(NewsDirect)
Tribe Property Technologies CEO JosephNakhla joined Steve Darling from Proactive to announce thecompany's financial results for the fiscal year and fourth quarterended December 31, 2023.
Nakhlabegan by highlighting the company's revenue growth, with totalrevenue reaching $19.39 million, marking an 8.8% increase compared tothe previous fiscal year. This growth was attributed to variousfactors, including an expansion in software and service fees driven byan increased number of properties on the Tribe platform, higherfinancial services revenue associated with banking partnerships,software licensing fees, and the acquisition of Meritus.
Additionally, Nakhla noted a significantimprovement in gross profit, which amounted to $6.63 million forfiscal 2023 compared to $5.75 million in the previous year. Thisincrease in gross profit and gross profit percentage was attributed tothe addition of service contracts through organic growth,acquisitions, and restructuring efforts.
Adjusted EBITDA for fiscal 2023 showed improvement as well, withan outflow of $6.56 million, representing a 19.8% improvement comparedto the previous fiscal year. This improvement was driven by increasedrevenue and cost-cutting initiatives.
Looking ahead to 2024, Nakhla expressed optimism about thecompany's prospects for improved revenue growth, profitability,and expanding margins. Tribe aims to achieve this through variousstrategies, including increasing monthly recurring revenue by securingnew property management agreements, onboarding more communities ontothe Tribe platform, winning new software licensing agreements, andboosting digital services revenue. The company also has a robustpipeline of profitable acquisition opportunities.
Furthermore, Tribe remains committed toinvesting in its software platform and adding functionality to itssuite of products to maintain its industry leadership position andcontinue providing innovative solutions to its clients.
With itsstrong financial performance and strategic initiatives in place, TribeProperty Technologies is well-positioned to capitalize on growthopportunities in the property management sector and drive value forits shareholders.
Contact Details
Proactive NorthAmerica
+1 604-688-8158
na-editorial@proactiveinvestors.com
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