Good morning everyone, and afternoon for those of you on the other side of the country. It's Joseph Nakhla with you.

Thanks for taking the interest and being with us here. A quick highlights for the quarter, we delivered revenue of about $8.3 million, approximately 3% year-over-year growth, and that was mainly driven by software and service recurring revenue that increased approximately 5% year-over-year.

We also hit a milestone, a significant one, of increasing the number of deficiencies and workflows from A to Z essentially in a case of a brand new construction deficiency tracked through our platform. We hit 1.5 million of those through the lifecycle of our platform.

If you've ever bought a brand new condo and you did the walkthrough and the developer that you worked with was using our technology, the workflow from the moment it's identified right through to completion runs on our back office, and that is one of our most popular platforms, and that continues to grow. It's currently supporting 100-plus developers across Canada.

Since the announcement of the quarter, we also announced the appointment of Jerome Samuels to the role of Chief Operating Officer. I do encourage you to go learn more about his background.

Comes with 15 years of tremendous experience with Rogers as a Vice President there. He oversaw a lot of M&A activities and integrations in the last 15 years of Rogers foray into the market, both on the cable and essentially cable, wireless, and other products that they take into market.

He's come on to oversee a lot of our activities within digitization, integration of a lot of the acquisitions that we've made, and also delivering on a fantastic new platform called the One Tribe OS. Will be more on that shortly.

That being said, I'm going to hand it over to our CFO, Scott Ullrich, to drive you and walk you through the financials.

Thank you, Joseph. Thank you everyone for attending today.

Once again, to somewhat repeat what Joseph mentioned, revenue for Q2 was $8.3 million and, comparing that to Q2 of 2025, which was $8.1, we successfully maintained the high revenue levels generated in 2025 with the help of our acquisition of Ace Agencies and DMSI, and of course, additional growth through just increased software and service fees. Our gross profit for Q2 was $3.5 million, compared to $3.4 last year.

Again, a 3% improvement. This increase was due to obviously, increased revenues while still maintaining our salary costs.

Our gross margin percentage was up slightly to 42%, compared to 41.7% last year. Our adjusted EBITDA reflected a loss of $147,000 for Q2, compared to a loss of approximately $41,000 last year.

If we normalize this for some one-time accounting and professional advisory fees, adjusted EBITDA would have actually been near breakeven. Next slide, please.

I'm very happy to announce that we could continue to make meaningful progress in strengthening our balance sheet and improving cash flow in Q2. Our vendor take-back obligation declined from $1.5 million to $1 million, a $500,000 improvement, 33% year-over-year.

There'll be an additional $500,000 paid down by the end of our calendar year, December 31. In addition, our interest expense declined 36% year-over-year due to our change of banking relationships, and obviously, that further helps improve our cash flow and reducing our financing costs.

These improvements, I feel, really strengthen our financial position and enhance our flexibility. We continue executing on our long-term growth strategy.

Looking ahead, I feel we're still maintaining disciplined capital management and continued debt reduction and working on improving shareholder value. As a reminder, our revenue is segmented in two buckets.

We have our recurring revenue. This is comprised of our tech-elevated service fees, our strata, our condo, rental, and commercial management fees.

For Q2 2026, recurring revenue accounted for just under 83% of our total revenue, and it was approximately $6.9 million. We also have transactional fees.

These are generated revenue from licensing of our proprietary software, revenue from our banking services, data reporting, in-app purchases from Tribe's digital marketplace, project management, and leasing fees. For Q2 2026, transactional revenue was approximately $1.4 million, and this represented just over 17% of our total revenue.

The growth in this segment was primarily driven by our project management activity and expanded service offerings across platform. That concludes my part of it.

I'll turn it back to you, Joseph.

Thanks, Scott. Good job.

The key metric that we we pay attention to as an organization is is the revenue generated per door. This quarter we average approximately on the software and service We Scott just spoke about the two segmentation of our revenue.

The first segmentation is the software and service. That's up an additional 10%, approximately $48, almost $49 per month per door, and the transaction fees are approximately at about another $10, $9.58, that is driven by new services and new contracts with new customers despite of all the activities and the challenges in the market.

We still continue to be very active there. Then we do still trade up lower revenue versus higher revenue buildings to to create more capacity within within our environment.

I'm going to now speak about the Tribe operating system because that is relevant to this conversation. First time we've put out our essentially One Tribe operating system charter to the street.

We're very proud of it. It's It's a one slide that speaks to the the methodology of our approach to the the this concept.

It's never been done before. There's not a single company that you can point to in property management around the globe that has actually attempted to take all residential living and commercial living and actually put it in one operating system as as as we are We've embarked on.

Essentially, we're building a unified, scalable operating platform that delivers consistent services right across right across all of our types of buildings, homes that we manage, as well as the different regions that we operate in despite the changes and the the the different complexities associated with the geography, meaning, the rules and regulations in condos is very different in Ontario than it is, for example, to BC. Yet we are still embarked on this one operating system to deliver a really superior service despite the fact that the regulation may vary per building, or per city, and/or per province.

Three stages. The operating path is is stage one is predictable outcome, i.e., great service delivered.

All buildings expect a same level of service when they are within the Tribe under the Tribe banner. Automation, a significant amount of automation.

Our birth into this space came from automation, and we continue to do that. It's no surprise to everybody that that's a that's a mainstay for for for what we set out to do in our in in the market, both on the rental side and on the condo side.

Then stage three is AI enhancement. We've never lived in a world whereby a new technology could actually be as significantly impactful in terms of workflows, the type of work that we do, as as as AI.

We're we're we're active in it. We're very, very We're we're making big investments into that space.

It's reflected in in our opex, and we'll continue to do that. We've even made some major changes to the way we deliver our traditional software services, and that's a big kudos to our team in in in the fact that we are able to push out features and make changes to to the workflows at a much higher speed than we've ever experienced before.

On the ground, the kind of execution priorities for us are very clear: streamline the resident requests. Anybody that lives in our building really should be interfacing with a lot of our automation.

We we manage 55,000 inbounds in 100 days. At least that's our last 100 days.

Envision how AI and a lot of those agents can actually make a big difference. Condo boards or big boards that manage big portfolios, they need stronger and better digital governance and decision-making tools, and that's an area that I think our data stack delivers and will continue to deliver significantly.

Expand our self-service capabilities to reduce, repetitive work for our staff so they can do more as they as as we bring in more buildings. Again, standardization of the delivery of quality of service that we we we we do there.

I have to say, I do want to give a lot of kudos to Jerome Samuels, who came on board, has been with us earlier in the year as Executive Vice President of Operations, went on a on a very deep listening tour and learning more about our processes, and now that he's ready to make his big impact as as it pertains to bringing in a lot of these integrations under one umbrella, he's he's driving he's driving our operating system, the Tribe Operating System, which is which is the one I just spent quite a bit of time with you on here. Next slide is very specific to a little bit of a macro view on the market.

Build Canada Homes or BCH, as you may have heard of it, is is a is a massive federal initiative that is intended to go out there and make a big dent into our affordability, I don't want to call crisis, but challenges in the country. Really, it's focused on, building affordable homes, financing affordable homes, and catalyzing the construction around the housing industry to to to deliver affording affordable homes.

I've spoken a quite a bit about that before. I also mentioned that we we've been we've been nominated to join and we have been active this year in the in the the commission, the the Chamber of Commerce commission that's set out to make strong recommendations on housing affordability.

We are the only property management company that actually sits on that board at a federal level or provincial level, and we are helping kind of guide these decisions. Usually, affordability is is within the lens of can we build homes that cost less.

We've been a very, very strong voice in in can you build homes that cost less, but can you also build homes that cost less to live in, i.e., either lower rent and/or if if you're living in it, operating expenses of the building itself are lower. We've got a significant amount of tools.

We've got a lot of data to point the fact that buildings that we manage actually spend less in multitudes of verticals, multitudes of products. The fact that you're spending less as a building on your operating expenses, that really does yield affordability, especially in a condo environment.

Some progress to report on, the the government has, set out It's essentially set out to almost add 4 million homes. It's an incredibly aggressive goal, and they've made a bit of a dent in it.

They're they're they're they completed about 340 homes under construction, and that was about 200,000 homes, and they vary in the different categorization, by the way. They've also loosened the purse, essentially, to allow for $82 billion of of capital to be available in different formats associated with helping new construction, a lot of non-for-profit organizations that actually are seeking access to these types of grants to actually be very active.

A lot of people don't know this about our organization, but Tribe is very active in the non-for-profit through the acquisition we've made in in DMS, and we'll continue to grow there. We're also going to see things, hopefully in this year and and definitely next year, whereby we are very active in in terms of putting together structures that help those developers, non-for-profits, and and different designation of groups that are coming in to actually take land that's vacant and actually put communities on them.

That's a little bit on the asset management, some of it around the governance, and and and a big chunk of that around the property management side of it. That's an area of our business that we will continue to grow and and make more active.

Next slide, please. Just to kind of summarize our priorities for the second half of 2026, continue very strong drive on our profitable operations.

We're very, very close, as you can see. We're teetering around that.

The investment we're making in our One Tribe OS essentially is the delta between this level of profitability, but we are willing to make that investment because we can see the ROI coming on the other end of it, and you'll be able to track that. We're still focused while we're focused, obviously, very strongly on organic growth, we've made some changes to the way we're approaching content management in the market and actually lead generation.

You'll see more on that. A big drive of that is actually bringing all of our businesses, every single company we've purchased, including DMS now, under the One Tribe brand.

Those of you that live in Ontario, you will be seeing in the end of next quarter a massive presence of Tribe, both on the condo side and on the rental side, that will be pretty evident right across Ontario as well. I think that concludes it from my point of view.

There's probably some questions coming in from some of the analysts. I'm happy to take them, or myself or Scott.

Perhaps I can take that one. We're definitely actively involved on the M&A front.

Since going public, we've actually looked at over 50 M&A opportunities, either through a share purchase or an asset purchase, and we actually completed on about a dozen of them since going public. We continue, obviously, to look at other opportunities.

When we look at these companies, yeah, obviously, we look at their revenue profile, their geographic location, what market segments are they in, and how that would help us. Of course, we look at what economies of scale we can bring by acquiring them.

We look at the margin they have, and then, obviously, we look at what the margin we think we can bring to it with our technology and that.

For this year, I'm thinking we may not be closing on any of the opportunities, but there are some A

Both statements can be true. Meaning we do when we say floor, my words are what I didn't want us to think is, look at us, 44%, we've achieved what we set out to achieve.

The point I'm trying to make is to explain that the cost of goods, and we are unique that way as a company, is because actually we load up our cost of goods very directly, including our technology costs, digitization, accounting services, compliance. Actually, when you look at our cost of goods, you see that we're not a traditional technology company that runs at 75%, 80% gross margin and very, very little goes into cost of goods.

Ours is actually the metric we use externally at the street is the exact same metric that we use internally as we measure our business. All that being said, one of the challenges we have with our gross margin, when you're dealing with onboarding businesses or waiting for new businesses to come in, is that you load up your cost of goods, you hire people in anticipation of revenue, but you may not see that revenue for 3 months out or 6 months out.

That's the fluctuation there. When we say we're in that 42% to 44% as a floor, what we're saying specifically is as we normalize, we anticipate that number to continue to go up.

Especially with some of the process modernization that we're doing including AI, I still see us going to the 50%. We will see that soon.

Plays a big role because a lot of this cost of goods really are administrative work, some of the accounting service delivery, and a lot of it is around the workflows of the property managers, the daily work that they do. If we are successful, and early signs are very promising, but if we're very successful in automating a lot of these workflows, what this will allow us to do is two things.

One is, the most obvious thing is to be able to manage a bigger portfolio with the same number of people with a very high level of service delivery and consistent layer in terms of customer satisfaction, but what it would also allow us to do is actually bring in a lot of our know-how to actually identify additional products and services that these buildings need to maybe lower our operating expenses while we're, hopefully, able to monetize further. I think it's going to play a major role in that, quite frankly.

I would challenge the fact that Q2 is always a great leasing quarter. It really depends.

Our transactional revenue isn't just driven by leasing. It's a big bucket of probably 50-plus line items.

Leasing doesn't just play a role up and down into that. A lot of stuff happens.

Brand new activities around units being sold where people in-app will purchase packages for the buyer and for the seller. That's a big active area.

Leasing and lease-ups are a big part of that as well, but there's a long list of products and service, insurance, and so on and so forth, including interest revenue associated with service deliveries for these buildings and their actual operating expenses that they spend every month. That's a long list.

It's not just driven by leasing. All that being said, it is a little bit lower.

It is a band, and it is unlike our recurring revenue that's very steady, it's contractual, transactional revenue, you kind of sort of every month start from zero and you kind of regain momentum in that, and it does depend on a whole bunch of stuff. If we do have brand new buildings coming on the platform in that month, then you'll see transactional revenue really spike up.

If you're just sustaining the number of buildings, nothing new comes on board, and you might even have a brand new building that was supposed to be delivered this month for rental, but it's not delivered till next month, you'll see the lease-ups revenue come down. That band kind of varies a little bit.

I think the second part of the question, what was it about, sorry? I forgot.

They're two separate things. The economics of the new banking relationships essentially strengthen our ability to access capital and how much and cost of capital.

We're spending less in cost of capital. Scott had mentioned earlier and that number is significantly lower year-over-year.

We're quite pleased with that. It doesn't really directly impact our transactional revenue whereby, obviously, we do have some interest revenue that we generate from some of the condo communities that we manage, but it's not necessarily a linear line.

I'm happy to get in touch with the analyst and unpack that for him further.

Sure.

Good question. I will tell you that debt reduction is scheduled, i.e., we are very, very deliberate and active in, obviously all of our debt reduction and VTB commitments.

We're unapologetic about making investment in AI. That continues to be a big area that we're investing in, our engineering team and our ability to deliver service around that.

We think the ROI on that is significant, phenomenal, quite frankly, and we'll be seeing the results of that next year. We're not necessarily prioritizing one over the other.

We're just budgeting for both.

Maybe just to add to that, our vendor take-back debt, as I mentioned, by end of the year, it'll be reduced by another $500,000, and by June of 2027, that VTB will be eliminated. Our M&A line of credit has an amortization period of 10 years, we are reducing that on a monthly basis.

Good question, very relevant. I mentioned briefly that you will be seeing the yellow flag, essentially, all over the place in the end of this year, at the end of Q3.

We are

I meant the Tribe flag, well said.

Everything in the world that's yellow is for us is Tribe, so that's what we live and breathe. Yes, you will see the Tribe flag really all over the place.

You'll see signage also reflected. Our DMS and Meritus, companies that have been operating and with great, great leadership, great staff, are essentially being rebranded as we speak.

Those changes are going to be seen this year. This going to make a massive difference to our content creation, web asset, digital assets, and lead generation.

All that stuff will fall under one engine now because of the brand consistency. We're very, very pleased with that, and that's going really well, and it's going to put an impact as well in our margins.

Just, we're also branding Ace Agencies as Tribe, too.

Ace Agencies as well. Thank you.

I would say data, data, data. Despite the fact that I would argue that we are the, probably the most advanced property management company in the space as it pertains to the data stack that we've been able to accumulate and and look at, and add the fact that we are very active in, single-unit rev single-unit rental, institutional rental, and condo.

The amount of data that we've been able to accumulate is is fantastic. And, it's one thing to accumulate data, it's another thing to be able to figure out predictive, impact on the health of a building or get patterns, predictable patterns that you can actually share out.

Our data stack, which we've scratched the surface on, will will be the essentially the the gold mine that we've been able to accumulate, not for financial means only, it's it's a gold mine because what what it will also allow us to do is really position a lot of our buildings to be ready for a rainy day. It's not well-documented because we've never really talked much about it, but we have access to data that illustrate that our condo buildings have more reserve capital and ready for a rainy day more than its peers in the market.

That's not something we talk about, but those people that live in our buildings, especially on the condo side, are way better equipped to deal with a rainy day. That's a function of understanding predictability, understanding what tomorrow brings, and actually helping these buildings put money aside and/or budget properly in the right areas.

I think our revenue streams from the data side will continue to improve purely based on the fact that it's just going to create products and services that make sense for the buildings to be better operated.

Our pipeline continues to be very, very healthy. The decision-making perhaps on some of these deals, once you put your RFP in and you're waiting, it's a little bit maybe delayed.

Some of the buildings are delayed. We're dealing with a lot of the stuff that everybody's hearing about in terms of some of the challenges that some of these developers are facing.

Same goes for brand new buildings that are completed that are ready to go, but the developers is yet to penetrate the threshold from a sales point of view. I've spoken before about activities that are occurring and recommendations that have been made to the federal government, provincial governments, to ease some of the tax implications on those developers that are sitting on unsold inventory to be able to incentivize them to put those units into rental pools without getting the punishment of paying HST early, and that is a really, really robust conversation being had at the federal level and the provincial level.

I'm optimistic. I think it's the right thing to do.

If that happens, that will play a major role because we are ready to go, essentially. We being Tribe is ready to go to be able to put products and services for these developers that are sitting on that unsold inventory to put them in the rental market very quickly.

It's just difficult for them to do that if they're sitting on a million-dollar or multitudes of million-dollar units or somewhere in that neighborhood, and the moment you put that in rental pool, you're forced to pay a big tax. You have a big tax bill to pay as a developer, and you haven't even sold it.

A deferral of that is really the right solution. It's seems to be the consensus.

It's just a matter of the government approving it.

Thanks everyone. It's an interesting time for a company like us.

We've been able to obviously grow and navigate through some of the challenging times, including a pandemic and some of the economic challenges in the market. All that being said, we continue to grow.

We still have a very direct, deliberate path towards, not only profitability, but also improvement of gross margin and unlocking a lot of revenue streams. I shared with you today the opportunity from a size point of view.

We're still scratching the surface despite the fact that in a short five years, we've grown to become the third largest property management company in Canada and the second largest on the rental management side. We still have a massive greenfield ahead of us.

It's all about execution from our side, and we still think we're incredibly undervalued, and we continue to understand what the big opportunity is, which is to be really the only company in the globe that has accumulated the largest amount of product services for residential living essentially in the G8. We are a unicorn within that context.

Keep an eye on us, and we hope to see you on the market. Thanks, everyone.