Cuentas Inc. Reports First Half Revenue Up by 3,806% to $40.9 Million and Positive Net Income for the First Half of 2018 - RedChip.com

Cuentas Inc. Reports First Half Revenue Up by 3,806% to $40.9 Million and Positive Net Income for the First Half of 2018

Nov. 27, 2018 8:15 am


MIAMI, November 27, 2018 /PRNewswire/ --

Cuentas, Inc. (CUENTAS)(OTCQB: CUEN), a FinTech service provider delivering mobile banking, prepaid debit and credit and telecommunications services to underbanked and underserved communities, announced today that it has filed its Form 10-Q for the period ended June 30, 2018.

Cuentas generated total revenue of $40.9 million for the six-month period ended June 30, 2018, as compared to $1.1 million for the six-month period ended June 30, 2017, an increase of approximately 3,806%. The increase in the total revenue and net income was mainly due to the acquisition of Limecom in October 2017.

Net income for the six-month period ended June 30, 2018 was $0.6 million compared to a net loss of $4.17 million for the same period ended June 30, 2017.

Revenue for the 3 months ended June 30, 2018 was $20.9 million compared to revenue of $0.6 million for the comparable period in 2017. The increase was mainly due to the acquisition of Limecom.

The increase in the total revenue in 2018 drove a 60% a reduction in the net loss, from $2.44 million in the second quarter of 2017 to $1.0 million in the second quarter of 2018.  Net loss per diluted share decreased 69% year-over-year, from $2.62 in the second quarter of 2017 to $0.81 in the second quarter of 2018.

The principal reason for the delay in filing the latest 10-Q Form was the integration of Limecom's accounting system and data.

"While the incorporation of Limecom's accounting data led to a delay in our filings with the SEC, we're pleased to have completed this critical initiative and to report operational results that prove the company is moving in the right direction to increase revenue and profits," said Arik Maimon, CEO.  "Hopefully, as our six-month results indicate, we have turned the corner and Cuentas is headed toward sustained profitability."

"We have been working very hard to improve the revenue and profits for the Company," said Michael De Prado, President & COO of Cuentas. "While we are pleased with our year-to-date results, we believe our best days are ahead and look forward to reporting our ongoing successes to you in the coming months."

About Cuentas, Inc.

Cuentas, Inc. (OTCQB: CUEN) is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative Mobile banking, Mobile Payment solutions to underserved, unbanked, and emerging markets. Learn more at http://www.cuentas.com

THIS PRESS 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 PRESS 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 PRESS RELEASE INCLUDE STATEMENTS RELATING TO OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY.

For inquiries:
Dave Gentry
RedChip Companies Inc.
dave@redchip.com 
+1-407-491-4498

Cuentas, Inc.
investor@cuentas.com 
+1-800-611-3622

PR Newswire
November 27, 2018 - 8:15 AM EST


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