- 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.
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:
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(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.
SOURCE Tribe Property Technologies Inc.
