Tribe achieves record revenue of $5.3 million while cost reduction strategies have resulted in Tribe achieving 27% year-over-year improvement in Adjusted EBITDA in Q1-2024. On May 27, 2024, Tribe announced an agreement to acquire Toronto-based DMSI Holdings Ltd. ("DMSI"), including three operating subsidiaries.  DMSI reported unaudited consolidated revenue of $12.1 million with Net Income of $2.4 million for 12 months ended December 31, 2023.  To complete the DMSI acquisition, the Company has announced a non-brokered private placement to raise aggregate gross proceeds of up to $3.5 million. Management provides a strong growth outlook driven by the DMSI acquisition which is expected to boost the Company's proforma annualized revenue run-rate to over $31 million.  Tribe is expecting increasing monthly recurring revenue, gross margin improvement and improved profitability from organic and inorganic growth in 2024.   VANCOUVER, BC, May 30, 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 first quarter ended March 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 a record revenue quarter in Q1-2024 and a 27% year-over-year improvement in Adjusted EBITDA in the quarter. We are very pleased with the successful acquisition of the Meritus Group under the Tribe umbrella, which strengthens our condo management foothold in the Greater Toronto Area, and earlier this week, we announced the proposed acquisition of Toronto-based DMSI Holdings Ltd. ("DMSI"). Upon closing, the DMSI acquisition propels Tribe's proforma annualized revenue run-rate to over $31 million and significantly improves the Company's profitability profile. In addition, the acquisition of DMSI expands the Company's footprint in residential rental and commercial property management, making Tribe one of the largest rental property management companies in Canada1.  In addition to M&A, we are expecting healthy organic growth to continue in 2024 with a focus on improving profitability." Angelo Bartolini, Tribe's Chief Financial Officer stated, "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. 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. Bartolini, further adds, "To complete the acquisition of DMSI, the Company also announced a non-brokered private placement to raise aggregate gross proceeds of up to $3.5 million which will be led by PROPELR Growth ("PROPELR"), a highly respected equity investment fund.  We are thankful for the support that PROPELR and other insiders have shown for Tribe's future growth plans." Q1-2024 Financial and Business Highlights: Revenue:  Tribe achieved record revenue in the first quarter 2024 with revenue of $5.34 million; an increase of 14.6% compared to $4.66 million for the first quarter of 2023. Revenue growth was positively impacted by organic growth and the acquisition of Meritus in the fourth quarter. Gross profit:  Gross profit for the first quarter of 2024 was $1.84 million (39.2%) compared to $1.44 million (37.5%) in the first quarter of 2023. Gross profit percentage improvement was primarily accomplished through restructuring and cost reduction efforts. Adjusted EBITDA:  Adjusted EBITDA for the first quarter of 2024 was an outflow of $1.36 million; an improvement of 26.9% compared to an outflow of $1.86 million in the first quarter of 2023. On February 1, 2024, Tribe Property Technologies Inc. announced the appointment of Angelo Bartolini as President in addition to his role of Chief Financial Officer (CFO). Mr. Bartolini brings a wealth of executive leadership expertise to his expanded role in the Company. Events Subsequent to March 31, 2024: On May 27, 2024, The Company announced the acquisition of DMSI including three operating subsidiaries of DMSI; DMS Property Management Ltd., Del Management Solutions Inc., and Delcom Management Services Inc. Tribe will acquire 100% of the issued and outstanding shares of DMSI in consideration for $13,000,000, which will be satisfied by: (i) $10,000,000 in cash paid on closing, subject to adjustment; and (ii) $3,000,000 payable by promissory note. For the 12-month period ending December 31, 2023, DMSI generated revenue of $12.1 million and Net Income before income taxes of $2.4 million (consolidated unaudited results). Tribe ...