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Tribe Property Technologies Announces 74% Increase in Revenue and 93% Improvement in Adjusted EBITDA in Q3-2024

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Tribe achieved record quarterly revenue of $8.33 million in Q3-2024, an increase of 74% from the same period last year, driven by healthy organic growth and the acquisitions of DMS and Meritus Management Group (Meritus).Tribe is pleased to report a 93% Year-over-Year improvement in Adjusted EBITDA as a result of increasing revenues in the quarter and the execution of strategic integration and efficiency projects resulting in cost reductions.Management provides a strong growth outlook and is on track with its goal of achieving Adjusted EBITDA positive by the end of 2024; and generating positive cash flow from operating activities in 2025.

VANCOUVER, BC, Nov. 28, 2024 /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 third quarter ended September 30, 2024. All amounts are stated in Canadian dollars on an as reported basis under IFRS (International Financial Reporting Standards) unless otherwise indicated.

Joseph Nakhla, Chief Executive Officer of Tribe, commented, “We are thrilled with the financial performance of the quarter. The acquisition of DMS and prior to that, Meritus, in combination with our robust organic growth, has propelled Tribe’s annualized revenue run rate to over $32 million and has significantly enhanced the Company’s profitability profile. Furthermore, our cost optimization efforts have delivered material benefits, evidenced by the significant improvement in our Adjusted EBITDA. We remain on track to reach break-even Adjusted EBITDA by year-end and expect to start generating positive cash flow from operating activities in 2025. We are starting to realize the benefits of our national footprint and expanded revenue streams.”

Q3-2024 Financial Highlights:

Revenue: Tribe achieved record revenue of $8.33 million in Q3-2024, an increase of 74% compared to $4.80 million in Q3-2023. Revenue growth was positively impacted by organic growth and the acquisitions of DMSI and Meritus Group Management Inc.Gross profit(2): Gross profit was $3.03 million in Q3-2024, an increase of 99% compared to $1.52 million in Q3-2023. Gross profit was favorably impacted by the increase in revenue and cost optimization efforts as a result of executing on strategic integration and efficiency projects in the quarter.Gross margin percentage: Tribe achieved Gross margin percentage of 38.8% in Q3-2024, in line with Gross margin percentage of 38.8% in Q3-2023. Gross margin percentage remained stable, supported by revenue growth and cost optimization initiatives.Adjusted EBITDA(1): Tribe had an Adjusted EBITDA loss of $0.11 million in Q3-2024, an improvement of 93% compared to an Adjusted EBITDA loss of $1.44 million in Q3-2023. Adjusted EBITDA improvement was driven by higher gross profit and enhanced operational efficiencies.Revenue Segmentation: Recurring revenue, which is composed of Tribe’s management service fees across condo, rental, commercial and not for profit housing, was $7.12 million in Q3-2024, an increase of 67%, compared to $4.26 million in Q3-2023. The increase in recurring revenue was due to the onboarding of new customers, as well as the DMS and Meritus acquisitions. Transactional revenue was $1.21 million as compared to $0.53 million in Q3-2023, representing an increase of 128%. This growth was primarily driven by an increase in financial services revenues through banking partnerships and software licensing fees for upcoming real estate development projects; underscoring the Company’s ongoing commitment to identifying new avenues for creating value for stakeholders.

Q3-2024 Business Highlights:

On July 17, 2024, Tribe launched its Tribe Home app for Android devices and introduced enhancements to its iOS version, improving customer experience and making it easier than ever to manage and live in multi-family residential homes, such as condos and townhouses.On August 22, 2024, Tribe announced that it had rebranded and unified all of DMSI’s various service divisions under the name DMS.Tribe also announced it had begun the expansion of DMS’ service offerings to Tribe’s current customer base of Strata and Condo Corporations, Investor-Owners and Property Developers, leveraging expanded service offerings across Canada.

Outlook:

The Company is on track to achieve its key goals for 2024 with accelerating revenue growth, improved profitability and expanding margins. The Company is pleased to report on its key goals for 2024:

Increase monthly recurring revenue. Organic growth fueled by landing new property management agreements, onboarding more communities onto the Tribe platform, winning new software licensing agreements and increasing digital services revenue.Make additional acquisitions. The company expects to continue executing on its aggressive M&A strategy. Tribe closed its transformational acquisition of DMSI in June 2024 and continues to have several additional acquisition targets in its M&A pipeline.Improve profitability. The Company expects to continue driving efficiencies in the business resulting in improved gross margins and enhancing Tribe’s EBITDA profile. The completion of key integration milestones for DMS has accelerated the Company’s goal of achieving profitability.Continue to innovate. Tribe continued to invest in its proprietary software platform this year, adding functionality to its suite of products in order to maintain its industry leadership position.

The persistent housing shortage across North America remains a key long-term driver of increased construction activity and demand for Tribe’s services. Tribe’s advanced tech-elevated property management solutions continue to be the cornerstone of its success, delivering exceptional value and efficiencies to stakeholders and strengthening the Company’s expansive national footprint.

Third Quarter 2024 Financial Webcast

The Company will hold a conference call and simultaneous webcast to discuss its results on November 28, 2024 at 1:00 pm ET (10:00 am PT). The call will be hosted by Joseph Nakhla, Chief Executive Officer, and Angelo Bartolini, Chief Financial Officer. Please dial-in 10 minutes prior to start of the call.

Webinar Details:

Date:

November 28, 2024

Time:

1:00 pm ET (10:00 am PT).

Webinar Registration:

https://bit.ly/TRBE-Q324-webinar 

Dial-in:

+1 778 907 2071 (Vancouver local)

+1 647 374 4685 (Toronto local)

Meeting ID #:

870 7609 6115

Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.

Footnotes

(1)

Adjusted EBITDA is a non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. The Company defines Adjusted EBITDA as net income or loss excluding depreciation and amortization, stock-based compensation, interest expense, income tax expense, impairment charges and other expenses. The Company believes Adjusted EBITDA is a useful measure as it provides important and relevant information to management about the operating and financial performance of the Company. Adjusted EBITDA is provided as a proxy for the cash earnings (loss) from the operations of the business as operating income (loss) for the Company includes non-cash amortization and depreciation expense and stock-based compensation. Adjusted EBITDA also enables management to assess its ability to generate operating cash flow to fund future working capital needs, and to support future growth. Excluding these items does not imply that they are non-recurring or not useful to investors. Investors should be cautioned that Adjusted EBITDA attributable to shareholders should not be construed as an alternative to net income (loss) or cash flows as determined under IFRS.

(2)

Gross Profit and Gross Profit Percentage are non-IFRS measures that do not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. The Company defines Gross Profit as revenue less cost of software and services and software licensing fees, and Gross Profit Percentage as Pross Profit calculated as a percentage of revenue. Gross Profit and Gross Profit Percentage should not be construed as an alternative for revenue or net loss in accordance with IFRS. The Company believes that gross profit and gross profit percentage are meaningful metrics in assessing the Company’s financial performance and operational efficiency.

Non-IFRS Measures

The following and preceding discussion of financial results includes reference to Gross Profit, Gross Profit Percentage and Adjusted EBITDA, which are all non-IFRS financial measures.

Adjusted EBITDA1

Three months ended
September 30

Nine months ended
September 30, 2024

$000s

2024

2023

2023

2023

Net loss

$ (1,341)

$ (2,071)

$  (6,241)

$  (7,199)

Depreciation

202

208

620

646

Amortization

388

147

913

441

Stock-based compensation

26

47

96

136

Interest expense

437

145

983

436

Interest income

–

(20)

–

(72)

Severance costs

100

73

140

73

Acquisition costs

25

28

649

28

Other

58

4

193

1

Adjusted EBITDA 1 

$ (105)

$ (1,439)

$ (2,647)

$ (5,510)

 

Gross Profit2

Three Months Ended
September 30

Nine Months Ended
September 30

$000s

2024

2023

2024

2023

Revenue, excluding ancillary revenues

$ 7,823

$ 3,921

$ 18,146

$11,759

Cost of software & services and software license fees
(excluding costs related to ancillary revenues)

4,790

2,398

10,937

7,240

Gross Profit2

$ 3,033

$ 1,523

$ 7,209

$ 4,519

Gross Profit2 Percentage

38.8 %

38.8 %

39.7 %

38.4 %

Financial Statements and Management’s Discussion & Analysis

Please see the consolidated financial statements and related Management’s Discussion & Analysis (“MD&A”) for more details. The unaudited consolidated financial statements for the third quarter ended September 30, 2024 and related MD&A have been reviewed and approved by Tribe’s Audit Committee and Board of Directors. Tribe recognizes that most of its investors are now accessing corporate and financial information either through pushed news services, directly from www.tribetech.com or SEDAR. Thus, Tribe has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at www.sedar.com and posted at www.tribetech.com.

“Joseph Nakhla”
Chief Executive Officer
1606-1166 Alberni Street
Vancouver, British Columbia V6E 3Z3
Phone: (604) 343-2601
Email: joseph.nakhla@tribetech.com 

About Tribe Property Technologies

Tribe is a property technology company that is disrupting the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers. Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.

Cautionary Statement on Forward-Looking Information

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Forward-looking statements or information in this news release may relate to statements with respect to the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the property management sector; future acquisitions by the Company; integration of the acquisition of Meritus Group Management Inc or DMS.; beliefs of the Company with respect to property management and real estate development markets; prospective benefits of the Company’s platform; and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Company does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Tribe Property Technologies Inc.

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BCE reports results of Series S and T preferred share conversions

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October 19, 2026

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MONTRÉAL, Oct. 19, 2026 /CNW/ — BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that 400 of its 4,798,333 fixed-rate Cumulative Redeemable First Preferred Shares, Series T (“Series T Preferred Shares”) have been tendered for conversion on November 2, 2026, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series S (“Series S Preferred Shares”). In addition, 676,765 of its 1,866,877 Series S Preferred Shares have been tendered for conversion on November 2, 2026, on a one-for-one basis, into Series T Preferred Shares. Consequently, on November 2, 2026, BCE will have 5,474,698 Series T Preferred Shares and 1,190,512 Series S Preferred Shares issued and outstanding. The Series T Preferred Shares and the Series S Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.T and BCE.PR.S, respectively.

The Series T Preferred Shares will pay on a quarterly basis, for the five-year period beginning on November 2, 2026, as and when declared by the Board of Directors of BCE, a fixed cash dividend based on an annual fixed dividend rate of 5.523%.

The Series S Preferred Shares will continue to pay a monthly floating adjustable cash dividend for the five-year period beginning on November 2, 2026, as and when declared by the Board of Directors of BCE. The monthly floating adjustable dividend for any particular month will continue to be calculated based on the prime rate for such month and using the Designated Percentage for such month representing the sum of an adjustment factor (based on the market price of the Series S Preferred Shares in the preceding month) and the Designated Percentage for the preceding month.

About BCE
BCE is Canada’s largest communications company1, leading the way in advanced fibre and wireless networks, enterprise services and digital media. By delivering next-generation technology that leverages cloud-based and AI-driven solutions, we’re keeping customers connected, informed and entertained while enabling businesses to compete on the world stage. To learn more, please visit Bell.ca or BCE.ca.

1 Based on total revenue and total combined customer connections.

Media inquiries:
Ellen Murphy
media@bell.ca

Investor inquiries:
Krishna Somers
krishna.somers@bell.ca

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SOURCE BCE Inc.

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3M announces collaboration with GSEO to advance Expanded Beam Optical manufacturing and development

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October 19, 2026

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ST. PAUL, Minn., Oct. 19, 2026 /PRNewswire/ — 3M (NYSE: MMM) today announced a collaboration with Genius Electronic Optical Co., Ltd. (GSEO, Taiwan: 3406), an optical technology company, to advance technology development and manufacturing for 3M’s Expanded Beam Optical (EBO) solutions. In support of these efforts, 3M expects to make a strategic investment to acquire approximately 4.7% of GSEO’s common shares as part of the company’s private placement of newly issued shares, subject to customary closing conditions.

The collaboration brings together 3M’s EBO technology leadership, optical interconnect expertise, materials science, manufacturing scale and customer relationships with GSEO’s precision optics manufacturing capabilities and production scale. Together, the companies aim to support EBO commercialization and long-term capacity expansion to meet growing demand from hyperscale data centers and other advanced connectivity applications.

“3M is investing in capabilities and partnerships that can accelerate innovation for our customers,” said William Brown, 3M Chairman and CEO. “By selecting GSEO as a manufacturing partner and investing in the company, we are strengthening the path to scale next-generation optical connectivity solutions for high-performance data center infrastructure.”

GSEO’s existing precision optics manufacturing capabilities and technical development experience are expected to support manufacturing readiness for 3M’s EBO ferrules, co-packaged optics solutions and related optical interconnect applications. The collaboration is part of 3M’s broader EBO ecosystem strategy, which includes continued work with customers and partners across the optical interconnect market.

“GSEO is pleased to expand its relationship with 3M as we work together to advance optical interconnect solutions for next-generation data center infrastructure,” said Micro Kuo, GSEO CEO and President. “This collaboration brings together complementary technology and manufacturing strengths to support continued innovation and help meet the performance demands of high-growth connectivity markets.”

3M expects the strategic investment to close in the fourth quarter of 2026, subject to customary closing conditions.

Forward-Looking Statements
Certain statements in this release are considered “forward-looking statements” under the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, and are intended to enjoy the protection of those laws. Forward-looking statements may appear throughout this release and are typically identified by the words “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “forecast,” “future,” “goal,” “guidance,” “impact,” “initial,” “intend,” “likely,” “may,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “would,” and other words that are similar to, or have the opposite meanings of, those words. Forward-looking statements speak only as of the date they are made, 3M assumes no duty to update those statements, and readers are cautioned not to place undue reliance on any of those statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties, including those described in Part I, Item 1A, “Risk Factors” of 3M’s Form 10-K for the year ended December 31, 2025.

About 3M
3M (NYSE: MMM) is focused on transforming industries around the world by applying science and creating innovative, customer-focused solutions. Our multi-disciplinary team is working to solve tough customer problems by leveraging diverse technology platforms, differentiated capabilities, global footprint, and operational excellence. Discover how 3M is shaping the future at 3M.com/news.

Contacts
3M
Investor Contact:
Diane Farrow, 612-202-2449
Media Contact:
3MNews@mmm.com 

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Scott Vicknair Personal Injury Lawyers Announces Second Annual Operation Fur-Ever Home Pet Adoption Event at Lafreniere Park

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October 19, 2026

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NEW ORLEANS, Oct. 19, 2026 /PRNewswire/ — Scott Vicknair Personal Injury Lawyers is excited to announce the return of its second annual Operation Fur-Ever Home, a free community pet adoption event taking place on Saturday, November 14, 2026, from 9:00 a.m. to 11:00 a.m. at Lafreniere Park in Metairie, Louisiana.

The free, family-friendly event will give attendees the opportunity to meet adoptable pets from local animal shelters, learn about responsible pet ownership, and potentially welcome a new furry companion into their homes. Those who preregister for the event will also be entered for a chance to win a Soundcore speaker and a free pet adoption.

“Last year’s event was everything we hoped it would be, and we are incredibly excited to bring Operation Fur-Ever Home back for a second year,” said David Vicknair, founding partner of Scott Vicknair Personal Injury Lawyers. “There is something special about watching a family meet a pet that could become part of their lives for years to come. We wanted to create another opportunity to make those connections while supporting the organizations that work tirelessly to care for animals in our community.”

Building on the success of the first event, this year’s event continues the firm’s commitment to supporting local animal shelters and creating meaningful opportunities for families throughout Southeast Louisiana.

“Giving back to our community has always been an important part of who we are as a firm,” said Vicknair. “Whether we are helping students prepare for school, recognizing deserving teachers, or supporting local animal shelters, our goal is to make a positive difference in the communities we serve.”

Operation Fur-Ever Home is free and open to the public. Families, animal lovers, and anyone interested in adopting a pet are encouraged to attend and preregister.

About Scott Vicknair Personal Injury Lawyers

Scott Vicknair Personal Injury Lawyers is a New Orleans-based personal injury firm committed to providing exceptional legal representation while also investing in the communities it serves. Their experienced team of dedicated attorneys specializes in car accidents, personal injury, and wrongful death cases in New Orleans. With diverse personal and professional backgrounds, they craft legal strategies tailored to each client’s specific case and needs.

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