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.
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.
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.
SOURCE: Cuentas, Inc.
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