NEW YORK, NY / ACCESSWIRE / May 16, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its financial results for the First Quarter ending March 31, 2023. Investors can access the complete First Quarter 10-Q at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390023040006/f10q0323_olbgroup.htm
Key Financial Highlights for Q1 2023 as Compared to Q1 2022
- Revenue was $6.6 million for the quarter, compared to $8.8 million in the prior year quarter.
- Net loss increased to $2.6 million compared to $1.6 million in prior year quarter
- Adjusted EBITDA decreased by $1.4 million to $752 thousand.
- Net loss per basic and diluted common share increased by $0.06 to ($0.17) for the quarter vs. ($0.11) in prior year quarter
Key Business Highlights for Q1 2023
- DMint has relocated the Company's 1,000 ASIC miners to the Selmer, TN location.
- Stand-alone audit of DMint in process with expected completion date of May 31,2023
- Deliveries of all hardware, such as transformers, have been delivered to the Selmer, TN location.
- Completed new, updated version of software for sports and entertainment venues.
· Point of sale (POS) system was completed and will be deployed to bodega /
convenience store channel starting in Q2 2023.
The decrease in revenue was a result of termination of merchants that have been boarded not within compliance to the credit card brand rules prior to OLB purchase of the portfolio. The removal of the merchants is subject of ongoing litigation with FFS Data Corp.
Ronny Yakov, CEO of OLB Group, said, "Once we have completed our stand-alone audit of DMint, we can proceed with the planned spinoff of that subsidiary to OLB shareholders. We also are looking forward to announcing more information on our initiatives in the bodega and convenience store sector which we expect to provide a healthy contribution to our recurring revenues once our POS system begins to be deployed."
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 over 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin in a facility in Tennessee utilizing sustainable hydroelectric and solar power.
For more information about The OLB Group, please visit https://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, 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.
OLB Group Investor Relations
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.
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