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.
The company's growth was primarily driven by strong sales performance of its next-generation marketing platform, Propel IQ. This platform has become a cornerstone of Wishpond's product offerings, contributing substantially to the revenue increases throughout 2023. The consistent performance of Propel IQ has positioned the company for continued expansion in the competitive marketing technology landscape.
Financial stability was another highlight of Wishpond's 2023 performance, with the company achieving Adjusted EBITDA of $0.8 million for the fiscal year. This marked the sixth consecutive quarter of positive Adjusted EBITDA, reflecting improved operational efficiency and sustainable business practices. The consistent profitability metrics suggest the company has established a solid foundation for future growth initiatives.
Looking forward to 2024, Wishpond expects to accelerate its growth through increased Propel IQ sales and the upcoming launch of SalesCloser AI. This 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 integration of artificial intelligence into sales processes could potentially transform customer acquisition strategies for businesses using Wishpond's platform.
The company anticipates improvement in its cash position throughout 2024 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. Additional financing would only be considered for executing strategic acquisition opportunities that align with the company's long-term growth objectives.
