Thank you, everyone, for joining us. My name is Setan Sani, and I'll be the operator for today's call. Welcome to the Tribe Property Technologies Fiscal Second Quarter 2025 Financial Results Conference Call. 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 earlier today. Listeners are also encouraged to download a copy of our financial statements and management discussion analysis from SEDAR+. Please note, a portion of today's call, other than historical performance, includes 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 are based on management's current views and assumptions. Please review our press release and Tribe's reports filed on SEDAR+ for various risk factors that could cause actual results to differ materially from our projections. We use terms such as gross profit, gross margin, adjusted EBITDA, and recurring revenue 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 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'll now turn the call over to Tribe CEO, Joseph Nakhla. Apologies, I was muted. Good morning, good afternoon, everyone. Thank you so much for joining us. We're pleased to announce our Q2 results. You'll have seen that we achieved revenues of $8.1 million for Q2. It's approximately a 32% increase year- over- year. We also delivered, as per our commitment to an adjusted EBITDA improvement, we had a loss of $41,000 in Q2, but that was about a 97% year-over-year improvement. We obviously completed the acquisition of ACE Agencies. More on that to come, as we explain their strategic position, but it's a great single-unit rental property management company. It was a very strategic move for us, especially in the market conditions that we're in and how it sets us up for further market share, and I'll be talking about that in a little bit. Subsequent to the end of Q2, we closed an oversubscribed $5.75 million public equity offering. Obviously, as you may know, you're only allowed 15% of the allotment with the base shop offering, and we had even further demand on that. We were quite pleased with this, with some of our insiders and some new shareholders coming on board with us as well, and I'll be speaking about what that does to our balance sheet moving forward. We've been speaking about our path of profitability. For those that are new to our story, we obviously are a national company now, and there's only a couple of national players that actually play at our scale. We needed to go and make a large investment in our infrastructure to be able to operate from coast to coast. We obviously needed to backfill into our size once we built our infrastructure in the market to deliver all of our software and all of our services solutions. Now we're starting to see the benefit of that scale. Obviously, an adjusted EBITDA improvement. We are reinvesting into the growth of 2025. We've been speaking about that. The way we did that is we went through a large cost optimization effort for the past, arguably, 18 months. We still have more work to do on that, but we've aggregated a lot of the acquisitions that we've made into one back office to allow us to streamline service delivery and forecourse margin. We still have more to achieve there, but it's been great. As Angelo, our CFO, will speak about, we've also, for the last year, we've been continuing to retire debt and improve our balance sheet. I'll pass it on to Angelo to get more details into the financials here. Thanks, Joseph. Tribe will suggest we delivered a strong financial performance in 2025 as follows. Revenue for the second quarter 2025 was $8.1 million, an increase of 32% compared to $6.2 million for Q2 of 2024. The increase in revenue was primarily due to a 36% increase in software and service fees as a result of the acquisition of DMSI and Ace Agencies. Furthermore, there was a 15% increase in transactional revenues due to the acquisition of DMSI and its associated project management revenues. Gross profit for Q2 was $3.2 million compared to $2.3 million for Q2 2024, an increase of 35% year- over- year. This increase in gross profit was due to increased revenues in the period, as well as lower salaries from restructuring efforts. Gross profit percentage was 41.8% compared to 41.5% in Q2 of last year, reflecting improved operating leverage and ongoing efficiencies across the business. Adjusted EBITDA for Q2 was a loss of $41,000 compared to a loss of $1.2 million in Q2 2024, representing a 97% year-over-year improvement. This near breakeven performance demonstrates the impact of our cost optimizations and efficiency measures while continuing to invest in long-term growth. Revenue growth. Here we have a graphical representation of Tribe's outstanding annual revenue growth. 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, the scalability of our platform, and the growing demand of our tech-enabled property management services. Our revenue growth has been positively impacted by strategic acquisitions in Ontario, which have significantly impacted our footprint and service offerings. Additionally, we've seen a notable increase in our financial service revenues, reflecting our success in diversifying revenue streams and capturing business opportunities within the sector. On a year-over-year basis, revenue increased 32% compared to Q2 of last year, demonstrating continued momentum heading into the second half of the year. Before turning the call over to Joseph, and as he indicated, I'd like to go over some additional balance sheet items. With the closing of the $5.7 million equity financing subsequent to the quarter end, the company has further reduced its debt by close to $2.4 million. That means that since the end of June last year to today, the company has reduced its total vendor takeback obligations and bank debt by approximately $4 million. The higher cash position and reduced debt positions Tribe for executing on additional organic growth and acquisition opportunities. That concludes my financial update for today. I'll now turn it over to Joseph. Thank you, Angelo. Just for those that are new to us again, and those who have been even watching us, you'll have heard me speak constantly about our strength of our model, which represents very sticky recurring revenue for the services that we deliver and this transactional bucket that has literally hundreds of items that we keep adding to. Our commitment to the model is that we continue to increase our monthly recurring revenue through our fees by way of further sales, acquisitions, and obviously cross-selling. Once we put our technology in, we have the ability to unlock revenue streams based on the data stack that we accumulate for every building. We help those buildings lower their operating capital by bringing in other smart technology, other products or services. Homeowners or tenants can also interface with us and receive products and services that kind of take advantage of our size. Actually, we make a clip on that. We always disclose with these numbers. You'll have seen an increase year over year in our transactional model. There is slight seasonality in these products that are more suited for different seasons. There are products that we sell into the strata or the condo corporations that make more sense in specific areas closer to their AGM. I can go on, but there's a significant number of those items that we have in our platform. That component of our business is high gross margin and it continues to grow, which is really the key of our model here. This is an area that we get asked all the time about. What are we looking at in the market? We wanted to preempt that by giving you a little bit of how we see the market and what we're viewing. A lot of this stuff may be familiar to a lot of you. We're seeing delays in condo pre-sale completion, and we're seeing also slowing down of these types of transactions that are occurring in that space. What does that mean? It means buildings that are already in construction, they're coming right through to completion. We're seeing slight delays. That is generally related to trades availability, and that's obviously not something that developers want to see. No developer is happy that a project is delayed no matter how the sales are going, especially if they're well into the construction phase. We're seeing some of those delays, and we're seeing on average 90 days, 120 days, somewhere in that neighborhood. We're also seeing a shortage of housing, and then, of course, the elephant in the room is less and less immigrants coming into the country. That's also affecting the ability for service providers to be able to find people to work and a shortage of labor. That is also putting a little bit of pressure on some of the rental markets as well. Where we think opportunities exist is a lot of the developers that are traditionally building condos are starting to convert these condo projects into rentals. We've received a number of calls. We've actually closed a couple of deals whereby it was going to be a condo project, but now it's going to be a rental project. This could be for a certain period of time or it could be for a legacy play. A lot of the developers that are building condos don't have infrastructure to manage rentals, so they actually will come to somebody like us and we'll take that over. We're also seeing a need for what we call asset management functions. We've actually, in the last quarter, closed our very first asset management function where we take over the affairs of a building, not only on the property management side, but also on the reporting and putting together all the asset management packages for the investors. This is an area that we're just going into, which has actually been fantastic. We're also seeing a significant amount of closed and finished buildings with condo inventory sitting on the hands of developers, and developers treat that differently. Cash-rich developers maybe can sit on them and just keep paying maintenance fees and buildings that we manage or others manage. Some will want to move them and maybe take a significant amount of, I guess, reduction in price. What we're also seeing is the desire for some of these developers to actually give a company like us these units, and we actually put them in our rental inventory and we actually oversee them. We become like a tiny REIT, not a REIT, but like a tiny REIT on behalf of that developer in terms of our management of these portfolios. That's a product. It's one of a number of products that we're working to launch in the rental market. You'll see more press on that as the time comes. Our goal very specifically is to take one of our single-unit divisions, the company that we just purchased, which is Ace Agencies, which is really, really good at the single-unit management, bring those expertise right across the country and actually make that available to a lot of our developers that are sitting in that inventory, holding on to inventory stage, and that isn't generating any cash for them. We have the ability to actually start putting them in a cash generation position to at worst offset the cost associated with it. Why is that an advantage for us? Obviously, we're national. We have the relationships with 100+ of those real estate developers that are just referenced. We're a unique company. We have the condo management, the asset management, the rental management, the commercial management. We even do not-for-profit, and we have software that takes care of all of the affairs, not only pre-construction or pre-completion, but right through completion of a building. That's obviously a very, very big part of our value proposition. Stay tuned on that. We see that as a massive opportunity, which kind of speaks to why that transaction of Ace Agencies made a lot of sense and it was timely for us. You'll have seen a release, a press release that speaks to what we've done in Toronto. If you spoke to us this time last year, a little bit before that, you'll have heard me speak about the GTA and the importance of the GTA and that we were very, very underpenetrated in that market. We feel really, really good about the work that we've done in that market. That's obviously an item associated with our big acquisition of DMSI. It's been a great team and a great company, and they've done a great job expanding our footprint there, leveraging a lot of the relationships that we both have with clients that instead of only servicing the GTA market, we can service them in this market and vice versa. We also increased our footprint on the condo side. That's Meritus Group Management, the company that we acquired before DMSI, and it's done a great job at expanding its footprint as well. We have had a long list of clients that we purely use in our software. These are developers using our software only. Now we're going to them, and we've been going to them and giving them our full solution offering. We have onboarded five major GTA projects and another five that are pretty close in terms of using our platform to allow us to not only secure the licensing revenue, but also the recurring revenue associated with that. Just as a reminder about the acquisition model, our M&A model, we identify companies that are accretive, that are playing in the space, obviously, that could use our technology or our service offering that may not be available to them. We also look for companies, in the case of DMSI is a great example, but it also has products and services, project management services as an example, that we feel could apply across the country that, yeah, they're only using in the GTA market. We look for those companies. We come in, we digitize and tech enable it and take advantage of the work that we've done historically. We optimize the business by way of improving its gross margin. We introduce new services, especially in the condo space. We've got, as I mentioned earlier, a long list of products and services that traditional property management companies just don't offer. Either they don't have the data that allows them to be able to identify the need and sell into that need, or they don't have a platform like a Tribe Marketplace where we can actually put our products and services in front of the consumer or the homeowner and/or the tenant to be able to transact directly with us. Obviously, we invest the cash flow into these deals and continue to do it. At a large scale, you can see that what we've done in the GTA in the last 18 months is a great example of why that model really works, especially in the space that we're in. Just by way of reminder, these are the key growth drivers that we're seeing. There's a Buy Canadian sentiment on the condo side. We are the third largest condo player in Canada. The first two are not Canadian. They may employ Canadian staff, but they're definitely headquartered as U.S. companies. I think that's also playing a role in getting us in front of more and more customers that have the Buy Canadian sentiment. We are seeing this increased activity in the rental market. That's why we've doubled down in the last two years on our footprint from a rental point of view. We've grown significantly. We're the second largest third-party management company now in Canada. We think we're really poised to take advantage not only in big projects, but also smaller portfolios, these one-off condos that I was speaking to earlier. We'll continue to, you know, when the market was incredibly hot on the real estate side, people paid less attention to the quality of property management and service delivery, the cost per square foot on different categories because, you know, the units were all just increasing in value and people didn't care as much that their maintenance fees were going up or what have you. Now it's changing. People have been saying that for 12 months. People are really paying attention to the health of their community, how it's doing. People are not just jumping ship, living in one bedroom, and then after a year, it's worth $100,000 more, so you move to a two-bedroom. That's not the case anymore. People are actually looking at their condos as homes, and they're actually starting to pay attention to how community health is, and that really gives us a massive advantage. We still are facing a significant housing shortage. That's a massive growth driver. We're still very underpenetrated when it comes to housing in Canada. This is not going to be a surprise to many of you. What are we seeing? We'll continue to be focused on being a positive, you know, cash flow generation from operating activities. This is within our operating divisions. We're definitely aiming for a positive EBITDA for the year. We are still focused on M&A. I know there's a lot of questions about M&A. We're still looking at creative transactions. There's no lack of opportunities. They just present themselves differently in this market. We'll continue to leverage our Canadian brand. We're incredibly proud of it, and especially the proprietary technology that we're bringing to every one of those communities. We'll continue to innovate. I've spoken about AI. I know there'll be some, I'm sure there'll be questions about AI coming our way. We're very cautious, yet very strategic. We don't just want to blast AI everywhere. What we want to do is really just look at where it can affect our gross margin. I can speak about that. I'm sure there'll be questions about that. We still think the housing shortage, regardless of interest rates and/or rental rates, there's still a housing shortage in this market, and buildings still have to be managed, whether they're rental or condos. I'll take any questions. I think we have some, we may have some live questions or any questions that were written by the analysts. Thank you. Yeah, we'll now open the call to questions. Just a reminder that questions will be given priority to equity analysts. If you would like to submit a question, please use the Q&A button at the bottom of your screens. The first question comes from Gianluca Tucci from Haywood Securities. He asked that you mentioned cost optimization and operating efficiencies as key drivers of the near break-even EBITDA this quarter. Where do you see the next areas of cost savings coming from? We're not done with optimization of our back office. For those that don't know, a company like us with 14 or 15 acquisitions that we've made to date, we've integrated a significant amount of our back office, but we still have more to go. We've seen a significant amount of improvement in our gross margin per home in terms of per home or for our MRR revenue that we manage, but there's more. There's more of what we've been doing. We'll continue to do that. I've also spoken about scaling and backfilling to our scale. When we go to a new market, we do invest in infrastructure. You know, for those that don't know, you have to be a managing broker in that market. You have to have all the compliance in that city, and you have to have actually physical presence in that market. You work your way backwards. If you've made an acquisition in that market, you're taking a company that was likely flatlined and putting it from defense to offense, meaning you go out there and you start acquiring once you rebrand it. If you don't have any presence in that market, you're really just informing people about the service delivery that you got and how different it is. You'll see us, as we scale, we'll take advantage of that. As you alluded to shortly about AI, I think we're only going to invest in AI where it significantly affects consumer experience or customer experience with us and gross margin. It'll have a gross margin impact on us. The idea there is as we continue to grow, we just want to do more with less human interaction, allow our customers to either get answers, allow our property managers and administrators to do more for the community as AI does some of the heavy lifting on the process behind the scenes. Thank you, Joseph. We have another question from Gianluca Tucci from Haywood Securities. He asked, on your outlook, you talked about record revenues for 2025. What gives you the most confidence in that forecast, especially given the softer housing market backdrop? We're well on our way with our run rate of revenue. A majority of our revenue is MRR, monthly recurring revenues. That's pretty sticky. We have pretty high confidence we're going to be on track for that. Of course, the housing market, I mean, we put a slide on the deck just to specifically speak about the environment that we're seeing. Look, if we were a company that does one thing, real estate transaction, real estate sales, or pre-sale or post, or post, meaning resale of units, or just condo property management for new construction, condo property management for older buildings, or just pure rental, I would say, yeah, these things actually do impact you day in, day out. Interest rates, supply and demand, traditional real estate issues impact us. The truth of the matter is we're the only company in Canada now that has this broad service offering. We're nimble. We haven't turned into the cruise ship stage where we don't move fast enough. We operate, even though our size is reflected in our revenue and obviously the number of homes we manage, but we can still be nimble enough to be able to go after the single unit, you know, extra inventory in the hands of a developer and put a program together and go to market with it very quickly. We feel really, really good about it. Unlike everyone else, we're watching like hawks all the activities around this, but we just feel like it's a matter of throttling up and down some of the services that you offer when you get to the size that we are right now and the broad service offering that we have. Our last question from Gianluca, he asked, with the recent financing, have you been able to strengthen your balance sheet? How do you balance debt reduction versus capital for future acquisitions? We feel really good about all the scheduling. Obviously, when we speak to retiring debt, some of that is VTB and some of it is bank scheduled debt. I feel really good about the scheduling of all the remaining debt that we have in the VTB that we have, a great relationship with our bank. We feel very blessed to be a microcap working with one of the top four banks in Canada. As Angelo had mentioned, we've actually made a sizable dent in our debt in the last 12 since June of 2024, end of June 2024. I know this wasn't maybe fully explained to everybody else, so I'm sure the question was submitted prior to knowing that, but we've retired almost $4 million, if not more, of debt in that period. We feel pretty good. We'll continue to strengthen our balance sheet. We don't have any major capital expenditure projects that we're working on. We're always going to live within our means, so you won't see any massive capital expenditure that's out of expectation, out of whack for where we are right now. Thank you, Joseph. I would just add to that as well, just going forward, our strategy is to continue to grow our business through both organic means and acquisitions, finance both of them. I think we have a really strong track record that shows we've been able to use a combination of both debt and equity. We will continue to do that in making sure that we still have, we can make acquisitions in a fashion that is a combination of debt and equity and minimize risk and maintain a strong balance sheet going forward. Thank you, Joseph and Angelo. We have a few questions from Rob Goff from Ventum. His first question is, do you expect to maintain roughly break-even EBITDA levels going forward, or do you anticipate some improvement? How much might additional investment spending hold down EBITDA or even turn it negative, and over what timeframe would you expect any improvements? Great question. We do not anticipate to be hanging around that area for too long. I'm talking about the break-even. Obviously, when you're on that edge, there's the puts and pulls as you go. We see the business getting healthier, especially with the new products and services that we're going out there. I mentioned earlier, we don't really have any big capital expenditure projects that we're going to be allocating a lot of capital. We're going to just absolutely live within our means when it comes to that side of the business. The absolute focus for us is to continue to be on the profitable side. We obviously want to be in a position to retire further debt and actually generate cash. That's the focus of the business. We're not really going out there planning on doing anything over the top other than just keep building a very steady MRR heavy with a great leverage of our transactional revenue's high gross margin. Thank you. Our second question from Rob Goff is, how is the Ace Agencies acquisition going? Going forward, do you see yourself doing more smaller acquisitions like Ace Agencies or larger ones like DMSI? Yeah, we're very, very pleased with Ace Agencies' leadership. We are very, very excited about the service offering they've got in terms of the single unit. I spoke quite a bit about it, so I don't want to repeat myself about the importance of having the muscle to be able to manage these single units in a condo building. The reason that's different in terms of the service delivery is because traditionally Tribe has done management of big rental buildings for REITs, for different pension funds or a family office. Single unit management requires slightly different expertise, and we're obviously strengthening that muscle of the company now by way of that acquisition. We're feeling really, really good about it. It is a profitable transaction. Now what we're doing is we're taking their geography that was very limited to the lower mainland and expanding that footprint for them to be able to make a bigger impact on the business. As far as the question about acquisition sizes, again, we'll live within our means. We do have a number of levers, as those that have been watching us know that we acquired Ace Agencies at Allen Stock. We will be very, very aware of the dilution, cash position, and obviously value in terms of EBITDA and how much it can pay for itself, an acquisition that we can't completely make in. We'll be looking at that. We're busy. We're looking at deals. There is no slowing down of M&A activities and availability of opportunities. Our model now has proven to work. Companies that we've acquired, the principals that we've acquired those companies from, whether they stayed in operations or it was over now so they moved on, have nothing but good things to say about the experience they had with us. Staff that remains with the business are very, very pleased to have been given tools to grow their careers. That brand recognition of us being good acquirers and good partners will keep coming. Our last question is, last quarter you mentioned that you're working on some AI tools and products. What is the potential rollout for some of these AI tools? We've got some stuff being worked on internally. Look, it's coming. My view on AI is, while everybody thinks it's the most important thing, I think it needs to be strategically placed in your operations carefully, and it needs to deliver value. It just can't be a shiny item. We've seen it. This is a combination of building in-house, you know, buy off the shelf and integrate within your ecosystem. Even the AI service providers are getting more sophisticated. I'm not exaggerating when I say weekly or monthly as these platforms. I think what you're going to see is being engaged with AI tools that are kind of layered AI tools where we can actually build and integrate within versus just going and buying something shiny off the shelf. That being said, we are piloting a number of products. You'll hear more from us on that. Every month that goes by, our options improve and our costs look to be, again, smaller, which is the way I like to see us interface with this technology. Thank you. We have a few questions from Daniel Rosenberg from Paradigm Capital. He asked, what are some factors that are driving your recent success in the GTA? Yeah, we were unique. When we landed there, we only had our software being used by developers. You'll have heard me say that before, that developers were saying to us, at what point are you going to come in with your full service offering? The uniqueness of our offering, being the software provider and the ability to provide the broad service offering we have, goes a long way. I think also, you know, we got to stop thinking, not anybody here, but generally, we used to think of developers as these are condo guys, these are rental guys. This is getting mixed now. Developers, either by desire or not, are actually becoming condo and rental, and in some cases, even holders of single units. As you enter that, a company like us with all the different services that we offer becomes really desirable because you can sit with us, just navigate through all the needs that you have, rental, single unit, even offering for post-completion and post-occupancy for the new investors and/or homeowners that are going to be living in your community, some commercial needs that you've got. You may even have in your large developments some not-for-profits. We're just really well equipped to address all that. That was unique for the market and in the Greater Toronto Area. We're just scratching the surface about that. Joseph, our last question from Daniel is, how does the changing housing market in Canada impact the business, if at all? Yeah, I mean, obviously we put a slide on it. It does impact our business. There's a number of reasons. I don't want to repeat what I said earlier, but this movement towards having a product for developers to leverage for single unit management until they get until the market turns or they're ready to make these moves. We're also introducing some rental pool products that really allow every unit to start generating a little bit of revenue, makes it more desirable for investors that want to get engaged with a developer at an early point. We're seeing some private equity. This is more in the GTA market. We're seeing private equities making moves to go out and purchase a combination of these units. Hopefully for them, they're doing it at a wholesale pricing, and they are not equipped to be able to do the third-party management. We're really well equipped to be able to help with that. These are some of the areas that we're looking at in terms of market. I wouldn't call them challenges. There's just dynamics that we're actually having to react to. Joseph, those are all the questions from the analysts. We have one question from the audience. They're asking, on the rental market, can you expand on how much growth you're seeing from the single-unit rental segment? How mature could this segment be to your overall business in the next couple of years? Great question. I would be a big liar if I threw a number at you as it pertains to what we expect moving forward. I can tell you we're expecting it to be significant compared to where it is right now. I would venture to say on an annual run rate, it's probably a couple of million dollars of recurring right now. I don't anticipate it to grow significantly. Everything I've been saying for the last 20 minutes will probably give you the hint or the direction that we're going to be really getting that business on its feet and strengthen it and invest in it. It is going to be an interesting area. It's kind of funny because in the U.S., that vertical in property management is sizable, way bigger than what we see here in Canada. It's probably a function of in Canada, it's been easy to run single units. If anybody from the audience or anybody familiar, you know, you get a one unit, you put it on Craigslist and you get 30 people asking for the unit, especially if you're one of the downtown cores. It's not like that anymore. We think that single- unit professional management is going to land on its feet pretty well, especially if you know what you're doing and you've got the right tools. I think it isn't just a Tribe opportunity. I think you're going to see single unit management become a bigger market, not necessarily maybe percent- wise to be like the U.S., but it will be way bigger than what we've anticipated here. Joseph, there are no further questions, so I'll now pass the call back to Joseph Nakhla for closing remarks. Thank you everyone for your interest. It's obviously a fascinating market we're living in. If anybody's been watching us, we've done everything we said we were going to do for the last 12 months. We've still got big plans for the next 12 as well. We love the business we're in. I think our model now is beyond mature in terms of our ability to illustrate that we can generate more dollars per door, more gross margin per door, and obviously starting to make a dent into our debt and also backfill into the size that we have on the national footprint. Again, just to remind you, we are the only asset in Canada and the U.S., the only company that delivers property management, not only just tech-backed services with all its technology, but also does it on condos, pre-construction, post-construction. We do it on single- unit rental. We do it on institutional rental, not-for-profit. That makes us an incredibly unique asset. Our best days are still ahead of us. Thank you for taking interest in us and you know how to get a hold of us. Please feel free if you ever want to learn more about our business one-on-one. We're happy to make ourselves available. Thanks again. Thank you.