Oak Brook, IL. August 18, 2022 – Affluence Corporation (AFFU.PK) 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.
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.