Executive Summary

Q3 2025 was a transitional quarter: consolidated revenue fell to $3.64M vs $11.30M YoY and $5.07M QoQ, while diluted EPS was -$1.65 vs -$4.15 QoQ and $0.12 YoY; Consolidated Adj. EBITDA was -$0.46M (vs $0.06M in Q2 and $4.25M in Q3’24) .
Liquidity and equity improved materially: cash rose to $10.89M from $0.59M in Q2; stockholders’ equity swung to +$4.18M from a -$19.85M deficit in Q2, aided by >$30M in equity raises and the new Digital Asset Treasury (DAT) anchored in Chainlink (LINK) .
Platform revenue declined to $3.52M (vs $4.13M QoQ; $7.42M YoY) on lower nonrecurring fees and construction/development fees; Platform Adj. EBITDA was -$0.67M (vs -$0.05M QoQ; $2.41M YoY) .
Q3 missed S&P Global consensus on revenue ($3.64M vs $4.48M*) and EPS (-$1.65 vs -$0.32*); management emphasized DAT as a balance sheet and growth catalyst, plus partnerships (Coinbase Prime, EV charging) positioning the platform for yield and future tokenization .
Catalysts: continued LINK accumulation/staking (none staked yet), potential resumption of performance allocations, and fundraising momentum; risk factors include fee pressure, elevated interest expense, and digital asset P&L volatility (unrealized LINK loss of $0.68M in Q3) .

What Went Well and What Went Wrong

What Went Well
- Balance sheet strength: raised >$30M in common/preferred equity, lifting cash to $10.89M and turning stockholders’ equity positive to $4.18M .
- Launch of Digital Asset Treasury (DAT): accumulated 467,632 LINK tokens by quarter-end; subsequently 562,535 tokens valued at $8.5M at $15.15 per token; established Coinbase Prime for trading and custody .
- Strategic partnerships and portfolio actions: EV charging partnership to reduce portfolio operating costs; Wolfgang Puck Catering 10-year exclusive at PURE Pickleball & Padel to drive corporate group business .
- Management tone: “pivotal step forward,” “strengthened our balance sheet,” “launched our DAT anchored in LINK… establishing Caliber as a diversified alternative asset manager across real and digital assets” (CEO) .
What Went Wrong
- Topline pressure: consolidated revenue $3.64M (vs $11.30M YoY, $5.07M QoQ) given deconsolidations and lower fee income/performance allocations .
- Profitability headwinds: Platform Adj. EBITDA -$0.67M (vs -$0.05M QoQ; $2.41M YoY); diluted EPS -$1.65 (vs -$4.15 QoQ; $0.12 YoY); one-time investment impairments ($2.5M) weighed on results .
- Digital asset volatility: unrealized loss on digital assets of $0.68M; asset management fees and development fees declined YoY (fund management fees $2.78M vs $3.58M; development $0.43M vs $3.08M) .

Financial Results

Headline metrics (consolidated and platform)

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($)	$11,302,000	$5,073,000	$3,636,000
Diluted EPS ($)	$0.12	-$4.15	-$1.65
Consolidated Adjusted EBITDA ($)	$4,248,000	$57,000	-$464,000
Platform Adjusted EBITDA ($)	$2,412,000	-$54,000	-$665,000

Q3 2025 vs S&P Global consensus

Metric	Q3 2025 Consensus	Q3 2025 Actual
Revenue ($)	$4,479,000*	$3,636,000
Primary EPS ($)	-$0.32*	-$1.65
# Estimates (Rev/EPS)	1 / 1*	—

Note: Values marked with * retrieved from S&P Global.

Margins (calculated from reported revenue and consolidated adjusted EBITDA)

Margin	Q3 2024	Q2 2025	Q3 2025
Adj. EBITDA Margin (%)	37.6% (calc. from $4.248M / $11.302M)	1.1% (calc. from $0.057M / $5.073M)	-12.8% (calc. from -$0.464M / $3.636M)

Platform revenue breakdown (YoY and sequential context)

Platform Revenue Line ($000s)	Q3 2024	Q2 2025	Q3 2025
Fund management fees	3,575	2,739	2,782
Financing fees	464	292	207
Development & construction fees	3,084	979	427
Brokerage fees	119	93	98
Performance allocations	174	23	2
Total Platform revenue	7,416	4,126	3,516

KPIs and balance sheet indicators

KPI	Q1 2025	Q2 2025	Q3 2025
Cash ($000s)	845	586	10,886
Digital assets, balance sheet ($000s)	—	—	9,965
LINK tokens held (end of period / as of release)	—	—	467,632 / 562,535; $8.5M at $15.15 per LINK
Managed capital ($000s)	495,217	498,567	505,989
FV AUM ($000s)	830,758	803,176	797,033
Weighted avg shares (basic/diluted)	1,146 / 1,146	1,278 / 1,278	2,615 / 2,615

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Platform Adjusted EBITDA profitability	H2 2025	“On track to achieve platform adjusted EBITDA profitability in the second half of 2025” (Q2 commentary)	“Positions Caliber on path to Adjusted EBITDA profitability” (Q3 commentary)	Maintained (qualitative)
Revenue/Margins/Tax/OpEx/Segments/Dividend	FY/Q4 2025	Not provided	Not provided	—

No formal quantitative guidance ranges were provided in Q3 materials .

Earnings Call Themes & Trends

Note: An earnings call was scheduled; however, no transcript was available in our document corpus as of Nov 20, 2025 .

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Digital Asset Treasury (LINK)	Not in Q1; focus on core real estate . Q2 sets stage for H2 profitability; no DAT yet .	DAT launched; 467,632 LINK EoQ, 562,535 as of release; Coinbase Prime selected; DAT policy approved; aim to accumulate and later stake .	New strategic pillar; expanding
Balance sheet/liquidity	Q1/Q2 raised preferred; refinanced DoubleTree hotel; liquidity tight (cash $0.59M in Q2) .	>$30M equity raised; cash $10.89M; stockholders’ equity positive $4.18M .	Strong improvement
Real estate platform focus	Q1 narrowed focus (hospitality, multifamily, industrial) . Q2 reiterated focus .	Continued platform emphasis; performance allocations minimal; deconsolidations weigh on GAAP comps .	Focused, fee-driven; timing risk
Tokenization/tech partnerships	Early discussion in decks .	Chainlink-centric vision; explores tokenization; cites enterprise adoption (SWIFT, Mastercard, DTCC, S&P) .	Increasing emphasis
Sustainability/asset enhancements	Not prominent in Q1/Q2.	EV charging partnership to reduce operating costs, improve profitability potential .	New initiative
Hospitality project pipeline	Q1 Hyatt Studios agreement; Q2 municipal approvals, refinance progress .	PURE Pickleball & Padel signed 10-year Wolfgang Puck Catering exclusive .	Pipeline progressing

Management Commentary

“The third quarter marked a pivotal step forward for Caliber. We strengthened our balance sheet, raised over $30 million in equity, and formally launched our DAT anchored in LINK. This expansion establishes Caliber as a diversified alternative asset manager across both real and digital assets.” — Chris Loeffler, CEO .
“While third-quarter operational results reflect limited short-term P&L impact, they demonstrate a substantial improvement in Caliber’s liquidity and equity position. We believe Caliber is on the path toward consistent, profitable growth.” — Chris Loeffler, CEO .
“Our DAT strategy is structured around disciplined, dollar-cost-averaged LINK purchases designed to capture long-term appreciation and staking yield… Our goal is to create one of the largest LINK treasuries held by a public company.” — CEO commentary in preliminary release .

Q&A Highlights

No Q3 2025 earnings call transcript was available in our sources as of publication; a call and webcast were scheduled on Nov 13, 2025 .
As such, no verified Q&A exchanges are available to summarize.

Estimates Context

Q3 2025 revenue missed S&P Global consensus ($3.64M vs $4.48M*) and EPS missed (-$1.65 vs -$0.32*); 1 estimate for each metric. Sequentially, Q2 2025 also missed ($5.07M vs $5.93M*; -$4.15 vs -$0.94*) .
Given lower nonrecurring fee income, fewer performance allocations, and a $0.68M unrealized digital asset loss, Street models may need to reflect lower near-term fees and higher P&L volatility from digital assets, offset by stronger liquidity and potential LINK staking yield over time .
Note: Values marked with * retrieved from S&P Global.

Period	Metric	Consensus*	Actual
Q3 2025	Revenue ($)	4,479,000	3,636,000
Q3 2025	Primary EPS ($)	-0.32	-1.65
Q2 2025	Revenue ($)	5,933,000	5,073,000
Q2 2025	Primary EPS ($)	-0.94	-4.15

Key Takeaways for Investors

Liquidity reset: cash improved from $0.59M (Q2) to $10.89M (Q3); stockholders’ equity turned positive—reducing going‑concern risk and improving execution capacity .
New strategic flywheel: real estate fees plus LINK treasury (and potential staking) could diversify earnings drivers; however, P&L will include digital asset fair value marks (Q3 unrealized loss $0.68M) .
Core fee engine under pressure: Platform revenue lines fell YoY (development/construction and fund management fees), and performance allocations were de minimis, constraining near‑term profitability .
Estimates likely reset lower near term: back‑to‑back revenue/EPS misses suggest the Street may cut near‑term fee/earnings, while awaiting contributions from performance fees and DAT yield; monitor estimate revisions. Values marked with * retrieved from S&P Global.
Watch catalysts: (1) LINK staking commencement and treasury growth, (2) realization events generating performance allocations, (3) EV charging rollout benefits at assets, (4) fundraising momentum lifting managed capital and fees .
Risk/reward: higher liquidity and a differentiated DAT strategy vs. execution risks in fee recovery, interest expense ($1.88M in Q3), and digital asset volatility; position sizing should reflect binary elements of performance fees and crypto marks .

Additional detail and cross-references

Q3 performance drivers: lower nonrecurring fees and seasonality in development/construction ($0.43M vs $3.08M YoY), no significant performance allocations (vs $0.17M YoY), and investment impairments (~$2.5M one-time) .
DAT status: none of the LINK tokens were staked as of the release date .
Managed capital and FV AUM: steady managed capital growth ($506.0M Q3 vs $498.6M Q2); FV AUM stable at ~$797.0M (down slightly QoQ) .
Interest expense: $1.88M in Q3 (vs $1.74M Q2; $1.35M Q3’24), reflecting ongoing financing costs .

CaliberCos Inc. (CWD)·Q3 2025 Earnings Summary