Mr. Joseph Nakhla reports

TRIBE ACHIEVES RECORD REVENUE IN SECOND QUARTER 2023

Tribe Property Technologies Inc. has released its financial results for the three and six months ended June 30, 2023. All amounts are stated on an as reported basis under IFRS (international financial reporting standards) unless otherwise indicated.

Joseph Nakhla, Tribe Property's chief executive officer, commented: "I am very pleased with the second quarter results and the recently announced acquisition of Meritus Group Management Inc. in the Greater Toronto Area. Expanding our footprint in Ontario is a significant milestone for the company. This is Tribe's 12th acquisition. We have established a successful track record of executing and integrating acquisitions to further accelerate the company's revenue growth. In addition, our organic growth profile remains stable as we continue to experience a surge in community on boarding for management services and software usage, which we expect will result in a record total number of communities using our platforms and services."

Mr. Nakhla further added: "This year, we are also fully dedicated to improving profitability by reducing costs and optimizing efficiencies within our operations. During the second quarter, we implemented additional cost reduction strategies, which included employing process improvements, cost optimizations, head count reduction and consolidation of back office systems. We expect these expense reductions will benefit Tribe's financial performance in the second half of 2023. We remain excited about the company's growth prospects and continue to be committed to improving our profitability while increasing revenues and strengthening our market leadership position."

Q2 2023 and year-to-date 2023 financial highlights:

• Revenue: Second quarter 2023 revenue was a record $4.82-million, an increase of 11.3 per cent, compared with $4.33-million for the second quarter of 2022. First half 2023 revenue was $9.48-million, an increase of 11.1 per cent, compared with $8.54-million for the first half of 2022.
• Gross profit: Gross profit for the second quarter of 2023 was $1.96-million (40.6 per cent) compared with $1.70-million (39.2 per cent) in the second quarter of 2022. First half 2023 gross profit was $3.78-million (39.9 per cent) compared with $3.53-million (41.1 per cent) for the first half of 2022.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): Adjusted EBITDA for the second quarter of 2023 was an outflow of $2.21-million compared with an outflow of $2.43-million in the second quarter of 2022. First half 2023 adjusted EBITDA was an outflow of $4.07-million compared with an outflow of $3.91-million for the first half of 2022.

Business highlights

On July 12, 2023, Tribe Property announced it partnered with OctoAI Technologies Corp. to provide condominium boards and strata councils with enhanced reporting and benchmarking capabilities to better understand the operational and financial health of their buildings.

On July 27, 2023, Tribe Property partnered with KnockNok, an app which connects maintenance and repair services to residents and homeowners. This adds to a robust offering of over 20 partnerships available through Tribe Market, the company's digital marketplace for residents, which is available to Tribe Property-managed buildings, as well as those licensing Tribe Property software.

On Aug. 29, 2023, Tribe Property announced the acquisition of Meritus Group Management Inc., a property management company based in Toronto, Ont. This acquisition marks a significant milestone for the company expanding its management services directly into the largest metropolitan area in Canada, adding more than 5,000 homes under management. This acquisition strengthens Tribe Property's national presence, now with eight offices across Canada: five in British Columbia, one in Alberta and two in Ontario, including the company's new Meritus office in greater Toronto -- bringing the company's full solution of management services, management software, preconstruction and postconstruction software, and digital marketplace for residents and homeowners across Canada.

Key business metrics as of Q2 2023:

• Eight new property developers signed on to use either Tribe Home Pro construction software or Tribe Management services for a total of 14 new property developer relationships in the first half of 2023.
• Nine new Tribe Home Pro software licensing agreements were signed in Q2 for new construction projects for a total of 14 software licence agreements in the first half of 2023.
• Ten projects using Tribe Home Pro software licensing agreements were on boarded and began generating revenue in Q2.
• Fifteen property management agreements were signed in Q2 for a total of 20 property management agreements signed in the first half of 2023.
• Eight communities were on boarded for management services and began generating revenue in Q2 2023.

Outlook

Management remains optimistic that 2023 will be a strong year for Tribe Property, expecting improved revenue, profitability and expanding margins. Management is pleased to report the company is on track to achieve its key goals for 2023.

Despite concerns surrounding the real estate sales market and potential economic downturn, these factors have not hindered Tribe Property's growth opportunities thus far. Tribe Property remains resilient, and its growth in 2023 will be fuelled by a robust pipeline of new development opportunities, strategic partnerships, winning new software agreements and the increase of digital service revenue. Tribe Property continues to be active in its negotiations for additional acquisition targets, which it plans to announce in the coming quarters.

Second quarter financial webcast

The company will hold a webcast to discuss its performance with the investment community at 9 a.m. PDT (12 p.m. EDT) on Wednesday, Aug. 30, 2023.

Participant audio-only dial-in toll-free -- North America:  1-800-319-4610

International toll:  1-604-638-5340

Financial statements and management's discussion and analysis

Please see the consolidated financial statements and related management's discussion and analysis for more details. The unaudited consolidated financial statements for the three and six months ended June 30, 2023, and related MD&A have been reviewed and approved by Tribe Property's audit committee and board of directors. Tribe Property recognizes that most of its investors are reading corporate and financial information either through pushed news services, directly from the Tribe Property website or on SEDAR+. Thus, Tribe Property has prepared this truncated news release to alert investors to its results. A more detailed explanation and analysis are readily available in the MD&A. These reports have been filed on SEDAR+ and posted at the Tribe Property website.

About Tribe Property Technologies Inc.

Tribe Property is a property technology company that is digitizing the traditional property management industry. As a rapidly growing technology-forward property management company, Tribe Property has an integrated service technology delivery model that serves the needs of a much wider variety of stakeholders than traditional service providers.

Tribe Property's three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, and lease-ups), and digital services and partnership (smart building products and financial and insurance service) revenue.

Tribe Property 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 Property's platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform.

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