NY / ACCESSWIRE / August 15, 2024 / The OLB Group, Inc., (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise announced today its financial results for the Second Quarter ending June 30, 2024. Investors can access the complete Second Quarter 10-Q at
Key Financial Results for Q2 2024 as Compared to Q2 2023
Revenue was
$3.5 million for the quarter, compared to$8.3 million in the prior year's quarter.Net loss increased to
$2.6 million compared to$631 thousand in the prior year's quarter.Adjusted EBITDA was (
$1.4) vs$1.2 million in the prior year's quarter.Net loss per basic and diluted common share increased to (
$1.49) for the quarter vs. ($0.41) in the prior year's quarter.The decrease in revenue was largely the result of the closure of the merchant portfolio that was acquired in the 4th quarter of 2021.The removal of the merchants is the subject of ongoing litigation with FFS Data Corp and Clear Fork Bank.
Key Business Highlights for Q2 2024
The OLB Group now owns
100% of Black011. The Company plans to rebrand and add additional products and services.Signed new minor league baseball teams for payment processing and other software applications.
Planning to increase revenue and sales, including sales representatives in the field, in Black011, wholly owned subsidiary, and offering new products and services.
The Company continues to be engaged in ongoing litigation with FFS relating to a breach of contract in connection with the merchant portfolio acquired from it in 2021. In addition, OLB has also made a claim against Clear Fork Bank, the payment processing bank for the portfolio.
Despite the write-off of the entire acquired portfolio at the end of 2023, the Company has stabilized with an annual revenue run rate of
$14M .
Link to The OLB Group, Inc Q2 2024 financial results:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390024069167/ea0211052-10q_olbgroup.htm
About OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider expanding into the "under banked" market sector and a pending spinoff of a Bitcoin mining enterprise to OLB shareholders. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to thousands of merchants in all 50 states.
For more information about The OLB Group, please visit https://www.olb.com and http://investors.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.
View the original press release on accesswire.com
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