Cuentas Inc - CUENW STOCK NEWS

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) has announced a share repurchase program authorized by its Board of Directors. This decision aims to enhance financial flexibility and capitalize on the company's low market valuation, projected at 1.9 times 2022 revenue of $3 million. With $2.1 million in cash and no corporate debt as of September 30, 2022, Cuentas plans to buy back shares as market conditions allow. The company also reported an annualized revenue run rate of $4.4 million, significantly up from $593,000 in 2021.

Cuentas, Inc. (Nasdaq: CUEN & CUENW) reported substantial financial growth in its Q3 2022 10Q filing, with revenue soaring over 1,000% from $109,000 in Q3 2021 to $1.1 million in Q3 2022. Gross profit also experienced a significant increase, rising from $18,000 to $116,000 year-over-year. The total operating loss decreased to $2.26 million from $2.4 million in the same period last year. The company attributes this growth to expanded digital services, including a new partnership with InComm Payments and plans to enhance its mobile app with additional financial features.

Cuentas, Inc. (NASDAQ:CUEN, CUENW) has appointed Jay Adams as the new CEO of Cuentas Mobile, a prepaid wireless service provider. Adams brings over 25 years of experience in the prepaid and wireless industries, previously leading companies to generate over $200 million in annual revenue. Under his leadership, Cuentas Mobile aims to expand its offerings, particularly targeting the Hispanic market. The company provides digital financial services and products, including mobile payments and prepaid debit cards, helping underserved communities access affordable mobile services.

Cuentas, Inc. (Nasdaq: CUEN & CUENW) announced that its division, Cuentas Mobile, will provide 100,000 GSM SIM cards with free wireless services for life to users who maintain a minimum of $50 in their accounts monthly. Customers can register with the promo code CuentasMobile for no-cost direct deposit accounts. This initiative aims to integrate financial and wireless services, enhancing the user experience and promoting financial accessibility to the underbanked communities, especially during inflationary times.

Cuentas, Inc. (Nasdaq: CUEN & CUENW) announced that co-founders Arik Maimon and Michael De Prado will serve as Interim CEO and Interim President, respectively, following the departure of former CEO Jeff Johnson. This change aims to restore the company’s market capitalization, which peaked at $123 million in July 2021. Cuentas is positioned to compete with leading firms like Green Dot and PayPal in the mobile payment sector. Maimon expressed confidence in the company’s contracts and future, highlighting that Cuentas is undervalued and poised for growth.

Cuentas, Inc. (NASDAQ:CUEN, CUENW) reported a remarkable 280% year-over-year increase in e-commerce revenue for the first half of FY2022 compared to the same period in FY2021. The company attributed this growth to a combination of factors, including the acquisition of 19.9% of Cuentas SDI LLC, which aims to diversify its prepaid offerings. CEO Arik Maimon expressed optimism for continued revenue growth and cost-cutting measures to reduce operating expenses. Cuentas is focused on enhancing services for underbanked populations.

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) will host an Earnings and Shareholder Update Conference Call on August 18, 2022, at 4:30 PM ET. The call will discuss Q2 earnings results filed on August 15, 2022, along with three significant updates previously mentioned in the July 20 shareholder report. Participants can register online and submit questions during the call. Cuentas offers fintech solutions targeting underbanked populations, including a General Purpose Reloadable card and mobile app for financial services.

Cuentas, Inc. (NASDAQ: CUEN & CUENW) announced a $3 million private placement agreement with an institutional investor to purchase 4,224,044 shares of common stock and warrants at $0.71022 per share. The warrants have an exercise price of $0.59 and will be exercisable immediately, expiring in five and a half years. Net proceeds will be used for general working capital and marketing. The offering will close on or about August 8, 2022, subject to customary conditions. The securities are part of a non-public offering and will require a registration statement for resale.

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) reported significant advancements in its recent shareholder update. The company achieved its largest revenue growth in e-commerce history for Q2, attributed to acquiring a 20% stake in SDI Black 011. Additionally, Cuentas is in final negotiations with a Texas bank to launch a secured credit card through its mobile app, aiming to aid underbanked consumers. Furthermore, a partnership for merchant services will extend its retail network to 31,000 bodegas, enhancing distribution. These developments are expected to boost Q3 growth and overall market presence.