OAK BROOK, IL / ACCESSWIRE / March 29, 2022 / Affluence Corporation (OTC Pink:AFFU) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for 2021 and Q4 with record revenue for both the FY 2021 and Q4. Highlights include:
- Revenue growth of 363% year over year
- Revenue growth of 93% in Q4 2021 from Q3 2021
- Its first positive EBITDA quarter in history
“We have spent the last two years making investments in cutting edge technologies that address inefficiencies in the Smart City and IoT markets and we are seeing tangible proof that our solutions are being very well received in this rapidly growing market,” said James E Honan, Jr., CEO of Affluence Corporation. “I am extremely proud of our team and delighted to announce record revenue growth for 2021. Full year 2021 revenue of $935,000 is a 363% increase over $202,000 in 2020. More importantly Q4 was our first quarter ever with positive net income. Q4 2021 revenue of $435,000 increased 93% over Q3 2021 and we are projecting continued profitability in 2022,” said Honan.
“The Affluence board of directors is quite pleased with the continued progress demonstrated by our management team,” said Dale Haase, Affluence Board Member. “While at first glance a 363% year over year revenue increase could be dismissed by the magnitude of the numbers from the prior year, it is important to look at the operational trends which are all extremely positive. Operationally, in Q4 the company received a multi-year, multi-million dollar contract for our Smart City Software and the OneMind Technology software will be the command and control software for one of the largest smart city projects in the world. In addition we added a new smart city deployment in Quang Ninh Province, Viet Nam. We also announced partnerships with two major global technology companies which will have a very positive influence in 2022. In addition, RAS our telecom engineering services business produced steady results as well. The board of directors is confident that company is well positioned for continued success in 2022 and beyond,” said Haase.
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.