Tribe Property Technologies reveals 34% improvement in adjusted EBITDA in 3Q 2023

(via NewsDirect)

Tribe Property Technologies CEO Joseph Nakhla and chief financial officer Angelo Bartolini joined Steve Darling from Proactive to discuss the company's financial results for the three and nine months ended September 30, 2023.

The company has implemented operational improvements and cost reduction strategies, resulting in a 34% year-over-year improvement in Adjusted EBITDA.

Nakhla highlighted the company's optimism for 2024, driven by the anticipated closing of the previously announced Meritus Group acquisition and the increasing number of real estate development projects and new communities coming on board.

During the quarter, Tribe Property Technologies achieved key milestones, including signing agreements with four new property developers to use the Tribe Home Pro construction software, bringing the total to 18 new property developer relationships in the first nine months of 2023.

Additionally, 15 new Tribe Home Pro software licensing agreements were signed in Q3 for new construction projects, totaling 29 software license agreements in the first nine months of 2023.

Bartoli emphasized that despite concerns in the real estate market and increasing interest rates, the company expects continued growth. Tribe has a robust pipeline of new development opportunities, strategic partnerships, and new software agreements. The company is also actively negotiating additional acquisition targets to further expand its reach.

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