Wishpond Technologies Ltd. has reported a significant milestone in its financial performance for the fiscal year ended December 31, 2023, with record annual revenue reaching $23.1 million. This figure represents a 13% increase compared to the previous fiscal year, underscoring the company's growing market presence and the effectiveness of its strategic initiatives. The fourth quarter of 2023 alone saw revenues of $6.1 million, setting an annualized revenue run-rate of over $24 million. A key driver behind this growth has been the company's next-generation marketing platform, Propel IQ, which has resonated well with customers seeking innovative marketing solutions.
In addition to its revenue achievements, Wishpond also reported a positive Adjusted EBITDA of $0.8 million for fiscal year 2023, marking the sixth consecutive quarter of positive performance in this metric. This consistent profitability highlights the company's ability to manage its operations efficiently while scaling its business. Looking forward, Wishpond is poised to accelerate its growth trajectory in 2024, with expectations pinned on increased sales of Propel IQ and the introduction of SalesCloser AI, a virtual AI sales agent designed to conduct sales calls and demos in multiple languages with minimal human intervention.
The company's financial outlook for 2024 is optimistic, with an anticipated improvement in its cash position as revenue continues to grow. Wishpond has also fulfilled all earn-outs related to prior acquisitions, removing potential financial overhangs and allowing the company to focus on future growth opportunities. With a $6 million credit facility in place and confidence in funding growth through cash flow from operations, Wishpond is well-positioned to pursue additional acquisition opportunities without the immediate need for external financing. This strategic financial management and innovative product development underscore Wishpond's commitment to sustaining its growth momentum and enhancing shareholder value in the coming years.
