The OLB Group, Inc. (OLB) is a leading digital Fintech services provider. The company is also involved in the Bitcoin crypto mining business. The digital portfolio of the company delivers cloud-based merchant facilities for a wide-ranging e-commerce solution. The crypto enterprise is focused on the mining of Bitcoin using sustainable natural gas.
The price of OLB stock during the early regular trading on February 2, 2022, was last checked to be $2.35 with a 24.78% surge.
OLB: Events and Happenings
On February 2, 2022, OLB announced about touching $1.35 Billion in transaction volume by its merchant services annual transaction volume run rate as an outcome of 28.5 million transactions.
OLB: CEO Comments
Speaking at the occasion, Ronny Yakov, OLB’s CEO stated that 2021 began with an annualized revenue run rate of $10 million. He further added that 2022 started with an outstanding $36 million annualized revenue run rate which will contribute to the company’s bottom line.
On January 13, 2022, a subsidiary of OLB reported about its expected to take delivery of the initial of four hundred Bitcoin mining machinery in January. The company is believed to generate $1 million in increased monthly revenue once all machinery is operational.
On January 11, 2022, OLB announced its entry into a long-term lease partnership for its mining operation with an approximate capability of 2,000 machines. The area is under conversion process into a cryptocurrency mining data center.
On December 1, 2021, OLB updated about its entry into a definitive partnership for the acquisition of cannabidiol merchants. The merchant platform had been anticipated to achieve a yearly transaction volume of up to $400 million during 2022. The company anticipated $5 million in earnings and $20 million yearly revenue.
OLB: Key Financials
On November 12, 2021, OLB released its financial results for the first quarter ended September 30, 2021. Some of the key highlights are as follows.
Revenue
For Q1 2022 the company recorded a revenue of $2.82 million compared to $2.3 million in the same period of 2020. The increase over the year in the revenue was $0.51 million or 22.3%.
EPS
Net loss in Q1 2022 was $0.9 million compared to $0.65 for the same period in 2020.
Conclusion
OLB stock down spiraled in the last six months period by 65% due to economic depression as a result of the pandemic. The current early trade leap in stock price is the result of achieving the yearly transaction volume run rate of $1.35 billion. The investors are optimistic that the company’s stock will climb further in the coming days.
