Wishpond Technologies CEO Ali Tajskandar and CFO David Pais joined Steve Darling from Proactive to present the company’s financial achievements for the third quarter and the first nine months of 2023.
Wishpond reported a rise in quarterly revenue to $5.7 million in Q3-2023, up from $5.4 million in the corresponding period the previous year. This growth was attributed mainly to organic factors, including heightened demand for products, escalated sales and marketing efforts, and the introduction of new products.
The company also recorded a Gross Profit of $3,825,821 in Q3-2023, marking an improvement over the same quarter in 2022. Moreover, Wishpond sustained a positive Adjusted EBITDA for the fifth consecutive quarter, hitting $0.3 million.
CEO Tajskandar informed Proactive that Wishpond is on track for a strong finish to the year, anticipating a robust fourth quarter. He attributed this optimism to the period of transition during the first nine months when the company introduced Propel IQ, their next-generation marketing platform. After a phase dedicated to retraining the sales force, the company is now witnessing an upswing in Propel IQ sales and is in the process of expanding its sales team.
CFO Pais added to the optimistic outlook, forecasting that Wishpond is on course to achieve record revenue and Adjusted EBITDA in 2023. He also projected this trend to continue into 2024, with expectations of increased Monthly Recurring Revenue, driven by both organic growth and strategic acquisitions.