Tribe Property Technologies Achieves Record Revenue of $8.4 million and First Positive Adjusted EBITDA Quarter
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Tribe achieved record revenue in the fourth quarter 2024 of $8.43 million; an increase of 64.9% compared to $5.11 million for the fourth quarter of 2023.
Revenue for fiscal 2024 was $28.26 million; an increase of 46% compared to $19.39 million for fiscal 2023.
Tribe achieved positive Adjusted EBITDA in the fourth quarter 2024 of $727 thousand, an improvement of $1.8 million over fourth quarter of 2023.
VANCOUVER, BC, April 14, 2025 /CNW/ - Tribe Property Technologies Inc. (TSXV:TRBE) (OTCQB:TRPTF) ("Tribe" or the "Company"), a leading provider of technology-elevated property management solutions, today announces its financial results for the fiscal year and fourth quarter ended December 31, 2024. All amounts are stated in Canadian dollars on an as reported basis under IFRS (International Financial Reporting Standards) unless otherwise indicated.
Joseph Nakhla, Tribe's CEO commented, "We are thrilled to announce our exceptional performance for the fourth quarter and fiscal year 2024, marked by record-breaking revenue and a turn to positive Adjusted EBITDA in Q4-2024, marking a pivotal milestone in Tribe's path to sustained profitability and cash flow generation. Our efforts are yielding significant results reflected in our improved gross margin, reduced cash burn, and the significant improvement in our Adjusted EBITDA throughout the year. As one of the largest Canadian-owned property management service providers, Tribe continues to navigate various economic cycles with strength and discipline, and we believe the growing sentiment towards 'Buy Canadian' presents opportunities to further strengthen our market position.
Angelo Bartolini, Tribe's CFO, stated, "Tribe remains committed to achieving profitability through strategic steps to strengthen its financial position and ensure sustainable success. The company continues to demonstrate resilience, supported by its high recurring revenue. Over 85% of total revenue is generated from software and services contracts, providing financial stability and predictable cash flows. Tribe confirms that ongoing trade uncertainties and potential tariff escalations between the U.S. and Canada have no material impact on our business. The successful completion of the $1,087,882 non-brokered private placement in Q1, 2025, priced at a premium to the 20-day volume weighted average price, reflects the confidence of the executive leadership team and Board of Directors in Tribe's long-term potential and the belief that the Company's shares remain undervalued. This financing strengthens Tribe's balance sheet, allowing for further debt and payable reductions, while maintaining financial stability amid market turbulence.
Fiscal 2024 Annual Financial Highlights:
Revenue: Revenue for fiscal 2024 was $28.26 million; an increase of 46% compared to $19.39 million for fiscal 2023. The increase in revenue was primarily due to a 73% increase in software and service fees as a result of revenue growth and acquisitions in Ontario.
Gross profit: Gross profit for fiscal 2024 was $10.73 million (41.1%) compared to $6.63 million (41.0%) in fiscal 2023.
Adjusted EBITDA: Adjusted EBITDA for the fiscal 2024 was a loss of $1.92 million; an improvement of 70.7% compared to a loss of $6.56 million in fiscal 2023.
Q4-2024 Financial Highlights:
Revenue: Tribe achieved record revenue in the fourth quarter 2024 with revenue of $8.43 million; an increase of 64.9% compared to $5.11 million for the fourth quarter of 2023.
Gross profit: Gross profit for the fourth quarter of 2024 was $3.52 million compared to $2.11 million; an increase of 66.5% in the fourth quarter of 2023.
Adjusted EBITDA: Adjusted EBITDA for the fourth quarter of 2024 was $0.73 million; an improvement of 169% compared to a loss of $1.05 million in the fourth quarter of 2023.
Events Subsequent to December 31, 2024:
On March 31, 2025, the Company announced closing of its upsized non-brokered private placement led by the company's senior leadership team and Board of Directors priced above the 20-day Volume Weighted Average Price trading price as of the announcement date to raise gross proceeds of approximately $1,087,882 (the "Financing"). The net proceeds of the Financing will be used by the Company to retire debt payments and reduce payables.
On January 22, 2025, the Company announced its partnership with Electric Asset Inc., a provider of intelligent energy management solutions, enabling strata corporations across British Columbia to comply with mandatory legislative requirements while advancing energy efficiency and sustainability initiatives.
Management remains optimistic that 2025 will be a strong year for Tribe, with improved revenue growth, profitability and expanding margins. In addition, the Company expects to further augment its growth through acquisitions. Tribe remains resilient in the current higher interest rate environment with technology solutions that benefit our clients. The Company's key goals for 2025 are as follows:
Increase monthly recurring revenue. Growth will be fueled by landing new property management agreements, onboarding more communities onto the Tribe platform, winning new software licensing agreements and increasing digital services revenue.
Pursue strategic acquisitions. Tribe is currently in active negotiations with several profitable acquisition targets which it expects to announce in the coming quarters and would be immediately accretive.
Improving profitability. The Company expects to continue driving efficiencies in the business resulting in improved gross margins and enhancing Tribe's EBITDA profile.
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