Caliber Reports Second Quarter 2025 Results
SCOTTSDALE, Ariz., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Caliber (NASDAQ:CWD, "CaliberCos Inc.")), a real estate investor, developer, and asset manager, today reported results for the second quarter ended on June 30, 2025.
Second Quarter 2025 Platform Financial Highlights (compared to Second Quarter 2024)
Platform revenue of $4.1 million, compared to $4.2 million
Asset management revenue of $4.1 million drove the stated results
No significant performance allocations were earned, compared to prior period
Platform net loss of $4.9 million, or $3.87 per diluted share, compared to Platform net loss of $4.6 million, or $4.25 per diluted share
Platform Adjusted EBITDA loss of $0.1 million, compared to Platform Adjusted EBITDA loss of $2.5 million
Management Commentary
"The second quarter results were another positive step in our previously announced plan to achieve platform adjusted EBITDA profitability in the second half of 2025," said Chris Loeffler, CEO of Caliber. "We have reduced corporate overhead, narrowed our focus on hospitality, multifamily, multi-tenant industrial real estate, and opportunistic strategies to enhance the platform. We expect this focus to continue to generate positive momentum in many of our projects, which sets up Caliber for a solid second half of 2025. Also, we are encouraged by the recent passage of the BBB, which resulted in making the opportunity zone program permanent, driving forward Caliber's largest and most successful investment fund strategy."
Business Update
The following are key milestones completed during the second quarter ended June 30, 2025.
On April 22, 2025, Caliber announced the recent Phoenix City Council's unanimous approval of the Company's Canyon Village redevelopment project, a retrofit of a distressed +300,000 square foot office building to a 376-unit rental multifamily residential building. The project also benefits from opportunity zone tax incentives.
On May 8, 2025, Caliber announced that its joint venture development, PURE Pickleball & Padel™ has gained Design Review approval from the Salt River Pima-Maricopa Indian Community (SRPMIC) Planning Department. This approval positions the project to seek a building permit once final construction documents are complete, with a planned ground-breaking shortly after receiving the permit.
On May 21, 2025, Caliber announced the successful closing of a $22.5 million refinance for the Doubletree by Hilton Hotel in Tucson, AZ. The property is held within Caliber's Tax Advantaged Opportunity Zone Fund. Citi provided the funding and Arriba Capital served as the financial advisor on the cash-out refinance.
Second Quarter 2025 Consolidated Financial Results (compared to Second Quarter 2024)
Total consolidated revenue of $5.1 million, compared to $8.2 million reflecting the deconsolidation of Caliber Hospitality Trust, Caliber Hospitality, LP, Elliot, DT Mesa, and Caliber Fixed Income Fund III, LLC ("CFIF III") in 2024
Consolidated net loss attributable to Caliber of $5.3 million, or $4.15 per diluted share, compared to net loss attributable to Caliber of $4.7 million or $4.34 per diluted share
Consolidated Adjusted EBITDA of $0.1 million, compared to Consolidated Adjusted EBITDA loss of $1.0 million
Conference Call Information
Caliber will host a conference call today, Wednesday, August 13, 2025, at 5:00 p.m. Eastern Time (ET) to discuss its second quarter 2025 financial results and business outlook.
To access this call, investors and interested parties can access the live earnings call by dialing (800) 715-9871 (domestic) or (646) 307-1963 (international) and ask to join the Caliber call or use conference ID 7312901.
A live webcast of the conference call will be available via the investor relations section of Caliber's website under "Financial Results." The webcast replay of the conference call will be available on Caliber's website shortly after the call concludes.
Platform Financial Highlights
Within this earnings release, we refer to performance results of the ‘Platform'. Platform refers to the performance of CWD itself, excluding the performance of any assets and funds that are included in our consolidated results, as required by the United States generally accepted accounting principles ("GAAP"). Management believes that Platform performance offers the most meaningful information needed to understand the value of CWD. The assets and funds that are consolidated into our GAAP presentation are included because Caliber is a guarantor of debt held by these assets and funds.
While GAAP consolidation rules require CWD to include the performance and cash flows of these assets and funds in our consolidated financial information, CWD does not benefit from the performance of those assets and funds, except to the extent that CWD earns fees from managing the assets and funds (which are included in the Platform results). Management believes presenting Platform results, which exclude consolidated assets, directly shows the business performance that CWD stockholders benefit from.
About Caliber (CaliberCos Inc.) (NASDAQ:CWD)
With over $2.8 billion of managed assets, including estimated costs to complete assets under development, Caliber's 16-year track record of managing and developing real estate is built on a singular goal: to make money in all market conditions, specializing in hospitality, multi-family residential, and multi-tenant industrial. Our growth is fueled by performance and a key competitive advantage: we invest in projects, strategies, and geographies that global real estate institutions often overlook. Integral to this advantage is our in-house shared services group, which gives Caliber greater control over our real estate and enhanced visibility to future investment opportunities. There are multiple ways to participate in Caliber's success: invest in Nasdaq-listed CaliberCos Inc. and/or invest directly in our Private Funds.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate including, but not limited to, the Company's ability to adequately grow cumulative fundraising, AUM and annualized platform revenue to meet 2026 targeted goals, and the viability of and ability of the Company to adequately access the real estate and capital markets. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the Company's public offering filed with the SEC and other reports filed with the SEC thereafter. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.
CONTACTS:
Caliber Investor Relations:Ilya Grozovsky+1
NON-GAAP RECONCILIATIONS
The following information reconciles the performance of the Platform to the consolidated GAAP presentation. Management believes that the Platform view of Caliber's performance is more meaningful to a CWD shareholder as it includes all revenues and expenses generated by Caliber and its wholly-owned subsidiaries.
ASSET MANAGEMENT PLATFORM(1)(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended June 30, 2025
Platform
Impact ofConsolidatedFunds andEliminations
Consolidated
Revenues
Asset management
$
4,103
$
(357
)
$
3,746
Performance allocations
23
(1
)
22
Consolidated funds, hospitality revenue
—
1,138
1,138
Consolidated funds, other revenue
—
167
167
Total revenues
4,126
947
5,073
Expenses
Operating costs
3,841
(170
)
3,671
General and administrative
1,183
(10
)
1,173
Marketing and advertising
147
—
147
Depreciation and amortization
174
(8
)
166
Consolidated funds, hospitality expenses
—
1,278
1,278
Consolidated funds, other expenses
—
466
466
Total expenses
5,345
1,556
6,901
Other loss, net
(2,014
)
(150
)
(2,164
)
Interest income
30
—
30
Interest expense
(1,738
)
—
(1,738
)
Net loss before income taxes
$
(4,941
)
$
(759
)
$
(5,700
)
Provision for income taxes
—
—
—
Net loss
(4,941
)
(759
)
(5,700
)
Net loss attributable to noncontrolling interests
—
(401
)
(401
)
Net loss attributable to CaliberCos Inc.
$
(4,941
)
$
(358
)
$
(5,299
)
Basic and Diluted Platform loss per share
$
(3.87
)
$
(4.15
)
Weighted average common shares outstanding:
Basic and Diluted
1,278
1,278
____________________________________(1) Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminate noncontrolling interest.
Three Months Ended June 30, 2024
Platform
Impact ofConsolidatedFunds andEliminations
Consolidated
Revenues
Asset management
$
4,179
$
(953
)
$
3,226
Performance allocations
33
(17
)
16
Consolidated funds, hospitality revenue
—
2,894
2,894
Consolidated funds, other revenue
—
2,043
2,043
Total revenues
4,212
3,967
8,179
Expenses
Operating costs
5,760
(225
)
5,535
General and administrative
2,091
(12
)
2,079
Marketing and advertising
227
—
227
Depreciation and amortization
119
25
144
Consolidated funds, hospitality expenses
—
3,312
3,312
Consolidated funds, other expenses
—
1,358
1,358
Total expenses
8,197
4,458
12,655
Other income (loss), net
490
