CUEN - Cuentas Achieves Remarkable Third Quarter Results, Showcasing an Astounding 861% Revenue Surge Compared to the Previous Quarter in 2023, Alongside a Noteworthy 200% Year-over-Year Growth in Cash Position.

MIAMI BEACH, FL, Nov. 20, 2023 (GLOBE NEWSWIRE) -- Cuentas, Inc. (Nasdaq: CUEN & CUENW), the leading developer of a fully integrated telecommunications and financial ecosystem for the unbanked and underbanked Hispanic market, announced today the publication of the company’s Q3 FY 2023 financial report on SEC Form 10Q.

Revenue increase, pending acquisition and improved operations performance

Management is pleased to present a report that highlights the company's ongoing transition, strategically capitalizing on its extensive experience in the telecommunications sector. The aim is to broaden its scope by offering a diverse range of services that cater to the comprehensive basic needs of today's consumers, spanning from housing solutions to secure communications and innovative financial services.

The results speak volumes about Cuentas progress, with sales surging to an impressive $1 million, marking an extraordinary quarter-over-quarter increase of 861%, and an increase of $0.896 million for the period ending September 2023.

The revenue increase originates from its joint ventures and its wholesale telecommunications increase in volume in preparation for its Cuentas Mobile products, which will include international features via Cuentas FinTech proprietary intellectual property core platform.

Expenses and losses reflect a corresponding reduction due to a decrease in sales, marketing and administrative expenses. These robust financial indicators underscore the success of its expansion strategy and its commitment to delivering value across various sectors.

Central to Cuentas’ transition is a strategic acquisition currently underway. As noted in the Q3 FY 2023 report on SEC Form 10Q for the period ending September 30, 2023, under subsequent events, on October 19th of this year, Cuentas entered into a binding agreement to acquire the majority interest in WHEN Group (OTC Pink: WHEN), a telecom and cybersecurity company with proprietary technologies developed to protect individuals and enterprises. Management believes the Company’s solutions address a broad segment of the fast-growing, multi-billion-dollar cybersecurity market, projected to total $215 billion in 2024, according to Gartner.