Second Quarter 2024 Financial Results Video Conference Call
Wishpond released its Q2 2024 financial results. This was discussed during a live webinar, where Wishpond’s CEO and CFO broke down the company’s financial performance and business developments.
Ali Tajskandar, Wishpond’s Founder and CEO commented, “I am excited to report that Wishpond achieved its highest ever second quarter Adjusted EBITDA, with a remarkable 151% improvement over the same period last year. Our dedicated efforts in cost reductions, coupled with improvements in various business operations have driven significant efficiencies, resulting in an improvement in our Adjusted EBITDA and cash flows. Furthermore, we expect margins to continue trending upwards as adoption of our Propel IQ platform grows, and we begin ramping up sales of our new SalesCloser solution. Improving Adjusted EBITDA generation and cash flows were a significant focus for Wishpond in the first half of the year and we anticipate further Adjusted EBITDA expansion and improving profitability to continue in the coming quarters of 2024.”
- Wishpond achieved quarterly revenue of $5,828,709 during Q2-2024, compared to $5,639,417 generated in the same period of 2023 (Q2-2023), representing an increase of 3%. Revenue growth was primarily driven by organic growth resulting from stronger product demand and new product introductions.
- Wishpond achieved Gross Profit of $3,942,748 in Q2-2024 (Q2-2023: $3,680,391), representing a 7% increase from Q2-2023, driven by an increase in overall revenue and improved margins.
- Wishpond achieved a Gross Margin percentage of 68% during Q2-2024 (Q2-2023: 65%).
- During Q2-2024, Wishpond achieved positive Adjusted EBITDA(1) of $541,610 (Q2-2023: $215,926), representing an Adjusted EBITDA margin of 9%, and an increase of 151% from the year prior.
Ali Tajskandar, Wishpond’s Founder and CEO commented, “I am excited to report that Wishpond achieved its highest ever second quarter Adjusted EBITDA, with a remarkable 151% improvement over the same period last year. Our dedicated efforts in cost reductions, coupled with improvements in various business operations have driven significant efficiencies, resulting in an improvement in our Adjusted EBITDA and cash flows. Furthermore, we expect margins to continue trending upwards as adoption of our Propel IQ platform grows, and we begin ramping up sales of our new SalesCloser solution. Improving Adjusted EBITDA generation and cash flows were a significant focus for Wishpond in the first half of the year and we anticipate further Adjusted EBITDA expansion and improving profitability to continue in the coming quarters of 2024.”