Tribe Property Technologies Achieves Revenue of $8 million in Q1-2025, and Second Consecutive Quarter of Positive Adjusted EBITDA
Tribe achieved revenue in the first quarter 2025 of $8.0 million; an increase of 49% compared to $5.3 million for the first quarter of 2024.
Tribe achieved positive Adjusted EBITDA 1 for the second consecutive quarter. Adjusted EBITDA in the first quarter of 2025 was $0.3 million, an improvement of 124% compared to an Adjusted EBITDA loss of $1.4 million in the first quarter of 2024.
VANCOUVER, BC, May 29, 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 first quarter ended March 31, 2025. 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 extremely pleased with the strong results delivered in Q1-2025, which reflect the successful execution of our growth strategy. Achieving revenue of $8.0 million, a 49% increase over Q1-2024, and generating positive Adjusted EBITDA for the second consecutive quarter are significant milestones for Tribe. Our year-over-year adjusted EBITDA improvement highlights our ability to drive profitability even amidst macroeconomic volatility. Since September 1, 2024 we have been able to repay $1.25 million in vendor takeback debt. The recently announced agreement to acquire Ace Agencies illustrates our desire to strengthen our position in the single unit rental market with its high margins and increasing demand from condo owners. As we continue to innovate and add new services, we are confident that Tribe is well-positioned for sustainable growth and long-term value creation. Our outlook for the full year remains optimistic, and we are excited about the opportunities ahead as we work to deliver sustained value for our shareholders and clients."
Angelo Bartolini, Tribe's President and CFO, stated, "T he strong financial performance in Q1-2025, including our second consecutive quarter of positive Adjusted EBITDA, underscores Tribe's ability to generate positive cash flows while maintaining a solid financial foundation. With a 49% increase in revenue and the successful completion of our non-brokered private placement, we are in a strong position to execute on our strategic initiatives. The $1.1 million in proceeds from the private placement, along with our commitment to reducing debt and managing payables, enhances our financial flexibility and provides a solid base for continued growth. As we continue to navigate the challenges of the current economic environment, we remain focused on improving profitability, expanding our service offerings, and improving operational efficiencies."
Q1-2025 Financial Highlights:
Revenue: Tribe achieved first quarter 2025 revenue of $8.0 million; an increase of 49% compared to $5.3 million for the first quarter of 2024. Revenue growth was driven by acquisitions over the past year and the Company's organic growth.
Gross profit 2: Gross profit for the first quarter of 2025 was $3.3 million; an increase of 77% compared to $1.8 million in the first quarter of 2024. Gross margin percentage was 44% in the first quarter of 2025, compared to Gross margin percentage of 39% in the first quarter of 2024.
Adjusted EBITDA(2): Adjusted EBITDA for the first quarter of 2025 was $0.3 million; an improvement of 124% compared to an Adjusted EBITDA loss of $1.4 million in the first quarter of 2024. The improvement in Adjusted EBITDA was due to scaling of the business, efficiency initiatives implemented last year, consolidation of accounting systems and backend processes across acquired companies.
Q1-2025 Business Highlights:
On January 22, 2025, the Company announced its partnership with Electric Asset Inc., a provider of intelligent energy management solutions, to offer strata corporations in British Columbia access to specialized services such as Electrical Planning Reports (EPRs), EV Ready Plans (EVRPs), Opportunity Assessment Reports (OARs), Annual Energy and Carbon Reporting (GHG), and Voltage Conversion Projects (VCPs). The partnership supports compliance with evolving legislation, enhances building sustainability, streamlines access to grants, and promotes ESG initiatives.
On February 6, 2025, the Company announced the launch of its proprietary Property Management Inspections Tool, available within the Tribe Home platform to digitize and streamline on-site inspections. The tool enhances reporting accuracy, supports regulatory compliance, and provides greater visibility for Strata Councils and Condo Boards. The Company also reaffirmed the strength of its asset-light model and resilient revenue base amid global macroeconomic volatility.
On March 28, 2025, the Company completed a private placement equity financing raising gross proceeds of $1.1 million from the sale of units of the Company at a price of $0.52 per unit. Each unit consisted of one common share and one-half of a common share purchase warrant of the Company. Each whole common share purchase warrant entitles the holder to acquire one common share at a price of $0.82 per common share, until March 28, 2030, subject to adjustment in certain events. The financing, led by the CEO, CFO, EVP, and members of the Board of Directors, was priced above the 20-day VWAP, underscoring insider confidence and supporting the Company's financial stability during a period of economic uncertainty.
Events Subsequent to March 31, 2025:
On May 27, 2025, the Company announced its agreement to acquire Ace Agencies Ltd., a single-unit rental property management firm based in Abbotsford, British Columbia, significantly expanding Tribe's rental portfolio in the Fraser Valley and Lower Mainland. Ace Agencies generated over $1.4 million in unaudited revenue with positive EBITDA[3] in 2024 and manages approximately 900 single-family rental homes. The acquisition increases Tribe's single-unit rental portfolio by 275%, tripling its presence in this segment and aligning with the Company's strategy to offer full-service property management solutions to both investors and homeowners across Canada.
Outlook:
Management remains optimistic that 2025 will be a strong year for Tribe. 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 growth. 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 continues to evaluate strategic acquisitions with a view of adding targets that would be immediately accretive.
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.
First Quarter 2025 Financial Results Webinar
The Company will hold a conference call and simultaneous webcast to discuss its results on May 29, 2025, at 2:00 pm ET (11:00 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:
Please connect 5 minutes prior to the conference call to ensure time for any software download that may be required.
Non-IFRS Measures
This news release contains non-IFRS measures, including Gross Profit, Gross Profit Percentage and Adjusted EBITDA. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS and should be read in conjunction with the consolidated financial statements for the periods indicated.
Gross Profit 2
Three Months Ended
March 31
$000s
2025
2024
Revenue, excluding ancillary revenues
$ 7,454
$ 4,684
Cost of software & services and software
license fees (excluding costs related to
ancillary revenues)
4,198
2,847
Gross Profit 2
$ 3,256
$ 1,837
Gross Profit 2 Percentage
43.7 %
39.2 %
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 first quarter ended March 31, 2025 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.sedarplus.ca and posted at www.tribetech.com.
Footnotes
(1)
Non-IFRS measures: Adjusted EBITDA does not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. We define Adjusted EBITDA attributed to shareholders as net income or loss excluding severance and acquisition costs, interest expense and finance costs, foreign exchange gains and losses, current and deferred income taxes, depreciation and amortization, stock-based compensation, fair value gains and losses on investments, and other expenses. We believe Adjusted EBITDA is a useful measure as it provides important and relevant information to our management about our operating and financial performance. Adjusted EBITDA also enables our management to assess our 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 measures: 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. We define gross profit as revenue, excluding ancillary revenues, less cost of software and services and software licensing fees. Cost of software and services include direct costs of community managers, client accounting staff and accounting software, excluding client administration and other administrative applications. We define gross profit percentage as gross profit calculated as a percentage of revenues, excluding ancillary revenues. Gross profit and gross profit percentage should not be construed as an alternative for revenue or net loss in accordance with IFRS. We believe that gross profit and gross profit percentage are meaningful metrics in assessing our financial performance and operational efficiency.
(3)
Non-IFRS measures: Earnings before interest, taxes, depreciation and amortization (" EBITDA") is a non-IFRS measure. EBITDA should not be construed as an alternative to net income/loss determined in accordance with IFRS. EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric with respect to Ace Agencies as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
"Joseph Nakhla"
Chief Executive Officer
1606-1166 Alberni Street
Vancouver, British Columbia V6E 3Z3
Phone: (604) 343-2601
Email: [email protected]
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 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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