Tribe Property Technologies sees record revenue as company posts 4th quarter and year end results

–News Direct–

Tribe Property Technologies CEO Joseph Nakhla joined Steve Darling from Proactive to announce the company's financial results for the fiscal year and fourth quarter ended December 31, 2023.

Nakhla began by highlighting the company's revenue growth, with total revenue reaching $19.39 million, marking an 8.8% increase compared to the previous fiscal year. This growth was attributed to various factors, including an expansion in software and service fees driven by an increased number of properties on the Tribe platform, higher financial services revenue associated with banking partnerships, software licensing fees, and the acquisition of Meritus.

Additionally, Nakhla noted a significant improvement in gross profit, which amounted to $6.63 million for fiscal 2023 compared to $5.75 million in the previous year. This increase in gross profit and gross profit percentage was attributed to the addition of service contracts through organic growth, acquisitions, and restructuring efforts.

Adjusted EBITDA for fiscal 2023 showed improvement as well, with an outflow of $6.56 million, representing a 19.8% improvement compared to the previous fiscal year. This improvement was driven by increased revenue and cost-cutting initiatives.

Looking ahead to 2024, Nakhla expressed optimism about the company's prospects for improved revenue growth, profitability, and expanding margins. Tribe aims to achieve this through various strategies, including increasing monthly recurring revenue by securing new property management agreements, onboarding more communities onto the Tribe platform, winning new software licensing agreements, and boosting digital services revenue. The company also has a robust pipeline of profitable acquisition opportunities.

Furthermore, Tribe remains committed to investing in its software platform and adding functionality to its suite of products to maintain its industry leadership position and continue providing innovative solutions to its clients.

With its strong financial performance and strategic initiatives in place, Tribe Property Technologies is well-positioned to capitalize on growth opportunities in the property management sector and drive value for its shareholders.