Cost reduction strategies have resulted in Tribe achieving 51% year-over-year improvement in Adjusted EBITDA in Q4-2023. Management provides a strong growth outlook for 2024 driven by increasing monthly recurring revenue, gross margin improvement, improved profitability and robust pipeline of potential M&A targets. VANCOUVER, BC, May 6, 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 fiscal year and fourth quarter ended December 31, 2023. All amounts are stated in Canadian dollars on an as reported basis under IFRS (International Financial Reporting Standards) unless otherwise indicated.  The Company's Management Discussion and Analysis ("MD&A") and audited consolidated financial statements for the fiscal year and fourth quarter ended December 31, 2023 are available under the Company's SEDAR+ profile at www.sedarplus.ca. Joseph Nakhla, Tribe's CEO commented, "We are thrilled to announce our strong performance for the fourth quarter and fiscal year 2023, marked by record-breaking revenue and a 51% year-over-year improvement in Adjusted EBITDA in Q4-2024. Improving profitability has been Tribe's strategic focus over the past year, and we're delighted to report that our efforts are yielding significant results. Through streamlined workflow optimizations, the consolidation of backend services and subscriptions, and various cost reduction initiatives, our team has propelled us toward profitability with remarkable momentum. These efforts are reflected in our improved gross margin, and reduced cash burn. This outstanding progress underscores our unwavering commitment to delivering value to our shareholders." Mr. Nakhla further added, "We are expecting healthy organic growth to continue in 2024 with a focus on improving profitability. We are very pleased with the successful acquisition of the Meritus Group, which closed at the end of Q4, strengthening our foothold in the Greater Toronto Area. We expect improving Adjusted EBITDA in the upcoming fiscal year through our ongoing cost optimization endeavors and potential positive Adjusted EBITDA contributions from future acquisitions. The Company has a robust pipeline of profitable acquisition opportunities. While profitability remains paramount, it's crucial to state our commitment to pursuing additional acquisition opportunities and fostering organic growth prospects." Angelo Bartolini, Tribe's recently appointed President and Chief Financial Officer stated, "Tribe's commitment to achieving profitability remains strong as strategic steps are being taken to position the Company for sustainable financial success. We continue to see a large growth opportunity ahead of us, despite current macroeconomic conditions." Fiscal 2023 Annual Financial Highlights: Revenue: Fiscal 2023 revenue was $19.39 million; an increase of 8.8% compared to $17.81 million for fiscal 2022. The increase in revenue was due to an increase in software and service fees as a result of more properties on the Tribe platform, an increase in financial services revenue associated with our banking partnership, software licensing fees, and the acquisition of Meritus. Gross profit(2): Gross profit for fiscal 2023 was $6.63 million (41.0%) compared to $5.75 million (37.9%) in fiscal 2022. The increase in gross profit and gross profit percentage was a result of the addition of service contracts through organic growth, acquisitions and restructuring efforts. Adjusted EBITDA(1): Adjusted EBITDA for the fiscal 2023 was an outflow of $6.56 million; an improvement of 19.8% compared to an outflow of $8.18 million in fiscal 2022. The improvement in Adjusted EBITDA was achieved as a result of an increase in revenue and cost-cutting efforts. Q4-2023 Financial Highlights: Revenue: Tribe achieved record revenue in the fourth quarter 2023 with revenue of $5.11 million; an increase of 7.6% compared to $4.75 million for the fourth quarter of 2022. Revenue growth was positively impacted by the acquisition of Meritus in the fourth quarter. Gross profit(2): Gross profit for the fourth quarter of 2023 was $2.06 million (46.7%) compared to $1.455 million (36.7%) in the fourth quarter of 2022. Gross profit percentage improvement was primarily accomplished through restructuring and cost reduction efforts. Adjusted EBITDA(1): Adjusted EBITDA for the fourth quarter of 2023 was an outflow of $1.03 million; an improvement of 50.8% compared to an outflow of $2.08 million in the fourth quarter of 2022. Key Business Metrics as of Q4-2023: 3 new property developers signed on to use either Tribe Home Pro construction software or Tribe Management services, for a total of 21 new property developer relationships in the twelve months of 2023. 8 new Tribe Home Pro software licensing agreements were signed in Q4 for new construction projects, for a total of 37 software license agreements in the twelve months of 2023. 14 projects using Tribe Home Pro software licensing agreements were successfully onboarded and began generating revenue in Q4, for a total of 34 in the twelve months of 2023. 18 property management agreements were signed in Q4, for a total of 50 property management agreements signed in the twelve months of 2023. 22 communities/clients were successfully onboarded for management services and began generating revenue in Q4-2023, for a total of 55 in the twelve months of 2023. Outlook: In 2024, management expectations are for improved revenue growth, profitability and expanding margins. Tribe remains resilient in the current macroeconomic environment owing largely to the Company's technology solutions.  The Company's key goals for 2024 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. Make additional acquisitions. Tribe has a robust pipeline of profitable acquisition opportunities. We anticipate that potential acquisitions will be immediately accretive. Improving profitability. The Company expects to ...