Affluence Corporation Announces Third Quarter Revenue and Net Income
News provided byACCESSWIRE
Nov 20, 2023, 10:10 AM ET
OAK BROOK, IL / ACCESSWIRE / November 20, 2023 / Affluence Corporation (OTC PINK:AFFU) a leader in Smart City Software and Internet of Things (IoT) technology released its earnings for the Third Quarter of 2023. Highlights include:
- Revenue of $433,000
- Gross Margin of 84%
- SAAS revenue from multiple customers
"We are very pleased with our third quarter results," said James E. Honan, Jr., CEO of Affluence Corporation. "At first blush the numbers were below our plan but we made a conscious decision to accelerate our push towards increasing SaaS customers and continuing to invest in product development, new market verticals and an increased sales presence in new geographies. Revenue for the quarter was approximately $433,000 which was down quarter over quarter but on par with the same period last year. However, gross margin of 84% significantly increased over last quarter and the prior year. It is imperative that we shift our sales model with more SaaS customers because the benefits are tremendous. Last quarter we saw several sales opportunities pushed out to the next quarter. Not only does the SaaS component add greater predictability to our revenue stream and higher gross margins but it also dramatically reduces sales cycle time. Enterprise software contracts usually take between 9 to 12 months while SaaS contracts are sub 4 months to complete. We posted a loss of $183,000 primarily due to our investment in additional staff to position us for the future. We added sales coverage and distributors in both North and South America and our sales pipeline includes multiple opportunities in these regions. On the product side we also introduced a new software product, OneMind NG Polar," said Honan.
"The OneMind Technologies team continued to make great strides in the third quarter," said Stephane Eyme, Global CEO of OneMind Technologies. "We achieved the designation as a Dell Certified Edge Partner by Dell Technologies (DELL) and prominently worked along side of Dell at several trade shows. We also enhanced our relationship with Claro Company becoming a distribution partner and are jointly working sales opportunities in Mexico and Latin America. On the development front, our team completed the OneMind NG Polar product. OneMind Polar NG is a smart IoT tool that is applicable for Smart City command and control but also addresses the needs of Big Data applications, telecom and data centers. The product has an intuitive and visual UI/UX which improves the user experience with just a click. NG Polar contains multiple features that makes it easier to manage and associate data," said Eyme.
About Affluence Corporation
Affluence Corporation (AFFU.PK) 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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