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. CEO Ali Tajskandar and CFO David Pais emphasized the platform's role in driving the company's financial success during their presentation of the annual results. The consistent performance reflects the market's positive reception to Wishpond's evolving technology solutions and their ability to meet growing demand in the digital marketing space.
Wishpond achieved Adjusted EBITDA of $0.8 million in fiscal year 2023, marking the sixth consecutive quarter of positive Adjusted EBITDA. This sustained profitability milestone underscores the company's operational efficiency and financial discipline while maintaining growth. The positive EBITDA performance indicates that Wishpond has successfully balanced investment in growth initiatives with maintaining profitability, a challenging balance for many technology companies in competitive markets.
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 the company's commitment to leveraging artificial intelligence to enhance sales and marketing automation capabilities. The company anticipates that these developments will contribute to continued revenue growth and market expansion throughout the coming year.
The company also projects improvement in its cash position during 2024 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. This financial strategy positions the company to pursue strategic growth initiatives while maintaining financial stability and operational independence.
