Wishpond achieved revenue of $6.1 million in Q1-2024, representing an annualized revenue run-rate(1) of over $24 million, driven by sales of the Company's next generation marketing platform, Propel IQ. Wishpond achieved Adjusted EBITDA(1) of $0.3 million in Q1-2024, an increase of 39% compared to Q1 of the prior year and the seventh quarter in a row of positive Adjusted EBITDA. The Company expects accelerated growth in the second half of 2024, driven by the rising sales of Propel IQ and the recent launch of SalesCloser AI, a virtual AI sales agent that can conduct sales calls and demos in multiple languages with minimal human intervention. VANCOUVER, BC, May 22, 2024 /CNW/ - Wishpond Technologies Ltd. (TSXV:WISH) (OTCQX:WPNDF) (the "Company" or "Wishpond"), a provider of marketing-focused online business solutions, announces it has filed its interim consolidated financial statements (the "Interim Financial Statements") and management's discussion and analysis (the "MD&A") for Q1-2024, representing the three months ended March 31, 2024. Copies of the Interim Financial Statements and MD&A are available on the Company's profile on SEDAR+ at www.sedarplus.ca. Ali Tajskandar, Wishpond's Founder and CEO commented, "The first quarter of 2024 marked another historic chapter in the Company's history as we successfully completed the development of our flagship, and much anticipated, SalesCloser AI product, which subsequently launched in April 2024. SalesCloser AI has generated immense interest within the industry, as we pioneer the future of sales calls and product demos through the use of artificial intelligence. We're confident that SalesCloser AI will lead the charge in reshaping how companies engage with their stakeholders, heralding a new era of efficiency and effectiveness in sales processes. With the combination of our Propel IQ all-in-one marketing platform, and SalesCloser AI, Wishpond is poised for its next phase of growth." Ali Tajskandar further adds, "Despite the typical seasonal downturn expected in Q1-2024, I am pleased to report our revenues remained relatively stable in comparison to Q4-2023. In the first quarter, we achieved a 39% improvement in Adjusted EBITDA(1) compared to Q1 of last year, and we maintained our consistency in achieving our seventh consecutive quarter of positive Adjusted EBITDA. This improvement stems from the sustained momentum of our cost optimization initiatives initiated last year, coupled with the ongoing growth and profitability of Propel IQ. The Company's outlook for the remainder of 2024 remains promising as the transition of our sales team to Propel IQ is now bearing fruit." David Pais, Wishpond's Chief Financial Officer commented, "I am extremely proud of the entire team at Wishpond as we consistently enhance our performance across all metrics while simultaneously driving positive EBITDA growth, growing Propel IQ and launching SalesCloser AI. Our cash position is expected to improve in the second half of 2024 as a result of higher revenues and because the Company has completely paid out all of its earn-outs related to prior acquisitions. We look forward to reporting higher revenue growth, profitability for the remainder of 2024." First Quarter 2024 Financial Highlights: Wishpond achieved quarterly revenue of $6,050,263 during Q1-2024, compared to $5,623,817 generated in the same period of 2023 (Q1-2023), an increase of 8%. Revenue growth was primarily driven by organic growth resulting from stronger product demand, an increase in sales and marketing activities, and new product introductions. The revenue from a legacy customer reduced from $525,396 in Q1-2023 to $267,980 in Q1-2024. Without this decrease in revenue from email delivery services, revenue from the rest of the business would have increased by 13%. Wishpond achieved Gross Profit of $4,128,922 in Q1-2024 (Q1-2023: $3,689,338), representing a 12% increase from Q1-2023, driven by an increase in overall revenue. Wishpond achieved a Gross Margin percentage of 68% during Q1-2024 (Q1-2023: 66%). During Q1-2024, Wishpond achieved positive Adjusted EBITDA(1) of $290,304 (Q1-2023: $209,073), an increase of 39%. As at March 31, 2024, Wishpond had $2,086,823 in cash and had drawn down $1,959,474 from its credit facility (December 31, 2023: cash of $1,424,585 and $994,658 credit facility balance outstanding). The reduction in net cash was caused in part by earnout payments for businesses acquired in 2022, investment in the business and changes in working capital. First Quarter 2024 Business Highlights: On February 7, 2024, the Company announced the beta launch of its proprietary AI-powered sales platform, SalesCloser AI ("SalesCloser"). The SalesCloser beta program had several hundred businesses signed up for its launch. On March 5, 2024, the Company provided an update on several key metrics for Propel IQ: Since launch, the number of Propel IQ customers has increased to over 500 users. Monthly Recurring Revenue ("MRR")(1) from Propel IQ customers has increased approximately 10-fold over the past year. The customer churn rate(1) for Propel IQ customers is 30 to 40% lower in some cohorts compared to customers of other Wishpond solutions. Customer lifetime value (LTV)(1) is over 20% higher than customers of other Wishpond solutions. Business Highlights Subsequent to March 31, 2024: On April 4, 2024, the Company announced the launch of SalesCloser AI, a next generation virtual sales agent capable of delivering personalized, round-the-clock sales calls and product demos in a similar manner to a live human sales agent. The platform can work 24×7 to engage leads, close deals, and service customers in ten different languages. SalesCloser can also be adapted for use across a diverse range of industries such as software/SaaS, professional services, financial services, education, travel & hospitality, insurance, and more.