Business
OLB Group Announces Financial Results for First Quarter, 2023
NEW YORK, NY / ACCESSWIRE / May 16, 2023 / OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and Bitcoin mining
About this update from The Olb Group, Inc.
[{"type":"text","content":"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.htmKey Financial Highlights for Q1 2023 as Compared to Q1 2022Revenue 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 quarterAdjusted 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 quarterKey Business Highlights for Q1 2023DMint 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 31,2023Deliveries 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 i...