Oak Brook, IL. April 17, 2023 – Affluence Corporation (AFFU.PK) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for 2022 and Q4 with record revenue for FY 2022. Highlights include:
- Revenue growth of 185% year over year
- Year over year gross margin improvement of 5 points
- Q4 Revenue growth of 38% vs. Q4 2021
“2022 was a year of firsts for Affluence Corporation and we experienced growth in all aspects of our business. We significantly expanded our customer base, developed major partnerships all over the world and continued to enhance the world’s premier Smart City Software solution by incorporating AI technology and offering customers a SaaS option,” said James E Honan, Jr., CEO of Affluence Corporation. “I am extremely proud of our team and delighted to announce record revenue growth for 2022. Full year 2022 revenue of $1,463,099 is a 185% increase over $513,673 in 2021. Also, we improved gross margin by 5 points versus the prior year while maintaining the same level of operating expenses. Q4 Revenue of $434,850 increased by 38% versus Q4 2021. While we are very happy with the 2022 results, we are extremely excited about our prospects for 2023. Our preliminary First Quarter results look to be at least double that of the prior quarter. We won a major sales opportunity early in Q1, have visibility to several other large opportunities and our sales pipeline is 5X what it was last year at this time. 2023 looks to be a break-out year for Affluence,” said Honan.
“The OneMind Technologies team over performed in every facet of our business,” said Stephane Eyme, Global CEO of OneMind Technologies. “Our focus in 2022 was to continue to leverage our partnership model to grow through strategic partnerships. To that end, in addition to already established partnerships with Orange Business Services (NYSE:ORAN), who granted us with their Best Partner Award for IMEA 2022, we entered into a world-wide strategic partnership with Dell Technologies (NYSE:DELL) and regional partnerships with INJAZAT in the Middle East, BESTEL in Mexico and Central America, GLOBE in South America and STEE in Singapore. We are currently engaged with all of our partners in multiple on-going sales opportunities for 2023. Our sales pipeline has never been larger and continues to grow and we expect to be announcing sales in each geography, including the US. In 2022 our development team strengthened an already industry standard software offering by adding AI capabilities and we introduced a new platform version named OneMind-NG which includes SaaS capabilities among many other added technology enhancements. Additionally, with our technology partner CORSIGHT we jointly configurated a market offering based on both products to combat auto theft and carjackings. This new product is currently being evaluated in uses cases in the US. Our professional services team continues to deliver against a contract for the world’s largest smart city project in Saudi Arabia,” said Eyme.
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.