Wishpond Technologies Reports Record Revenue and Positive 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, establishing an annualized revenue run-rate exceeding $24 million and indicating continued upward trajectory in the company's financial performance.

The company's growth was primarily fueled by strong sales of its next-generation marketing platform, Propel IQ, which has become a cornerstone of Wishpond's product offerings. This platform has gained significant traction in the market, contributing substantially to the company's revenue expansion. Alongside the impressive revenue figures, Wishpond achieved Adjusted EBITDA of $0.8 million for fiscal year 2023, marking the sixth consecutive quarter of positive Adjusted EBITDA performance. This consistent profitability milestone underscores the company's operational efficiency and sustainable business model.

Looking forward to 2024, Wishpond expects to accelerate its growth trajectory through increased Propel IQ sales and the introduction of SalesCloser AI, a virtual AI sales agent capable of conducting sales calls and product demonstrations in multiple languages with minimal human intervention. This innovative technology represents a significant advancement in sales automation and is positioned to drive additional revenue streams for the company. The anticipated improvement in cash position for 2024 reflects management's confidence in the company's growth strategy and operational execution.

Wishpond has fulfilled all earn-out obligations related to previous acquisitions, providing greater financial flexibility moving forward. The company maintains confidence in its ability to fund future organic growth through cash flow from operations and its existing $6 million credit facility. Additional financing would only be considered for executing strategic acquisition opportunities that align with the company's long-term growth objectives. This financial stability positions Wishpond to capitalize on market opportunities while maintaining its positive momentum in the competitive marketing technology landscape.