Wishpond holds approximately 63.3% controlling ownership interest in SalesCloser Technologies Ltd. (TSXV:SCAI), following completion of its qualifying transaction on March 26, 2026, providing shareholders with continued exposure to the separately listed AI sales automation company.
VANCOUVER, BC, May 27, 2026 /CNW/ - Wishpond Technologies Ltd. (TSXV:WISH) (OTCQX:WPNDF) (the "Company" or "Wishpond"), a provider of AI-enabled marketing solutions, announces that it has filed its condensed interim consolidated financial statements (the "Interim Financial Statements") and management's discussion and analysis (the "MD&A") for Q1-2026, representing the three months ended March 31, 2026. Copies of the Interim Financial Statements and MD&A are available on the Company's profile on SEDAR+ at www.sedarplus.ca.
Jordan Gutierrez, Wishpond's Chief Executive Officer, commented, "The first quarter of 2026 was defined by the completion of two significant strategic actions: the SalesCloser spin-out on March 26, 2026 and the divestiture of our Viral Loops business on March 9, 2026. These actions were deliberate steps to simplify Wishpond's operating structure and sharpen our focus on the Company's core marketing technology and solutions platform."
Mr. Gutierrez added, "Following these transactions, Wishpond enters the balance of 2026 with a clearer mandate: improve execution in the core business, strengthen customer retention, advance our AI-enabled product capabilities and operate with greater financial discipline. At the same time, Wishpond shareholders continue to participate in SalesCloser's future through our approximately 63.3% ownership interest in SalesCloser Technologies Ltd., a separately listed AI sales agent company with its own management team, capital structure and growth strategy."
Adrian Lim, Wishpond's Chief Financial Officer, commented, "Q1 2026 revenue was $2,765,018, reflecting the structural changes made during the quarter, including the divestiture of Viral Loops and management's focus on completing the SalesCloser qualifying transaction prior to its close on March 26, 2026. Despite these changes, gross margin remained at 67%, consistent with the Company's historical range."
Mr. Lim added, "The Viral Loops sale also strengthened the balance sheet, with $1.6 million of cash proceeds applied to reduce the Company's credit facility balance to $942,670 as at March 31, 2026, compared to $2,554,931 as at December 31, 2025. The Company remains focused on disciplined cash management, supporting its core business and improving financial flexibility."
First Quarter 2026 Financial Highlights:
Wishpond achieved quarterly revenue of $2,765,018 during Q1-2026 (Q1-2025: $4,089,641). The decline primarily reflected the disposal of substantially all of the assets of the Viral Loops business on March 9, 2026, which removed a portion of the Company's revenue base during the quarter, reduced contribution from lower-margin revenue streams and lower sales capacity following cost optimization initiatives, while management also devoted significant resources during the year to the development and spin-out of SalesCloser.
Wishpond achieved gross profit of $1,852,135 in Q1-2026 (Q1-2025: $2,725,725). The reduction in gross profit is primarily attributable to lower revenue in the quarter.
Wishpond achieved a gross margin percentage of 67% during Q1-2026 (Q1-2025: 67%), consistent with the Company's historical range of 65% to 70%.
During Q1-2026, Wishpond reported a net loss before income taxes of $5,141,969 (Q1-2025: $640,450) and Adjusted EBITDA(1) of negative $792,469 (Q1-2025: negative $177,372). The net loss for Q1-2026 includes two significant non-cash, non-recurring items arising from the SalesCloser qualifying transaction: a $2,648,096 reverse takeover listing expense and $1,223,180 in stock-based compensation expense, together totalling $3,871,276. Consolidated Adjusted EBITDA includes the results of SalesCloser, which is consolidated into Wishpond's financial results and remains in a growth and investment phase. For additional context, SalesCloser contributed negative Adjusted EBITDA of $820,672 in Q1-2026; excluding this contribution, Wishpond generated positive Adjusted EBITDA of $28,203.
First Quarter 2026 Business Highlights:
On March 6, 2026, the Company announced that it entered into a forbearance agreement with its senior lender, pursuant to which the lender agreed to forbear from exercising its enforcement rights in respect of existing defaults until the earlier of December 31, 2026 or the occurrence of certain terminating events, subject to the Company complying with the terms and conditions of the agreement. The credit facility remains repayable on demand, and the conditions described in the Company's Interim Financial Statements and MD&A indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.
On March 9, 2026, the Company announced that it completed the sale of substantially all of the assets of its Viral Loops business. Total consideration for the transaction was $2.3 million, consisting of $2.1 million in cash proceeds received on closing and a $0.2 million vendor note receivable due 12 months from closing. In connection with the closing, $1.6 million of the cash proceeds was applied to repay a portion of the outstanding credit facility balance, consistent with the terms of the Forbearance Agreement.
On March 26, 2026, the Company announced that it completed the spin-out of its SalesCloser business into a separate publicly listed entity. SalesCloser Technologies Ltd. began trading on the TSX Venture Exchange ("TSXV") under the ticker "SCAI" on April 9, 2026. Upon closing, the convertible promissory notes from the bridge financing were converted into common shares of SalesCloser, and SalesCloser completed a concurrent equity financing for gross proceeds of $5,449,995. Wishpond received 22,750,000 common shares of SalesCloser and retained a controlling ownership interest of approximately 63.3%, providing Wishpond shareholders with continued exposure to SalesCloser as a separately listed AI sales automation company.
On March 27, 2026, the Company announced the appointment of Jordan Gutierrez as Chief Executive Officer, effective March 26, 2026. Mr. Gutierrez ...
