CaliberCos (CWD) Q3 2026 earnings summary

Executive summary

• Platform revenue grew 9% YoY, and Platform Adjusted EBITDA was positive for a second consecutive quarter at $0.1 million versus a $0.7 million loss.

• FY26 revenue guidance was reduced as tighter credit delayed transactions; Platform Adjusted EBITDA profitability guidance was reaffirmed.

• Tokenization expanded to four offerings with more than $110 million of combined maximum offered equity; this is offering capacity, not capital raised.

Financial highlights

• Q3 Platform revenue was $3.8 million versus $3.5 million YoY; fund management fees contributed $3.1 million, while higher fund management and development/construction fees were partly offset by lower financing fees.

• Consolidated GAAP revenue was $4.3 million versus $3.6 million; consolidated net loss was $5.0 million versus $4.4 million.

• Platform net loss was $4.3 million versus $4.4 million; before income taxes, Platform net loss was $0.4 million versus $4.4 million.

• Consolidated Adjusted EBITDA loss narrowed to $0.2 million from $0.5 million YoY.

Outlook and guidance

• FY26 revenue guidance was reduced to $15 million-$17 million from $18 million-$22 million; the assumption is no improvement in financing conditions through year-end.

• FY26 Platform Adjusted EBITDA profitability guidance was reaffirmed; net operating income guidance was discontinued.

• Transactions expected in Q4 shifted to 2027; construction financing for Canyon and Encore/Johnstown is anticipated in Q1 2027.