Affluence Corporation Announces Second Consecutive Quarter of Record Revenue and Earnings in Q1

Rhea-AI Summary

Affluence Corporation (AFFU.PK) reported substantial financial growth in its Q1 2022 earnings, marking the second consecutive quarter of record performance. Revenue surged by 363% year-over-year and 27% from Q4 2021, reaching $550,600. The company achieved its highest net income, with earnings of $170,604, reflecting an increase of 490% over the previous quarter. This momentum is driven primarily by the success of its subsidiary, OneMind Technologies, in the smart city software sector, indicating strong future potential.

Positive

• Revenue increased by 363% year-over-year.
• Q1 2022 revenue of $550,600 represents a 27% growth from Q4 2021.
• Earnings for Q1 2022 were $170,604, a 490% increase over Q4 2021.

Negative

• None.

OAK BROOK, IL / ACCESSWIRE / May 4, 2022 / Affluence Corporation (AFFU.PK) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for the first quarter of 2022 with record revenue and earnings for the second straight quarter. Highlights include:

• Revenue growth of 363% year over year
• Revenue growth of 27% in Q1 2022 from Q4 2021
• Its largest net income quarter in history

"I am pleased to announce record revenue and earnings for the second quarter in a row," said James E Honan, Jr., CEO of Affluence Corporation. "I am extremely proud of our team and delighted to announce record revenue of $550,600 for the first quarter of 2022. Q1 is a continuation of the momentum that has been building since the third quarter of 2021. More importantly we achieved another consecutive quarter of record earnings as the majority of our revenue came from our subsidiary OneMind Technologies' Smart City Software products. Q1 2022 earnings of $170,604 increased 490% over Q4 2021. We are very confident that this momentum will continue for the remainder of the year," said Honan.

"The Affluence board of directors could not be more pleased with the trajectory that the company is on," said Dale Haase, Affluence Board Member. "Operationally, in Q1 the company executed on the delivery of Phase 1 of a multi-year, multi-million dollar contract for our Smart City Software product. OneMind Technology software is becoming one of the critical pieces as the command and control software for one of the largest smart city projects in the world. In addition we deployed our smart city software in Quang Ninh Province, Viet Nam which showed the versatility of our product as the software is giving real time information over the entire geographic area. We also added a VP of Sales and look to continue to add personnel all over the globe because our partnerships continue to bring us new opportunities. In addition, RAS our telecom engineering services business produced steady results as well. The board of directors is confident that the company will continue its growth for the remainder of 2022," 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

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https://www.accesswire.com/700084/Affluence-Corporation-Announces-Second-Consecutive-Quarter-of-Record-Revenue-and-Earnings-in-Q1

FAQ

What were Affluence Corporation's Q1 2022 earnings results?

Affluence Corporation reported record revenue of $550,600 for Q1 2022, a 363% increase year-over-year, and earnings of $170,604, up 490% from Q4 2021.

How does Affluence Corporation's Q1 2022 revenue compare to previous quarters?

The Q1 2022 revenue increased by 27% compared to Q4 2021, continuing a trend of significant growth.

What is driving the revenue growth for Affluence Corporation?

The primary driver of revenue growth is the success of OneMind Technologies' smart city software products.

What future outlook did Affluence Corporation provide?

Affluence Corporation expressed confidence in maintaining its growth momentum for the remainder of 2022.