SCOTTSDALE, Ariz., March 25, 2026 (GLOBE NEWSWIRE) -- Caliber (Nasdaq: CWD), a diversified real estate and digital asset management platform, today reported results for the fourth quarter and full year ended December 31, 2025. Caliber enters 2026 with a streamlined platform and a clear path toward revenue growth and profitability, driven by the expected execution of project-level financings and continued capital formation activities.

Fourth Quarter 2025 (compared to Fourth Quarter 2024)

   -- Platform revenue of $4.0 million, compared to $4.6 million 
 
          -- Asset management revenue of $4.0 million drove the stated results 
 
   -- Platform net loss of $7.7 million, or $1.24 per diluted share, compared 
      to Platform net loss of $11.6 million, or $10.34 per diluted share 
 
          -- Results largely impacted by $5.1 million unrealized loss in 
             Caliber's LINK treasury, driven by the change in fair value of 
             digital assets 
 
   -- Platform Adjusted EBITDA loss of $0.4 million, compared to Platform 
      Adjusted EBITDA loss of $1.0 million 

Full Year 2025 Platform Financial Highlights (compared to Full Year 2024)

   -- Platform revenue of $15.2 million, compared to $20.9 million 
 
          -- Asset management revenue of $15.2 million reflecting the timing of 
             project financings and development activity, drove the stated 
             results 
 
   -- Platform net loss of $21.2 million, or $7.50 per diluted share, compared 
      to Platform net loss of $19.6 million, or $17.86 per diluted share 
 
          -- Losses largely impacted by $5.8 million change in fair value of 
             digital assets 
 
   -- Platform Adjusted EBITDA loss of $2.4 million, compared to Platform 
      Adjusted EBITDA loss of $2.7 million 
 
   -- Fair value assets under management ("FV AUM") of $779.7 million, a 1.9% 
      decrease compared to December 31, 2024, primarily due to disposition of 
      three hospitality assets and various land parcels, partially offset by 
      the acquisition of a self-storage property and a land parcel intended for 
      hotel development 
 
   -- Managed capital of $517.2 million, a 5.0% increase compared to December 
      31, 2024, with originations of $26.5 million, partially offset by return 
      of capital of $1.9 million 

The year-over-year decrease in platform revenue was primarily driven by the timing of development and financing activities, as several projects progressed but did not reach revenue-generating milestones within the fiscal year.

Fourth Quarter 2025 Digital Asset Treasury Financial Highlights

   -- Caliber's digital asset treasury held 562,535 of LINK tokens valued at 
      $6.9 million as of the end of the fourth quarter of 2025. 
 
   -- Caliber staked 75,000 LINK tokens directly with a top echelon node 
      operator for the Chainlink oracle network, commencing the process of 
      generating yield on its treasury assets. 
 
   -- Caliber began the process of tokenizing two real estate projects, which 
      is expected to enhance investor liquidity, improve transparency, and 
      expand future fundraising capabilities through tokenized offerings. 

Management Commentary

"While 2025 was impacted by delays in capital markets activity, our underlying assets and development projects continued to advance, positioning us for what we expect to be meaningful revenue realization as project financings close." said Chris Loeffler, CEO of Caliber. "Management's efforts to streamline our real estate platform and narrow our focus toward hospitality and multifamily investments gives us the confidence to offer forward-looking guidance on our anticipated financial results for 2026"

"We are encouraged by the early progress of our digital asset strategy and believe blockchain technology has the potential to enhance liquidity, broaden investor access, and expand capital formation for our funds. We see a clear opportunity for Caliber to participate in the evolution of real estate investing as tokenization becomes more widely adopted."

2026 Outlook and Path to Profitability

Caliber enters 2026 with what management believes is a path to profitability driven by the anticipated conversion of the Company's existing project pipeline into realized revenue. The Company's platform generates the majority of its revenues from asset management, development, and financing activities tied to its portfolio of real estate projects.

During 2025, revenue generation was impacted by delays in capital markets activity, which affected the timing of project financings and related fee realization. Importantly, management believes that these delays did not reduce the underlying value of the Company's assets or its embedded revenue opportunities but instead shifted the timing of when those revenues are expected to be recognized.

For 2026, Caliber expects a significant increase in revenue driven by:

   -- Execution of project-level financings across its existing portfolio, 
      which are expected to generate development, financing, and 
      transaction-related fees 
 
   -- Continued growth in managed capital through new fundraising initiatives 
 
   -- Monetization of development projects as they reach key milestones 

The Company expects 2026 revenue to be in the range of $18.0 million to $22.0 million with approximately 60% of its anticipated 2026 revenue growth to be driven by debt financing-related activities within its existing portfolio, with the remaining 40% of revenue growth driven by capital formation and asset management activities.

Based on current visibility into its project pipeline and financing initiatives, Caliber believes it is well positioned to achieve adjusted EBITDA profitability and positive net operating income in 2026.

Business Update

The following are key milestones completed both during and subsequent to the fourth quarter ended December 31, 2025.

   -- On October 7, 2025, Caliber announced a partnership to deploy EV charging 
      infrastructure, advancing sustainable asset enhancements across its 
      portfolio. Caliber has partnered with Current, a leading EV 
      infrastructure investor and developer, and InCharge Energy, the industry 
      leader for design-build EV charging infrastructure and InService$(TM)$, the 
      Company's customizable offering for all-brand charger service, 
      maintenance, and on-demand repair. 
 
   -- On October 31, 2025, Caliber announced that its Board of Directors has 
      approved a Noteholder Conversion Program authorizing the ability of 
      holders of certain of Caliber's unsecured corporate notes to convert such 
      notes into shares of the Company's Class A common stock. 
 
   -- On December 11, 2025, Caliber announced that it had staked 75,000 LINK 
      tokens directly with a leading Chainlink node operator. This marked the 
      Company's first direct participation in the core infrastructure that 
      secures the Chainlink Network. 
 
   -- On February 27, 2026, Caliber announced the sale of the Holiday Inn 
      Ocotillo in the Phoenix-Chandler submarket for $13.0 million. The asset 
      was owned by Caliber Hospitality Trust, Inc. $(CHT)$; Caliber's private 
      Umbrella Partnership C-Corporation (Up-C) vehicle focused on 
      transformational and value enhancing opportunities in the hospitality 
      space. Sale generated liquidity intended for continued growth of the CHT 
      platform. 

Fourth Quarter 2025 Consolidated Financial Results (compared to Fourth Quarter 2024)

   -- Total consolidated revenue of $4.1 million, compared to $8.7 million 
      reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention 
      Center in Q2 2025 
 
   -- Consolidated net loss attributable to Caliber of $7.7 million, or $1.24 
      per diluted share, compared to net loss attributable to Caliber of $11.4 
      million or $10.12 per diluted share 
 
   -- Consolidated Adjusted EBITDA of $0.2 million, compared to Consolidated 
      Adjusted EBITDA of $1.5 million 

Full Year 2025 Consolidated Financial Results (compared to Full Year 2024)

   -- Total consolidated revenue of $20.1 million, compared to $51.1 million 
      reflecting the deconsolidation of DoubleTree by Hilton Tucson Convention 
      Center in Q2 2025 
 
   -- Consolidated net loss attributable to Caliber of $21.8 million, or $7.70 
      per diluted share, compared to net loss attributable to Caliber of $19.8 
      million or $17.90 per diluted share 
 
   -- Consolidated Adjusted EBITDA loss of $0.8 million, compared to 
      Consolidated Adjusted EBITDA of $7.0 million 

Conference Call Information

Caliber will host a conference call today, Wednesday, March 25, 2026, at 5:00 p.m. Eastern Time $(ET)$ to discuss its fourth quarter and full year 2025 financial results and business outlook.

To access this call, dial 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and ask to join the Caliber call or use conference ID 9236380.

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 Definition

Within this earnings release, we refer to performance results of the "Platform". Platform refers to the performance of CWD itself, excluding the performance of certain assets & 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.

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March 25, 2026 16:15 ET (20:15 GMT)