Tribe Property Technologies Inc (CVE:TRBE), a leading provider of technology-enabled property management solutions, has announced record revenue for its first quarter of 2021.
For the three months ended March 31, the company said in a statement that it generated $3.79 million in revenue -- a 253% increase year-over-year.
WATCH: Tribe Property Technologies sees massive increase in revenue up 253% over Q1 of 2020
Quarterly business highlights:
- Strong gross margin percentage improvement
- Completed going-public transaction, releasing $13.3 million of cash from its previously announced subscription receipts financings
- Began trading on the TSX Venture Exchange
- Appointed a new board of directors, which now includes four external directors in addition to CEO Joseph Nakhla
- Appointed capital markets veteran Jim Defer as CFO and re-positioned John Tims as corporate secretary
- Made significant progress in the integration of Gateway Property Management including granting senior management roles in the company to Gateway employees
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.
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