10Q Highlights Management's Near-Term Success in Creating its
Financial and Lifestyle Platform for the Underserved, with
Increases in Assets, Stockholder's Equity and Revenue, While
Continuing to Execute its Long-Term Strategy with Pipeline and
Product Rollouts Across Cuentas Money, Cuentas Mobile and Cuentas
Casa.
MIAMI
BEACH, Fla., Aug. 15,
2023 /PRNewswire/ -- Cuentas, Inc. (Nasdaq:
CUEN) (Nasdaq: CUENW) ("Cuentas"), the Company that is
creating an alternative financial ecosystem for the growing,
hard-working segment of the population who do not have access to
traditional financial and lifestyle alternatives, today announced
the filing of its 2023-Q2 10Q, highlighting the progress management
has made in the quarter as the Company continues to execute its
long term strategy. This 10Q comes on the heels of the Company's
recent Shareholder Update, with management highlighting the
progress in the Company's strategy and its current and future
potential impact on the Company's performance.
Management further reported that it is pleased with the progress
the Company has made and believes that key indicators in the 10Q
reflect the Company's increasingly strong market opportunity, as
the Company moves forward to create a portfolio of opportunities
for the growing segment of Americans who do not have access to
traditional financial and lifestyle services. Highlights
include:
- Assets Increase, Liabilities Decrease: Cuentas' Assets
increased by 249% from Dec 31, 2022
to June 30, 2023 while Liabilities
increased by only 1.7%.
- Stockholders' Equity Increase: Total stockholders'
Equity increased from -$724k to
$1,471, a positive difference of
$2,195k.
- Revenue Decrease: Total revenue for 2022-Q2 was
$670k vs $40k for 2023. New ownership of distribution
channel has reopened the main sales channel and revenue should
increase significantly.
- Net Loss Decrease: Net Loss decreased from -$3.1M to -$1.4M for
Q2- 2022 vs Q2-2023.
- New Property Development Initiatives for Cuentas
Casa: Balance sheet improvement from Cuentas Casa?
- Cuentas Casa Construction Tech Supply Pipeline
Agreement: Cuentas has reconfirmed its supply agreement with
Renco, bolstered by Renco's recent announcement of the construction
of a new facility in Florida.
- Renewed Distribution Agreement and Pipeline for Cuentas
Mobile and Cuentas Money: The Company has restructured its
distribution agreement for its 31,000+ store retail network, which
had been a major source of revenue in 2022, bringing in a new
partner and creating a new product pipeline, expected to begin
rolling out in 2023.
"I am very pleased by our progress in executing what is a bold
strategy to create a complete lifestyle and financial ecosystem for
the underserved", said Cuentas CEO and Co-Founder Arik Maimon. "This has been a year of both
repositioning and fresh accomplishments, and we are increasingly
excited to bring our mission to market."
"This report demonstrates that we are executing on our business
plan and accelerating opportunities that can dramatically grow our
business," said Cuentas President and Co-Founder Michael De Prado. "We have created new business
opportunities, restructured our historically profitable product
pipeline, and are gaining traction across our Centas Money, Mobile
and Casa brands."
About CUENTAS Mobile
CUENTAS Mobile is Cuentas' first step in our plan to bring
increasingly powerful and cost-efficient telecommunications
solutions to those that have been unable to acquire or afford them.
With a growing selection of plans and services, delivered on the
nation's largest 5G and 4G LTE network, Cuentas Mobile puts the
power of the network in the palm of your hand.
About CUENTAS Money
CUENTAS Money is designed to provide a broad range of instant
access financial services and solutions to the growing segment of
the population who do not have access to such services. In
partnership combines a powerful application with even more powerful
access, giving users the control of managing all their
transactions, payments, money transfers, transfers in one
place.
About CUENTAS SDI
Cuentas SDI, LLC. is the company that owns the platform of
Black011.com and the network serving over 31,000 convenience stores
("Bodegas") in and around New York
and New Jersey. The Company is managed and controlled by The
OLB Group, Inc. Cuentas Inc., is a shareholder in Cuentas SDI, LLC.
Black011.com is the network that will deliver a range of services
to the network's customers, including digital incentives,
promotions, gift cards, discounts, top up services,
telecommunication services, money transfer solutions and other
digital and physical products and solutions true the network of
financial partners.
About CUENTAS Casa
CUENTAS CASA's unique approach to property development combines
state-of-the-art sustainable building technology with intelligent
property management systems with the goal of developing complete
residential communities in a fraction of the time and at a fraction
of the cost of traditional development. By selectively acquiring
locations near metropolitan areas and immediately working with our
partners to move into the construction phase, CUENTAS is able to
pass on the savings in construction and maintenance directly to the
resident. Management has seen rental prices reduced by as much as
30% over traditional residential communities.
About Cuentas
Cuentas, Inc. (Nasdaq: CUEN & CUENW) is creating an
alternative financial ecosystem for the growing population who do
not have access to traditional financial alternatives. The
Company's proprietary technologies help to integrate FinTech
(Financial Technology), e-finance and e-commerce services into
solutions that deliver next generation digital financial services
to the under-banked and underserved populations across America and
eventually, the world. The Cuentas Platform integrates Cuentas
Mobile, the Company's Telecommunications solution, with CUENTAS
Money, its core financial services offerings to help entire
communities enter the modern financial marketplace. In Q1 of
2023Cuentas launched Cuentas Casa, an alternative housing community
development solution based on a revolutionary, patented,
sustainable building system.Management believes adding this
construction technology to its offerings bridges the 'need gap',
providing a first of its kind combination of financial and
lifestyle solutions to the underbanked and underserved, putting the
Company in a unique position to take advantage of what has been
called a Trillion-dollar opportunity (LINK Forbes Article).
CUENTAS LINK: https://cuentas.com
Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in section 27a of the United States Securities Act
of 1933, as amended, and section 21e of the United States
Securities Exchange Act of 1934, as amended. Statements in this
press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans,
expectations, or intentions regarding the future. Except for the
historical information presented herein, matters discussed in this
news release contain forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to
differ materially from any future results, performance or
achievements expressed or implied by such statements. Statements
that are not historical facts, including statements that are
preceded by, followed by, or that include such words as "believe,"
"plan," or "expect" or similar statements are forward-looking
statements.
Investor Relations
Cuentas, Inc.
800-611-3622
info@cuentas.com
View original
content:https://www.prnewswire.com/news-releases/cuentas-adds-to-its-shareholder-update-filing-10q-as-management-highlights-progress-in-the-companies-multiple-businesses-reporting-increased-assets-reduced-losses-and-new-opportunities-for-2024-301901237.html
SOURCE Cuentas, Inc.