OLB Group Q2 revenue falls on lower Moola Cloud, crypto mining revenue
OLB•Liquidity and outlook
- Company says it has sufficient liquidity to sustain operations for at least twelve months
- OLB intends to proceed with DMINT spin-off when regulatory and market conditions permit
- Company expects personnel and software costs to increase as AI initiatives expand
Q2 results and key drivers
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US fintech provider's Q2 revenue fell 44% yr/yr as Moola Cloud and mining revenue declined
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Net loss narrowed 50% yr/yr and operating expenses declined 23%
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Company raised $3.7 mln in Q1, strengthening liquidity and removing going concern doubt
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MOOLA CLOUD AND MINING REVENUE - Co said revenue decline was mainly due to lower Moola Cloud revenue and reduced cryptocurrency mining revenue from a drop in Bitcoin value
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OPERATING EXPENSES - Co attributed 23.4% yr/yr decline in operating expenses to reduced processing and servicing costs, professional fees, and interest expense
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BITCOIN MINING SEGMENT - Co said Bitcoin Mining segment loss narrowed and revenue increased due to lower segment operating expenses and operational improvements
