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

Core Insights - Cuentas, Inc. reported a remarkable 898% year-over-year increase in sales for Q1 2024, showcasing the effectiveness of its innovative strategies in fintech and telecommunications [2][7] - The company is finalizing the sale of its Brooksville, Florida property for $7.2 million, which is expected to enhance liquidity and support future investments [3] - Cuentas has signed a Letter of Intent to acquire shares in Sekur Private Data Ltd., aiming to integrate its products into Cuentas Mobile services [4] Financial Performance - Revenues for Q1 2024 reached $639,000, a significant increase from $64,000 in Q1 2023, reflecting a growth of 898% [7] - The cost of revenues for the same period totaled $708,000, up from $123,000 in the previous year, with telecom platform costs and digital product purchases accounting for the majority [8] - The gross profit margin for the telecommunications segment was 48%, while the digital product segment faced a gross loss margin of 65%, leading to an overall gross loss margin of 11% [9] Operating Expenses and Net Loss - Operating expenses decreased significantly to $774,000 in Q1 2024 from $1,627,000 in the same period in 2023 [10] - Selling, general, and administrative expenses were reduced by 52%, totaling $772,000 compared to $1,625,000 in Q1 2023 [11] - The net loss for Q1 2024 was $445,000, a substantial improvement from a net loss of $1,695,000 in the same period last year [12] Asset Position - As of March 31, 2024, total current assets amounted to $492,000, including cash of $28,000 and accounts receivable of $290,000 [13]