Wishpond Reports 38% Revenue Growth in Q1-2023.

VANCOUVER, BC: 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 Q1-2023, representing the three months ended March 31, 2023.

Ali Tajskandar, Wishpond's Chairman and CEO commented, "We are very pleased with our first quarter results in which Wishpond achieved 38% annual revenue growth, primarily driven by the Company's organic growth. In the first quarter we also launched our new Website Builder, which is powered by generative Artificial Intelligence (AI) technologies. The use of AI technologies is rapidly changing the digital marketing landscape and Wishpond is at the forefront of utilizing these new innovations to provide SMBs with new advantages against larger competitors. We are actively working on developing additional AI-powered marketing tools which we intend to launch in the coming quarters."

Ali Tajskandar adds, "Given Wishpond's clean balance sheet and the management team's successful acquisition track record, we are once again looking at new opportunities and building our acquisition pipeline, leading to the recent acquisition of Essential Studio Manager ("ESM"). ESM marks the Company's sixth acquisition; it brings more than 150 customers into the Wishpond family and it expands Wishpond's award-winning 'all-in-one' sales and marketing technology platform with additional new business management and CRM functionality. Our outlook remains positive for 2023, with the launch of new AI-powered products, continued organic growth and potential for new acquisitions. We expect to see continued sales growth, positive Adjusted EBITDA(1), and positive cash flows for this year. "

First Quarter 2023 Financial Highlights:

Wishpond achieved quarterly revenue of $5,623,817 during Q1-2023, compared to $4,078,317 generated in the same period of 2022 (Q1-2022), an increase of 38%. Revenue growth was primarily driven by organic growth resulting from stronger product demand, an increase in sales and marketing activities, and new product introductions.

Wishpond achieved Gross Profit(1) of $3,689,338 in Q1-2023 (Q1-2022: $2,536,195), representing a 45% increase from Q1-2022, driven by an increase in overall revenue.

Wishpond achieved a Gross Margin(1) percentage of 66% during Q1-2023 (Q1-2022: 62%).

...