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OLB Group Continues Record Revenue Growth for 2022
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
The OLB Group (NASDAQ:OLB) reported a significant year-over-year revenue increase of $17.2 Million, up from $5.1 Million. The adjusted EBITDA improved to $745,169 compared to a loss of -$1,180,698 in the previous year. Total corporate assets reached $43 Million, with a cash balance of approximately $3.6 Million and zero debt, except for a minor equipment lease. The company anticipates organic growth and potential acquisitions to further enhance its revenue sources, particularly in eCommerce and cryptocurrency mining.
Positive
Revenue increased 3x year-over-year, from $5.1 Million to $17.2 Million.
Adjusted EBITDA turned positive at $745,169, improving from a loss of $1,180,698.
Total assets reached $43 Million as of June 30, 2022.
Zero debt apart from an equipment lease for miners.
Cash balance of approximately $3.6 Million.
Negative
Total operating expenses significantly increased to $20.4 Million from $6.7 Million.
Loss from operations rose to $3.3 Million, compared to $1.6 Million a year earlier.
Net loss reported at $2.9 Million, up from $1.8 Million.
First Six Months Year Over Year Revenue Increased 3X from $5.1 Million to $17.2 Million
NEW YORK--(BUSINESS WIRE)--
The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced record revenue in 2022. Highlights for the period include the following:
Adjusted EBITDA $745,169 vs. Negative EBITDA (-$1,180,698) as of June 30, 2022 and 2021, respectively.
Total Corporate Assets $43,000,000 at June 30, 2022
Cash Balance at June 30, 2022 approximately $3,600,000
Zero Debt other than an equipment lease to finance the purchase of 100 Miners for approximately $750,000
No corporate debt other than equipment financing lease for approximately $700,000.
$3.6 million cash on hand
Insider Share Ownership Approximately 32%
Diversified revenue sources (eCommerce merchant services and Bitcoin mining)
98% of revenue earned from profitable eCommerce operations
Annualized revenue run rate at $36 Million vs. 2021 revenue of $9.6 Million
As of August 12, 2022, company market capitalization was $24.7 Million and Price to Sales Ratio of 1.44
Increase in revenues projected from organic growth, acquisitions, new initiatives in crypto payments and Bitcoin mining
eCommerce and Bitcoin mining annualized revenue run rate projected to be between $36 million and $38 million by the end of 2022
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future Press releases and Industry Updates email to: ir@olb.com
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto 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. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers.
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.
