Affluence Corporation Announces Fourth Consecutive Quarter of Positive Net Income in the Third Quarter
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OAK BROOK, IL/ACCESSWIRE/November 22, 2022/ Affluence Corporation (OTC PINK:AFFU), a leader in Smart City software and Internet of Things (IoT) technology, reported third quarter 2022 results with its fourth consecutive quarter of positive net income. Highlights include:
- Revenue growth of 504% year over year
- Gross margin growth of 20 points quarter-on-quarter
- A fourth consecutive quarter of positive net income
“I am pleased to report 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 report revenue of $453,005 and net income of $132,670 for the third quarter of 2022. Revenue is adjusted to reflect the divestiture of the subsidiary RAS and is slightly higher quarter over quarter on an adjusted basis More importantly, we significantly improved our gross margin percentage by 20 points quarter over quarter and increased our revenue by 504% year to year,” Honan said.
“It’s amazing what our management team accomplished in the third quarter,” said Affluence board member Dale Haase. “We have forged important partnerships with three of the world’s largest technology companies that will significantly enhance our market reach in North America, the Middle East and Asia and we will officially announce these partnerships in the coming months. Additionally, we divested our RAS subsidiary which will allow us to focus on high growth, high margin markets including digital cities and AI. We also brought in $3.3 million of growth capital through a funding round led by Invenire Capital, LP that allowed us to increase our development and sales headcount,” Hase continued.
“Operationally, during the third quarter, the company continued to execute the delivery of Phase 1 of a multi-million dollar, multi-year contract for the world’s largest Smart City project, where our Hypervisor product was selected as the command and control software for the project,” Honan continued. “In addition, we continued to deliver a $1 million artificial intelligence (AI) contract with the major technology company responsible for the technology integration of the project. Going forward, both projects will continue to generate revenue for the remainder of this year and into 2024. In addition, our distribution network continues to expand, fueling our growth.The sales pipeline has never been larger and continues to grow, including several opportunities significant late-stage sales. I’m confident we’ll continue this momentum into the fourth quarter and beyond,” Honan said.
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 invest in medium-sized companies to create a cohesive unit that brings together technology for the next generation of the Internet. For more information, visit https://affucorp.com
About OneMind Technologies SL
OneMind Technologies SL is a wholly owned subsidiary of Affluence Corporation. OneMind Intelligent IoT solution builder is used to build applications for smart building and smart city operations. Operating as systems of systems, OneMind connects data sources to a single point of information to provide real-time insight into business processes. It is a key component of enterprise solutions currently 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 around the world. For more information, visit https://www.onemindtechnologies.com
For more 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. conditions, competitive and technological factors, markets, services, products and prices, availability and cost of capital, the success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Further, this press release should not be considered as legal, accounting or investment advice, and is not and cannot be considered as a solicitation for the purchase of securities issued by Affluence Corporation.
THE SOURCE: Affluence Society
See the source version on accesswire.com: