Wishpond Achieves Major Growth in Adjusted EBITDA for 2024
Impressive Increase in Adjusted EBITDA
Wishpond Technologies Ltd. (OTCQX: WPNDF) proudly reported a record Adjusted EBITDA of $1.7 million for the fiscal year 2024. This remarkable achievement marks an increase of 129% compared to the previous fiscal year, continuing a strong trend of positive Adjusted EBITDA for the tenth consecutive quarter.
Annual Revenue and Quarterly Highlights
The company celebrated a stellar annual revenue of $21.6 million for 2024. The fourth quarter alone contributed $4.7 million, showcasing strong end-of-year results. Such consistent performance reflects Wishpond's effective strategic planning and adaptability in the evolving market.
Growth Drivers Moving Forward
Looking into 2025, Wishpond anticipates an exciting acceleration in revenue growth, primarily fueled by the SalesCloser AI platform. This innovative virtual AI sales agent plays a pivotal role in conducting sales calls and product demos efficiently, allowing minimal human intervention while operating in multiple languages.
Operational Efficiency and Cash Flow
CEO Ali Tajskandar expressed satisfaction with the company’s operational improvements, especially noting the positive cash flow from operations of $519K—an encouraging sign of effective cost optimization strategies in a competitive market.
Fiscal 2024 Financial Metrics
Throughout fiscal 2024, Wishpond recorded various key financial metrics that highlight robust growth:
- Annual revenue amounted to $21,620,106, slightly down from $23,088,138 in 2023.
- Gross profit for the year was reported at $14,768,767 with a gross margin of 68%, improving from 66% the previous year.
- Adjusted EBITDA for the year reached $1,734,412, significantly up from $758,807 in 2023.
Fourth Quarter Highlights
In Q4 of 2024, the company achieved other significant metrics:
- Quarterly revenue was $4,685,396, down from the previous year's $6,061,057.
- The gross profit stood at $3,206,990, indicating performance resilience in adverse conditions.
- Notably, Adjusted EBITDA for the quarter soared to $331,270, reflecting a staggering increase of 2,137% year-over-year.
Strategic Partnerships and New Offerings
Throughout the fourth quarter, Wishpond entered into a collaboration with Roomvu, leveraging SalesCloser to enhance sales efficiency for real estate agents. This partnership emphasizes the company's dedication to driving innovation in various sectors.
Additionally, the company reported on its Viral Loops Platform, which engaged over three million participants in 2024, further solidifying its strength in the referral marketing industry.
Outlook for 2025
As management sets ambitious goals for 2025, the focus remains on expanding the utilization of the SalesCloser platform. Increasing Monthly Recurring Revenue (MRR) and providing innovative solutions to both new and existing customers are pivotal strategies to ensure sustained growth.
- Plans include accelerating organic revenue growth and improving overall profitability.
- Internal sales processes are expected to adopt SalesCloser significantly to facilitate effective selling of Wishpond’s comprehensive product offerings.
Webinar Announcement
Wishpond will host a webinar conference call to discuss its year-end financial results. Interested parties are encouraged to register to join the discussion, facilitating an opportunity to connect with management for further insights into the company’s prospects.
Frequently Asked Questions
What is Adjusted EBITDA?
Adjusted EBITDA is a measure used by companies to gauge operational performance by excluding certain non-cash charges and expenses.
How did Wishpond's revenue perform in 2024?
Wishpond's annual revenue for 2024 was $21.6 million, with significant contributions from its diverse portfolio of solutions.
What factors contributed to the growth of SalesCloser?
SalesCloser's rapid adoption is driven by its AI capabilities, allowing for efficient sales engagement without substantial human input.
What should investors look for in 2025?
Investors should pay attention to Wishpond's strategic partnerships and the expected growth trajectory of its SalesCloser platform.
Where can I learn more about Wishpond Technologies Ltd.?
For detailed information about Wishpond's offerings and corporate updates, visit their official website.
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