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OLB Group Inc. Reports Third Quarter, 2021 Revenues of $2.82 Million
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
The OLB Group reported a significant financial performance in Q3 2021, with total revenue rising to $2.82 million, a 22.3% increase from the previous year. Transaction fees accounted for $2.68 million of revenue. However, the company faced increased processing costs of $2.22 million, resulting in a net loss of ($900,354). OLB launched a Bitcoin mining subsidiary, DMint, and raised $6.1 million through capital efforts. The transaction volume for the first nine months reached $668 million with over 10.2 million transactions.
Positive
22.3% increase in total revenue to $2.82 million compared to Q3 2020.
Generated $668 million in transaction volume from over 10.2 million transactions.
Launched DMint, a Bitcoin mining subsidiary focused on sustainable energy.
Raised $6.1 million in capital and completed a $25 million equity raise.
Negative
Net loss increased to ($900,354), a $242,996 rise from Q3 2020.
Processing and servicing costs surged by 49.6% to $2.22 million.
General and administrative expenses rose by 28%, reaching $904,314.
Transaction Volume for First Nine Months was $ 668 Million From - 10.2 Million Transactions; Launches Bitcoin Subsidiary Mining
NEW YORK--(BUSINESS WIRE)--
TheOLB Group, Inc. ("OLB," “we,” “us,” “our,” or the "Company"), a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise, has announced financial results for first quarter ended September 30, 2021.
We are a FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions for small to medium sized businesses and crowd funding services. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc. In the Third Quarter we launched a new wholly owned subsidiary, DMint, that focuses on Bitcoin mining utilizing sustainable power generated from natural gas.
Financial Highlights
For the three months ended September 30, 2021, we had total revenue of $2,823,921 compared to $2,308,037 of revenue for the three months ended September 30, 2020, an increase of $515,884 or 22.3%. We earned $2,680,004 in transaction and processing fees, $32,787 in merchant equipment rental and sales and $111,130 in other revenue during the three months ended September 30, 2021, compared to $2,128,771 in transaction and processing fees, $22,018 in merchant equipment sales and $157,248 in other revenue during the three months ended September 30, 2020.
For the three months ended September 30, 2021, we had processing and servicing costs of $2,223,720 compared to $1,486,257 of processing and servicing costs for the three months ended September 30, 2020. Processing and servicing costs increased by $737,463 or 49.6%.
General and administrative expenses (“G&A”) for the three months ended September 30, 2021 was $904,314 compared to $706,430 for the three months ended September 30, 2020, an increase of $197,884 or 28%. In the current period we had increases of our legal expense of approximately $270,003 relating to business matters. This increase was offset by a decrease of $74,940 related to audit fees and a decrease of $156,843 related to stock-based compensation.
Our net loss for the three months ended September 30, 2021 was ($900,354) compared to ($657,358) for the three months ended September 30, 2020. We had an increase in our net loss of $242,996 for the reasons discussed above.
Adjusted EBITDA for the three months ended September 30, 2021 was ($551,412). This does not take in account onetime expenses in the amount of $467,974 that were incurred in the quarter.
Key Highlights for Third Quarter 2021
Launched DMint, a wholly owned subsidiary of the Company, to mine Bitcoin
Purchased mineral rights to natural gas wells for Bitcoin mining
Purchased first 600 ASIC bitcoin miners and 6 data centers
Raised $6.1M in capital and recently closed on $25M equity raise
Completing final stage on acquiring CBD merchant portfolio with 1500 merchants totaling $30M in monthly processing volume
To see a complete version of the Company’s Quarterly Report on Form 10-Q please click on the following link:
Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@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. 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.
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 9,500 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 projected by end of 2021. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data.
