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 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 gained significant traction in the market, contributing substantially to the company's revenue expansion. Additionally, Wishpond achieved Adjusted EBITDA of $0.8 million in fiscal year 2023, marking the sixth consecutive quarter of positive Adjusted EBITDA. This consistent profitability milestone underscores the company's operational efficiency and sustainable business model.

Looking forward to 2024, Wishpond expects to further 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 innovative technology represents a significant advancement in sales automation and is positioned to enhance the company's competitive position in the marketing technology landscape. The company's leadership expressed confidence in their ability to fund future growth through cash flow from operations and their $6 million credit facility, with additional financing only necessary for executing acquisition opportunities.

Wishpond anticipates an improvement in its cash position during 2024 as revenue continues to grow and the company has fulfilled all earn-outs related to prior acquisitions. This financial stability provides the foundation for continued innovation and market expansion. The combination of strong existing product performance and upcoming technological advancements positions Wishpond for sustained success in the competitive marketing technology sector, with the company well-equipped to capitalize on emerging opportunities in AI-driven sales and marketing solutions.