Tribe Property Technologies Inc. (TSX-V:TRBE) reported a significant 34% year-over-year improvement in adjusted EBITDA during the third quarter of 2023.
Operational enhancements and cost reduction strategies contributed to this growth, the company said in a statement.
During 3Q, Tribe posted revenue of $4.8 million, a 6% increase compared to the same period in 2022.
Gross profit reached $1.87 million, a notable improvement from $1.59 million in the comparable year-ago quarter.
Adjusted EBITDA showed a 34.2% improvement, with an outflow of $1.44 million in 3Q 2023 compared to $2.19 million in 3Q 2022.
Year-to-date, Tribe has generated a revenue rise of 9.3%, totaling $14.28 million.
Tribe's CEO, Joseph Nakhla, reaffirmed the company's commitment to profitability.
“Reaching profitability has been the major focus for Tribe in the last few quarters and the team is well on its way to achieving its goal through the implementation of workflow optimizations, consolidation of back-end services and subscriptions, and other cost reduction initiatives,” Nakhla said in a statement.
“This substantial improvement reaffirms our commitment to delivering value to our shareholders and we remain dedicated in our pursuit of sustainable financial success."
Tribe's positive outlook is driven by the impending Meritus Group acquisition, ongoing real estate development projects, and the addition of new communities. The company has secured a $15 million senior term loan facility from a Canadian Schedule A bank, supporting its acquisition strategy.
Despite concerns in the real estate market, Tribe said it would remain resilient, anticipating robust growth in 2023 and 2024.
The firm said it is optimistic to see improved revenue, profitability, and expanding margins in 2023, remaining on track to achieve key goals.