OLB Group Announces Financial Results for Third Quarter, 2024
OLB Group (NASDAQ:OLB) reported its Q3 2024 financial results with year-to-date revenue of $10,101,258 and quarterly revenue of $3,083,922. The company posted a net loss of $1,630,258, with a net loss per share of $0.92. Revenue declined due to the write-off of the CDB portfolio following improper initial underwriting discovery, which is now subject to litigation with FFS Data Corp and Clear Fork Bank.
The company is advancing with new initiatives including a rebranding effort, expansion of services for convenience stores, and progress on the Dmint spinoff with a filed S-1 Registration Statement. OLB has also completed facility upgrades in Selmer, TN, and launched enhanced POS systems for bodega channels including OMNY card reselling capabilities.
OLB Group (NASDAQ:OLB) ha pubblicato i risultati finanziari per il terzo trimestre del 2024, con un fatturato da inizio anno di $10,101,258 e un fatturato trimestrale di $3,083,922. L'azienda ha registrato una perdita netta di $1,630,258, corrispondente a una perdita netta per azione di $0.92. I ricavi sono diminuiti a causa della svalutazione del portafoglio CDB, seguito alla scoperta di un'errata sottoscrizione iniziale, che ora è oggetto di contenzioso con FFS Data Corp e Clear Fork Bank.
L'azienda sta procedendo con nuove iniziative, tra cui un'operazione di rebranding, l'espansione dei servizi per i minimarket e i progressi nella scissione di Dmint, per la quale è stato presentato un modulo di registrazione S-1. OLB ha anche completato gli aggiornamenti delle strutture a Selmer, TN, e ha lanciato sistemi POS avanzati per i canali bodega, inclusi i sistemi di rivendita della carta OMNY.
OLB Group (NASDAQ:OLB) reportó sus resultados financieros del tercer trimestre de 2024, con ingresos acumulados de $10,101,258 y ingresos trimestrales de $3,083,922. La empresa registró una pérdida neta de $1,630,258, con una pérdida neta por acción de $0.92. Los ingresos disminuyeron debido a la eliminación del portafolio CDB tras el descubrimiento de una suscripción inicial inadecuada, que actualmente está sujeta a litigio con FFS Data Corp y Clear Fork Bank.
La empresa avanza con nuevas iniciativas, incluyendo un esfuerzo de rebranding, la expansión de servicios para tiendas de conveniencia y progresos en la escisión de Dmint, para la cual se ha presentado una declaración de registro S-1. OLB también ha completado mejoras en sus instalaciones en Selmer, TN, y ha lanzado sistemas POS mejorados para canales de bodega, incluyendo capacidades de reventa de tarjetas OMNY.
OLB 그룹 (NASDAQ:OLB)가 2024년 3분기 재무 결과를 발표했습니다. 연간 수익은 $10,101,258이며 분기 수익은 $3,083,922입니다. 회사는 $1,630,258의 순손실을 기록하였으며, 주당 순손실은 $0.92입니다. 수익은 부적절한 초기 언더라이팅 발견으로 인해 CDB 포트폴리오의 감액 처리로 인해 감소했습니다. 현재 이는 FFS Data Corp 및 Clear Fork Bank와의 소송 중입니다.
회사는 브랜딩 재편, 편의점 서비스 확대, S-1 등록 서류가 제출된 Dmint 스핀오프 진행 등 새로운 이니셔티브를 추진하고 있습니다. OLB는 또한 텐네시주 셀머에서 시설 업그레이드를 완료하였고, OMNY 카드 재판매 기능이 포함된 보데가 채널을 위한 향상된 POS 시스템을 출시했습니다.
OLB Group (NASDAQ:OLB) a publié ses résultats financiers pour le troisième trimestre de 2024, avec un chiffre d'affaires de $10,101,258 depuis le début de l'année et un chiffre d'affaires trimestriel de $3,083,922. L'entreprise a enregistré une perte nette de $1,630,258, soit une perte nette par action de $0.92. Les revenus ont diminué en raison de l'amortissement du portefeuille CDB suite à la découverte d'une souscription initiale inappropriée, qui est actuellement soumise à des litiges avec FFS Data Corp et Clear Fork Bank.
L'entreprise avance avec de nouvelles initiatives, y compris un effort de rebranding, l'expansion des services pour les dépanneurs, et des progrès dans la scission de Dmint, pour laquelle un dossier de déclaration S-1 a été déposé. OLB a également complété les mises à niveau des installations à Selmer, TN, et a lancé des systèmes de point de vente améliorés pour les canaux de bodega, y compris des capacités de revente de carte OMNY.
OLB Group (NASDAQ:OLB) hat seine Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz seit Jahresbeginn von $10,101,258 und einem Quartalsumsatz von $3,083,922. Das Unternehmen verzeichnete einen Nettoverlust von $1,630,258, was einem Nettoverlust pro Aktie von $0.92 entspricht. Der Umsatz ging aufgrund der Abschreibung des CDB-Portfolios nach der Entdeckung einer fehlerhaften anfänglichen Underwriting-Praxis zurück, die nun Gegenstand von Rechtsstreitigkeiten mit FFS Data Corp und Clear Fork Bank ist.
Das Unternehmen entwickelt weiterhin neue Initiativen, darunter eine Rebranding-Initiative, die Erweiterung von Dienstleistungen für Convenience Stores und Fortschritte beim Abspaltungsprozess von Dmint, für den ein S-1 Registrierungsantrag eingereicht wurde. OLB hat außerdem die Einrichtungen in Selmer, TN, aufgerüstet und verbesserte POS-Systeme für Bodega-Kanäle, einschließlich der Wiederverkaufsfähigkeiten der OMNY-Karte, eingeführt.
- Filed S-1 Registration Statement for Dmint spinoff
- Expanded POS system capabilities for convenience store channels
- Completed facility upgrades at Selmer, TN location
- Q3 net loss of $1,630,258
- Net loss per share of $0.92
- Revenue decline due to CDB portfolio write-off
- Ongoing litigation with FFS Data Corp and Clear Fork Bank
Insights
The Q3 results reveal significant challenges for OLB Group, with a concerning
The company's pivot towards convenience store services and planned Dmint spinoff indicates strategic restructuring efforts, but these initiatives are yet to demonstrate financial benefits. The
The ongoing litigation regarding the CDB portfolio presents material risks. The dispute with both the seller (FFS Data Corp) and the underwriting bank (Clear Fork Bank) over improper initial underwriting could result in significant legal expenses and uncertain outcomes. The complete portfolio write-off suggests serious due diligence failures in the acquisition process, potentially exposing the company to additional regulatory scrutiny and reputational damage. The situation may also impact future M&A opportunities and business partnerships.
NEW YORK, NY / ACCESSWIRE / November 15, 2024 / OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its financial results for the three and nine months ending September 30, 2024. Investors can access the complete Third Quarter Report on Form 10-Q at https://app.ir365connect.com/htmlcontent/cik/1314196/id/79bce168-3391-4a6c-a5d5-cafa777ba986/file/ea0211052-10q_olbgroup.htm
Key Financial Highlights for Q3 2024
Year to date revenue of
$10,101,258. Revenue of
$3,083,922 million for the quarter.Net loss of
$1,630,258. Net loss per basic and diluted common share is
$0.92 .The decrease in revenue during the period was a direct result of write-off of the CDB portfolio at the end of 2023. Merchants in the acquired portfolio were removed due to improper initial underwriting discovered after the acquisition. The matter is the subject of ongoing litigation with both FFS Data Corp., the seller, and Clear Fork Bank, the underwriting bank.
Key Business Highlights and updates for Q3 2024
Rebranding the business and adding new products and services to the network of platforms for convenient stores. Detailed announcement coming soon.
The Company publicly filed a Registration Statement on October 20th, S-1 for the spinoff of Dmint. Management anticipates receiving a response from SEC shortly whereby management may be able to update on the timing of the closing of the spin off.
Completion of all the necessary electrical and structural upgrades to the Selmer, TN facility is moving forward. Management is excited about the opportunity ahead of us.
Launch of additional products and services to convenient store retailers and expanding the network to provide additional services to the unbanked population.
Point of sale (POS) system product has been finalized and will be deployed to OLB's bodega / convenience store channels and now includes reselling digital products such as OMNY card for public transportation.
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 merchants in all fifty 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.
For more information about The OLB Group, please visithttps://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, which 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
FAQ
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