Affluence Corporation (OTCID: AFFU) released a shareholder letter from President Oscar Brito detailing the company's progress over the past year and its strategic priorities for the remainder of 2026. The letter emphasizes the completion of a foundational transformation, including a strengthened balance sheet, a scalable technology platform, and a disciplined acquisition strategy.
Building on the acquisition of Mingothings, which provided an established IoT platform and recurring enterprise customers, the company recently completed the acquisition of Marina Eye-Cam Technologies S.L., expanding into enterprise security, intelligent video analytics, and integrated hardware solutions. Management projects that its IoT operations, including Mingothings and Marina Eye-Cam, could generate approximately $10 million in revenue during 2026, with EBITDA exceeding $1.5 million, subject to execution and market conditions.
The company continues to pursue strategic acquisitions in the Industrial IoT, Smart Infrastructure, AI, and enterprise software sectors, targeting well-managed technology companies with proven products and recurring revenue. Affluence aims to build an integrated platform where complementary businesses benefit from shared resources and cross-selling opportunities. The letter notes that the company deliberately slowed its acquisition pace to first strengthen its financial foundation, including a reverse stock split and advancing balance sheet restructuring.
A key priority is restructuring outstanding convertible debt into long-term preferred equity securities. If completed as contemplated, this restructuring is intended to eliminate a significant portion of convertible debt, remove deeply discounted conversion mechanisms, and reduce future dilution. The company believes this will lower its cost of capital and better align long-term capital partners with strategic objectives.
Affluence views a future national securities exchange listing as a milestone that could provide broader access to institutional investors, improved liquidity, and lower-cost growth capital. The company's priorities for the balance of 2026 include executing the balance sheet restructuring, integrating Mingothings and Marina Eye-Cam, advancing acquisition opportunities, increasing recurring revenue and profitability, improving access to growth capital, and positioning for a future listing.
The full shareholder letter is available on the company's website at https://affucorp.com. More information about Mingothings can be found at https://www.mingothings.com.
