OLB Group Reports Record Revenue in First Quarter 2022 on eCommerce Fintech Services and Bitcoin Cryptocurrency Mining
First Quarter Year Over Year Revenue Increased 3X from $2,226,404 to $8,786,460 as a result of Acquisitive and Organic Growth
NEW YORK, May 16, 2022 –( BUSINESS WIRE )–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 $505,583 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
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) OUTLOOK FOR 2022
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: https://www.sec.gov/cgi-bin/viewer?action=view&cik=1314196&accession_number=0001213900-22-026653&xbrl_type=v Interested investors or shareholders can be notified of future Press releases and Industry Updates by e-mailing:For more information about The OLB Group, please visit andIf you want to […]
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