Wishpond Provides Business Update with Record Revenue Expected for Q2-2022
- Wishpond expects to achieve record revenue in the second quarter ended June 30, 2022, with annualized revenue run-rate now exceeding $20 million.
- The Company’s recent cost saving initiatives and operational efficiencies will result in more than $1.0 million in annual cost savings.
- Wishpond is the recipient of three awards from Gartner recognizing the Company’s innovative and easy-to-use marketing technology software products.
Vancouver, BC – July 20, 2022 – Wishpond Technologies Ltd. (TSXV: WISH, OTCQX: WPNDF) (the “Company” or “Wishpond”), a provider of marketing-focused online business solutions, is pleased to provide a business update for the second quarter of 2022.
Wishpond is expecting Q2-2022 to be the strongest quarter in the Company’s history, with revenues exceeding the previous record of $4.7 million achieved in Q4-2021. The Company’s growth has not been hindered to date by macroeconomic challenges such as high inflation, increasing interest rates and significant supply chain disruptions affecting other industries around the globe. Wishpond has a diversified customer base of small-medium sized businesses. The demand for the Company’s products and services remains robust with organic growth over the past year largely driven by investments in Wishpond’s sales and marketing teams.
Wishpond posted higher monthly recurring revenue (“MRR”) in each of April, May and June compared to each month in the first quarter of 2022 and the Company continues to experience similar growth thus far in July. Based on last month’s revenue in June, Wishpond’s annualized revenue run-rate (“ARR”) now exceeds $20 million for the first time in the Company’s history.
Ali Tajskandar, Wishpond’s Chairman and CEO commented, “We are thrilled with our preliminary results for the second quarter of 2022. Our sales pipeline remains robust and our revenue growth shows tremendous resilience despite the uncertain economic environment. The success we are achieving indicates that our products and services are valuable tools for our customers which they need to generate leads and sales, especially when operating in an uncertain business environment. Furthermore, I am happy to note that Wishpond expects to be cash flow positive in the second half of the year as a result of the growth we have experienced as well as the cost saving initiatives that we have implemented.”
In addition to the revenue growth, the Company renewed its focus on integrating its acquisitions during the second quarter and implemented a number of cost-saving initiatives and operational efficiencies designed to conserve cash. As a result, the Company expects to realize more than $1.0 million in cost savings over the course of the next twelve months.
“The management team spent a considerable amount of time on operational and efficiency reviews during the quarter and we are very happy with the results of these efforts.” said David Pais, Wishpond’s CFO. “The Company is committed to a laser focus on realizing cost efficiencies while it keeps one foot on the pedal of its sales generation engine. Our financial success is predicated on doing more with less – we expect to maintain our sales growth even while we run the business cost effectively. We believe that these two objectives are not mutually exclusive.”
Wishpond remains on track to implement several planned product and feature enhancements. As part of these enhancements, it recently announced a new market leading website builder product. It also previously announced improvements to its native advertising platform and its new email marketing platform.
Wishpond Receives Product Awards from Gartner
Wishpond is also excited to announce three new awards from Gartner, one of the world’s most significant platforms for business software reviews and research. Once again, Wishpond has been recognized by Gartner as a leading marketing software solution across various categories.
Wishpond has won the GetApp Category Leaders Award for content marketing – a major achievement. This means Wishpond is one of the most popular and highest-rated content marketing platforms available. Wishpond has also won the Software Advice Front Runners award, and was included in the Capterra shortlist for 2022.
These badges show that Wishpond is a powerful and well-trusted software solution for small businesses. Gartner is a premier company with an excellent reputation for picking winners, and Wishpond’s recognition and success on this platform reveals just how much value the software provides its clients.
Wishpond will be having a webinar to provide an update on the business on Thursday, July 21, 2022 at 11:00 am PT (2:00 pm ET). The call will be hosted by: Ali Tajskandar, Chief Executive Officer and David Pais, CFO.
Webinar Registration: https://bit.ly/WISHcorporate_update
Date: Thursday July 21, 2022
Time: 11:00 am PT (2:00 pm ET)
Dial-in: 778-907-2071 (Vancouver local)
647-374-4685 (Toronto local)
Confirmation #: 879 2141 6287
On Behalf of the Board of Directors
Per: “Ali Tajskandar”
Chairman and Chief Executive Officer
About Wishpond Technologies Ltd.
Based out of Vancouver, British Columbia, Wishpond is a provider of marketing-focused online business solutions. Wishpond’s vision is to become the leading provider of digital marketing solutions that empower entrepreneurs to achieve success online. The Company offers an “all-in-one” marketing suite that provides companies with marketing, promotion, lead generation, and sales conversion capabilities on one integrated platform. Wishpond replaces disparate marketing solutions with an easy-to-use product, for a fraction of the cost. Wishpond serves over 3,700 customers who are primarily small and medium-sized businesses (SMBs) in a wide variety of industries. The Company has developed cutting-edge marketing technology solutions and continues to add new features and applications with great velocity. The Company employs a Software-as-a-Service (SaaS) business model where substantially all the Company’s revenue is subscription-based recurring revenue which provides excellent revenue predictability and cash flow visibility. Wishpond is listed on the TSX Venture Exchange under the ticker “WISH“, and on the OTCQX Best Market under the ticker “WPNDF“. For further information, visit: www.wishpond.com.
Non-GAAP Financial Measures
In this press release, Wishpond has used the following terms (“Non-GAAP Financial Measures”) that are not defined by International Financial Reporting Standards (“IFRS”), but are used by management to evaluate the performance of Wishpond and its business: Annualized Revenue Run-Rate (“ARR”) and Monthly recurring revenue (“MRR”). These measures may also be used by investors, financial institutions and credit rating agencies to assess Wishpond’s performance and ability to service debt. Non-GAAP Financial Measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified, and reconciled to their most comparable GAAP financial measures. Except as otherwise indicated, these Non-GAAP Financial Measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. The intent of Non-GAAP Financial Measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP Financial Measures differently. Non-GAAP Financial Measures are identified and defined by Wishpond as follows:
- Annualized revenue run-rate: Annualized revenue run rate considers revenue over a number of specified recent months during the year and projects them over a 12-month period to estimate the annual revenues of the company based on recent performance.
- Monthly recurring revenue: Normalized measure of predictable monthly revenue.
Statements that are not reported financial results or other historical information are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements“). This press release includes forward-looking statements regarding the Company, its subsidiaries and the industries in which they operate, including statements about, among other things, all information with respect to the financial and operational results of the Company, current and future MRR and ARR achieved by the Company, the expected efficiencies, synergies and cost savings to be realized by the Company, as well as future plans and expected results for the operations of the Company, expectations, beliefs, plans, future operations, origination of additional targets in which the Company may hold an interest and acquisition opportunities for the Company, business and acquisition strategies, opportunities, objectives, prospects, assumptions, including those related to trends and prospects, and future events and performance. Sentences and phrases containing or modified by words such as “expect”, “anticipate”, “plan”, “continue”, “estimate”, “intend”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targets”, “projects”, “is designed to”, “strategy”, “should”, “believe”, “contemplate” and similar expressions, and the negative of such expressions, are not historical facts and are intended to identify forward-looking statements. Readers are cautioned to not place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements in this press release are reasonable and are based on, among other things, the expectations and analysis of current market trends and opportunities of management of the Company and preliminary financial results of the Company, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including, but not limited to, economic uncertainty and instability as a result of ongoing refinement and review of the financial statements and operations of the Company, revisions to the financial calculations and results of the Company, changes in the operations of the Company, the ongoing COVID-19 pandemic, Russia-Ukraine war, interest rate hikes instituted by various countries central banks, instability in global commodity and securities markets, shifts in consumer and institutional spending and marketing strategies, the changing global market and competition for the products and services supplied by the Company, and the additional risk factors discussed in the continuous disclosure materials of the Company which are available under the Company’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Pardeep S. Sangha, Investor Relations, Wishpond Technologies Ltd. Email: email@example.com Phone: 604-572-6392