Wishpond released its Q3 financial results for 2023. This was discussed during a live webinar, where Wishpond’s CEO and CFO broke down the company’s financial performance and business developments. (click the video below to watch)
Third Quarter 2023 Financial Highlights:
- Wishpond achieved quarterly revenue of $5,763,847 during Q3-2023, compared to $5,483,256 generated in the same period of 2022 (Q3-2022). Revenue growth was primarily driven by organic growth resulting from stronger product demand, an increase in sales and marketing activities, and new product introductions.
- Wishpond achieved Gross Profit of $3,825,821 in Q3-2023 (Q3-2022: $3,629,111), driven by an increase in overall revenue.
- Wishpond achieved a Gross Margin percentage of 66% during Q3-2023 (Q3-2022: 66%).
- During Q3-2023, Wishpond achieved positive Adjusted EBITDA(1) of $319,001 (Q3-2022: $593,047).
- Wishpond generated positive cash flow from operations of $225,367 in Q3-2023 (Q3-2022: ($208,054))
- As at September 30, 2023, Wishpond had $909,796 in cash and no debt (December 31, 2022: cash of $2,692,644 and no debt). The reduction in cash balances was caused in part by earnout payments for businesses acquired in 2022, investment in the business and changes in working capital.
Ali Tajskandar, Wishpond’s Founder and CEO commented, “The first nine months have been a period of transition in which we launched Propel IQ, the Company’s next generation marketing platform, and then re-trained and re-structured our sales team to sell this new bundled product offering. This has resulted in slower growth in 2023; however, we are now experiencing an acceleration of Propel IQ sales and have thus resumed the expansion of our sales team. Over the past two months we averaged over 3% month-over-month growth in MRR driven by increased sales of Propel IQ, which is also having an impact on increasing gross margins and lowering customer churn.”