-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.
Wishpond Technologies Ltd. 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.
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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.
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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.