Wishpond Q1 results include revenue growth and 39% increase in adjusted EBITDA
Vancouver, Canada
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May 29, 2024 07:06 PM Eastern Daylight Time
Wishpond Technologies CEO Ali Tajskandar and CFO David Pais joined Steve Darling from Proactive to announce the company's consolidated financial statements for Q1 2024, representing the three months ended March 31, 2024.
Wishpond achieved quarterly revenue of $6,050,263 in Q1 2024, an 8% increase from $5,623,817 in the same period of 2023. This revenue growth was primarily driven by organic growth, increased sales and marketing activities, and new product introductions. The company reported a gross profit of $4,128,922 in Q1 2024, a 12% increase from Q1 2023. Wishpond's gross margin percentage for Q1 2024 was 68%. The company achieved positive Adjusted EBITDA of $290,304 in Q1 2024, a 39% increase from Q1 2023. Wishpond has over $2 million in cash on hand, with the reduction in net cash due to earnout payments for businesses acquired in 2022, investments in the business, and changes in working capital.
The company also announced the beta launch of its proprietary AI-powered sales platform, SalesCloser AI. The beta program has already seen several hundred businesses sign up. The platform can work 24/7 to engage leads, close deals, and service customers in ten different languages. SalesCloser can be adapted for use across various industries, including software/SaaS, professional services, financial services, education, travel and hospitality, insurance, and more.
Wishpond expects to achieve record revenue and Adjusted EBITDA in 2024, driven by the increasing traction of its new Propel IQ bundled product, an expanded sales team, and new sales from the recently launched SalesCloser AI virtual agent. The company continues to have an active pipeline of sales opportunities and robust demand for its products.
Contact Details
Proactive Canada
+1 604-688-8158
