Affluence Corporation Announces Second Quarter Revenue and Net Income

Rhea-AI Summary

Affluence Corporation (OTC PINK:AFFU) reported Q2 revenue of $563,275 and net income of $42,322. First Software as a Service (SaaS) customer and first US customer from Dell Technologies partnership. Q2 revenue is approximately 13% higher than same period last year. SaaS option expected to increase reach and future prospects. Received first US customer and have more Dell US opportunities in pipeline.

Positive

• Q2 revenue is approximately 13% higher than same period last year
• SaaS option expected to increase reach and future prospects
• Received first US customer and have more Dell US opportunities in pipeline

Negative

• Absolute quarter over quarter revenue was down but when you analyze the composition of the revenue you will understand the decline

OAK BROOK, IL / ACCESSWIRE / August 22, 2023 / Affluence Corporation (OTC PINK:AFFU) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for the Second Quarter of 2023. Highlights include:

• Revenue of $563,000
• First Software as a Service (SaaS) customer
• First US customer from the Dell Technologies partnership

"The second quarter was a quarter of firsts for our company, we had our first Software as a Service (SaaS) customer and we had our first US customer through our Dell Technologies (DELL NYSE) partnership," said James E Honan, Jr., CEO of Affluence Corporation. "I am extremely proud of our team and delighted to announce quarterly revenue of $563,275 and net income of $42,322. Absolute quarter over quarter revenue was down but when you analyze the composition of the revenue you will understand the decline. In the second quarter we made a conscious decision to add more predictability to our revenue stream by offering a SaaS alternative for our customers. Even with the SaaS revenue, Q2 revenue is approximately 13% higher than the same period last year. It is our belief that offering a SaaS option into the Smart City Software market will increase our reach and positions us well for the future. Going forward our sales pipeline continues its steady growth with both enterprise software and SaaS opportunities and I am extremely excited about our prospects for the remainder of this year and beyond," said Honan.

"Building upon Jim's comments above, being able to offer a SaaS alternative will open up more opportunities for OneMind and reduce the time required to close sales," said Stephane Eyme, Global CEO of OneMind Technologies. "Our development team did a fantastic job in producing a SaaS version of our best-in- class enterprise software product in such a short period of time. Equally as important and not to be taken lightly is that we received our first US based customer from our Dell Technologies partnership. Prior to this quarter all of our sales through the Dell channel have been in the Middle East and Asia. OneMind was prominently featured at Dell World in Q2 and as a result we received our first US customer shortly after and have several more Dell US opportunities in our pipeline. I am very excited to unleash the power of the entire Dell Technologies US based sales team," said Eyme.

About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city software and innovative 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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