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 record annual revenue reaching $23.1 million. This represents a 13% increase compared to fiscal year 2022, demonstrating sustained growth momentum for the marketing technology company. The fourth quarter of 2023 saw revenue of $6.1 million, which translates to an annualized revenue run-rate exceeding $24 million, indicating continued upward trajectory in the company's financial performance.

The company's growth was primarily driven by strong sales of its next-generation marketing platform, Propel IQ, which has become a cornerstone of Wishpond's product offerings. This platform has been instrumental in driving the company's expansion in the competitive marketing technology space. The consistent performance of Propel IQ underscores the market's positive reception to Wishpond's innovative approach to marketing automation and customer engagement solutions.

Wishpond achieved Adjusted EBITDA of $0.8 million in fiscal year 2023, marking the sixth consecutive quarter of positive Adjusted EBITDA. This consistent profitability metric demonstrates the company's effective cost management and operational efficiency despite ongoing investments in product development and market expansion. The sustained positive Adjusted EBITDA performance provides financial stability and positions the company for continued growth initiatives.

Looking forward to 2024, Wishpond expects to accelerate its growth through increased Propel IQ sales and the upcoming launch of SalesCloser AI, a virtual AI sales agent capable of conducting sales calls and demonstrations in multiple languages with minimal human intervention. This artificial intelligence technology represents a significant advancement in sales automation and could potentially transform how businesses handle customer interactions and sales processes across global markets.

The company anticipates improvement in its cash position during 2024 as revenue continues to grow and all earn-outs related to prior acquisitions have been fulfilled. Wishpond 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 the company's long-term growth strategy.