I've been riding for a couple of months now. I don't get out as often as I would like because my job requires frequent travel. I haven't really lost any weight, but I think my overall fitness is improving. When I first started out, I rode 3 miles to the store and called and begged my daughter to come get me with the car. (We couldn't fit the bike in the car and I had to ride it home after all). My last ride was 20 miles. I'm still really slow, but I figure I'm lapping everyone on the couch. And my average speed is increasing while still increasing distance.
Be patient with the weight loss. It will come if you eat a sensible diet and keep riding or doing other exercise.