Tribe Property Technologies Inc. (TSX-V:TRBE) said it achieved record revenue for the fourth quarter and full year ended December 31, 2022.
The company reported revenue for the fourth quarter of $4.75 million, a rise of 18.8% compared to $3.99 million in the same period in 2021. Meanwhile, its annual revenue for 2022 hit a record $17.81 million, an increase of 13% compared to the previous year.
In a statement, Joseph Nakhla, CEO of Tribe Property Technologies, noted that 2022 was another outstanding year for the company and it capped it off with strong revenue results in the fourth quarter. He added that the company continued the integration of acquisitions while growing its pipeline of accretive targets.
Tribe Property Technologies also completed the development and launch of its curated digital marketplace, Tribe Market, in the fourth quarter and continued to identify partners to grow the offerings for residents of its Tribe communities.
Nakhla said that the company's growth and national footprint in 2022 will allow it to focus on improving its gross margins and profitability in 2023. He added that the company is expecting healthy growth in 2023 driven by new community building completions and the acquisition of Warrington PCI Management.
He further noted that Tribe Property sees 2023 as a year of accelerating growth from both organic initiatives and acquisitions.
Tribe Property posted gross profit for the fourth quarter of 2022 of $1.81 million, compared to $1.76 million in the fourth quarter of 2021, while its gross profit for 2022 was $6.93 million, a decrease from $7.51 million in 2021.
The company's adjusted EBITDA for the fourth quarter of 2022 was an outflow of $2.09 million, compared to an outflow of $1.53 million in the fourth quarter of 2021. Its adjusted EBITDA for 2022 was an outflow of $8.18 million compared with an outflow of $4.16 million in 2021.
Tribe Property Technologies is a property technology company that digitizes the traditional property management industry. Tribe's three revenue pillars are made up of software and service, transactional and digital services and partnerships revenue.
The company seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations.
Contact the author at jon.hopkins@proactiveinvestors.com