VANCOUVER, BC, Nov. 25, 2021 /SalesMagazine/
Wishpond Technologies Ltd. (TSXV: WISH) (OTCQX: WPNDF) (the “Company” or “Wishpond”), a vendor of marketing-focused internet business solutions, today announced the filing of its interim consolidated financial statements (the “Interim Financial Statements”) and management’s discussion and analysis (“MD&A”) for Q3-2021, the three and nine months ended September 30, 2021, respectively.
Interim Financial Statements and Management Discussion and Analysis are accessible on the Company’s profile on SEDAR at www.sedar.com.
“Third quarter 2021 was an outstanding quarter for Wishpond which demonstrated that our organic and inorganic growth strategy is working,” commented Ali Tajskandar, Wishpond’s Chairman and CEO.
“Wishpond’s revenue in Q3 increased by 90% YoY driven by the success of our expanded sales team, new product introductions and the acquisitions of Invigo, PersistIQ and Brax. We are also very pleased to return to positive Adjusted EBITDA in the third quarter of 2021. In the first half of the year, we made investments in our product development and sales teams, which are now paying off for the Company, as we are now exceeding $16M in annualized revenue run-rate.”
Wishpond is on track to deliver substantial revenue growth in Q4-2021, owing to enhanced capacity in the Company’s sales staff, as well as positive contributions from acquisitions and new product related revenues. Wishpond’s investments in increasing its sales and product development teams in the first half of the year are already beginning to pay off in terms of financial success.
As a result, the Company anticipates generating positive Adjusted EBITDA in the second half of the year. Wishpond has also built a strong pipeline of potential acquisitions that are projected to boost sales and EBITDA while also broadening the company’s product and market capabilities.