Affluence Corporation Announces Fourth Consecutive Quarter of Positive Net Income in Q3
Affluence Corporation (OTC PINK:AFFU) reported third-quarter earnings for 2022, achieving its fourth consecutive quarter of positive net income. Key highlights include a 504% year-over-year revenue growth, reaching $453,005, and a net income of $132,670. The gross margin improved by 20 points quarter over quarter. The company also secured $3.3 million in growth capital to enhance its development and sales efforts. Partnerships with major technology firms aim to expand sales reach across multiple regions, including North America and Asia.
- Revenue growth of 504% year over year.
- Gross margin increased by 20 points quarter over quarter.
- Achieved fourth consecutive quarter of positive net income.
- Secured $3.3 million in growth capital.
- Formed significant partnerships with major technology companies to expand sales reach.
- None.
OAK BROOK, IL / ACCESSWIRE / November 22, 2022 / Affluence Corporation (OTC PINK:AFFU) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for the third quarter of 2022 with its fourth straight quarter of positive net income. Highlights include:
- Revenue growth of
504% year over year - Gross margin growth of 20 points quarter over quarter
- The fourth consecutive quarter of positive net income
"I am pleased to announce strong positive results in the third quarter, as we continue to make great strides in growing the business," said James E. Honan, Jr., CEO of Affluence Corporation. "I am extremely proud of our team and delighted to announce revenue of
"It is amazing what our management team accomplished in Q3," said Dale Haase, Affluence Board Member. "We have forged significant partnerships with three of the world's premier technology companies that will dramatically improve our sales reach in North America, the Middle East and Asia and we will be formally announcing these partnerships in the upcoming months. Additionally, we divested our RAS subsidiary which will enable us to focus on high growth, high margin markets including Digital Cities and AI. We also brought in
"Operationally, in Q3 the company continued to execute on the delivery of Phase 1 of a multi-year, multi-million dollar contract for the largest Smart City project in the world where our Hypervisor product has been selected as the command and control software for the project," continued Honan. "Also, we continued to deliver on a
About Affluence Corporation
Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city software and innovative cloud solutions that capitalize on IoT, AI and 5G technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com
About OneMind Technologies SL
OneMind Technologies SL is a wholly owned subsidiary of Affluence Corporation. The OneMind Intelligent IoT solution builder is used to create applications for smart construction and smart city operations. Functioning as systems of systems, OneMind connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. The OneMind Smart City solution is deployed in Barcelona, San Francisco, Guadalajara, Oslo and many other cities throughout the world. For more information go to https://www.onemindtechnologies.com
For further information contact Affluence Corporation Investor Relations at 720-295-6409.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.
SOURCE: Affluence Corporation
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