According to preliminary results, Tribe achieved positive Adjusted EBITDA1 in Q4-2024, marking a pivotal milestone in the Company's path to sustained profitability and cash flow generation.
The Company's annualized revenue run-rate now expected to exceed $33 million.
VANCOUVER, BC, Jan. 14, 2025 /CNW/ - Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) ("Tribe" or the "Company"), a leading provider of technology-elevated property management solutions, is pleased to provide a corporate update for the year ended December 31, 2024, with preliminary financial results indicating Tribe achieved positive Adjusted EBITDA1 in Q4-2024, a significant milestone that reflects Tribe's ability to deliver value to shareholders while continuing to scale the business and enhance its profitability profile.
Tribe Property Technologies logo (CNW Group/Tribe Property Technologies Inc.)
Ongoing cost optimization efforts, robust organic revenue growth, and the successful integration of the Meritus and DMSI acquisitions, have significantly improved Tribe's Adjusted EBITDA throughout the year. This milestone underscores the transformative impact of its cost-cutting measures and the synergies realized through its acquisitions.
With tremendous organic and acquisitive growth in 2024, Tribe has become one of the largest property management companies in Canada, managing over 55,000 rental, strata and condo units nationwide. The Company's comprehensive suite of services now includes strata and condo management, multi-family property and REIT rental management, student housing, not-for-profit housing, commercial property management, single-unit rental portfolio management, and project management for complex capital projects. Based on preliminary Q4-2024 financial results, the Company's annualized revenue run rate now exceeds $33 million.
Joseph Nakhla, CEO of Tribe commented, "2024 has been a transformative year for Tribe as we achieved significant milestones that underscore our commitment to growth, profitability, and operational excellence. Achieving positive Adjusted EBITDA in Q4-2024 marks a pivotal step in our journey toward sustained profitability and cash flow generation. This milestone reflects the strength of our diversified revenue model, robust acquisition pipeline, continued organic growth, and strategic focus on cost optimization. The successful integration of recent acquisitions has played a vital role in enhancing our operational efficiencies and expanding our service offerings across Canada. These achievements, coupled with strong customer growth and the addition of new property management agreements/customers, position Tribe as a leader in property management solutions and demonstrates our unwavering focus on creating value for all of our stakeholders."
Joseph Nakhla further adds, "Our strong national footprint, combined with the superior quality of our technology and services, positions us to deliver another record year in 2025, with expectations of positive cash flow generation. The Company continues to focus on driving efficiencies, executing its M&A strategy, and delivering innovative solutions that meet the evolving needs of property stakeholders."
The Company cautions that figures provided have not been audited and are based upon calculations prepared by management. Actual results may differ from those reported in this release once these figures have been audited. The Company expects to complete its 2024 audit in April to confirm figures along with other financial results. The complete financial results for the year ended December 31, 2024 will be available under the Company's profile on SEDAR+ at www.sedarplus.ca.
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.
Tribe Property Technologies Inc. "Joseph Nakhla" Chief Executive Officer
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.
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.
Cautionary Statement on Forward-Looking Information
This news release contains certain statements which constitute forward-looking statements or information under applicable Canadian securities laws, including, but not limited to, statements relating to the expected financial results, the Company's goals and strategy, and timing of financial reports. Such forward-looking statements are subject to numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, which could cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. These risks and uncertainties include changes to applicable laws or the regulatory sphere in which the Company operates, general economic and capital markets conditions, and stock market volatility. Although the Company believes that the forward-looking statements in this news release are reasonable, they are based on factors and assumptions, based on currently available information, concerning future events, which may prove to be inaccurate. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the forward-looking statements, whether because of new information, future events or otherwise.
