Technology Stocks

Cuentas (NASDAQ: CUEN) Signs a Contract to Rollout the World’s First Shared WiFi6 Network from WaveMax

The Shared WiFi network from WaveMax Corporation is one of its kind and the first across the globe. During Mobile World Congress in Barcelona, TelcoDR said that the WiFi6-5G shared network was part of the most innovative mobile technologies showcased. But even before a scheduled launch can happen, Cuentas (NASDAQ: CUEN) is already preparing to roll out the SharedFi in 170 test locations in the New York City-Tristate area. The FinTech Company has already signed a contract and is ready to take on a six-month test, and if this turns out successful, they will explore another 1,000 additional “Bodega Stores” in a 50/50 joint venture. 

Cuentas’ Underbanked and Un-banked Solutions

The e-commerce service provider aims to provide solutions to the Hispanic and Latino population. Mobile banking, online banking, prepaid debit, ACH, and mobile deposits are some of the company’s services alongside cash remittance and peer-to-peer money transfers. This means, unlike before, whereby consumers could not access bank accounts, now they can. Thanks to Cuentas’ underbanked and un-banked Solutions. 

The company’s CEO Arik Maimon says, “The WaveMax mobile the ecosystem will enable an enhanced user and shopping experience, with discounts for purchases and rewards….” However, its more outstanding contribution is that of net-new revenues. 

The Announcement of Cuentas’ 2021 Q1 Results

Cuentas says that they have doubled revenue for Q1 2021vcompared to Q1 2019. The 2021-Q1 10Q report shows $6.48 million in cash & cash equivalents on 3/31/2021 compared to $0.22 million on 12/31/2020. The total revenue for Q1 2021 was $225,000, which is over $134,000 for the same period of 2020. Meanwhile, the balance sheet also dramatically improved with a $12 million capital raise and net proceeds of $10.6 Million from an underwritten public offering. 

The company’s target is building its distribution network near key transportation hubs and prime physical Bodega Points Of Sale. Maimon has also outlined their great expectations and plans for the future, citing the need to satisfy its shareholders, partners, and supporters. They also believe that they are well-positioned to accelerate Q2 revenue with the cash they already have at hand.

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