Tribe Property Technologies Inc. reported second-quarter 2026 revenue of CAD 8.3 million, a 3% increase from CAD 8.1 million in the same period a year earlier, but below the Wall Street consensus of CAD 9.2 million. The Vancouver-based property manager posted a net loss of CAD 147,000, or negative CAD 0.02 per share, compared with a loss of CAD 41,000, or negative CAD 0.01 per share, in Q2 2025. Analysts had expected a loss of CAD 0.01 per share.
Recurring revenue, driven by software and services, rose 5% year-over-year to CAD 6.9 million, representing 83% of total revenue. Average monthly recurring revenue per door increased to CAD 48–49, up 10% from the prior year. Transactional revenue, comprising 17% of total revenue, totaled CAD 1.4 million. Gross profit reached CAD 3.5 million, with gross margin expanding to 42%, up 30 basis points from 41.7% in Q2 2025. Management targets a normalized gross margin floor of 44% and a long-term goal of 50%.
Adjusted EBITDA loss narrowed to CAD 147,000 from CAD 41,000 in the prior-year period, though management noted normalized adjusted EBITDA, excluding one-time accounting and advisory fees, was near breakeven. The company reduced its vendor take-back obligation by CAD 500,000 year-over-year to CAD 1.0 million, a 33% improvement, and reported a 36% decline in interest expense due to refinancing.
Tribe, which describes itself as Canada’s third-largest property manager and second-largest in rental management, highlighted progress on its One Tribe OS platform, a unified operating system integrating residential and commercial property management. The company has tracked 1.5 million construction deficiencies across its platform and supported over 100 developers. Since its public listing, Tribe has evaluated more than 50 merger-and-acquisition opportunities and completed roughly a dozen transactions, including the acquisitions of Ace Agencies and DMSI.
Joseph Nakhla, chief executive officer, emphasized the company’s focus on automation to scale operations. “If we are successful in automating workflows, it will allow us to manage a larger portfolio with the same headcount,” he said. Scott Ullrich, chief financial officer, noted balance sheet improvements, citing the CAD 500,000 reduction in vendor take-back debt as a key achievement.
Tribe’s stock traded at CAD 0.20 in premarket trading on Aug. 25 before declining to CAD 0.15. The shares are down roughly 37% over the past year and more than 20% year-to-date, with a 52-week range of CAD 0.11 to CAD 0.28 and a market capitalization of approximately CAD 8.3 million.
