OLB Group Inc. Reports 2022 Financials With Revenue Increase Of 81.7% From $16.7M To $30.4M YoY

Author: Happy Mohamed | March 30, 2023 10:10am

Company increases year-over-year annual revenue from $16.7M to $30.4M

NEW YORK, NY / ACCESSWIRE / March 30, 2023 / The OLB Group, Inc. (NASDAQ:OLB) ("OLB," "we," "us," "our," or the "Company"), a diversified Fintech eCommerce merchant services provider and Bitcoin mining enterprise, announced today its year end 2022 financial results.

We are a diversified FinTech company and a payment facilitator that, through our subsidiaries, focuses on a suite of products in the merchant services and payment facilitator verticals. These services include electronic payment processing, cloud-based multi-channel commerce platform solutions and crowd funding services for small to medium sized businesses. The Company is focused on providing these integrated business solutions to merchants throughout the United States through three wholly-owned subsidiaries, eVance, Inc., Omnisoft.io, Inc., and CrowdPay.us, Inc.

In July 2021, we formed DMINT, Inc., a wholly owned subsidiary ("DMint"), to operate in the Bitcoin mining industry. DMint has relocated our ASIC-based Antminer S19J Pro mining computers to our new Tennessee facility in February 2023 with access to 20 MW of power at attractive energy rates.

Financial Highlights
For the year ended December 31, 2022, we had total revenue of $30,368,979 compared to $16,710,759 of revenue for the year ended December 31, 2021, an increase of $13,658,220 or 81.7%. The Fintech Services segment reported $29,642,800 of revenue and the Cryptocurrency Business segment reported $726,179 of revenue. We earned $28,950,785 in transaction and processing fees, $64,900 in merchant equipment rental and sales and $627,115 in other revenue during the year ended December 31, 2022, compared to $15,810,626 in transaction and processing fees, $131,802 in merchant equipment sales and $464,327 in other revenue during the year ended December 31, 2021.

For the year ended December 31, 2022, we had processing and servicing costs of $23,152,397 compared to $13,480,212 of processing and servicing costs for the year ended December 31, 2021. Processing and servicing costs increased by $9,672,185 or 71.8%.

General and administrative expenses ("G&A") for the year ended December 31, 2022 was $4,490,731 compared to $2,387,416 for the year ended December 31, 2021, an increase of $2,103,315 or 88.1%.

Key Highlights for 2022

• Annual revenue increased to $30.4 million in 2021 from $16.7 million in 2022 (81.7% increase)
• $1.2 Billion in transaction volume annualized run rate ending 2022
• 12.9 Million transactions were processed in 2022
• Merchant services business increased $13.3 million in 2022 compared with 2021 (80.7% increase)
• Acquired and built out a Bitcoin mining data center in Tennessee with multi-year power agreements
• Transferred 1000 ASIC Bitcoin mining computers to new Tennessee facility to benefit from lower hydroelectric power costs
• Company continues to be debt free
  • Established Crypto currency Business segment as a stand-alone business relating to the Company's Bitcoin mining operation in preparation for planned spinoff of DMint to shareholders

Posted In: OLB