NEW YORK, NY / ACCESSWIRE / August 15, 2024 / The OLB Group, Inc., (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise announced today its financial results for the Second Quarter ending June 30, 2024. Investors can access the complete Second Quarter 10-Q at
Key Financial Results for Q2 2024 as Compared to Q2 2023
Revenue was $3.5 million for the quarter, compared to $8.3 million in the prior year's quarter.
Net loss increased to $2.6 million compared to $631 thousand in the prior year's quarter.
Adjusted EBITDA was ($1.4) vs $1.2 million in the prior year's quarter.
Net loss per basic and diluted common share increased to ($1.49) for the quarter vs. ($0.41) in the prior year's quarter.
The decrease in revenue was largely the result of the closure of the merchant portfolio that was acquired in the 4th quarter of 2021.The removal of the merchants is the subject of ongoing litigation with FFS Data Corp and Clear Fork Bank.
Key Business Highlights for Q2 2024
The OLB Group now owns 100% of Black011. The Company plans to rebrand and add additional products and services.
Signed new minor league baseball teams for payment processing and other software applications.
Planning to increase revenue and sales, including sales representatives in the field, in Black011, wholly owned subsidiary, and offering new products and services.
The Company continues to be engaged in ongoing litigation with FFS relating to a breach of contract in connection with the merchant portfolio acquired from it in 2021. In addition, OLB has also made a claim against Clear Fork Bank, the payment processing bank for the portfolio.
Despite the write-off of the entire acquired portfolio at the end of 2023, the Company has stabilized with an annual revenue run rate of $14M.
Link to The OLB Group, Inc Q2 2024 financial results:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390024069167/ea0211052-10q_olbgroup.htm
About OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider expanding into the "under banked" market sector and a pending spinoff of a Bitcoin mining enterprise to OLB shareholders. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to thousands of merchants in all 50 states.
For more information about The OLB Group, please visit https://www.olb.com and http://investors.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.
Contacts
OLB Group Investor Relations
Rick Lutz
[email protected]
(212) 278-0900 Ext. 333
SOURCE: The OLB Group, Inc.