08:49 AM EDT, 04/18/2024 (MT Newswires) -- Wishpond Technologies ( WPNDF ) on Thursday reported a steep drop in fourth-quarter adjusted Ebitda as sales and marketing expenses increased and the company faced higher costs related to the development and imminent beta launch of SalesCloser AI.

Adjusted Ebitda for the three months ended Dec. 31 fell to $14,807 from $687,335 in the same quarter of 2022. Gross profit was steady at $4 million while revenue reached a record $6 million in the fourth quarter, inching up from $5.9 million in the same period of 2022.

For 2024, Wishpond ( WPNDF ) expects to achieve record revenue and adjusted Ebitda, driven by increasing traction of the its new Propel IQ bundled product. The company is also ramping up the size of its sales team while noting new sales from the recently launched SalesCloser AI virtual agent.

"We look forward to reporting higher revenue growth and profitability in 2024 with an improving cash balance," CFO David Pais said.

The company also reported the departure of Chief Technology Officer Dennis Zelada.

Wishpond's ( WPNDF ) shares dropped 1.5% yesterday.