Affluence Corporation Announces Third Consecutive Quarter of Record Revenue in Q2

Rhea-AI Summary

Affluence Corporation (OTC PINK:AFFU) has reported record revenue for the third consecutive quarter in its Q2 2022 earnings, posting a remarkable 511% increase year-over-year and a 12% growth from Q1 2022, totaling $617,076. The company has achieved positive net income in each of the last three quarters. Management credits growth to successful partnerships and a robust Smart City Software market, projected to reach $6 trillion by 2030. Additionally, Affluence is advancing a significant Smart City project and has secured a $1 million contract for AI module development.

Positive

• Record revenue of $617,076 in Q2 2022, up 511% year over year.
• Achieved third consecutive quarter of positive net income.
• Secured a $1 million contract for AI development in a major Smart City project.
• Growth driven by partnerships and a rapidly expanding Smart City Software market.

Negative

• None.

OAK BROOK, IL / ACCESSWIRE / August 18, 2022 / 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 2022 with record revenue for the third straight quarter. Highlights include:

• Revenue growth of 511% year over year
• Revenue growth of 12% in Q2 2022 from Q1 2022
• The third consecutive quarter of positive net income

"I am pleased to announce our third consecutive quarter of record revenue," said James E Honan, Jr., CEO of Affluence Corporation. "I am extremely proud of our team and delighted to announce record revenue of $617,076 for the second quarter of 2022. Affluence's continued growth has been fueled by multiple industry partnerships and a rapidly growing Smart City Software market with a 25% Compound Average Growth Rate (CAGR) and the Smart City market is expected to be $6 trillion by 2030. Because of this we are very confident that this momentum will continue for the remainder of the year," said Honan.

"The Affluence board of directors is thrilled with management's performance against our internal goals and extremely optimistic with the long term outlook for the company," said Dale Haase, Affluence Board Member. "Operationally, in Q2 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 entire project. In addition we have received a $1 million dollar contract from the large technology company that is responsible for technology integration for the entire project. The contract is to add Artificial Intelligence (AI) for application specific modules for the project. In Q2 we partnered with Corsight, a leader in facial recognition software. Together, we developed an application to combat car-jackings and deter auto theft. This is the first application of its kind and we expect to announce our first implementation in Q3. In addition, RAS our telecom engineering services business produced steady results as well. Going forward, the board of directors is confident that the company will continue its growth for the remainder of 2022 and look forward to participating at a major Smart City Expo along side of one of the world's largest technology companies where we will formally announce a reseller partnership with them and will leverage a sales force of approximately 3,000 reps to market and sell the joint solution," 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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FAQ

What were Affluence Corporation's Q2 2022 revenue figures?

Affluence Corporation reported a record revenue of $617,076 for Q2 2022, marking a 511% increase year over year.

What is the growth rate of the Smart City Software market?

The Smart City Software market is experiencing a Compound Average Growth Rate (CAGR) of 25% and is projected to reach $6 trillion by 2030.

How many consecutive quarters of positive net income has Affluence achieved?

Affluence Corporation has achieved positive net income for three consecutive quarters.

What contract did Affluence secure related to AI development?

Affluence secured a $1 million contract to integrate AI for application-specific modules in a major Smart City project.