Affluence Corporation Announces Record 2021 and Q4 Revenue and its First Ever Positive EBITDA Quarter

Rhea-AI Summary

Affluence Corporation (AFFU) reported record earnings for FY 2021 and Q4, demonstrating strong financial growth and operational success. The company achieved a 363% year-over-year revenue increase, with full-year revenue reaching $935,000 compared to $202,000 in 2020. Q4 revenue surged by 93% from Q3 2021, totaling $435,000, marking its first positive EBITDA quarter. Strategic contracts and partnerships position Affluence for continued growth in the Smart City and IoT sectors in 2022.

Positive

• Record FY 2021 revenue of $935,000, up 363% from 2020.
• Q4 2021 revenue increased 93% from Q3 2021, totaling $435,000.
• First positive EBITDA quarter in company history.
• Secured a multi-million dollar contract for Smart City software.
• Partnerships with two major global tech companies expected to boost growth.

Negative

• None.

OAK BROOK, IL / ACCESSWIRE / March 29, 2022 / Affluence Corporation (OTC Pink:AFFU) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for 2021 and Q4 with record revenue for both the FY 2021 and Q4. Highlights include:

• Revenue growth of 363% year over year
• Revenue growth of 93% in Q4 2021 from Q3 2021
• Its first positive EBITDA quarter in history

"We have spent the last two years making investments in cutting edge technologies that address inefficiencies in the Smart City and IoT markets and we are seeing tangible proof that our solutions are being very well received in this rapidly growing market," said James E Honan, Jr., CEO of Affluence Corporation. "I am extremely proud of our team and delighted to announce record revenue growth for 2021. Full year 2021 revenue of $935,000 is a 363% increase over $202,000 in 2020. More importantly Q4 was our first quarter ever with positive net income. Q4 2021 revenue of $435,000 increased 93% over Q3 2021 and we are projecting continued profitability in 2022," said Honan.

"The Affluence board of directors is quite pleased with the continued progress demonstrated by our management team," said Dale Haase, Affluence Board Member. "While at first glance a 363% year over year revenue increase could be dismissed by the magnitude of the numbers from the prior year, it is important to look at the operational trends which are all extremely positive. Operationally, in Q4 the company received a multi-year, multi-million dollar contract for our Smart City Software and the OneMind Technology software will be the command and control software for one of the largest smart city projects in the world. In addition we added a new smart city deployment in Quang Ninh Province, Viet Nam. We also announced partnerships with two major global technology companies which will have a very positive influence in 2022. In addition, RAS our telecom engineering services business produced steady results as well. The board of directors is confident that company is well positioned for continued success in 2022 and beyond," said Haase.

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

About RAS Engineering

RAS Engineering is a wholly owned subsidiary of Affluence Corporation and is a telecom infrastructure engineering and design services organization. RAS Engineering provides the design work critical to 5G telecom construction projects. Service offerings include code compliance, forensic engineering and implementation and maintenance of telecom projects. RAS Engineering holds patents for technologies essential to improving 5G network performance.

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

View source version on accesswire.com:
https://www.accesswire.com/695056/Affluence-Corporation-Announces-Record-2021-and-Q4-Revenue-and-its-First-Ever-Positive-EBITDA-Quarter

FAQ

What were Affluence Corporation's revenue figures for 2021?

Affluence Corporation reported revenue of $935,000 for FY 2021, a 363% increase compared to $202,000 in 2020.

How much did Affluence's revenue grow in Q4 2021?

In Q4 2021, Affluence Corporation's revenue grew by 93% from Q3 2021, reaching $435,000.

What is significant about Affluence's Q4 2021 performance?

Q4 2021 was Affluence Corporation's first quarter with a positive EBITDA.

What contracts did Affluence Corporation secure recently?

Affluence secured a multi-year, multi-million dollar contract for its Smart City Software.

What does the future look like for Affluence Corporation?

Affluence Corporation projects continued profitability and growth in 2022, supported by new partnerships and contracts.