AFFU Is Running The Roll-Up Playbook That Took iQSTEL To Nasdaq

Anyone who has spent time in the OTC market knows the roll-up pitch, and knows how few of them ever amount to more than a press release and a plan. Affluence Corporation (OTCID: $AFFU) is turning that narrative on its head, assembling a global Industrial IoT and smart-infrastructure group. Its president, Oscar Brito, co-founded iQSTEL (NASDAQ: $IQST) in 2018, back when it was doing $13.8 million a year, and more than a dozen acquisitions later that company trades on the Nasdaq doing $317 million a year. Brito is running the same playbook at AFFU, and it starts with a Barcelona firm called Mingothings SLU.

Mingothings, which AFFU acquired last May, is a global technology systems integrator running four proprietary platforms and over 150,000 connected devices in the field (Dell named it a verified NativeEdge partner last year). Abertis, one of Europe's leading highway operators, has kept it as technology partner for more than a decade, running intelligent transport and monitoring across a nationwide network under a full maintenance SLA. Barcelona's second-largest city runs 157 smart metering boxes on a Mingothings LoRaWAN network, and Saudi Arabia's smart street lighting runs on the same protocol, both on hardware Mingothings builds itself. Nine contracts sit with Navantia, the state-owned shipbuilder that supplies the Spanish Navy, whose head of IoT publicly credited the firm after subsidiary Diprotech put IoT sensors on the crane systems inside its Engine Workshop in October, a project signed and already in execution the day it was announced.

That work brought in $3,195,271 in the first half of 2025 against $2,361,590 a year earlier, and AFFU closed the same half with over €6.4 million signed across Europe, Asia and Central Africa against only €2.95 million billed. In Malaysia, Mingothings is the official technology provider behind the Medini Smart City Management Platform, the central dashboard for the master developer of the Iskandar economic zone. In February it folded in Marina Eye-Cam Technologies S.L., a Sabadell firm that has spent two decades building enterprise security systems and manufacturing its own CCTV hardware, with Terminal 1 of Barcelona Airport and Metro Line 9's 3,500-camera security system behind it and AENA, Repsol, Endesa, Indra and Sony among its clients, all of it running on SIV-IP, security software Marina wrote itself and engineered to stay online with half its servers down. The cross-sell was there before the ink dried: Mingothings had already installed camera and transport systems across Barcelona's metro network for the same operator Marina built Line 9 for. The deal opens AFFU a revenue line in intelligent video, a category worth about $15 billion this year and compounding north of 20% a year.

Management projects roughly $10 million in revenue this year from the two businesses combined, with EBITDA well over $1.5 million. Marina Eye-Cam is still carried as an equity investment pending audit in Spain, so none of its revenue has reached the reported numbers yet, and every figure AFFU has published is Mingothings on its own, a business that grew 35% in the first half of 2025. The EBITDA number is just the margin on top: Brito said in an interview on Buffalo Fireside Chats last night that the underlying contracts run at roughly 15% net, and that reported EBITDA has been dragged down by one-time charges from winding down OneMind, a legacy subsidiary, without which the company would have been EBITDA-positive last year.

Running all of this is Oscar Brito, who co-founded iQSTEL (NASDAQ: IQST), the telecom roll-up that has since grown from $13.8 million in 2018 revenue to $317 million in fiscal 2025 across more than a dozen acquisitions, and uplisted to Nasdaq last year without raising fresh equity to do it. Brito is running the same play at AFFU, and he has been specific about what he is hunting: well-run IoT and smart-infrastructure companies with proven products, recurring customers and experienced teams, mature enough to be worth owning but too small for the big strategic acquirers to bother chasing. He puts roughly 65% of future growth on acquisitions, with organic expansion and cross-selling between the businesses he already owns accounting for the rest.

But a quality roll-up cannot run on a stock that dilutes itself to death, which is why the convertible debt on AFFU's balance sheet has been management's first order of business. The company disclosed in April that it is negotiating to convert a substantial portion of those notes into long-term preferred equity, a structure Brito says in his July 8 shareholder letter is designed to strip out the deeply discounted conversion terms that made the old debt so problematic in the first place. The replacement preferred, as Brito has described it, carries a five-day lookback on the last bid with no discount, no warrants and no penalty kickers attached.

From here the path forward is clear: retire the convertible debt, uplist to Nasdaq on Brito's stated six-to-nine-month internal timeline, and keep buying the mid-market IoT companies nobody else is bidding on the entire way there. AFFU is in the middle of step one, running an operating business that grew 35% in the first half of 2025 and is pointed at $10 million in revenue this year. That is roughly where iQSTEL sat in 2018, the year Brito helped start it, and more than a dozen acquisitions later it is on the Nasdaq doing $317 million a year.

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