OLB Group Reports Record Revenue in First Quarter 2022 on eCommerce Fintech Services and Bitcoin Cryptocurrency Mining
The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced record revenue in the First Quarter, of 2022. Highlights for the period include the following: Adjusted EBITDA $989,570 vs. Negative EBITDA (-$689,685) in First Quarter 2021
Total Corporate Assets $45,000,000 at March 31, 2022
Cash Balance at March 31, 2022 approximately $4,000,000
Zero Debt other than an equipment lease to finance the purchase of100 Miners for approximately $750,000
300×250 image ad Total revenue $8,786,459 $2,226,404 Total operating expense 10,242,066 3,209,538 Loss from operations (1,455,607) (983,134) Total other expenses & income 11 (116,723) Net Loss ($1,455,596) ($1,099,857) Amortization expenses $995,069 $215,904 Depreciation expense $895,277 $3,521 Interest expense $0 $116,736 EBITDA $434,750 ($763,696) Stock Based Compensation expenses $70,833 $74,011 Adjusted EBITDA $505,583 ($689,685) We anticipate the achievement of positive Net Income by the end of the year. This would be a result of the following trends: Bitcoin mining revenue from current 1,000 ASICS mining computers is estimated additional run-rate of approximately $6,500,000 annually, based on the price of Bitcoin price as of March 12, 2022, once all purchased machines are fully operational by the end of the Second Quarter of 2022.
Company eCommerce revenue run rate is anticipated to increase from $10 million to more than $36 million on an annual basis.
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 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, […]
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