OLB Group Continues Record Revenue Growth for 2022
The OLB Group, Inc. (NASDAQ:OLB) reported substantial growth for the nine months ending September 30, 2022, with revenue soaring to $23.4 million, three times higher than the $7.9 million reported in the previous year. Key highlights include a positive Adjusted EBITDA of $794,664 and total corporate assets amounting to $41.2 million. The company maintains a healthy cash balance of approximately $2.3 million and zero unsecured debt. The annualized revenue run rate is projected between $31.2 million and $34 million for 2022.
- Revenue increased to $23.4 million, up from $7.9 million year-over-year.
- Adjusted EBITDA improved to $794,664 from negative $1,615,364.
- Total corporate assets reached $41.2 million.
- Company has a cash balance of approximately $2.3 million.
- Zero unsecured debt, indicating strong financial health.
- Projected annualized revenue run rate of $31.2 million to $34 million.
- Total operating expenses significantly rose to $28.4 million from $10.4 million.
- Net loss increased to $4.6 million compared to $2.7 million in the prior year.
- Loss from operations worsened to $4.99 million versus $2.55 million.
For the Nine Months Year Over Year Revenue Increased 3X from
NEW YORK, NY / ACCESSWIRE / November 15, 2022 / 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:
Key Highlights
- Adjusted EBITDA
$794,664 vs. Negative Adjusted EBITDA (-$1,615,364) as of September 30, 2022, and 2021, respectively. - Total Corporate Assets
$41,177,888 on September 30, 2022 - Cash Balance on September 30, 2022, approximately
$2,300,000 - Zero unsecured debt
| For the Nine Months Ended 9/30/2022 | For the Nine Months Ended 9/30/2021 | |||||||
Total revenue | $ | 23,405,445 | $ | 7,883,897 | ||||
Total operating expense | $ | 28,394,747 | $ | 10,433,542 | ||||
Loss from operations | $ | (4,989,302 | ) | $ | (2,549,645 | ) | ||
Total other expenses & income | $ | 383,190 | $ | (116,702 | ) | |||
Net Loss | $ | (4,606,112 | ) | $ | (2,666,347 | ) | ||
Amortization expenses | $ | 2,794,731 | $ | 647,711 | ||||
Depreciation expense | $ | 2,393,966 | $ | 53,571 | ||||
Interest expense | $ | 0 | $ | 116,736 | ||||
EBITDA | $ | 582,585 | $ | (1,848,329 | ) | |||
Stock Based Compensation expenses | $ | 212,079 | $ | 232,965 | ||||
Adjusted EBITDA | $ | 794,664 | $ | (1,615,364 | ) | |||
Link to the fillings:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390022072282/f10q0922_theolbgroup.htm
You are invited to Earnings Conference Call
Nov 15, 2022 04:30 PM Eastern Time (US and Canada)
Register in advance for this webinar:
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OUTLOOK FOR 2022
OTHER BUSINESS UPDATES AS OF September 30, 2022:
- Zero unsecured debt
$2.3 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
$31.2Million vs. 2021 revenue of$10.5 Million - As of September 30, 2022, company market capitalization was
$15.6 Million and Price to Sales Ratio of 0.66 - 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
$32 million and$34 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 by mailing: 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.
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 source version on accesswire.com:
https://www.accesswire.com/725749/OLB-Group-Continues-Record-Revenue-Growth-for-2022
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