10-Q · May 13, 2026
CWD's Q1 2026 results exhibit a considerable downturn, with total revenues falling 40.9% year-over-year to $4.3 million, coupled with a significant net loss of $5.9 million, deepening from $4.6 million a year ago. The…
Earnings analysis · 10-Q
CWD earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Caliber’s second-quarter revenue fell 17.3% year over year to $4.194 million, although the net loss attributable to the company narrowed to $3.358 million and Platform Adjusted EBITDA turned positive at $296 thousand.…
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Caliber’s second-quarter revenue fell 17.3% year over year to $4.194 million, although the net loss attributable to the company narrowed to $3.358 million and Platform Adjusted EBITDA turned positive at $296 thousand. Core fund management fees grew 12.3%, but development fees declined 70.2%, operating costs rose 23.5% and year-to-date operating cash flow was negative $5.290 million. The principal concern is liquidity: $21.0 million of notes mature within 12 months, management disclosed substantial doubt about going concern, and the company’s $4.5 million market capitalization was below the potential $5.0 million Nasdaq threshold.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.38
- Operating margin
- -99.0%
What stood out
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Platform revenue declined 17.3% year over year
Second-quarter revenue was $4.194 million, down 17.3% from $5.073 million in the prior-year quarter. The decline primarily reflected lower asset management revenue and the absence of $1.138 million of hospitality revenue after TCC was deconsolidated.
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Platform EBITDA turned positive
Platform Adjusted EBITDA improved to positive $296 thousand from negative $54 thousand in the prior-year quarter, while consolidated Adjusted EBITDA was positive $23 thousand versus positive $57 thousand.
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Reported loss narrowed year over year
Net loss attributable to CaliberCos narrowed to $3.358 million from $5.299 million year over year, and diluted EPS improved to negative $0.38 from negative $4.15.
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Core management fees remained resilient
Recurring fund management fees increased 12.3% to $3.077 million, while six-month financing fees rose 97.3% to $722 thousand and brokerage fees increased 45.0% to $419 thousand.
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Unrealized performance value remained substantial
The company estimated $95.7 million of aggregate unrealized performance allocations as of June 30, 2026, although this amount is not recognized under U.S. GAAP.
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Liquidity actions generated cash
Six-month operating cash flow was negative $5.290 million, while investing activities provided $345 thousand; management reported collecting $7.4 million of accounts receivable and $4.9 million of related-party notes receivable.
What to watch
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Going-concern uncertainty and maturities
Management disclosed substantial doubt about going concern: $21.0 million of corporate and convertible notes mature within 12 months, while the company stated it does not have sufficient cash and liquid assets to satisfy those maturities in full.
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Cost growth and project-fee volatility
Platform operating costs increased 23.5% to $4.744 million in the quarter, primarily due to bad debt expense of $977 thousand, while development and construction revenue fell 70.2% to $292 thousand.
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Potential Nasdaq listing risk
On July 29, 2026, market capitalization was $4.5 million versus a potential Nasdaq MVLS threshold of $5.0 million. If the stayed rule becomes effective, the company could face a Staff Delisting Determination after 30 consecutive business days below the threshold.
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LINK treasury volatility
Digital asset fair-value losses totaled $324 thousand in the quarter and $2.220 million year to date; management expects continued volatility in LINK holdings to materially affect future reported results.
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Digital asset liquidity declined
Digital assets were carried at $1.650 million at June 30, 2026 versus $6.850 million at December 31, 2025, reducing a potential liquidity source while the company faces near-term note maturities.
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Managed capital contracted
Managed capital decreased to $495.606 million from $517.186 million at December 31, 2025, including $38.119 million of investment write-offs during the first half of 2026.
Management's outlook
The company did not provide new numeric EPS guidance in the 10-Q. Previously disclosed 2026 outlook was reaffirmed in the accompanying earnings update: revenue of $18.0 million to $22.0 million, positive net operating income and Adjusted EBITDA profitability, with revenue weighted toward the second half of 2026.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.