Wishpond Technologies Ltd. (TSX-V:WISH, OTCQX:WPNDF) has reported record fourth-quarter 2022 revenue as it expanded its sales team and integrated products from acquisitions.
The company said full-year 2022 revenue also reached a record as stronger product demand, increased sales and marketing activities, and new product introductions supported organic growth. Revenue was also boosted by the acquisition of Viral Loops in the second quarter of 2022, it added.
"We are thrilled with our fourth quarter and annual results which were the strongest in the company's history with record revenue, adjusted EBITDA (underlying earrings) and cash flow generation,” chairman and CEO Ali Tajskandar said in a statement. “We continue to experience increasing demand for our products and have not witnessed any slowing down or negative impacts due to external macroeconomic conditions."
Wishpond reported that revenue for the three months to December 31, 2022, rose by 27% to $5.91 million, taking full-year 2022 revenue 39% higher to $20.5 million. Adjusted EBITDA for 4Q increased 40% to $687,335, taking the annual total 1,049% higher to $647,667.
For the year, the company had record positive cash flows from operating activities of $1.03 million, up from a $1.54 million loss in 2021. It ended December with $2.96 million in cash and short-term investments and no debt.
“Wishpond remains in an extremely strong financial position with a clean balance sheet,” Tajskandar noted. “Our healthy balance sheet and market position place us in an excellent position for future growth and we are excited to continue delivering innovative solutions to our customers. Our outlook remains positive for 2023, and we expect to see continued sales growth, positive adjusted EBITDA, and positive cash flows for this year.”
Recent highlights
Following the end of its 2022 financial year, the company highlighted the March 2023 launch of Propel IQ, its next-generation marketing technology platform. Also in March, it announced the launch of its new Website Builder, powered by generative AI technologies.
"We are very pleased with the recent launch of our new Propel IQ platform and artificial intelligence (AI) powered Website Builder,” Tajskandar continued. “Propel IQ combines Wishpond's award-winning software with our recent acquisitions to create one connected platform, providing businesses with a comprehensive, affordable, 'all-in-one' marketing and sales technology platform.
“With the addition of AI technologies, we believe Propel IQ is well-positioned to revolutionize the way small businesses approach marketing. At Wishpond, we are committed to leveraging AI technologies to provide our clients with powerful tools that will help them grow their business, and are excited to continue our focus on growing our AI-based product portfolio," the chairman and CEO concluded
The company said it currently expects to achieve record revenue and cash flows in 2023, driven by organic growth from ramping up sales of the new Propel IQ bundled product offerings, increasing the size of its sales team and new product introductions.
The full results announcement can be found here.
Contact the author at stephen.gunnion@proactiveinvestors.com