Cuentas Files Second Quarter 2021 10Q Report

Rhea-AI Summary

Cuentas, Inc. (NASDAQ:CUEN) released its quarterly report for Q2 2021, revealing significant financial improvements. The company saw an increase in cash reserves, with $6.24 million in cash on hand, up from just $0.22 million at the end of 2020. Total assets rose to $12.9 million, while liabilities decreased to $3.45 million. Revenue for the quarter reached $155,000, a gain from $117,000 year-over-year. However, operating losses grew to $2 million compared to $1.236 million in Q2 2020. The funds from warrant conversions are anticipated to boost business development efforts.

Positive

• Cash and cash equivalents increased to $6.24 million from $0.22 million since end of 2020.
• Total assets rose to $12.9 million from $7.5 million since end of 2020.
• Total liabilities decreased to $3.45 million from $6.57 million since end of 2020.
• Revenue grew to $155,000 from $117,000 year-over-year.

Negative

• Operating loss rose to $2 million in Q2 2021 from $1.236 million in Q2 2020.

MIAMI, FL / ACCESSWIRE / August 25, 2021 / Cuentas, Inc. (NASDAQ:CUEN) ('Cuentas'), a leading FinTech provider of mobile banking and payment solutions serving Latino and Hispanic consumers, filed its quarterly report for the period ended June 30, 2021.

Cuentas' balance sheet was dramatically improved at the end of Q2 due to the conversion of warrants originally issued through an underwritten public offering in February 2021. These funds, totaling approximately $6.2 Million arrived at the end of Q2 and the first days of Q3 and were deposited to Cuentas' bank account.

The 2021-Q2 10Q report shows $6.24 million in Cash & cash equivalents on 6/30/2021 compared to $0.22 million on 12/31/2020 and with Total assets of $12.9 million as of June 30, 2021 as compared to $7.5 Million as of Dec 31, 2020.

Total Liabilities are $3.45 Million as of 6/30/2021 compared to $6.57 million as of 12/31/2020.

Total revenue for Q2 ending 6/30/2021 was $155,000 vs $117,000 for the same period of 2020. The Operating Loss was $2 Million for Q2 2021 compared to $1.236 million for Q2 2020.

'The exercise of Cuentas warrants at the end of Q2 shows investor confidence in the Cuentas project and we intend to use these additional funds to augment our business development and market penetration.' stated Arik Maimon, Founder and Executive Chairman. 'Cuentas will continue to work towards our goal of enhancing our strategic marketing and distribution plan', added Maimon.

About Cuentas

Cuentas, Inc. (Nasdaq: CUEN & CUENW) is a FinTech e-banking and e-commerce service provider with proprietary technology aimed at providing solutions for the underbanked and un-banked Hispanic and Latino population. Its services include, but are not limited to, mobile banking, online banking, prepaid debit, ACH and mobile deposits, cash remittance, peer to peer money transferring, and providing access to bank accounts for customers who previously could not obtain bank accounts. The proprietary Cuentas General Purpose Reloadable (GPR) Card provides holders with a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit the Investor Relations section of www.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 news 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 'estimate,' 'anticipate,' 'believe,' 'plan' or 'expect' or similar statements are forward-looking statements. Forward-looking statements contained in this news release include statements relating to other publicly available information regarding the company.

Investor Relations
Cuentas, Inc.
235 Lincoln Rd., Suite 210
Miami Beach, FL 33139
investor@cuentas.com
800-611-3622

SOURCE: Cuentas, Inc.

View source version on accesswire.com:
https://www.accesswire.com/661269/Cuentas-Files-Second-Quarter-2021-10Q-Report

FAQ

What were Cuentas' total assets as of June 30, 2021?

Cuentas' total assets as of June 30, 2021, were $12.9 million.

How much cash did Cuentas have at the end of Q2 2021?

Cuentas had $6.24 million in cash and cash equivalents at the end of Q2 2021.

What was the revenue for Cuentas in Q2 2021?

Cuentas reported a revenue of $155,000 for Q2 2021.

What is the operating loss for Cuentas in Q2 2021?

Cuentas reported an operating loss of $2 million for Q2 2021.

How have Cuentas' total liabilities changed since the end of 2020?

Cuentas' total liabilities decreased to $3.45 million as of June 30, 2021, from $6.57 million at the end of 2020.