Proactive Investors - Wishpond Technologies Ltd. (TSXV:WISH) experienced impressive revenue growth in 2023, surging 13% year-over-year to $23.1 million driven by sales of its marketing platform Propel IQ.
The digital marketing solutions provider posted a record gross profit of $15.2 million for the year, up 12% from $13.6 million in 2022 due to increased overall revenue.
Its gross margin percentage was 66%, in line with its historical performance.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) benefitted from the company’s cost-cutting measures, increasing 17% to $758,807.
Fourth quarter revenue was $6.1 million and gross profit was just shy of $4 million.
"2023 was a transformational year as Wishpond underwent the two most significant new product initiatives in the company's history, the first being the launch of Propel IQ, our next-generation marketing platform, and the second being the development of a suite of AI-powered marketing tools, including our flagship SalesCloser AI product,” Wishpond CEO Ali Tajskandar said in a statement.
He also expressed his excitement over the company’s outlook for 2024, in which it expects to achieve record revenue and adjusted EBITDA as its new Propel IQ bundled product gains traction.
It also intends to ramp up sales up its sales team to boost sales of its new SalesCloser AI product.
“We are expecting to improve profitability this year as we aim to achieve positive adjusted EBITDA in each quarter in 2024,” the CEO said.
“We expect our cash position to improve in 2024 as revenue grows and the company has now paid all of its earn-outs related to prior acquisitions.”
Additionally, WIshpond announced that its chief technology officer Dennis Zelada has left the company to pursue other opportunities.