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Home Technology

OLB Group (NASDAQ: OLB) Continues Record Revenue Growth for 2022

First Six Months Year Over Year Revenue Increased 3X from $5.1 Million to $17.2 Million

by admin
August 15, 2022
in Earnings, Financials, Technology
0
OLB Group NASDAQ OLB Q2 2022 Earnings Results Spotlight Growth

OLB Group NASDAQ OLB Q2 2022 Earnings Results Spotlight Growth

NEW YORK, August 15, 2022–(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
For the Six
Months Ended
6/30/2022
For the Six
Months Ended
6/30/2021
Total revenue$17,158,894$5,059,976
Total operating expense$20,445,623$6,709,257
Loss from operations($3,286,729)($1,649,281)
Total other income & expense$393,179($116,712)
Net Loss($2,893,550)($1,765,993)
Amortization expense$1,901,943$431,807
Depreciation expense$1,594,250$0
Interest expense$0$0
EBITDA$602,643($1,334,186)
Stock based compensation expenses$141,386$153,488
Adjusted EBITDA$745,169($1,180,698)

Link to the fillings:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1314196/000121390022047522/f10q0622_olbgroup.htm

Link to today earnings call
https://us06web.zoom.us/meeting/register/tZYld-CtrDIqGtEsK1DYEYDzXa_n2__SBnC6

OUTLOOK FOR 2022

OTHER BUSINESS UPDATES AS OF June 30, 2022:

  • 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

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.

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.

Disclaimer:

Spotlight Growth is compensated, either directly or via a third party, to provide investor relations services for its clients. Spotlight Growth creates exposure for companies through a customized marketing strategy, including design of promotional material, the drafting and editing of press releases and media placement.

All information on featured companies is provided by the companies profiled, or is available from public sources. Spotlight Growth and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever and we are not qualified to give financial advice. The information contained herein is based on external sources that Spotlight Growth believes to be reliable, but its accuracy is not guaranteed. Spotlight Growth may create reports and content that has been compensated by a company or third-parties, or for purposes of self-marketing. Spotlight Growth was compensated five hundred dollars cash for the creation and dissemination of this content by the company.

This material does not represent a solicitation to buy or sell any securities. Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management.

The above communication, the attachments and external Internet links provided are intended for informational purposes only and are not to be interpreted by the recipient as a solicitation to participate in securities offerings. Investments referenced may not be suitable for all investors and may not be permissible in certain jurisdictions.

Spotlight Growth and its affiliates, officers, directors, and employees may have bought or sold or may buy or sell shares in the companies discussed herein, which may be acquired prior, during or after the publication of these marketing materials. Spotlight Growth, its affiliates, officers, directors, and employees may sell the stock of said companies at any time and may profit in the event those shares rise in value. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/

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