Wishpond Technologies Ltd. (TSX-V:WISH, OTCQX:WPNDF) CEO Ali Tajskandar told investors that the company has laid an excellent foundation in 2023 to make 2024 a “pivotal year” for Wishpond.
In his third annual letter to shareholders, the CEO highlighted that Wishpond’s digital marketing platform Propel IQ is a fully functional and "sticky" product that will continue to be augmented with several AI initiatives throughout 2024.
“We expect that Propel IQ's gross margins will exceed 80%, an improvement from our traditional gross margin range of 65% to 70%, which is a more lucrative business model for Wishpond,” Tajskandar wrote in the letter.
“Furthermore, Propel IQ has significantly less churn than Wishpond's single product point solutions.”
He also highlighted that Wishpond expects its gross margins to improve and positive and growing cash flow in 2024, driven by increasing sales of Propel IQ and the introduction of AI-enabled marketing products, including its SalesCloser AI solution.
The company expects to announce the launch of the Beta program for SalesCloser AI shortly with general availability to follow in the spring of 2024.
“I believe that Wishpond will deliver accelerating monthly recurring revenue growth in each quarter in 2024 and I am especially optimistic about the future blue-sky potential of SalesCloser AI, which truly has the opportunity to be a game-changer for our customers,” the CEO concluded.
The full shareholder letter can be found here.
Vancouver-based Wishpond is a provider of marketing-focused online business solutions. Wishpond is a leading provider of digital marketing solutions that empower entrepreneurs to achieve success online.