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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ______ to ______\n\nCommission file number 001-41703\n\nCALIBERCOS INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n47-2426901\n\n(State or other jurisdiction of incorporation or organization)\n\n(I.R.S. Employer Identification No.)\n\n8901 E. Mountain View Rd. Ste. 150, Scottsdale, AZ\n85258\n\n(Address of Principal Executive Offices)(Zip Code)\n\n(480) 295-7600\n\nRegistrant’s telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nClass A common stock, $0.001 par value per share CWD\nNasdaq Capital Market\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer\no\nAccelerated filer\no\n\nNon-accelerated filer\nx\nSmaller reporting company\nx\n\nEmerging growth company\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).      Yes ¨ No x\n\nThere were 8,840,224 shares of common stock, comprised of 8,469,402 shares of Class A Common Stock and 370,822 shares of Class B Common Stock of CaliberCos Inc. as of May 11, 2026.\n\nExplanatory Note\n\nIn this report, the term “Company” refers to CaliberCos Inc. and its wholly-owned subsidiaries. The “Consolidated Funds” refers to the Companies’ consolidated variable interest entities. The “Consolidated Company”, “Caliber”, “we”, “us”, and “our” refers to the Company and the Consolidated Funds collectively.\n\nThis quarterly report on Form 10-Q includes forward-looking statements within the meaning of the federal securities laws. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the operating results and financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to, statements about:\n\n•estimates of our expenses, future revenues, capital requirements and our needs for additional financing;\n\n•our estimates of the size of our market opportunities;\n\n•our ability to effectively manage our growth;\n\n•our ability to successfully enter new markets, manage our growth expansion and comply with any applicable laws and regulations;\n\n•the effects of increased competition from our market competitors;\n\n•significant disruption in, or breach in security of, our information technology systems and resultant interruptions in service and any related impact on our reputation;\n\n•the attraction and retention of qualified employees and key personnel;\n\n•the effectiveness of our internal controls;\n\n•changes in laws and government regulation affecting our business;\n\n•the impact of adverse economic conditions;\n\n•the sufficiency of our cash and cash equivalents to meet our liquidity needs and service our indebtedness; and\n\n•outcomes of legal or administrative proceedings.\n\nIn addition, in this report, the words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “predict,” “potential” and similar expressions, as they relate to our Company, our business and our management, are intended to identify forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements.\n\nForward-looking statements speak only as of the date of this report. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.\n\nYou should read this report and the documents that we reference in this report and have filed with the Securities and Exchange Commission (“SEC”) as exhibits to this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.\n\nTable of Contents\n\nPage\n\n[Part I - Financial Information](#id5e4eb60d23346adb19ededf9688a94f_13)\n\n[4](#id5e4eb60d23346adb19ededf9688a94f_13)\n\n[Item 1. Financial Statements](#id5e4eb60d23346adb19ededf9688a94f_16)\n\n[4](#id5e4eb60d23346adb19ededf9688a94f_16)\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#id5e4eb60d23346adb19ededf9688a94f_19)\n\n[4](#id5e4eb60d23346adb19ededf9688a94f_19)\n\n[Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025](#id5e4eb60d23346adb19ededf9688a94f_22)\n\n[6](#id5e4eb60d23346adb19ededf9688a94f_22)\n\n[Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025](#id5e4eb60d23346adb19ededf9688a94f_25)\n\n[7](#id5e4eb60d23346adb19ededf9688a94f_25)\n\n[Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#id5e4eb60d23346adb19ededf9688a94f_28)\n\n[8](#id5e4eb60d23346adb19ededf9688a94f_28)\n\n[Notes to Condensed Consolidated Financial Statements](#id5e4eb60d23346adb19ededf9688a94f_31)\n\n[10](#id5e4eb60d23346adb19ededf9688a94f_31)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#id5e4eb60d23346adb19ededf9688a94f_97)\n\n[44](#id5e4eb60d23346adb19ededf9688a94f_97)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#id5e4eb60d23346adb19ededf9688a94f_139)\n\n[64](#id5e4eb60d23346adb19ededf9688a94f_139)\n\n[Item 4. Controls and Procedures](#id5e4eb60d23346adb19ededf9688a94f_142)\n\n[65](#id5e4eb60d23346adb19ededf9688a94f_142)\n\n[Part II - Other Information](#id5e4eb60d23346adb19ededf9688a94f_145)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_145)\n\n[Item 1. Legal Proceedings](#id5e4eb60d23346adb19ededf9688a94f_148)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_148)\n\n[Item 1A. Risk Factors](#id5e4eb60d23346adb19ededf9688a94f_151)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_151)\n\n[Item 2. Unregistered Sales of Equity Securities](#id5e4eb60d23346adb19ededf9688a94f_154)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_154)\n\n[Item 3. Defaults Upon Senior Securities](#id5e4eb60d23346adb19ededf9688a94f_157)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_157)\n\n[Item 4. Mine Safety Disclosures](#id5e4eb60d23346adb19ededf9688a94f_160)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_160)\n\n[Item 5. Other Information](#id5e4eb60d23346adb19ededf9688a94f_163)\n\n[66](#id5e4eb60d23346adb19ededf9688a94f_163)\n\n[Item 6. Exhibit Index](#id5e4eb60d23346adb19ededf9688a94f_166)\n\n[67](#id5e4eb60d23346adb19ededf9688a94f_166)\n\n[Signatures](#id5e4eb60d23346adb19ededf9688a94f_169)\n\n[69](#id5e4eb60d23346adb19ededf9688a94f_169)\n\nPART I - FINANCIAL INFORMATION"}