Wishpond Technologies Ltd. (TSX-V:WISH, OTCQX:WPNDF) has filed its interim consolidated financial statements for the first quarter ended March 31, revealing major revenue growth.
The marketing solutions company posted revenue of $5.6 million in the period, up 38% year-over-year, which the company attributed to an expanded sales team and new product introductions.
During the quarter, Wishpond launched a new website builder powered by generative Artificial Intelligence (AI) technologies, and the company said it is actively working on developing more AI-powered marketing tools to launch in the coming quarter.
Wishpond also has its sights set on future acquisitions, according to CEO Ali Tajskandar.
"Given Wishpond's clean balance sheet and the management team's successful acquisition track record, we are once again looking at new opportunities and building our acquisition pipeline, leading to the recent acquisition of Essential Studio Manager,” Tajskandar said in a statement.
“ESM marks the company's sixth acquisition; it brings more than 150 customers into the Wishpond family and it expands Wishpond's award-winning 'all-in-one' sales and marketing technology platform with additional new business management and CRM functionality. Our outlook remains positive for 2023, with the launch of new AI-powered products, continued organic growth and potential for new acquisitions.”
Looking ahead, Wishpond’s goals for 2023 include increasing monthly recurring revenue, scaling up the sales team, keeping adjusted EBITDA positive, investing in R&D and leveraging its Propel IQ platform to drive growth.
The company expects record revenue and cash flow this year.
"Our cost optimization efforts over the past year continue to contribute to the Company's positive adjusted EBITDA profile,” chief financial officer David Pais said. “Wishpond remains in an extremely strong financial position with a clean balance sheet, and growing profitability. Based on the Company's performance in Q1 and growth momentum, we expect to continue delivering strong results in 2023."
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