CaliberCos (CWD) Q1 2026 earnings summary

Executive summary

• Platform revenue grew 16% year-over-year to $4.1 million, driven by asset management and nonrecurring fee income.

• Adjusted EBITDA loss narrowed by $1.0 million year-over-year, reaching $0.3 million.

• Net loss attributable to shareholders improved to $3.6 million from $4.4 million year-over-year.

• Managed capital at quarter-end was $489.6 million, with fair value AUM at $736.4 million.

• Strategic focus on digital asset expansion, real estate tokenization, and hospitality project development.

Financial highlights

• Total consolidated revenue for Q1 2026 was $4.3 million, down from $7.3 million in Q1 2025 due to asset deconsolidation.

• Platform adjusted EBITDA loss improved to $0.3 million from $1.4 million loss year-over-year.

• Total platform expenses decreased 11% year-over-year to $5.4 million, driven by payroll reductions.

• Net loss per diluted share improved to $0.52 from $3.85 year-over-year.

• Digital asset treasury held 507,560 LINK tokens valued at $4.5 million as of March 31, 2026.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $18 million–$22 million, with expectations for positive adjusted EBITDA and net operating income.

• Approximately 60% of 2026 revenue growth expected from project-level financings, 40% from capital formation and asset management.

• Revenue expected to be weighted toward the second half of 2026 as projects reach milestones.

• Management expects continued volatility in digital asset valuations and is preparing to stake LINK holdings for potential yield.

• Ongoing focus on expanding fundraising channels, cost reductions, and project pipeline execution to address liquidity needs.