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 for the business.
The company's growth was primarily fueled by strong sales of its next-generation marketing platform, Propel IQ, which has become a cornerstone of Wishpond's product offerings. Beyond revenue performance, Wishpond achieved Adjusted EBITDA of $0.8 million for 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 despite ongoing investments in technology development and market expansion.
Looking forward to 2024, Wishpond expects to accelerate its growth trajectory through increased Propel IQ sales and the upcoming launch of SalesCloser AI. This innovative virtual AI sales agent represents a significant technological advancement, capable of conducting sales calls and product demonstrations in multiple languages with minimal human intervention. The automation capabilities of SalesCloser AI could potentially transform how businesses handle sales processes while reducing operational costs.
Financial projections for 2024 include anticipated improvement in the company's cash position as revenue continues to grow and all earn-out obligations related to prior acquisitions have been fulfilled. Wishpond expresses confidence in its ability to fund future organic growth through cash flow from operations and its existing $6 million credit facility. The company indicates that additional financing would only be necessary for executing strategic acquisition opportunities rather than day-to-day operations, reflecting the strength of its current financial foundation and operational cash generation capabilities.
