Tribe Property Technologies Reports Second Consecutive Quarter of Positive Adjusted EBITDA
Tribe Property Technologies Reports Second Consecutive Quarter of Positive Adjusted EBITDA |
| [26-May-2026] |
VANCOUVER, BC, May 26, 2026 /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 for the three months ended March 31, 2026. 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, "Our first quarter results for 2026 demonstrate a steady operational foundation as we enter the new fiscal year. We delivered stable revenue of $8.2 million while continuing to advance the integration of our unified operating platform across the organization. We were also encouraged by the 7.9% year-over-year growth in our Software and Services recurring revenue, reflecting continued platform adoption, strong customer retention, and growing demand for our recurring digital service offerings. As we progress through 2026, we remain focused on re-accelerating growth across our national footprint by scaling our AI-enabled property management solutions, expanding adoption of Tribe Home, and increasing revenue per home through value-added services." Scott Ullrich, Tribe's CFO, stated, "Our Q1-2026 performance reflects continued operational discipline and a strong focus on strengthening the Company's financial position. During the quarter, we significantly improved our balance sheet and cash flow profile, reducing vendor take-back obligations by 69% and lowering interest expense by 39% year-over-year through disciplined debt management and optimization initiatives. We also expanded our gross profit margin2 to 44.2%, up from 43.5% in the same period last year, driven by targeted efficiency initiatives and ongoing cost management. Looking ahead, our key financial priorities remain focused on enhancing profitability, driving further operational efficiencies through technology and integration initiatives, and maintaining disciplined capital allocation to support sustainable long-term growth." Q1-2026 Financial Highlights:
Events Subsequent to March 31, 2026:
Outlook: Management remains confident that the Company will continue building momentum through 2026, supported by ongoing operational execution, disciplined cost management, and continued integration of recently amalgamated acquisitions. The Company remains focused on driving revenue growth, expanding margins, and improving profitability, while advancing its technology-first strategy. Key priorities include:
First Quarter 2026 Financial Results Webinar The Company will hold a conference call and simultaneous webcast to discuss its results on May 26, at 1:00 pm ET (10:00 am PT). The call will be hosted by Joseph Nakhla, Chief Executive Officer, and Scott Ullrich, Chief Financial Officer. Related earnings release materials will be available on SEDAR+ profile at www.sedarplus.ca and Tribe's website at https://tribetech.com/investors/. 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 The following and preceding discussion of financial results includes reference to Gross Profit, Gross Profit Percentage and Adjusted EBITDA, which are all non-IFRS financial measures. Non-IFRS measures do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. 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. (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. SELECTED QUARTERLY FINANCIAL INFORMATION The following table sets forth selected financial information of the results of operations for the three months ended March 31, 2026 and 2025 as follows:
Reconciliation of Net Loss to Adjusted EBITDA The following table sets forth the reconciliation of net loss to adjusted EBITDA for the three months ended March 31, 2026and 2025:
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 three months ended March 31, 2026 and 2025, and related MD&A have been reviewed and approved by Tribe's 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. "Joseph Nakhla" 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 www.tribetech.com for more information. 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 forward-looking information within the meaning of 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 information. Forward-looking information in this news release may relate to statements with respect to the aims and goals of the Company; financial projections; growth plans; future acquisitions by the Company; 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 information represents 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 information. The Company does not intend, and do not assume any obligation, to update forward-looking 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.
SOURCE Tribe Property Technologies Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: OTC-QB:TRPTF,TorontoVE:TRBE,OTC-BB:TRPTF,OTCQB:TRPTF,Toronto:TRBE,TorontoV:TRBE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
