OLB Group Announces Financial Results for Second Quarter, 2024

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 4^th 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/0001314196/00012139002 ...

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.