Tribe Property Technologies Inc has announced record third-quarter 2021 revenue of C$4.1 million, a 259% year-over-year increase, driven by acquisitions as well as organic growth.
The company also generated a record gross profit of C$2.0 million, a 364% increase from the same period last year.
“Tribe has continued to see substantial revenue growth for the third quarter in a row with progress across all of our M&A activities, digital partnerships and organic growth,” Tribe Property CEO Joseph Nakhla said in a statement.
READ: Tribe Property Technologies completes acquisition of rental management assets from NAI Commercial Okanagan
“Our team has built a healthy funnel of potential acquisition targets and we are pleased with our integration process and speed, with the purchase and integration of a condo management portfolio in BC's Okanagan during Q3,” Nakhla added.
As well, Tribe Property noted it is experiencing strong growth in gross margin on a per-home basis as the company continues to digitize its acquired customers and roll out its Tribe Home platform to more communities.
The company recorded a net loss for the quarter of C$1,759,265, which it attributed to the additional costs associated with being a public company and the scaling of corporate infrastructure to support further acquisitions as well as the costs associated with the amalgamation of Gateway and Tribe.
Its 3Q Adjusted EBITDA, though, was C$1,114,766, which the company says is a better proxy for its cash flows.
Tribe Property 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.
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. Tribe’s platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform.
Contact Sean at sean@proactiveinvestors.com