09:03 AM EDT, 05/06/2024 (MT Newswires) -- Tribe Property Technologies ( TRPTF ) said Monday that its net loss widened in the fourth quarter even as revenue hit a record.

The company posted a net loss of $7.0 million, compared to a net loss of $2.8 million in the year-ago period. Revenue increased 7.6% to $5.11 million as the acquisition of Meritus positively impacted revenue growth, the company said.

For 2024, Tribe expects to increase monthly recurring revenue, make additional acquisitions and improve profitability.

"While profitability remains paramount, it's crucial to state our commitment to pursuing additional acquisition opportunities and fostering organic growth prospects," CEO Joseph Nakhla said.

The company's share price jumped nearly 11% to $0.63 on Friday.