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 consistent 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 strong forward-looking performance.

The company's growth was primarily driven by sales of its next-generation marketing platform, Propel IQ, which has gained substantial market traction. Wishpond also achieved Adjusted EBITDA of $0.8 million in fiscal year 2023, marking the sixth consecutive quarter of positive Adjusted EBITDA. This sustained profitability reflects the company's effective operational management and growing market acceptance of its technology solutions.

Looking ahead 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. The company anticipates improvement in its cash position 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 acquisition opportunities. The company's strategic focus on innovative marketing technologies positions it well for continued expansion in the competitive marketing automation landscape.