Revenue has experienced a severe contraction to $4.3M in 2026Q1, while gross margins have deteriorated into negative territory at -21.9%.
| Sales/Revenue | 13.27M | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 1.13M | -3.33M | 24.62M | 10.27M | 23.29M | 34K | -6.84M | 15.52M | 9.78M |
| Gross Margin % | 8.49% | -16.56% | 48.15% | 11.29% | 27.74% | 0.06% | -18.06% | 27.55% | 19.17% |
| Gross Profit Growth % | - | -113.52% | 139.74% | -55.91% | 68397.06% | 100.5% | -144.08% | 58.63% | - |
| Operating Expenses | 16.3M | 10.04M | 37.93M | 38.84M | 31.74M | 22.14M | 19.47M | 10.42M | 2.83M |
| OpEx % of Revenue | - | 49.95% | 74.2% | 42.72% | 37.8% | 39.52% | 51.4% | 18.5% | 5.55% |
| Selling, General & Admin | 6.78M | 6.55M | 7.53M | 7.82M | 7.86M | 6.84M | 3.84M | 0 | 0 |
| SG&A % of Revenue | - | 32.6% | 14.72% | 8.6% | 9.36% | 12.21% | 10.13% | - | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | -15.17M | -13.37M | -13.31M | -28.58M | -8.45M | -22.11M | -26.31M | 5.1M | -81.75K |
| Operating Margin % | -114.36% | -66.51% | -26.04% | -31.43% | -10.06% | -39.46% | -69.46% | 9.05% | -0.16% |
| Operating Income Growth % | - | -0.41% | 53.41% | -238.23% | 61.78% | 15.97% | -615.89% | 6338.22% | - |
| EBITDA | -13.88M | -11.06M | -7.14M | -17.69M | 888K | -11.62M | -18.28M | 13.47M | 6.95M |
| EBITDA Margin % | -104.57% | -55.04% | -13.97% | -19.46% | 1.06% | -20.74% | -48.26% | 23.91% | 13.62% |
| EBITDA Growth % | -115.28% | -54.93% | 59.64% | -2092.34% | 107.64% | 36.4% | -235.74% | 93.69% | - |
| D&A (Non-Cash Add-back) | 1.3M | 2.31M | 6.17M | 10.88M | 9.34M | 10.48M | 8.03M | 8.37M | 7.03M |
| EBIT | -15.78M | -16.32M | -13.31M | -22.88M | 15.01M | -20.45M | -26.31M | 5.1M | -1.19M |
| Net Interest Income | -5.36M | -6.36M | -5.06M | -4.37M | -877K | -711K | 679K | -10.72M | 42.61M |
| Interest Income | 599K | 356K | 360K | 350K | 178K | 1K | 679K | 27.23K | 54.5M |
| Interest Expense | 5.96M | 6.71M | 5.42M | 4.72M | 1.05M | 712K | 0 | 10.75M | 11.89M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | -24.4M | -23.03M | -21.47M | -27.59M | 13.95M | -21.17M | -25.55M | 5.94M | -13.07M |
| Pretax Margin % | -183.92% | -114.58% | -42% | -30.34% | 16.62% | -37.78% | -67.44% | 10.55% | -25.61% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -20.98M | -21.8M | -19.78M | -12.7M | 2.02M | -698K | -5.45M | 6.47M | -13.07M |
| Net Margin % | -158.11% | -108.46% | -38.69% | -13.97% | 2.41% | -1.25% | -14.38% | 11.48% | -25.61% |
| Net Income Growth % | -2.94% | -10.22% | -55.69% | -728.86% | 389.4% | 87.18% | -184.21% | 149.47% | - |
| Net Income (Continuing) | -24.4M | -23.03M | -21.47M | -27.59M | 13.95M | -21.17M | -25.55M | 5.94M | -13.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 37.46M | 24.9M | 23.84M | 63.4M | 80.4M | 58.78M | 64.78M | 28.01M | 122.56M |
| EPS (Diluted) | -7.41 | -7.70 | -0.90 | -0.63 | 0.10 | -0.03 | -0.26 | 0.31 | -0.14 |
| EPS Growth % | -419.87% | -755.56% | -42.86% | -755.57% | 389.46% | 87.23% | -183.87% | 321.43% | - |
| EPS (Basic) | - | -7.70 | -0.90 | -0.63 | 0.10 | -0.03 | -0.26 | 0.31 | -0.14 |
| Diluted Shares Outstanding | 2.83M | 2.83M | 21.99M | 20.09M | 21.02M | 21.02M | 21.02M | 21.02M | 21.02M |
| Basic Shares Outstanding | 2.83M | 2.83M | 21.99M | 20.09M | 21.02M | 21.02M | 21.02M | 21.02M | 21.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 6.8% | - |
Liquidity and solvency crisis
As reported in recent financial filings, CaliberCos Inc. experienced a severe revenue contraction, with quarterly figures plummeting from $23.0M in 2024Q1 to just $4.3M by 2026Q1, highlighting the firm's extreme vulnerability to the current high-interest-rate environment and a stalling private equity real estate fundraising cycle.
The dramatic decline in top-line performance suggests that the company's reliance on transactional and capital-raising fees has left it exposed to a sudden cessation of deal flow. This trend implies that the firm lacks a sufficient base of recurring management fees to sustain its operations during periods of market volatility.
Based on the company's reported income statements, gross margins have deteriorated into negative territory, reaching -21.9% in 2026Q1, which indicates that the direct costs of servicing investment products currently exceed the revenue generated from those same assets, signaling a fundamental breakdown in the firm's service model.
The shift from positive gross margins in early 2025 to consistent losses suggests that the firm is over-built for its current level of assets under management. Investors should monitor whether this margin compression is a temporary lag in fee realization or a permanent impairment of the firm's pricing power.
According to the provided income statement data, operating margins have remained consistently negative, bottoming out at -63.9% in 2026Q1, which demonstrates that the firm's administrative overhead and fixed personnel costs are not scaling with revenue, effectively preventing any path to operational profitability under the current structure.
The inability to achieve operating leverage suggests that the firm's vertically integrated service model is a significant burden rather than a competitive advantage. This persistent operating loss warrants further investigation into whether management can successfully right-size the cost base without compromising the integrity of its asset management platform.
As indicated by the firm's recent financial performance, the combination of negative net margins of -84.3% and a dwindling cash position creates a precarious outlook that suggests the company may face an imminent need for dilutive equity issuance or emergency financing to maintain its ongoing operations.
Short-sellers would likely focus on the disconnect between the firm's high-cost structure and its inability to generate consistent fee income. The reliance on tax-advantaged QOZ projects introduces a binary risk, where any legislative shift or regional economic downturn could render the current business model entirely unsustainable.
Quick answers to the most common questions about buying CWD stock.
CaliberCos Inc. (CWD) reported a net loss of $21.8M for the fiscal year ending 2025.
CaliberCos Inc. (CWD) reported an operating income of $-13.4M, resulting in an operating profit margin of -66.5%. This margin reflects the operational efficiency of the business before interest and taxes.
CaliberCos Inc. (CWD) generated $-3.3M in gross profit for the year, representing a gross profit margin of -16.6%. This demonstrates the company's core pricing power and production efficiency.