Tribe Reports Record Revenue for Fourth Quarter and Fiscal 2022

May 1, 2023

  • Revenue increased 19% in Q4-2022 compared to Q4-2021.
  • Growth outlook and improving margins expected in 2023 driven by organic growth and acquisitions.

Vancouver, BC

Tribe Property Technologies Inc. (TSXV:TRBE) (OTCQB US: TRPTF)) (“Tribe” or the “Company”), a leading provider of technology-enabled property management solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2022. All amounts are stated in Canadian dollars on an as reported basis under IFRS (international financial reporting standards) unless otherwise indicated.

“2022 was another exceptional year for Tribe”, said Joseph Nakhla, CEO; “and we capped it off with strong revenue results in Q4, achieving record annual revenue. We continued the integration of acquisitions while growing our pipeline of accretive targets. We completed the development and launch of our curated digital marketplace Tribe Market in the fourth quarter and continued to identify partners to grow the offerings for residents of our Tribe communities.”

Mr. Nakhla continued, “Our 2022 growth and national footprint allows us to focus on improving our gross margins and profitability in 2023. We are expecting healthy growth during 2023 driven by new community building completions and the acquisition of Warrington PCI Management. We see 2023 as a year of accelerating growth from both organic initiatives and acquisitions. In addition to this, our theme for 2023 is the ‘Year of Digital Efficiency’ as our population of customers continue to utilize our digital tools and transact with our marketplace and platform.”

Fourth Quarter Highlights:

        • Revenue: Fourth quarter 2022 revenue was a record $4.75 million, an increase of 18.8% compared to $3.99 million for the fourth quarter of 2021;
        • Gross profit1: Gross profit for the fourth quarter of 2022 was $1.81 million (38.1%) compared to $1.76 (44.2%) in the fourth quarter of 2021; and
        • Adjusted EBITDA2: Adjusted EBITDA for the fourth quarter of 2022 was an outflow of $2.09 million compared with an outflow of $1.53 million in the fourth quarter of 2021.

    Year-End Highlights

          • Annual revenue was a record $17.81 million, an increase of 13% compared to $15.83 million for the year ended December 31, 2021 ;
          • Gross profit1 in 2022 was $6.93 million (38.9%), a decrease from $7.51 million (47.4%) in 2021. The decrease in gross profit1 was a result of the addition of service delivery personnel in advance of new property management contracts that were delayed due to supply chain issues of our customers and the inefficiencies associated with the transition of acquisitions.
          • Adjusted EBITDA1: Outflow of $8.18 million compared with an outflow of $4.16 million in 2022.

    Business Highlights

          • On November 8, 2022, we launched our digital marketplace, Tribe Home – Market, for our communities. It is accessible through our proprietary platform Tribe Home. Our digital marketplace leverages group-buying power to provide deals on services and products such as insurance and groceries, curated for geography and building type.
          • On November 23, 2022, we partnered with EnerSavings Solutions Inc. to offer custom energy saving solutions such as EV charging stations, HVAC solutions, and LED lighting to our buildings across the country.
          • After December 31, 2022, we completed the acquisition of a portfolio of strata property management assets from Warrington PCI Management on January 5, 2023. This acquisition further strengthens Tribe’s property management services across the Greater Vancouver region of British Columbia.

    Gross Profit

    Three months ended December 31,








    Years ended December 31,






    $000s or % 2022   2021   2022   2021  
    Revenue $ 4,748 $ 3,989 $ 17,813 $15,830
    Cost of software and services and software license fees 2,937 2,227 10,879 8,322
    Gross Profit2 $1,811 $1,762 $6,932 $ 7,508
    Gross Profit2 % 38.1 % 44.2 % 38.9 % 47.4 %


    Adjusted EBITDA1

    Three months Ended December 31, Years ended December 31,
    $000s 2022 2021 2022 2021
    Net loss $ (2,783) $ (1,046) $ (10,544) $ (7,609)
    Depreciation 232 227 894 882
    Amortization 248 96 547 371
    Listing expenses and professional fees associated with the RTO                    –            – 1,634
    Stock-based compensation 79 142 377 816
    Interest expense  171   170 707 796
    Interest income  (52)                     – (204)     –
    Impairment of goodwill     – 657     – 657
    Income tax (recovery) expense   – (1,764)   – (1,683)
    Other 20 (10) 41 (27)
    Adjusted EBITDA1                                                                                                         $ (2,085) $ (1,528) $ (8,182) $ (4,163)


    Financial Statements and Management’s Discussion & Analysis

    Please see the consolidated financial statements and related Management’s Discussion & Analysis (“MD&A”) for more details. The audited consolidated financial statements for the year ended December 31, 2022 and related MD&A have been reviewed and approved by Tribe’s Audit Committee and Board of Directors. Tribe recognizes that most of its investors are now accessing corporate and financial

    information either through pushed news services, directly from or SEDAR. Thus, Tribe has prepared this truncated news release to alert investors to its results and that a more detailed explanation and analysis is readily available in the MD&A. These reports have been filed on SEDAR at and posted at

    Non-IFRS Measures

    The preceding discussion of financial results includes reference to gross profit2, gross profit percentage2 and adjusted EBITDA1, which are all non-IFRS financial measures. The measure of gross profit2 and gross profit percentage2 is provided as management believes this is a good indicator in evaluating the operating performance of the Company. Adjusted EBITDA1 is provided as a proxy for the cash earnings from the operations of the business as operating income (loss) for the Company includes non-cash amortization and depreciation expense and stock-based compensation.

    Financial Webcast

    The Company will hold a webcast to discuss its performance with the investment community at 2:00 p.m. PDT (5:00 p.m. EDT) on May 1, 2023.

    Webcast URL:
    Participant Audio Only Dial-In Toll Free-North America: +1 (800) 319-4610
    International Toll: +1 (604) 638-5340.

    About Tribe Property Technologies

    Tribe is a property technology company that is digitizing 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’s three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.

    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. Visit for more information.


    “Joseph Nakhla”
    Chief Executive Officer

    Tribe Property Technologies Inc.

    1606-1166 Alberni Street Vancouver, British Columbia V6E 3Z3 Phone: (604) 343-2601

    For further information, please contact:

    Jim Defer
    Chief Financial Officer
    Shobana Williams
    VP, Investor Relations


    1. –Non-IFRS measure that does not have a standardized meaning and may not be comparable to a similar measure disclosed by other issuers. Adjusted EBITDA is also not a measure recognized in accordance with IFRS and does not have a prescribed or standardized meaning by IFRS. The Company defines Adjusted EBITDA as net income or loss excluding depreciation and amortization, stock-based compensation, interest expense, income tax expense, impairment charges and other expenses. It should be noted that Adjusted EBITDA is not defined under IFRS and may not be comparable to similar measures used by other entities. The Company believes Adjusted EBITDA is a useful measure as it provides important and relevant information to management about the operating and financial performance of the Company. Adjusted EBITDA also enables management to assess its ability to generate operating cash flow to fund future working capital needs, and to support future growth. Excluding these items does not imply that they are non-recurring or not useful to investors. Investors should be cautioned that Adjusted EBITDA attributable to shareholders should not be construed as an alternative to net income (loss) or cash flows as determined under IFRS.

    2. – Non-IFRS measure that does not have a standard meaning and may not be comparable to a similar measure disclosed by other issuers. Gross profit and gross profit percentage do not have a standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. The Company defines gross profit as revenue less cost of software and services and software licensing fees, and gross profit percentage as gross profit calculated as a percentage of revenue. Gross profit and gross profit percentage should not be construed as an alternative for revenue or net loss in accordance with IFRS. The Company believes that gross profit and gross profit percentage are meaningful metrics in assessing the Company’s financial performance and operational efficiency.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Cautionary Statement on Forward-Looking Information

    This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and its business. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Forward-looking statements or information in this news release may relate to statements with respect to the aims and goals of the Company; financial projections; growth plans including future prospective consolidation in the property management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; prospective benefits of the Company’s platform; and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon several assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social risks, contingencies, and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Company does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules, and regulations.