Thank you, everyone, for joining us today. My name is Pravith Irsanga, and I will be the operator for today's call. Welcome to Tribe Property Technologies' Fiscal Fourth Quarter and Year-End 2024 Financial Results Conference Call. Thank you all for joining us. This call is being recorded. We will be having a question-and-answer session at the end of the call. On our call today, we have Tribe CEO Joseph Nakhla and the company's President and CFO, Angelo Bartolini. I trust that everyone has received a copy of our financial results press release that was issued shortly earlier today. Listeners are also encouraged to download a copy of our financial statements and management discussion and analysis from sedarplus.ca. Please note portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws.
These statements are made under the safe harbor provisions of those laws, forward-looking statements that are based on management's current views and assumptions. Please review our press release and Tribe's reports filed on sedarplus.ca for various risk factors that can cause actual results to differ materially from our projections. We use terms such as gross profit, gross margin, adjusted EBITDA, and MRR on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definitions set out in our management discussion and analysis. In addition, reconciliation between any adjusted EBITDA and net income is included in the press release this morning. Please note that all financial information is provided in Canadian dollars unless otherwise noted. With that, I will turn the call over to Tribe CEO Joseph Nakhla.
Good afternoon, everyone. It's a pleasure being with all of you here from Vancouver and Angelo, obviously, from Toronto. We're very pleased with being with you today to inform the street about the performance of the company for overall the year of 2024 and obviously our Q4 that just ended. You'll have seen what we're incredibly pleased with, which is our very first EBITDA +ve quarter. It was a very robust quarter, which we anticipated to reach that point in Q1 of 2025 that we were able to achieve the turn into profitable EBITDA as early as we did in Q4 of 2024. You'll see that we've exited the year with very robust revenue as well. We are a run rate of CAD 33 million. As for those that remember and know enough about our business, know that its overwhelming majority of it recurring.
Obviously, the achieved +ve EBITDA that we hit of approximately CAD 730,000 in Q4 was a massive improvement year over year. It's really built on the back of a lot of essentially we've been national now for a couple of years. It was time for us to bring all of our back offices together and really start benefiting and backfilling into our size as a national player. It's important to also mention that it's no surprise to those that know the business well enough to know that we're really not impacted much with all the tariff and tariff wars and all the noise around the globe, essentially. Our business is Canadian. We are a services and software business. Really, the only simple impact could be in potential increase in some pricing of products and services that may go into new construction. That's early days.
We don't really have full visibility on it, but we're not anticipating any material impact on the business. That's one of the things we've loved about our business. It's cash-based. It's recurring. It's robust. Obviously, the industry that we're supporting and servicing continues to grow. While in Q4, we were also able to successfully complete CAD 1.1 million of a private placement that was led by our executive team and our board members. That transaction was done at CAD 0.52, which was well above the trading price of the stock and the VWAP at the time. It just reinforced the belief we have in the company and how undervalued we believe our company is. We believe now with the strength of our performance financially, we've turned a really significant corner and all the revenue opportunities that we're starting to take advantage of will start yielding further profits moving forward.
Next slide, please. Just kind of for those that are new to the story, we've gone out and built arguably the only third national service provider of the type of service that we offer, which is property management in Canada. It is not a surprise to most of you that the first and second largest property management companies just a little bit ahead of us are both American companies that are actually delivering the service within Canadian realm here, have taken advantage of their, obviously, their size, their well-backed. One is a public company. One is a private equity-backed company. We're catching up in terms of size. Obviously, one of the biggest investments we've made in the last five years was to build a national footprint to be able to deliver our services right across the provinces. Now we exist there. We've backfilled there.
We've made acquisitions in these markets. Now we're starting to realize the benefit of the size and the opportunity to sell our products right across with the demand that exists right across the country. Our ability to get to profitability was really built on the back of, obviously, robust demand. Buildings still need to be managed. We are very, very thrilled that our service delivery type is really seeked in every province. It also happened through cost optimization, consolidation of our back office. We've done almost 13 transactions. We've done 13 transactions to date. Each one had its own back office and came with its own accounting system and quite a bit of redundancies. We were able to bring them all under one umbrella and deliver excellent service right across. In 2024, we're very active with acquisitions in Ontario. It's a market that we love.
It's a market that we thought we were underpenetrated in. We knew that. We signaled that in most of 2023. The acquisitions we've made both on the condo management and the rental management really gave us quite a bit of strength and actually elevated our position when it comes to rental management into second position in the country, which is phenomenal to be able to provide our services right across to REITs and other family offices that are seeking rental services. With this being said, I'll hand over the mic to Angelo so he can walk you through the numbers.
Thank you, Joseph. Despite market challenges, Tribe once again delivered a strong financial performance in 2024 as follows. Revenue for the fiscal year was CAD 28.3 million, an increase of 46% compared to CAD 19.4 million for fiscal 2023. The increase in revenue was primarily due to a 73% increase in software and service fees as a result of pricing adjustments and the acquisition of DMSI and Meritus. Gross profit for the year was CAD 10.7 million compared to CAD 6.6 million for last year, which is an increase of 62%. The increase in gross profit was driven by higher revenue in 2024 and improved cost structure. Adjusted EBITDA was a loss of CAD 1.9 million compared to a loss of CAD 6.6 million, an improvement of 71%. The improvement was achieved as a result of an increase in revenue and cost efficiency measures that were taken. I'll flip to the quarterly performance review now.
Once again, Tribe delivered a very strong performance in Q4 with revenue of CAD 8.4 million, an increase of 65% compared to CAD 5.1 million. Revenue growth was positively benefited from our Ontario acquisitions. Gross profit for fourth quarter was CAD 3.5 million compared to CAD 2.1 million in 2023, representing a 67% increase. The increase in gross profit was a result, again, of pricing adjustments and the acquisitions that were made in Ontario. Adjusted EBITDA for the quarter was CAD 730,000 +ve, an improvement of 169% compared to last year's CAD 1 million loss in the fourth quarter. We are very proud of having achieved this outstanding improvement in our adjusted EBITDA. Our cost efficiency measures and restructuring have had a very significant impact and will continue to do so in future. Revenue growth. On this slide, we have a graphical representation of Tribe's outstanding revenue growth.
Annual revenue growth is shown on the graph on the left, and quarterly revenues growth is shown on the right. We're proud to share that Tribe has achieved an impressive five-year revenue CAGR of 58% from 2020 to 2024, a reflection of the strength of our business model and scalability of our platform and growing demand for our tech-enabled property management services. This consistent growth underscores the success of our strategic focus on organic expansion, targeted acquisitions, and delivering innovative solutions that create real value for our customers. Above all, it speaks to the continued trust our customers place in Tribe and the resilience of our business in a dynamic market.
In the quarterly revenue graph on the right, we can see that our revenue growth has been accelerating over the last four quarters, primarily driven again by the Ontario acquisitions as well as an increase in our financial services revenues. Overall, the company continues to win contracts from its competitors, underscoring the strength of Tribe's market position. This success is driven by the strength of our franchise, characterized by superior service, better-managed buildings, and our proprietary technology, which provides a distinct competitive advantage. Our well-recognized and trusted property management franchise has consistently proven to be a winning strategy, exemplified by our growing presence in the GTA, which has unlocked new opportunities. That concludes my financial update. I now turn it over back to Joseph. Thank you.
Thank you, Angelo, and congratulations to you and the team for an excellent quarter and great work. For those that are not as familiar with our revenue segmentations, we actually are a unique company. We have 10s of revenue streams, but for the sake of simplicity, we put them into two buckets. We have what we call recurring revenues and transactional revenues. Our recurring revenues are essentially monthly recurring revenues based on contractual relationships between us and buildings. These buildings could be rental buildings, not-for-profits, or condos. The party that we contract with could vary. It could be a condo corp. It could be a REIT or a pension fund or a family office, or it could also be a not-for-profit organization. The way we get paid from these contracts is a stated monthly recurring revenue.
In the case of any rental properties, it tends to be a percentage of the rental amount of rent that gets generated. That's our recurring revenue. Because of the amount of data we accumulate and the fact that we have a direct relationship with the tenants or the homeowners, condo owners, or anybody that lives, most of the stuff we do is residential. Anybody that lives in these communities, we have unlimited opportunities to generate further revenue due to the amount of data we aggregate. We can actually put products and services that these communities really seek or need. These are in the tens of headings. I won't bore you with that. However, what is unique about our organization is that we don't just generate those recurring revenues, but we have these very robust increased revenues that we generate from those transactional side.
It could be as basic as someone needing historical documentation, click of a button through our platform. They can actually download a package and pay for it. It could be something as a partnership we bring into the community whereby an older condo community seeking some electric vehicle solutions, whereby we go and partner with these companies, bring these solutions in based on the needs of this community, have these products installed through this third-party company, and we actually share in the revenue and we disclose it fully to our partners. You will see in our quarter results, we have had CAD 7.3 million of recurring business and approximately CAD 1.1 million of that transactional one-time revenue.
However, even though we call it transactional one-time revenue, it has a very recurring theme in it, whether it's through people rebuying multiple products through our platform and/or interactions with the community, whereby we've installed products that actually keep being recharged for the building. Next slide, please. I wanted to summarize the model fully for this tree just to kind of see how it's working. And we're quite pleased with it. As you may know, there's a significant number, up to 1,500 property management companies in Canada and the U.S.. What we've been able to do is obviously make very aggressive acquisitions. We still have, obviously, an organic strategy that we continue to execute on. In the case of acquisitions, we acquire a property management company. They tend to be, especially the ones that we acquire that are slightly smaller, have been around.
It's been operating by maybe a couple or an individual that started the company years ago with very little succession plan. We tend to acquire the company, take care of the contracts and the people within the organization, and really take it, what I would reference, take it from the defense into the offense. We empower them with the digital tools we have. We digitize the communities that are actually as a part of the contracts. We put our technology and platforms in there and actually improve the ability for these communities to communicate, to leverage the platforms that we have to essentially future-proof their communities and the buildings that they're in. We have got a significant amount of data that shows the buildings that we manage tend to outperform buildings that are managed by our competitors or third parties.
Once we've acquired the business, we optimize the acquired business by taking advantage of, obviously, our marketing engine, HR, and multiple suites of services that we already have matured within our organization. Once we've digitized these communities, we actually introduce new services and products into the buildings that we're in. We still, after the acquisition, for example, of DMSI, we acquired a great division there that does project management whereby they actually essentially help buildings address some of the project's needs and the construction needs that they need to manage the aging of the community. We've yet to even take that product all across the country. Once we do, we anticipate even further revenue streams because every building ages, and as they age, they really need a plan for what tomorrow brings.
As we improve the cash flow generation of each one of those divisions and businesses that we acquire, we actually reinvest. The way we reinvest is obviously by going out there and making further acquisitions. That model, now that we're national, is actually starting to yield dividends, as you can see from our financials. It's nothing but up from here in terms of opportunities for us to acquire bigger assets and increase our cash generation. To take what I just described and put it into an incident of microeconomics, essentially of one building as an example, and taking it from one building to a home, on the left-hand side, you'll see the average condo building in Canada. From a cash generation point of view, a property management company tends to make about CAD 20 per month per door with CAD 2 additional transactions.
It runs at about 30-35% gross margin. That is pretty much all the revenue that is available for either a company that we acquire or a company that we compete with in a market. Once we acquire that company and take that building and apply our technology and platform and services into it, you give it a Tribe Home, the platform. We start consolidating all of its accounting services. We run our AI support agent to allow it for optimization of communication. We obviously apply some cost optimization to the building, shared services with other communities that we manage, billing improvements, and apply our marketplace to generate further revenue.
Really, what you end up with is on the right-hand side, these are real numbers that come out of our last quarter, generated approximately CAD 40 per month per home, plus an additional CAD 10 of transactions and better gross margin. We really have an unlimited number of products and services that we can add to the building. If one's mind goes, when you look at this chart, to think, "Oh, so you guys just charge more for the building, so it must cost more to live in a Tribe building vs a non-Tribe building." Actually, the opposite is true. The irony is if you ever lived in a condo, you'll notice when you pay your monthly fees, let's say it's CAD 400, CAD 500 monthly fees, you're actually not focused on how much of that goes to a property management company.
Your goal is to hopefully live in a building where those monthly fees do not skyrocket as they have in the last five years for most buildings. Our buildings have proven to not escalate in terms of cost simply because we have got the tools and we can catch the outliers of categories of areas where the building is overspending compared to its peers. We actually have been able to generate a kind of steadfast put on a lot of those buildings whereby their monthly fees are not increasing. However, we can generate more revenue simply because we are identifying opportunities to sell more and more products into the community where people are going to be purchasing anyways, but they are buying them at a discount because of our size now. It is a really genuine win-win right across. Next slide, please. What are the trends?
We've made a habit quarterly and annually to let everybody know what we're seeing. People are very curious on how we see things, especially in the time we're in. I can tell you a big trend we're seeing from a growth driver from a company point of view is we are by Canadian. We are a Canadian company. We make no apology for it. We let everybody that we can know that by supporting us, by allowing us to manage the building, they are 100% staying Canadian. I think that sentiment is not going to be disappearing soon. Our business continues to be recession-proof, tariff-proof, interest-rate, and real estate, even activity resilient simply because buildings still have to be managed. We're just a small percentage of the addressable market.
Even though we continue to grow our revenue, we're still scratching the surface in terms of the opportunity that's available for us. We are seeing an increased activity in the rental market. I think last couple of quarters, I hinted and signaled the fact that more and more of the condo projects that are on the docket are probably going to slow down. A lot of those developers are going to start maybe pivoting towards rental. We're seeing that come to fruition right now. We're seeing a lot of developers slowing down their condos or actually replacing them, replacing these projects with rental projects. The fact that we actually have both products and services available, it really gives us a massive advantage. We are also seeing a lot of property management decisions guided by data. We continue to leverage the amount of data that we aggregate.
We make that available to a lot of the developers that we work with, whether they're doing rental or they're doing condos, to help them make good decisions about the mix of what they're taking to the street, about what they should anticipate in terms of rental costs, and even things like around the amenities and what utilities the building should have. At the end of the day, any of us that live in Canada recognize that there's still a housing shortage. It's in the middle of a campaign season. It's still a big conversation being had right across. We know when we say housing shortage, we're not referencing beautiful half-acre single unit or single-family homes. We're talking, obviously, MDUs. You're going to see a significant amount of movement.
If anything, the platform that's going to win that particular line item in terms of conversation is going to be one that's going to remove a lot of, hopefully, red tape and allow developers to be a lot more active and be able to go from design to completion in a much shorter period of time. We're seeing a lot of conversations being had about that. Next slide, please. What are we looking at for 2025? Obviously, positive cash flow generation from our operating business. We've turned that corner and we'll continue to drive hard towards profitability. We are going to continue to make investments in our business.
We still think our software and with some of the AI tools that are being made available, and we're all living it right now, we think our platform can continue to go from strength to strength by leveraging a lot of these tools that are available. Our goal is to continue to achieve the addressable EBITDA goal quarter over quarter. We still have a very aggressive M&A strategy. We're thankful as we continue to be very successful, a lot more inbounds and outbounds are starting to occur on the M&A side, which gives us an opportunity to select the right partners and the right organizations that we may want to essentially evaluate. We will continue to drive hard with our Canadian brand. We think that's a big opportunity to achieve and win new contracts.
We will continue to leverage the technology that we have to identify more and more revenue streams. You will hear more about that through the news about some of the new and really interesting products we are going to take to the market. As I mentioned, just to remind everybody, the housing shortage really means that we have chosen the right business to be in, essentially, more and more buildings. The world is all going up. These vertical villages are where all of us and our kids are likely going to be living. We are essentially the Canadian leader in this space right now. Thank you so much. That concludes our official part of the presentation. I am happy to take any questions.
Thank you. With that, we will now open the call to questions. The first question comes from Noel Atkinson from Clarus Securities. Please go ahead.
Good afternoon, Joseph and Angelo. Well done in Q4, and thanks for taking our questions today. First off, you mentioned the transactional vs recurring revenue buckets in the presentation. Which should be, hopefully, the biggest organic growth driver for you guys in 2025?
That is a great question. I think percent-wise, growth in the transactional side will be very robust. I do not want to be cryptic with transactional. What I did say, there are 30 or 40 different line items that are really meant it. I am going to give you just some basic examples. One of the biggest benefits we have due to our size is that we manage, for the sake of this conversation, say, CAD 600 million-CAD 700 million of cash that go through our rails annually.
As we do that, we've worked with banks to really generate a very favorable environment for our buildings that we partner with. Because of our muscle and our size, we're asking them to do things like waive fees for these buildings, give them better return on their CRFs, which is contingency funds and money that they sit on, so on and so forth. That's just a one-line item example. In 2024, we didn't even benefit from the whole year. We continue to add more buildings. As we add those more buildings, we move them to these bank accounts. That's an example of a place where you're going to see an increase in that revenue.
We've also, just in Q1, were able to—don't worry, Angelo, I'm not going to say anything financial—but overall, we were able to add a number of buildings and empower them for EV Solutions and actually perform a number of data-driven reports very specific to their power load. I'm not going to geek out on it, but just to give you a perspective, the work was done in Q1. We generated revenue from it. The outcome of that is we install all these panels and install all these products whereby we can start lighting up parking spots with electric charging. We actually will start generating revenue from that. We haven't seen the revenue yet, but the work is being done as we speak. You will see more and more of that growth on the robust kind of monthly recurring revenue side.
That's just us going out and making a pitch for a building why they should be managed based on the service delivery that we have. Once we secure it, we continue to generate more monthly revenue from that. It's kind of a little bit more boring, still very critical to the business. The other side, the transactional side, is going to be the side likely that's going to continue to grow.
Okay. Great. Secondly, what are you seeing in terms of uptake of your tech platform and your marketplace within your portfolio between the buildings bringing it in and then the residents starting to use it more and more often?
Rule of data is still very robust as it pertains to quarter over quarter when you look at those reports.
The rule of thumb is if it's a brand new construction building that we're lighting up, Noel, we're in the mid-90s, like 95% +. It's not just because the technology is incredible. It's also because they need the technology to report issues, to get their warranty items, and so on and so forth. It's essentially a mission-critical piece of technology for people that move into a brand new community. The existing community, this is a building that's 10 years old or older or younger, but it's already been built. People are living in it, and they're moving away from a traditional property management company coming to us. Rule of thumb there is within the first 90 days, we're going to hit somewhere in the 70%-75% penetration. People still get all their information through the platform, but to interface with us directly, that's where they do it.
Just to give you a perspective, we manage approximately 5,500 tickets on our platform weekly right now. Envision now the stuff going through the engine and problems and issues and permits and things that the customer interfaces with or the homeowners interface with.
Okay. Great. Finally, I know we're focusing a lot on organic growth vs M&A, but in terms of what are you seeing for organic growth opportunities for new account wins? Taking market share from FirstService or whoever else is out there, what are you seeing for pipeline of opportunities for RFPs or whatever in your markets?
Rule of thumb again for us is we tend to win one out of three that we go in. We recognize that we are usually not the cheapest going in there, but that's our closing ratio. That's what we're seeing.
We tend to budget approximately between 12-15% year over year in terms of organic growth in addition to our M&A activities.
Okay. Great. Thank you very much.
Thank you.
The next question comes from Essey Tesfaye from Stifel. Please go ahead.
Hey, guys. Can you hear me well? Yeah. Yes. Okay. Perfect. Perfect. Yes. This is Essey speaking on behalf of Suthan at Stifel. Great quarter, guys. First question would be maybe walk me through your sources of organic growth and how do you think about how much is driven by new construction projects vs competitive displacements, and then that vs upsell and cross-sell of existing communities?
Yeah. That's a great question. Let me start by a generic statement associated with new construction just because it's a very curious space right now for a lot of people. I get that question a lot.
Look, the reality of what we're seeing in the condo space specifically in Ontario, Ontario is slightly more, a little bit more bleak, I guess, than BC for whatever reason. In Ontario, we're seeing anything that started in the last two years, which has got probably another year to two years to complete, anything that got started in the last 12 months essentially will complete. We'll continue to go on. Whether people have enough financial muscle to go out and put a new sales center with zero sold and start actually marketing that before they break ground, that's where I think a lot of developers are hesitant. They just want to wait it out a little bit more.
I think, obviously, election will go a long way, and some of the stability or instability that's in the air right now associated with what's going on down south will go a long way in kind of calming people's nerves. We do not project a lot of four or five years down the line on new construction because we do not have that foresight. We do know about projects that are already in construction that we have secured contracts with. From our organic business, rule of thumb is probably 25%-30% of our organic business will come from new construction in the condo space and a little bit higher than that in the rental space. The reason it's going to be higher in the rental space is because there's just a higher demand on rental. There are enough incentive programs for the developers for rental.
A lot of the guys that are building condos are taking their foot off the gas and going to rental. We are seeing more activity in the rental space. To be honest, it's funny. Everybody can make money in rental when the market is incredibly hot, but good companies with muscle and size like ours tend to do really well in a tough market. We are quite glad that we have been able to backfill into our size here and take advantage of the market that is upon us. That would be what I would say about new construction vs existing. There is nothing slowing down. We are not seeing any slowing down of existing buildings being managed by third-party competitors asking us to come in and bid on the businesses. There is quite a bit of demand on our services that we are delivering through our platform. That is one big play.
Another big play is being a Canadian company. Finally, at the end of the day, people will vote with their wallet. If we can show that the buildings that we manage are better managed and spend less per sq ft in practically most categories due to our tech or services, then there is going to continue to come our way.
Joseph, I might just add, and you have mentioned this earlier, to some of the synergistic revenue streams that we have gotten with the acquisition of DMSI along the lines of the engineering reports, the project management type services, the fact that we can take some of those across Canada now, right? We have a larger geographic footprint for those services. I would just add some of those kind of initiatives that we have underway that we will be adding to our organic revenues.
That is perfect. Thank you, guys.
Second question and final question. Maybe walk me through the expectations for balancing profitability and growth investments for this coming year, just given that you guys have made that step of being profitable now. Within growth investments, maybe some additional color on what your top priorities are today.
Great question. Investments in our operations are all going to be ROI-centric and very specifically are all going to be gross margin-centric. I can unpack every line of business of ours and tell you where we think there are improvements, but it would be probably a little unfair to put you through that process. What I will say is the following. We are probably arguably the only company in the country now that has consolidated all its accounting back-office service delivery on one platform. We deliver it in every city, in every market, practically identically.
That's a unique thing for property management. Even some of the biggest companies haven't been able to do that. They're not centralized. They're decentralized, which obviously carries a much higher cost. We think that AI can play a massive role in improving gross margin, and that's an area we are going to make investment in and continue to make investment in. Frankly, most of the investment that was made in 2024 around AI was about benchmarking health of buildings. This is through a couple of partnerships where you're going to see AI investments in 2025 that we started with are going to be around solving problems using AI, whether solving problems for our customers, but also solving problems for our own staff. At the end of the day, the way we deliver service, it's high level of compliance.
At the end of the day, you can't go rogue and manage every building the way you wish. There is a significant amount of dollars going through it. We believe AI can actually look at the amount of redundancies that we create in the way we deliver the service and actually do a lot of the heavy lifting for us. You are going to see activity around that. Finally, there is this world of buildings or communities that are underserved. They just cannot secure property management contracts. If they do, they kind of go with a very, very small property management company that can barely deliver the service that these guys need.
We think AI + our technology can allow a company like us to pilot a way to service communities that are 30 homes, 25 homes, 40 homes, cannot afford our monthly recurring costs because of the way it is structured right now. With AI and our technology, it could probably achieve its desired goals in terms of its requirement to stay on the correct side of the compliance without having to cost us a lot. That will improve our gross margin as well. These are the areas we are going to be investing in in 2025.
Thank you so much. I will pass the line. Thank you.
Thank you.
We have another question from the Q&A. What does your acquisition pipeline or growth pipeline look like specifically in terms of expanding to other provinces?
Good question. We are feeling pretty good about the provinces that we operate in.
We feel very good. Obviously, we're in the three big provinces whereby there's a significant amount of MDUs. We also do have presence in other markets. We just don't advertise it as often. From an M&A point of view, the M&A pipeline is very robust, as I alluded to in earlier remarks. We have inbounds. We have a lot of communities within the survey permit. We have a lot of property management companies within our property management communities that are intrigued about what we've done historically with companies that we've acquired. I mentioned earlier, we take them from defense to offense. We give them their own brand and own strategy to go out and acquire more business in the market that they're operating in.
We're going to continue to look for that in terms of winning business with companies that have either lucrative contracts that we can actually make more lucrative or better gross margin or companies that give us expansion into geographical footprint. However, I will tell you, certainly with the activities going on around us, we're probably going to be doubling down on the markets we're operating in to take advantage of the infrastructures that we landed there.
There are no further questions. I'll now pass the call back to Joseph Nakhla for closing remarks.
Thank you, guys, for taking interest in our organization. For those that are shareholders of ours, thank you for your constant support. We know you saw the opportunity the way we saw it, and you're just as excited about it.
I'm incredibly thankful to our staff that worked and had an amazing year last year that understood the objective as early as January of 2024, but we're trying to execute on and our goal of hitting profitability, and we actually hit our numbers even earlier, almost, I would say, a quarter earlier than we anticipated. I'm incredibly grateful to our customers, to our staff for the hard work, our existing shareholders. For those that have taken interest in us, that haven't taken the plunge and owned our company, we welcome you to have a good look at our organization. What you see is what you get. It's a company embarking on disrupting a space that has not been touched for decades. It's a green field. It's a monster opportunity. We're just unlocking the further revenue streams that I've been speaking about.
You're going to see more and more of those activities. We think we're incredibly well priced. Come and join us executives that put our money where our mouth is. We hope to see you on the market. Thank you so much for your interest.
Thank you.