Wishpond Technologies Reports Record Revenue and Positive Adjusted EBITDA for Fiscal Year 2023

Wishpond Technologies reported significant financial achievements for the fiscal year ended December 31st, 2023, with CEO Ali Tajskandar and CFO David Pais presenting the company's results. The marketing technology company achieved record annual revenue of $23.1 million for fiscal year 2023, marking a substantial 13% increase compared to fiscal year 2022. The fourth quarter of 2023 proved particularly strong, with Wishpond generating $6.1 million in revenue during Q4-2023, representing an annualized revenue run-rate of over $24 million.

The company's growth was primarily driven by sales of its next-generation marketing platform, Propel IQ, which has been gaining significant traction in the market. Beyond revenue growth, Wishpond achieved Adjusted EBITDA of $0.8 million in fiscal year 2023, marking the sixth consecutive quarter of positive Adjusted EBITDA. This consistent profitability demonstrates the company's operational efficiency and sustainable business model as it continues to scale its operations and expand its market presence in the competitive marketing technology landscape.

Looking forward to 2024, Wishpond expects to further accelerate its growth trajectory, driven by increased Propel IQ sales and the upcoming launch of SalesCloser AI. This innovative virtual AI sales agent represents a significant technological advancement, capable of conducting sales calls and product demonstrations in multiple languages with minimal human intervention. The company anticipates that this AI-powered solution will enhance sales efficiency and expand its market reach globally while reducing operational costs associated with traditional sales processes.

Financially, Wishpond anticipates improvement in its cash position throughout 2024 as revenue continues to grow and the company has fulfilled all earn-outs related to prior acquisitions. The company expresses confidence in its ability to fund future growth through cash flow from operations and its $6 million credit facility, with additional financing only necessary for executing strategic acquisition opportunities that align with its long-term growth strategy and market expansion objectives.