Tribe Property Technologies Inc has announced its financial results for the three months ended March 31, 2022, reporting record revenue of C$4.2 million, up 11% from a year ago, driven primarily by organic growth and tuck-under acquisitions made late in 2021.
The company said it experienced strong revenue growth on a per-home basis as it continued to digitize its acquired customers and roll out its Tribe Home platform to more communities.
“Our digital approach to the traditional property management industry continues to be embraced by condo and rental communities alike with a very healthy organic lead pipeline,” said Joseph Nakhla, CEO of Tribe, in a statement.
READ: Tribe Property Technologies agrees to acquire Southview Property Management, strengthening its presence in the greater Vancouver region
"We are also very pleased with the quality and speed of the rollout of our digital partnership programs within our communities to further improve residents' living experiences while saving them money and producing additional revenue for the company," he added.
Tribe posted a gross profit of C$1,835,046 in the first quarter, compared to C$1,786,489 in the same year-ago period, while its net loss narrowed to C$2,056,825 from $3,159,432 a year ago.
Adjusted EBITDA - which the company believes is a better proxy for its cash flows - was an outflow of C$1,481,370 in the first quarter, compared to an outflow of $539,202 for the first quarter of 2021 as it expanded its technology and acquisitions teams to allow for further growth.
The company raised C$21 million in gross proceeds from a private placement during the quarter, which CEO Nakhla described as strong support for the company’s vision.
"Our team has built a healthy funnel of potential acquisition targets and we are pleased with our integration process and speed, with the signing just after our quarter-end of an agreement to acquire Southview Property Management Inc, further growing our presence across Greater Vancouver," the Tribe CEO added.
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.
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 the author at jon.hopkins@proactiveinvestors.com