Business
OLB Group Continues Record Revenue Growth for 2022
For the Nine Months Year Over Year Revenue Increased 3X from $7.9 Million to $23.4 MillionNEW YORK, NY / ACCESSWIRE / November 15, 2022 / The OLB Group, Inc.
About this update from The Olb Group, Inc.
[{"type":"text","content":"For the Nine Months Year Over Year Revenue Increased 3X from $7.9 Million to $23.4 MillionNEW YORK, NY / ACCESSWIRE / November 15, 2022 / The OLB Group, Inc. (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced record revenue in 2022. Highlights for the period include the following:Key HighlightsAdjusted EBITDA $794,664 vs. Negative Adjusted EBITDA (-$1,615,364) as of September 30, 2022, and 2021, respectively.Total Corporate Assets $41,177,888 on September 30, 2022Cash Balance on September 30, 2022, approximately $2,300,000Zero unsecured debt For the Nine Months Ended 9/30/2022 For the Nine Months Ended 9/30/2021 Total revenue $23,405,445 $7,883,897 Total operating expense $28,394,747 $10,433,542 Loss from operations $(4,989,302) $(2,549,645)Total other expenses & income $383,190 $(116,702)Net Loss $(4,606,112) $(2,666,347) Amortization expenses $2,794,731 $647,711 Depreciation expense $2,393,966 $53,571 Interest expense $0 $116,736 EBITDA $582,585 $(1,848,329)Stock Based Compensation expenses $212,079 $232,965 Adjusted EBITDA $794,664 $(1,615,364)Link to the fillings:https://www.sec.gov/ix?doc=/Archives/edgar/data/0001314196/000121390022072282/f10q0922_theolbgroup.htmYou are invited to Earnings Conference Call Nov 15, 2022 04:30 PM Eastern Time (US and Canada)Register in advance for this webinar:https://us06web.zoom.us/webinar/register/WN_iO8M9GpJT36qycufJeWVMQAfter registering, you will receive a confirmation email containing information about joining the webinar.OUTLOOK FOR 2022 OTHER BUSINESS UPDATES AS OF September 30, 2022:Zero unsecured debt$2.3 million cash on handInsider Share Ownership Approximately 32%Diversified revenue sources (eCommerce merchant services and Bitcoin mining)98% of revenue earned from profitable eCommerce operationsAnnualized revenue run rate at $31.2Million vs. 2021 revenue of $10.5 MillionAs of September 30, 2022, company market capitalization was $15.6 Million and Price to Sales Ratio of 0.66Increase in revenues projected from organic growth, acquisitions, new initiatives in crypto payments and Bitcoin miningeCommerce and Bitcoin mining annualized revenue run rate projected to be between $32 million and $34 million by the end of 2022Future OLB Press Releases and UpdatesInterested investors or shareholders can be notified of futur...