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 the company achieving record annual revenue of $23.1 million. This represents a 13% increase compared to fiscal year 2022, demonstrating sustained growth momentum. The fourth quarter of 2023 saw revenue of $6.1 million, which translates to an annualized revenue run-rate exceeding $24 million. This performance was primarily driven by strong sales of the company's next-generation marketing platform, Propel IQ, which has become a cornerstone of Wishpond's growth strategy.

The company also maintained its profitability trajectory, achieving Adjusted EBITDA of $0.8 million for fiscal year 2023. This marks the sixth consecutive quarter of positive Adjusted EBITDA, indicating consistent operational efficiency and financial discipline. The sustained profitability reflects Wishpond's ability to scale its operations while maintaining cost control and optimizing its business model. The company's financial performance demonstrates the effectiveness of its strategic focus on developing and marketing advanced marketing technology solutions that meet evolving market demands.

Looking forward to 2024, Wishpond expects to accelerate its growth through increased Propel IQ sales and the launch of SalesCloser AI, a virtual AI sales agent capable of conducting sales calls and demonstrations in multiple languages with minimal human intervention. This technological innovation represents a significant advancement in sales automation and could potentially transform how businesses approach customer acquisition and conversion. The company's confidence in its growth prospects is further supported by expectations of improved cash position as revenue continues to expand and all earn-outs related to prior acquisitions have been fulfilled.

Wishpond's leadership expressed confidence in the company's ability to fund future growth through cash flow from operations and its existing $6 million credit facility. This financial stability positions the company to pursue strategic opportunities while maintaining operational independence. Additional financing would only be necessary for executing acquisition opportunities, suggesting that organic growth remains well-supported by current resources. The company's strategic positioning and technological innovations, particularly through platforms like Propel IQ available at https://www.wishpond.com/propel-iq, provide a solid foundation for continued market expansion and financial performance improvement in the competitive marketing technology landscape.