/NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES/
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.Continue to innovate. Tribe is committed to investing in its software platform, adding functionality and leveraging artificial intelligence in order to maintain its industry leadership position.
Fourth Quarter and Fiscal 2024 Financial Results Webinar
The Company will hold a conference call and simultaneous webcast to discuss its results on April 14, 2025 at 5 pm ET (2:00 pm 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:
Monday, April 14, 2025
Time:
5:00 pm ET (2:00 pm PT).
Webinar Registration:
https://bit.ly/TRBE-Q424-webinar
Dial-in:
+1 778 907 2071 (Vancouver local)
+1 647 374 4685 (Toronto local)
Meeting ID #:
880 8981 7737
Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.
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. The measure of Gross Profit2 and Gross Profit Percentage2 is provided as management believes this is a good indicator in evaluating the operating performance of the Company. Adjusted EBITDA1 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 EBITDA1
Three months ended
December 31
Years ended December 31
$000s
2024
2023
2024
2023
Net loss
$ (1,295)
$ (6,968)
$ (7,536)
$ (14,167)
Depreciation
200
212
820
858
Amortization
812
518
1,724
959
Stock-based compensation
30
(29)
126
107
Interest expense
501
187
1,484
623
Interest income
–
–
–
(75)
Severance costs
82
–
222
74
Acquisition costs
–
29
649
56
Income tax expense (recovery)
209
(22)
209
(12)
Goodwill impairment3
–
5,025
–
5,025
Other
188
(5)
382
(11)
Adjusted EBITDA 1
$ 727
$ (1,053)
$ (1,920)
$ (6,563)
Gross Profit2
Three Months Ended
December 31
Years Ended
December 31
$000s
2024
2023
2024
2023
Revenue, excluding ancillary revenues
$ 7,946
$ 4.401
$ 26,092
$16,160
Cost of software & services and software
license fees (excluding costs related to
ancillary revenues)
4,427
2,287
15,364
9,527
Gross Profit2
$ 3,519
$ 2,114
$ 10,728
$ 6,633
Gross Profit2 Percentage
44.3 %
48.0 %
41.1 %
41.0 %
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 fiscal year and fourth quarter ended December 31, 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.
Footnotes
(1) Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. Adjusted EBITDA is also not a measure recognized in accordance with IFRS and does not have a prescribed or standardized meaning by IFRS. 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. It should be noted that Adjusted EBITDA is not defined under IFRS and may not be comparable to similar measures used by other entities. 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 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) Non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross Profit and Gross Profit Percentage do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented 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.
(3) During the year ended December 31, 2023, we had an impairment of $5,025,000 to our goodwill. The carrying value of one of our cash generating units exceeded its recoverable value, and as a result, an impairment charge for the difference was recorded.
“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.
NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES.
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 and impact on the Company; 2025 outlook; beliefs of the Company with respect to the independent owner-investors market; 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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