OAK BROOK, IL / ACCESSWIRE / May 22, 2023 / Affluence Corporation (OTC Pink:AFFU) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for the First Quarter of 2023. Highlights include:
- Revenue of $887,000
- Quarter over quarter growth of 104%
- Highest net income in history
'We had an exceptional First Quarter in terms of both revenue, net income and customer base growth,' said James E Honan, Jr., CEO of Affluence Corporation. 'I am extremely proud of our team and delighted to announce record quarterly revenue of $887,278 and record net income of $277,685. Revenue grew by 104% over Q4 2022 and by 73% over the same time period of 2022, additionally our Q1 revenue is approximately 60% of what we achieved for the entirety of 2022. The First Quarter Net Income of $277,685 is our largest quarterly profit in history. It is my belief that going forward we will continue to see this type of growth building off of the momentum that we established in the second half of last year where we made significant investments in our team. I am extremely excited about our prospects going forward,' said Honan.
'The OneMind Technologies team continues to exceed my expectations and the fantastic First Quarter results are a testament to their efforts,' said Stephane Eyme, Global CEO of OneMind Technologies. 'Our sales team won a major order where the OneMind Product will be the command and control platform for the City of Riyadh, Saudi Arabia. This is second time that we went head-to-head against our toughest competitor, a Fortune 200 company and won a multi-million dollar opportunity where the customer viewed our technology and approach as superior. The investments we made in our sales team is paying dividends as our sales pipeline continues to grow exponentially. Already in Q2 we have won multiple direct and channel opportunities in Chile, Mexico and the US but more importantly in addition to the smart city market we are expanding into new markets as we have received orders from retail logistics companies and universities. Our development team made great strides strengthening our core product with additional AI capabilities. Our professional services team continues to deliver against a contract for the world's largest smart city project,' said Eyme.
About Affluence Corporation
Affluence Corporation (OTC Pink:AFFU) 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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