CUEN – Cuentas Announces Remarkable Q1 Performance with 898% Year-Over-Year Sales Surge and Strategic Transactions

Cuentas, Inc. Announces Outstanding Q1 2024 Financial Results: Reports Astonishing 998% YOY Sales Increase, Provides Update on Sale of Tampa Real Estate and Distribution Partnership Ownership.

MIAMI BEACH, FL, May 21, 2024 (GLOBE NEWSWIRE) -- Cuentas, Inc. (OTC: CUEN & CUENW) (“CUEN” or “the Company”), a pioneer driving the seamless integration of fintech, mobile telecommunications, and real estate for the unbanked and underbanked Hispanic demographic, announced today the publication of the company’s Q1 2024 financial report on SEC Form 10Q. Key highlights include the company’s improved sales and financial results, expected completion of the definitive sale of its Brooksville, Florida property and its interests in Cuentas SDI, LLC.

Key Highlights

Sales Surge: The company reported an extraordinary 898% increase in sales for Q1 2024 compared to the same period last year. This growth is a testament to Cuentas' innovative approach and strategic advancements in the telecommunications and fintech sectors.

Brooksville Property Sale: Cuentas is set to complete the definitive sale of its Brooksville, Florida property and its interests in Cuentas SDI, LLC. The sale, valued at $7.2 million, will significantly enhance the company’s liquidity and support further strategic investments.

Strategic Investments: On May 1, 2024, Cuentas signed a Letter of Intent with Sekur Private Data Ltd. to acquire 5,000,000 shares of SWISF common stock for $500,000, and 25,000,000 shares for the transfer of the M&M Telecom MVNO Agreement and FCC 214 license valued at $2.5 million. This move will integrate Sekur’s products into the Cuentas Mobile service, enhancing its bundled offerings for family and business customers.

Sale of Cuentas SDI: On May 20, 2024, Cuentas sold a 19.99% interest in Cuentas SDI, LLC for $215,500, retaining its extensive distribution network of over 31,000 bodegas and enhancing real-time reselling via online, mobile, and direct sales channels.

Reduction in Current Liabilities: A substantial 20% reduction to $3,741,000, compared to $4,689,000 as of March 31, 2023.

"We are thrilled to announce such a significant milestone for Cuentas," said Mr. Arik Maimon, CEO of CUEN. "Our team's dedication to delivering cutting-edge mobile telecommunications and fintech solutions has resulted in remarkable growth. We remain focused on our mission to empower our customers with innovative technology and unparalleled service. As Cuentas continues to build on this momentum, the company is committed to strategic investments and partnerships that will drive sustained growth and shareholder value such as the investment in Sekur Private Data Ltd. and our acquisition of our minority interest in Cuentas SDI, LLC."