Tribe Property Technologies Reports 20% Improvement in Adjusted EBITDA Superscript 1 in Q3-2025

Executive Summary

• Tribe Property Technologies reported Q3 2025 financial results, highlighting a 20% improvement in Adjusted EBITDA compared to the prior year period, despite posting a small loss.
• The company achieved $8.3 million in revenue for Q3 2025, with gross profit increasing 23% year-over-year to $3.7 million, driven by improved gross profit margins.
• Significant operational updates include the launch of a National Conveyancing Document Centre, new Rental Investment Management Programs, and a new digital rental platform, alongside the completion of a $5.75 million financing earlier in the year.

Key Details

• Q3 2025 Financial Performance:
  • Revenue: $8.3 million (in line with Q3 2024).
  • Gross Profit: $3.7 million, up 23% from $3.0 million in Q3 2024.
  • Gross Profit Percentage: Increased to 47.1% from 38.8% in Q3 2024.
  • Adjusted EBITDA: Loss of $0.084 million, an improvement of 20% from the $0.105 million loss in Q3 2024.
  • Nine Months Ended Sept 30, 2025: Adjusted EBITDA was positive at $196,814 (compared to a loss of $2.647 million in the same period last year).
• Financing Activity:
  • Completed a best-efforts public offering on July 7, 2025.
  • Issued 12,777,777 units (including full exercise of over-allotment option).
  • Issue price: $0.45 per unit.
  • Aggregate gross proceeds: Approximately $5,750,000.
  • Use of proceeds: Growth initiatives, technology investments, potential acquisitions, working capital, and vendor take-back repayments.
• Operational & Strategic Updates:
  • GTA Growth: Announced strong preliminary growth in the Greater Toronto Area, with expected revenue of $8.04 million for the first six months of 2025 (263% increase vs. 2024). The GTA portfolio now represents ~50% of total revenue, managing ~20,000 homes.
  • Product Launches:
    • Sept 25, 2025: Launched National Conveyancing Document Centre for instant access to certified strata/condo documents.
    • Oct 8, 2025: Launched Rental Investment Management Programs (including Rental Association Programs, Developer Rental Guarantee Program, and Condo Conversion Consultation Service).
    • Nov 5, 2025: Launched 'Tribe Home – Rental', a digital platform for tenant engagement and property management.
  • Management Change: Appointed Scott Ullrich as CFO on Sept 12, 2025, replacing Angelo Bartolini.
• Outlook:
  • Management expects strong momentum into 2026.
  • Key goals include expanding AI capabilities, building strategic partnerships, pursuing accretive acquisitions, enhancing profitability through operational efficiencies, and innovating with technology.

Notable Quotes

• Joseph Nakhla, CEO: "This quarter reflects the tangible progress we are making in strengthening our company. With the completion of our $5.75 million financing, we have reinforced our balance sheet and increased our financial flexibility to support growth initiatives, technology investments, and strategic acquisitions... These efforts demonstrate Tribe's ability to unlock potential new revenue streams, while reducing administrative workloads across Tribe's operations, as we remain committed to modernizing property management through technology and disciplined execution."
• Scott Ullrich, CFO: "Our third-quarter results reflect continued improvement in our financial profile, with positive Adjusted EBITDA of $196,814 for the nine months ended September 30, 2025. These results are the result of operational discipline and efficiency initiatives implemented over the past several quarters. As we continue to integrate our acquisitions and scale nationally, we expect continued financial performance and strengthened financial stability."