Cuentas Files 10K Reporting Strong Year and New Opportunities for 2023

Rhea-AI Summary

Cuentas, Inc. (NASDAQ:CUEN, CUENW) reported significant growth in its annual 10K filing, revealing a 500% year-over-year increase in revenue, totaling $2.994 million for 2022 compared to $593,000 in 2021. Gross profit rose to $486,000 from $124,000. The company's liabilities decreased from $2.8 million to $2.2 million. CuentasCasa secured a 10-year supply agreement for a patented construction technology aimed at affordable housing. This aligns with the recently passed Florida Senate Bill 102, which invests $711 million into the affordable housing sector, creating new opportunities for the company.

Positive

• 500% year-over-year revenue growth to $2.994 million in 2022.
• Gross profit increased from $124,000 in 2021 to $486,000 in 2022.
• Liabilities reduced from $2.8 million to $2.2 million.
• 10-year supply agreement for patented green construction technology.
• Positioned to capitalize on $711 million investment from Florida Senate Bill 102.

Negative

• None.

Cuentas Revenue Increased 5-fold from 2021 to 2022

MIAMI, FL / ACCESSWIRE / April 4, 2023 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas"), an innovative, leading technology company is announcing the filing of its annual 10k report with strong financial figures and exciting news about its entrance into the affordable housing market. Cuentas is combining its fintech experience and capabilities with opportunities in the affordable housing market to provide effective solutions for its target demographics, the unbanked, underbanked and underserved communities.

Cuentas reported five times year-over-year revenue growth in its annual report for the period ended December 31, 2022. Total revenue for 2022 ending 12/31/2022 was $2.994 million vs $593,000 for 2021. Gross Profit was $486,000 for 2022 vs $124,000 for 2021.

Total Liabilities are $2.2 Million as of 12/31/2022, which is a decrease compared to $2.8 million as of 12/31/2021.

CuentasCasa has a 10 year supply agreement to employ a new, green, patented MCFR (Mineral Composite Fiber Reinforced) Construction System technology that will be instrumental for the development of sustainable, lower cost, affordable housing complexes.

CuentasCasa is now aiming to take advantage of the affordable housing opportunity as Florida Senate Bill (SB) 102, the Live Local Act, was recently passed, investing $711 million towards these communities.

"I am very pleased to position the company for future success in both sectors where demand is increasing. This will allow management to execute on its business plan and accelerate growth of the company," said Cuentas CEO Arik Maimon. "We are striving to capitalize on last year's growth to continue the momentum and bring even better financial news to our shareholders", added Maimon.

About Cuentas

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit 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

SOURCE: Cuentas, Inc.

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https://www.accesswire.com/747448/Cuentas-Files-10K-Reporting-Strong-Year-and-New-Opportunities-for-2023

FAQ

What were Cuentas' revenue figures for 2022?

Cuentas reported a revenue of $2.994 million for 2022, a 500% increase from $593,000 in 2021.

How did Cuentas' gross profit change from 2021 to 2022?

Cuentas' gross profit rose from $124,000 in 2021 to $486,000 in 2022.

What are the total liabilities reported by Cuentas?

Cuentas has total liabilities of $2.2 million as of December 31, 2022, down from $2.8 million in 2021.

What recent legislation affects Cuentas' business in affordable housing?

The Florida Senate Bill 102 was passed, allocating $711 million towards affordable housing, which Cuentas plans to take advantage of.

What new technology is Cuentas utilizing in its housing projects?

CuentasCasa has a 10-year supply agreement for a green patented Mineral Composite Fiber Reinforced (MCFR) Construction System technology.