TwitPic is generating $1.5 to $2 million in ad sales on an annual basis, with 70% profit margins, says its founder Noah Everett, in an interview with Mixergy.

Everett says that 70% is net profit, or "what we can put in the bank at the end of the day."

He's aiming for $3-$4 million in revenue by next year.

Everett never raised any financing.

TwitPic's success has turned heads. Everett says he's received offers of more than $10 million for the company, but turned them down.

Twitpic is a Photo sharing application built on Twitter. So in simple words it let's you share photos on Twitter via phone, computer or Apps.

Twitpic currently has 67 million photos uploaded.

He turned down the offer because he loves to run Twitpic and it's like his baby.

Business Tips via Mixergy, home of the ambitious upstart!