Mr. Joseph Nakhla reports

TRIBE PROPERTY TECHNOLOGIES ACHIEVES 34% IMPROVEMENT IN ADJUSTED EBITDA(1) IN Q3-2023

Tribe Property Technologies Inc. today released its financial results for three and nine months ended Sept. 30, 2023. All amounts are stated in Canadian dollars on an as reported basis under IFRS (international financial reporting standards) unless otherwise indicated.

Joseph Nakhla, Tribe's chief executive officer, commented: "We are pleased with our third quarter results in which we achieved revenue growth as well as a remarkable 34-per-cent year-over-year improvement in our adjusted EBITDA. Reaching profitability has been the major focus for Tribe in the last few quarters and the team is well on its way to achieving its goal through the implementation of workflow optimizations, consolidation of back-end services and subscriptions, and other cost reduction initiatives. This substantial improvement reaffirms our commitment to delivering value to our shareholders and we remain dedicated in our pursuit of sustainable financial success."

Mr. Nakhla further added: "Our outlook continues to look strong for the remainder of the year and into 2024, boosted by the anticipated closing of the Meritus Group acquisition in the Greater Toronto Area, and our pipeline of additional acquisitions and organic growth opportunities. To further support our acquisition strategy, we secured a definitive loan agreement with a Canadian Schedule A bank, which provides a senior term loan facility for up to $15-million. While profitability remains a major focus, we continue to pursue additional acquisition and organic growth opportunities."

Angelo Bartolini, Tribe's recently appointed chief financial officer, stated: "Since joining Tribe, I've been impressed by the strong foundation within the business and the exciting trajectory it is on in transforming the property management industry. Tribe's commitment to achieving profitability is unwavering as strategic steps are being taken every day to position the company for sustainable financial success."

Q3 2023 financial highlights revenue:

• Third quarter 2023 revenue was $4.80-million; an increase of 6 per cent compared with $4.53-million for the third quarter of 2022. Revenue for the first nine months of 2023 was $14.28-million; an increase of 9.3 per cent compared with $13.06-million for the first nine months of 2022.
• Gross profit: Gross profit for the third quarter of 2023 was $1.87-million (39.0 per cent) compared with $1.59-million (35.0 per cent) in the third quarter of 2022; gross profit for the first nine months of 2023 was $5.65-million (39.6 per cent) compared with $5.12-million (39.2 per cent) for the first nine months of 2022.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization): Adjusted EBITDA for the third quarter of 2023 was an outflow of $1.44-million; an improvement of 34.2 per cent compared with an outflow of $2.19-million in the third quarter of 2022. Adjusted EBITDA for the first nine months was an outflow of $5.51-million compared with an outflow of $6.10-million for the first nine months of 2022.

Q3 2023 business highlights:

• July 12, 2023 -- Partnership announced with OctoAI Technologies Corp. to provide condo boards and strata councils with enhanced reporting and benchmarking to better understand the operational and financial health of their buildings.
• July 27, 2023 -- Partnership announced with KnockNok, an app connecting maintenance and repair services to residents and homeowners; adding to more than 20 partnerships available through Tribe Market, the company's digital marketplace for residents.
• Aug. 29, 2023 -- Announcement made to acquire Toronto-based property management company, Meritus Group Management Inc., marking a significant milestone for the company as it expands management services directly into the largest metropolitan area in Canada, with the addition of 5,000 homes under management. Closing of the Meritus acquisition remains subject to approval by the TSX Venture Exchange.

Events subsequent to Sept. 30, 2023

• Oct. 5, 2023 -- The company signed a definitive loan agreement with a Canadian Schedule A bank, which provides a senior term loan facility for up to $15-million. The facility consists of a $3-million operating line to support the company's working capital requirements, and an M&A (merger and acquisition) facility of $7-million, with an additional accordion feature of $5-million.
• Oct. 10, 2023 -- The company announced the appointment of Angelo Bartolini as chief financial officer (CFO). An accomplished executive leader with over 12 years of experience in a public company setting, Mr. Bartolini most recently led as the CFO of Altus Group, where he helped drive transformative growth and significant shareholder value. Reporting directly to CEO Joseph Nakhla, Mr. Bartolini will have responsibility for all finance, accounting, financial reporting, audit, tax and capital planning functions.
• Nov. 8, 2023 -- The company was recognized for its rapid revenue growth as part of the 2023 Deloitte Technology Fast 50 award program with 361-per-cent revenue growth from 2019 to 2022. Tribe was also ranked on the Deloitte North America Technology Fast 500, joining a list of top-growing technology, media, telecommunications, life sciences, fintech and energy tech companies in North America.

Key business metrics as of Q3 2023

• Four new property developers signed on to use Tribe Home Pro construction software for a total of 18 new property developer relationships in the first nine months of 2023.
• Fifteen new Tribe Home Pro software licensing agreements were signed in Q3 for new construction projects, for a total of 29 software licence agreements in the first nine months of 2023.
• Nine projects using Tribe Home Pro software licensing agreements were successfully on-boarded and began generating revenue in Q3 2023, for a total of 20 in the first nine months of 2023.
• Twelve property management agreements were signed in Q3, for a total of 32 property management agreements signed in the first nine months of 2023.
• Twelve properties were successfully on-boarded for management services and began generating revenue in Q3 2023, for a total of 33 properties on-boarded in the first nine months of 2023.

Outlook

Despite concerns surrounding the real estate market and increasing interest rates, these factors have not hindered Tribe's growth opportunities thus far. Tribe remains resilient and its growth in 2023 and 2024 will be fuelled by a robust pipeline of new development opportunities, strategic partnerships, winning new software agreements and the potential increases in digital services revenue. Tribe continues to be active in its negotiations for additional acquisition targets.

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

Third quarter financial webcast

The company will hold a webcast to discuss its performance with the investment community at 10 a.m. PT (1 p.m. ET) on Thursday, Nov. 30, 2023.

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

International toll:  1-604-638-5340

Approximately two hours after the Q&A (question-and-answer) session has ended, an archived version of the webcast will be available via webcast. An audio-only recording of the webcast will also be available in the investor section of Tribe's 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 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.

Non-IFRS measures

We seek Safe Harbor.