2026 Revenue Guidance Revised, Platform Profitability Guidance Reaffirmed;  Three Additional Offerings Tokenized SCOTTSDALE, Ariz., Nov. 12, 2026 (GLOBE NEWSWIRE) -- Caliber (Nasdaq: CWD), a real estate-focused alternative asset manager, today reported results for the third quarter ended September 30, 2026. Platform Adjusted EBITDA was positive for the second consecutive quarter and $0.8 million better than the third quarter of 2025. Caliber operates two businesses: its real estate investment platform, which produces substantially all of the Company’s revenue, and Caliber Tokenization Services, launched in August 2026, which brings tokenization to private real estate funds, starting with the funds Caliber manages. Third Quarter 2026 Platform Financial Results (compared to Third Quarter 2025) Platform revenue of $3.8 million, compared to $3.5 million. The $0.3 million increase was driven primarily by a $0.3 million increase in fund management fees and a $0.2 million increase in development and construction fees, partially offset by a $0.1 million decrease in financing fees. Platform net loss of $4.3 million, or $0.43 per diluted share, compared to Platform net loss of $4.4 million, or $1.70 per diluted share. Platform net loss includes a $3.9 million non-cash provision for income taxes recorded in the quarter; Platform net loss before income taxes was $0.4 million, compared to $4.4 million. Platform Adjusted EBITDA of $0.1 million, compared to Platform Adjusted EBITDA loss of $0.7 million. Third Quarter 2026 Tokenized Platform Highlights Caliber completes the tokenization of three additional real estate projects, continuing the Company’s strategy to integrate blockchain infrastructure into its real estate fund offerings. Total Platform tokenized offerings represent up to $110 million in offered equity in 4 tokenized offerings. As of September 30, 2026, Caliber held 229,203 LINK tokens (LINK, the token underlying Chainlink) with a fair value of $3.3 million. The Company did not purchase or sell LINK during the quarter, and the change in fair value of its digital assets was a gain of $1.6 million. Management Commentary “Each of our two businesses has a different objective,” said Chris Loeffler, CEO of Caliber. “Our real estate platform is the foundation, and our objective for it is steady, consistent profitability. We have sized its cost base to this market, and Platform Adjusted EBITDA was positive for the second consecutive quarter even as tighter credit moved several transactions into 2027. That is why we lowered our revenue guidance while reaffirming our Platform Adjusted EBITDA guidance.” “Tokenization is our growth engine. This month we took three more offerings live with tokenized ownership, bringing the total to four, with more than $110 million of combined maximum offered equity. Caliber Tokenization Services is designed to grow through technology partners rather than a large internal team, which we believe lets it scale without adding significant overhead.” 2026 Outlook and Path to Profitability Caliber today revised its 2026 total Platform revenue guidance, previously $18.0 million to $22.0 million, reflecting the shift of certain revenue previously expected in the fourth quarter into future periods as tighter credit conditions extended financing timelines; reaffirmed its 2026 Platform Adjusted EBITDA profitability guidance. The revised revenue range assumes no improvement in financing conditions through the end of the year Updated 2026 guidance: Total Platform revenue in the range of $15.0 million to $17.0 million Platform Adjusted EBITDA profitability Business Update The following are key milestones completed both during and after the third quarter ended September 30, 2026. On July 2, 2026, Caliber announced the next phase of its real estate fund tokenization strategy, building on Chainlink, the industry-standard oracle platform, as part of a broader effort to modernize how private real estate assets and funds are financed, owned, administered, and accessed. On July 16, 2026, Caliber announced that it has broken ground on its Hyatt Studios extended stay hotel in Steamboat Springs, Colorado. Company executives, development partners, and community leaders gathered to celebrate the start of construction of the approximately 114-room extended-stay hotel at 1801 Lincoln Avenue. The four-story, 57,971 square foot property is expected to open in the second half of 2027 and will help address the growing demand for modern extended-stay accommodations in one of Colorado’s premier four-season destinations. On August 13, 2026, Caliber announced that it has gone live with its PURE Pickleball & Padel investment offering as the first real estate investment on its platform to be tokenized. The initiative creates a real-world, practical example of how blockchain-based ownership infrastructure can improve the private real estate investor experience. On August 27, 2026, Caliber announced the formation of Caliber Tokenization Services, LLC (“CTS”), a new division that provides full-service real-world asset (RWA) tokenization engagements to family offices that own and operate significant real estate portfolios, under the brand, Tokenized by Caliber. On September 14, 2026, Caliber announced that it has completed the refinancing of approximately $3.4 million of its corporate promissory notes, and has executed agreements with holders of an additional approximately $9.1 million of notes granting Caliber the right, exercisable over the next six months, to retire those notes in full for approximately $7.3 million in cash. Together, the two elements address approximately $12.5 million of corporate notes, including approximately $11.3 million, or approximately 54%, of the $21.1 million of unsecured corporate and convertible notes that the Company disclosed as maturing within twelve months in its Form 10-Q for the second quarter of 2026. On November 4, 2026, Caliber announced that it has gone live with three additional tokenized real estate investment offerings: Caliber-Hyatt Studios Steamboat, Caliber-Hyatt Studios Phoenix/TSMC and the Caliber-HS Feeder Fund. Combined, the three offerings represent up to $85 million in offered equity. Tokenization is designed to give investors a clearer digital record of what they own and, through Caliber’s Automated NAV (CNAV), a clearer view of its value. Together with lender rights, Caliber believes this will enable investors to borrow against their tokenized investment interest while retaining ownership. The launch follows the Company’s first tokenization, PURE Pickleball & Padel, and extends the same ownership infrastructure to both individual developments and a fund structure. Through November 12, 2026, holders had exchanged $3.8 million of notes for new amortizing notes or Series AAA Preferred Stock, and the Company had executed payoff option agreements covering $14.8 million of notes, of which $13.6 million mature within twelve months and may be retired for approximately $10.9 million in cash, displaying further progress since the Company’s September 14th 2026 announcement. Third Quarter 2026 Consolidated Financial Results (compared to Third Quarter 2025) Total consolidated revenue of $4.3 million, compared to $3.6 million primarily reflecting the consolidation of Riverwalk in the fourth quarter of 2025 and Commons Fundco, LLC in the first quarter of 2026. Consolidated net loss attributable to Caliber of $5.0 million, or $0.49 per diluted share, compared to net loss attributable to Caliber of $4.4 million, or $1.65 per diluted share. The third quarter includes the $3.9 million provision for income taxes and a $0.7 million, or $0.07 per share, out-of-period correction of the attribution of net loss between Caliber and noncontrolling interests in the first and second quarters of 2026. Consolidated Adjusted EBITDA loss of $0.2 million, compared to Consolidated Adjusted EBITDA loss of $0.5 million. Conference Call Information Caliber will host a conference call today, Thursday, November 12, 2026, at 5:00 p.m. Eastern Time (ET) to discuss its third quarter 2026 financial results and business outlook. 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 3070057. 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. While GAAP consolidation rules require CWD to include the performance and cash flows of these assets & funds in our consolidated financial information, CWD does not benefit from the performance of those assets & 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.) Caliber (Nasdaq: CWD) is a real estate-focused alternative asset manager with approximately $2.6 billion in Managed Assets and a 17-year track record investing in middle-market hospitality and multifamily real estate. The Company pairs an institutional-quality asset management platform with a boutique, hands-on investment approach focused on value creation in underserved market segments. Investors can participate in Caliber through its publicly traded equity (Nasdaq: CWD), and through its private real estate investment funds for accredited investors and financial professionals. For more information, visit caliberco.com. 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. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 26, 2026, 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 +1 480-214-1915 [email protected] Media Relations: Philip Robertson +1 917-498-4711 [email protected] 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 September 30, 2026  Platform Impact of Consolidated Funds and Eliminations Consolidated Revenues      Asset management$3,842  $(567) $3,275  Performance allocations —   —   —  Consolidated funds – other revenue —   1,040   1,040  Total revenues 3,842   473   4,315  Expenses      Operating costs 3,713   (174)  3,539  General and administrative 1,105   30   1,135  Marketing and advertising 62   —   62  Depreciation and amortization 176   (7)  169  Consolidated funds – other expenses —   2,683   2,683  Total expenses 5,056   2,532   7,588         Other income, net 282   (181)  101  Change in fair value of digital assets 1,643   —   1,643  Interest income 254   —   254  Interest expense (1,363)  —   (1,363) Net loss before income taxes (398)  (2,240)  (2,638) Provision for income taxes (3,941)  —   (3,941) Net loss (4,339)  (2,240)  (6,579) Net loss attributable to noncontrolling interests —   (1,549)  (1,549) Net (loss) income attributable to CaliberCos Inc.$(4,339) $(691) $(5,030) Basic and diluted net loss per share$(0.43)   $(0.49) Weighted average common shares outstanding:      Basic and diluted 10,283     10,283         (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 September 30, 2025  Platform Impact of Consolidated Funds and Eliminations Consolidated Revenues      Asset management$3,514  $(28) $3,486  Performance allocations 2   —   2  Consolidated funds – other revenue —   148   148  Total revenues 3,516   120   3,636  Expenses      Operating costs 3,408   (157)  3,251  General and administrative 1,481   (10)  1,471  Marketing and advertising 151   —   151  Depreciation and amortization 167   (7)  160  Consolidated funds – other expenses —   467   467  Total expenses 5,207   293   5,500         Other income (loss), net (230)  (94)  (324) Change in fair value of digital assets (677)  —   (677) Interest income 28   —   28  Interest expense (1,876)  —   (1,876) Net loss before income taxes (4,446)  (267)  (4,713) Provision for income taxes —   —   —  Net loss (4,446)  (267)  (4,713) Net loss attributable to noncontrolling interests —   (342)  (342) Net loss attributable to CaliberCos Inc.$(4,446) $75  $(4,371) Basic and diluted net loss per share$(1.70)   $(1.65) Weighted average common shares outstanding:      Basic and diluted 2,615     2,615         (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.    PLATFORM REVENUE(1) (AMOUNTS IN THOUSANDS) (UNAUDITED)  Three Months Ended September 30,  2026  2025 Fund management fees$3,078  $2,782  Financing fees 64   207  Development and construction fees 609   427  Brokerage fees 91   98  Total asset management 3,842   3,514  Performance allocations —   2  Total revenue$3,842  $3,516  __________________________ (1)Represents the results of our asset management platform, which are presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest.    FV AUM and Managed Capital (UNAUDITED) The following information summarizes management’s estimates of fair value related to the entire portfolio of investments that Caliber manages and the total amount of capital that is being managed across the portfolio. The fair value of our AUM conveys an indication of the overall health of our investments and potentially how much performance allocation Caliber would earn if those assets were sold. Managed Capital is used to evaluate, among other things, the amount of asset management fees we generate from the portfolio. FV AUM (AMOUNTS IN THOUSANDS) (UNAUDITED) Balances as of December 31, 2025$779,730  Assets acquired(1) 4,150  Construction and net market depreciation (4,675) Assets sold(2) (10,275) Credit(3) (29,403) Other(4) (3,176) Balances as of March 31, 2026 736,351  Construction and net market depreciation (441) Assets sold(2) (659) Credit(3) 622  Other(4) 1,316  Balances as of June 30, 2026 737,189  Assets acquired(1) 4,125  Construction and net market depreciation (2,925) Credit(3) 148  Other(4) (1,520) Balances as of September 30, 2026$737,017        September 30, 2026  December 31, 2025 Real Estate      Hospitality$50,900  $55,600  Caliber Hospitality Trust 185,700   191,900  Residential 156,700   165,900  Commercial 289,400   280,000  Total Real Estate 682,700   693,400  Credit(3) 53,530   82,163  Other(4) 787   4,167  Total$737,017  $779,730  ___________________________________________ (1)  Assets acquired during the nine months ended September 30, 2026 include one land parcel intended for hotel development in Colorado and one land parcel intended for hotel development in Arizona. (2)  Assets sold during the nine months ended September 30, 2026 include one multi-family residential asset and a portion of a land asset. (3)  Credit FV AUM represents loans made to our investment funds by our diversified credit fund. (4)  Other FV AUM represents undeployed capital held in our diversified funds.    MANAGED CAPITAL (AMOUNTS IN THOUSANDS) (UNAUDITED) Balance as of December 31, 2025   $517,186  Originations    10,478  Return of capital    (316) Investment write-offs (1)    (37,764) Balance as of March 31, 2026    489,584  Originations    6,400  Return of capital    (23) Investment write-offs (1)    (355) Balances as of June 30, 2026    495,606  Originations    8,957  Return of capital    (6,293) Balances as of September 30, 2026   $498,270               September 30, 2026  December 31, 2025 Real Estate     Hospitality$47,097  $49,289  Caliber Hospitality Trust(2) 97,044   97,037  Residential 110,551   103,961  Commercial 189,261   180,569  Total Real Estate(3) 443,953   430,856  Credit(4) 53,530   82,163  Other(5) 787   4,167  Total$498,270  $517,186  _________________________________________ (1)Decrease driven by the sale of assets by our investment funds, as well as the recording of an impairment reserve related to an investment held by one of our diversified funds while recoverability is being evaluated. (2)The Company earns a fund management fee of 0.70% of the Caliber Hospitality Trust’s enterprise value and is reimbursed for certain costs incurred on behalf of the Caliber Hospitality Trust. (3)Beginning during the year ended December 31, 2023, the Company includes capital raised from investors in CaliberCos Inc. through corporate note issuances that was further invested in our funds in Managed Capital. At September 30, 2026 and December 31, 2025, the Company had invested $11.2 million and $11.6 million in our funds. (4)Credit managed capital represents loans made to Caliber’s investment funds by the Company and our diversified funds. At September 30, 2026 and December 31, 2025, the Company had loaned $11.7 million and $8.5 million to our funds. (5)Other managed capital represents undeployed capital held in our diversified funds.    Consolidated GAAP Results The following information presents our consolidated GAAP results which includes the performance of certain entities we manage where Caliber is the guarantor of debt owed by those entities, despite not having significant equity at risk. As a result of these guarantor commitments, Caliber is required under GAAP to include the assets, liabilities, revenues and expenses of those entities even though a shareholder of CWD stock is neither entitled to nor exposed by those entities’ benefits or obligations. This accounting outcome also removes revenues that we earn from those entities, which a shareholder of CWD stock would be entitled to. See discussion elsewhere related to CWD’s Platform performance.    CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)     Three Months Ended September 30,  2026 2025  (unaudited) Revenues    Asset management revenues$3,275  $3,486  Performance allocations —   2  Consolidated funds – other revenues 1,040   148  Total revenues 4,315   3,636       Expenses    Operating costs 3,539   3,251  General and administrative 1,135   1,471  Marketing and advertising 62   151  Depreciation and amortization 169   160  Consolidated funds – other expenses 2,683   467  Total expenses 7,588   5,500       Other income (loss), net 101   (324) Change in fair value of digital assets 1,643   (677) Interest income 254   28  Interest expense (1,363)  (1,876) Net loss before income taxes (2,638)  (4,713) Provision for income taxes (3,941)  —  Net loss (6,579)  (4,713) Net loss attributable to noncontrolling interests (1,549)  (342) Net loss attributable to CaliberCos Inc.$(5,030) $(4,371) Basic and diluted net loss per share attributable to common stockholders$(0.49) $(1.65) Weighted average common shares outstanding:    Basic and diluted 10,283   2,615           CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)         September 30, 2026  December 31, 2025  (unaudited)     Assets      Cash$1,794  $2,538  Restricted cash 2,574   2,628  Real estate investments, net 19,827   21,689  Real estate assets held for sale 1,709   —  Digital assets 3,293   6,850  Notes receivable - related parties, net of allowance of $1,000 and $909, respectively 10,492   7,348  Due from related parties, net of allowance of $4,425 and $4,071, respectively 10,557   10,086  Investments in unconsolidated entities 11,156   11,624  Operating lease - right of use assets —   98  Prepaid and other assets 1,927   2,368  Assets of consolidated funds      Cash 407   326  Restricted cash 698   524  Real estate investments, net 50,063   10,807  Intangible assets, net 45,784   46,330  Notes receivable - related parties 5,991   936  Due from related parties 1,369   220  Operating lease - right of use assets 10,756   10,757  Prepaid and other assets 495   267  Total assets$178,892  $135,396         LIABILITIES AND STOCKHOLDERS' EQUITY      Notes payable, net$42,059  $46,347  Accounts payable and accrued expenses 6,305   7,325  Series AA cumulative redeemable preferred stock, net of issuance costs, $25.00 per share stated value, 800,000 shares authorized, 447,415 and 221,434 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 10,497   5,101  Due to related parties 127   186  Operating lease liabilities 39   64  Other liabilities 4,585   771  Liabilities of consolidated funds      Notes payable, net 66,173   33,605  Notes payable - related parties 2,567   2,330  Accounts payable and accrued expenses 3,269   1,719  Due to related parties 923   861  Operating lease liabilities 10,756   10,757  Other liabilities 152   99  Total liabilities 147,452   109,165           CALIBERCOS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (AMOUNTS IN THOUSANDS, EXCEPT FOR SHARE AND PER SHARE DATA)       September 30, 2026 December 31, 2025 Commitments and Contingencies (Note 12)         Series A non-cumulative convertible preferred stock, $0.001 par value; 22,500,000 shares authorized, and 5,875 shares issued and outstanding as of September 30, 2026 and December 31, 2025 —   —  Series B convertible preferred stock, $0.001 par value; 50,000 shares authorized, and zero and 15,868 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively —   —  Series AAA convertible preferred stock, $0.001 par value; 40,000 shares authorized, and 2,119 and zero shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively —   —  Common stock Class A, $0.001 par value; 500,000,000 shares authorized, 10,669,455 and 6,534,319 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 10   7  Common stock Class B, $0.001 par value; 15,000,000 shares authorized, zero and 370,822 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively —   —  Paid-in capital 87,143   79,731  Accumulated deficit (90,737)  (78,405) Stockholders’ (deficit) equity attributable to CaliberCos Inc. (3,584)  1,333  Stockholders’ equity attributable to noncontrolling interests 35,024   24,898  Total stockholders’ equity 31,440   26,231  Total liabilities and stockholders’ equity$178,892  $135,396           Definitions Assets Under Management AUM refers to the assets we manage or sponsor. We monitor two types of information with regard to our AUM: Managed Capital – we define this as the total capital we fundraise from our customers as investments in our funds. It also includes fundraising into our corporate note program, the proceeds of which were used, in part, to invest in or loan to our funds. We use this information to monitor, among other things, the amount of ‘preferred return’ that would be paid at the time of a distribution and the potential to earn a performance fee over and above the preferred return at the time of the distribution. Our fund management fees are based on a percentage of managed capital or a percentage of assets under management, and monitoring the change and composition of managed capital provides relevant data points for Caliber management to further calculate and predict future earnings. Fair Value (“FV”) AUM – we define this is as the aggregate fair value of the real estate assets we manage and from which we derive management fees, performance revenues and other fees and expense reimbursements. We estimate the value of these assets quarterly to help make sale and hold decisions and to evaluate whether an existing asset would benefit from refinancing or recapitalization. This also gives us insight into the value of our carried interest at any point in time. We also utilize FV AUM to predict the percentage of our portfolio which may need development services in a given year, fund management services (such as refinance), and brokerage services. As we control the decision to hire for these services, our service income is generally predictable based upon our current portfolio AUM and our expectations for AUM growth in the year forecasted. Non-GAAP Measures We use non-GAAP financial measures to evaluate operating performance, identify trends, formulate financial projections, make strategic decisions, and for other discretionary purposes. We believe that these measures enhance the understanding of ongoing operations and comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they provide investors a view of the performance attributable to CaliberCos Inc. When analyzing our operating performance, investors should use these measures in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Our presentation of non-GAAP measures may not be comparable to similarly identified measures of other companies because not all companies use the same calculations. These measures may also differ from the amounts calculated under similarly titled definitions in our debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. Asset Management Platform or Platform Platform refers to the performance of the Caliber asset management platform, which generates revenues and expenses from managing our investment portfolio, which does not include any consolidated assets or funds. These activities include asset management, transaction services, and performance allocations. Management believes that this is an important view of the Company because it communicates performance of the Company that would be most useful for understanding the value of CWD. Fee-Related Earnings and Related Components Fee-Related Earnings is a supplemental non-GAAP performance measure used to assess our ability to generate profits from fee-based revenues, focusing on whether our core revenue streams, are sufficient to cover our core operating expenses. Fee- Related Earnings represents the Company’s net income (loss) before income taxes adjusted to exclude depreciation and amortization, stock-based compensation, interest expense and extraordinary or non-recurring revenue and expenses, including performance allocation revenue and change in fair value of digital assets, public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, and expenses recorded to earnings relating to investment deals which were abandoned or closed. Fee-Related Earnings is presented on a basis that deconsolidates our consolidated funds (intercompany eliminations) and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to CaliberCos Inc. and is consistent with performance models and analysis used by management. Distributable Earnings Distributable Earnings is a supplemental non-GAAP performance measure equal to Fee-Related Earnings plus performance allocation revenue and less interest expenses and provision for income taxes. We believe that Distributable Earnings can be useful as a supplemental performance measure to our GAAP results assessing the amount of earnings available for distribution. Platform Earnings Platform Earnings represents the performance of our asset management platform, which generates revenues and expenses from managing our investment portfolio, excluding any consolidated assets or funds. Platform Earnings per Share Platform Earnings per Share is calculated as Platform Earnings divided by weighted average CWD common shares outstanding. Platform Adjusted EBITDA Platform Adjusted EBITDA represents our Distributable Earnings adjusted for interest expense, other income (expense), and provision for income taxes on a basis that deconsolidates our consolidated funds (intercompany eliminations), and eliminates noncontrolling interest. Eliminating the impact of consolidated funds and noncontrolling interest provides investors a view of the performance attributable to the Platform and is consistent with performance models and analysis used by management. Consolidated Adjusted EBITDA Consolidated Adjusted EBITDA represents the Company’s and the consolidated funds’ earnings before net interest expense, income taxes, depreciation and amortization, further adjusted to exclude stock-based compensation, transaction fees, expenses and other public registration direct costs related to aborted or delayed offerings and our Reg A+ offering, litigation settlements, expenses recorded to earnings relating to investment deals which were abandoned or closed, any other non-cash expenses or losses, as further adjusted for extraordinary or non-recurring items. NON-GAAP ADJUSTED EBITDA (AMOUNTS IN THOUSANDS) (UNAUDITED)  Three Months Ended September 30, 2026 2025 Net loss attributable to CaliberCos Inc.$(5,030) $(4,371) Net loss attributable to noncontrolling interests (1,549)  (342) Net loss (6,579)  (4,713) Provision for income taxes 3,941   —  Net loss before income taxes (2,638)  (4,713) Depreciation and amortization 176   167  Consolidated funds' impact on fee-related earnings 2,059   173  Stock-based compensation 383   332  Severance 7   593  Performance allocations —   (2) Other income, net (513)  94  Investments impairment 167   102  Change in fair value of digital assets (1,643)  677  Bad debt expense 64   35  Interest expense, net 1,109   1,848  Fee-related earnings (829)  (694) Performance allocations —   2  Interest expense, net (1,109)  (1,848) Provision for income taxes (3,941)  —  Distributable earnings (5,879)  (2,540) Interest expense 1,363   1,876  Other income, net 513   (94) Provision for income taxes 3,941   —  Consolidated funds' impact on Platform adjusted EBITDA 181   93  Platform adjusted EBITDA 119   (665) Consolidated funds' EBITDA adjustments (360)  201  Consolidated adjusted EBITDA$(241) $(464)

Company advances strategic repositioning through substantial cost reductions and disciplined capital allocation, with resources focused on preserving and maximizing the value of its interest in Accelsius ORLANDO, Fla., Nov. 12, 2026 (GLOBE NEWSWIRE) -- ORLANDO, Fla., November 12, 2026 (GLOBAL NEWSWIRE) – Innventure, Inc. (NASDAQ: INV) (“Innventure”) today announced financial results for the quarter ended September 30, 2026. “Over the last few months, our management team and Board have taken decisive steps to transform Innventure into a leaner, more focused organization, concentrating our resources on the opportunities we believe offer the clearest path to driving shareholder value,” said Bill Grieco, Chief Executive Officer of Innventure. “We have substantially reduced parent-level costs, including reducing headcount from 40 to 15 since the end of the first quarter, and we are transitioning AeroFlexx and Refinity away from reliance on Innventure capital while evaluating strategic alternatives for both businesses. At the same time, our Strategic Review Committee, together with our financial advisors, is evaluating capital strategies to strengthen our financial position and address our near-term liquidity needs in a disciplined manner. These actions share the common objective to preserve and maximize the value of our interest in Accelsius while giving the business the necessary resources to realize its full potential. We remain confident in the underlying opportunity at Accelsius and believe the transformation underway at Innventure is an important step toward translating that opportunity into value for our shareholders.” Conference Call and Webcast A conference call to discuss these results has been scheduled for 5:00 pm ET today, November 12, 2026. The event will be webcasted live via our investor relations website https://www.innventure.com/investors or via https://innventure-3q26-earnings.open-exchange.net/. About Innventure Innventure (NASDAQ: INV) builds and scales the companies that it has founded as they commercialize new technologies. Innventure is focused on preserving and maximizing the value of its operating company interests for shareholders through disciplined capital allocation, focused execution, strong governance, and strategic initiatives. Learn more at innventure.com. Non-GAAP Financial Measures We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance. Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team. There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments. Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures. In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies. Cautionary Statement Regarding Forward-Looking Statements Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in Innventure’s public filings with the U.S. Securities and Exchange Commission, including, but not limited to, the following: Innventure’s and its subsidiaries’ ability to execute on their strategies, book sales and achieve future financial performance; Innventure’s ability to identify and execute on alternatives to strengthen its financial position; Innventure’s or each operating company’s respective ability to secure financing and/or other value-enhancing transactions, in each case as applicable, on acceptable terms or at all, including with respect to the dilution of Innventure’s interests in its operating companies; developments and projections relating to Innventure’s and its subsidiaries’ competitors and industry; the implementation, adoption, market acceptance and success of Innventure’s and its subsidiaries’ products, business models and growth strategies; Innventure’s and its subsidiaries’ ability to generate sufficient revenue and operating cash flow; the timing and magnitude of expected cash expenditures; the availability, timing and terms of additional financing, including debt or equity financing at Innventure or its subsidiaries; market conditions affecting access to capital; potential dilution resulting from future financings at Innventure or its subsidiaries; if additional funding is unavailable, or cannot be obtained on acceptable terms or in sufficient amounts or on a timely basis, AeroFlexx or Refinity may be required to wind up or cease operations; potential goodwill, intangible asset, and other asset impairment charges, write-offs of intercompany advances, and other costs and liabilities associated with any such wind-down or cessation of operations; the risk that one or both of AeroFlexx or Refinity may be unable to continue as a going concern if additional funding is not obtained; Innventure’s ability to successfully implement cost reduction initiatives; risks related to recent shareholder litigation; changes in economic conditions; competitive pressures; regulatory developments; and Innventure’s ability to maintain control over its subsidiaries. The foregoing factors are not exhaustive. For a more complete discussion of the risks and uncertainties that may affect Innventure's forward-looking statements, see the 'Risk Factors' section of Innventure's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Forward‑looking statements speak only as of the date of this release, and Innventure undertakes no obligation to update them, whether as a result of new information, future events, changes in assumptions or expectations, or otherwise, except as required by applicable law or the rules of any stock exchange on which Innventure's securities are listed. Investor Relations Contact: Kyle Nagarkar, Solebury Strategic Communications [email protected]  Media Contact: Stephanie Knight, Solebury Strategic Communications [email protected]       Innventure, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share amounts)       September 30, 2026 December 31, 2025 Assets    Cash and cash equivalents$21,952  $60,449  Restricted cash 5,000   5,000  Accounts receivable 2,084   1,094  Due from related parties 17,936   11,840  Inventories 2,696   1,604  Prepaid expenses and other current assets 3,513   3,167  Total Current Assets 53,181   83,154  Investments 25,460   28,741  Property, plant and equipment, net 6,432   1,941  Intangible assets, net 144,326   160,537  Goodwill —   323,463  Other assets 1,312   1,351  Total Assets$230,711  $599,187  Liabilities and Stockholders' Equity    Accounts payable$4,382  $2,551  Accrued employee benefits 3,735   11,343  Accrued expenses 4,854   7,386  Contract liabilities 410   947  Notes payable - current 7,969   12,846  Term convertible note, current 8,102   7,890  Convertible promissory note, current 4,449   4,331  Patent installment payable - current 825   700  Obligation to issue equity 110   119  Warrant liability 12,149   27,458  Income taxes payable 32   23  Related party convertible promissory notes-current 11   —  Other current liabilities 395   682  Total Current Liabilities 47,423   76,276  Notes payable, net of current portion 4,405   8,327  Earnout liability 490   3,890  Stock-based compensation liability —   239  Patent installment payable, net of current 11,550   12,375  Deferred income taxes 9,783   13,848  Other liabilities 791   556  Total Liabilities 74,442   115,511  Commitments and Contingencies (Note 16)    Stockholders' Equity    Preferred stock, $0.0001 par value, 25,000,000 shares authorized;    Series B Preferred Stock, $0.0001 par value, 3,000,000 shares designated, 24,779 and 33,144 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. —   —  Series C Preferred Stock, $0.0001 par value, 5,000,000 shares designated, 159,270 shares issued and outstanding as of September 30, 2026 and 150,000 shares issued and outstanding as of December 31, 2025. —   —  Common Stock, $0.0001 par value, 250,000,000 shares authorized, 86,556,511 and 67,743,847 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively. 8   7  Additional paid-in capital 658,021   577,070  Accumulated other comprehensive gain (loss) (391)  (1,260) Accumulated deficit (621,283)  (371,603) Total Innventure, Inc., Stockholders’ Equity 36,355   204,214  Non-controlling interest 119,914   279,462  Total Stockholders' Equity 156,269   483,676  Total Liabilities and Stockholder’s Equity$230,711  $599,187           Innventure, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss) (in thousands, except share and per share amounts)           Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Revenue$1,481  $534  $3,877  $1,234           Operating Expenses        Cost of sales 5,175   4,147   15,501   7,192  General and administrative 12,844   16,927   40,093   55,172  Sales and marketing 1,875   2,514   7,861   6,818  Research and development 9,502   6,151   27,122   18,472  Goodwill impairment 323,463   —   323,463   346,557  Total Operating Expenses 352,859   29,739   414,040   434,211           Loss from Operations (351,378)  (29,205)  (410,163)  (432,977)          Non-operating (Expense) and Income        Interest expense, net (934)  (3,401)  (2,454)  (7,586) Net gain (loss) from investments (49)  —   59   —  Change in fair value of financial liabilities 20,834   (4,109)  18,709   19,496  Equity method investment (loss) income (1,489)  (1,602)  (4,496)  (10,282) Realized gain on conversion of available for sale investment —   —   —   1,507  Loss on extinguishment of debt —   —   (977)  (3,462) Loss on extinguishment of related party debt —   —   —   (3,538) Miscellaneous other expense (284)  (21)  (1,232)  (64) Total Non-operating Income (Expense) 18,078 — (9,133)— 9,609   (3,929) Loss before Income Taxes (333,300)  (38,338)  (400,554)  (436,906) Income tax benefit 538   (3,603)  (4,019)  (7,222) Net Loss (333,838)  (34,735)  (396,535)  (429,684) Less: net loss attributable to        Non-redeemable non-controlling interest (131,466)  (6,403)  (146,855)  (174,128) Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders (202,372)— (28,332)— (249,680)  (255,556)          Basic and diluted loss per share$(2.39) $(0.51) $(3.05) $(4.96) Basic and diluted weighted average common shares 84,727,303   55,846,721   81,927,882   51,583,853       Innventure, Inc. and Subsidiaries Consolidated Statements of Cash Flows (in thousands)       Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Cash Flows Used in Operating Activities    Net loss$(396,535) $(429,684) Adjustments to reconcile net loss to net cash used in operating activities:    Stock-based compensation 15,615   22,972  Interest income on debt securities - related party (280)  (299) Change in fair value of financial liabilities (18,709)  (19,496) Non-cash interest expense on notes payable 1,707   5,142  Net gain on investments (59)  —  Accrued unpaid interest on note payable 355   220  Equity method investment loss (income) 4,496   10,282  Realized gain on conversion of available for sale investments —   (1,507) Loss on extinguishment of debt 977   3,462  Loss on extinguishment of related party debt —   3,538  Deferred income taxes (4,066)  (8,141) Loss on Disposal of PPE 410   —  Depreciation and amortization 16,934   16,821  Goodwill impairment 323,463   346,557  Other costs, net 1,409   233  Changes in operating assets and liabilities:    Accounts receivable (990)  (1,286) Prepaid expenses and other current assets (6,442)  (6,461) Inventory (1,092)  (1,226) Accounts payable 548   (2,448) Accrued employee benefits (7,852)  2,491  Accrued expenses (2,552)  376  Stock-based compensation liability (227)  (923) Income taxes payable 9   930  Other current liabilities (424)  (230) Contract liabilities (536)  776  Obligation to issue equity —   2,158  Other assets 16   (60) Patent installment payable (700)  (525) Net Cash Used in Operating Activities (74,525)  (56,328)      Cash Flows (Used in) Provided by Investing Activities    Investment in available-for-sale debt securities - equity method investee —   (2,708) Acquisition of property, plant and equipment (4,340)  (1,371) Net Cash (Used in) Provided by Investing Activities (4,340)  (4,079)      Cash Flows Provided by Financing Activities    Proceeds from issuance of equity, net of issuance costs 51,819   3,675  Proceeds from the issuance of equity to non-controlling interest, net of issuance costs —   6,327  Proceeds from the issuance of convertible promissory note —   6,350  Proceeds from the issuance of term convertible notes —   14,950  Proceeds from issuance of debt securities, net of issuance costs —   36,000  Payment of debts (10,419)  (3,877) Taxes paid related to net share settlement of equity awards (1,032)  —  Distributions to Stockholders —   (76) Cash Flows Provided by Financing Activities 40,368   63,349       Net Decrease in Cash, Cash Equivalents and Restricted Cash (38,497)— 2,942  Cash, Cash Equivalents and Restricted Cash Beginning of period 65,449   11,119  Cash, Cash Equivalents and Restricted Cash End of period$26,952  $14,061   Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Supplemental Cash Flow Information    Cash paid for interest$1,646 $2,551 Supplemental Disclosure of Noncash Financing Information    Conversion of working capital loans to equity method investee into investments in debt securities - related party —  4,375 Unrealized gain on investments in debt Securities - related party through OCI 877  410 Extinguishment of debt with Series C Preferred Stock —  14,000 Contribution of Series C Preferred Stock to equity method investee —  5,783 Conversion of AFX available-for-sale term loan into equity method investments —  8,757 Issuance of common stock as repayment of convertible debt 1,090  5,961 Issuance of vested RSUs 244  — Issuance of stock in exchange for services 11  4,187 Equity reallocation between non-controlling interest and additional paid-in capital 20,766  36,313          Innventure, Inc. and Subsidiaries Non-GAAP Financial Measures (in thousands)           Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Net loss$(333,838) $(34,735) $(396,535) (429,684) Interest expense, net(1) 934   3,401   2,454  7,586  Depreciation and amortization expense 5,603   5,638   16,934  16,821  Income tax expense (benefit) 538   (3,603)  (4,019) (7,222) EBITDA (326,763)  (29,299)  (381,166) (412,499) Change in fair value of financial liabilities(2) (20,834)  4,109   (18,709) (19,496) Stock-based compensation(3) 5,306   7,725   15,615  22,972  Goodwill impairment(4) 323,463   —   323,463  346,557  Loss on extinguishment of debt(5) —   —   977  3,462  Loss on extinguishment of related party debt(6) —   —   —  3,538  Adjusted EBITDA (18,828)  (17,465)  (59,820) (55,466) (1) Interest Expense, net, includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. (2) Change in fair value of financial liabilities – For the three and nine months ended September 30, 2026, and 2025, the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, the earnout liability and the embedded derivatives in various instruments. (3) Stock based compensation – For the three and nine months ended September 30, 2026, and 2025, stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share-based payment employee incentive plans in existence at subsidiaries. (4) Goodwill impairment - For the three and nine months ended June 30, 2025, the Company recognized goodwill impairment due to sustained decreases in the Company’s publicly quoted share price and market capitalization, which were, at least in part, sensitive to the general downward volatility experienced in the stock market in the comparable period in the prior year. There was no goodwill impairment for the three and nine months ended September 30, 2026. (5) Loss on extinguishment of debt - For the nine months ended September 30, 2026, the Company repaid the Convertible Debentures, which resulted in an aggregate of $1.0 million loss on extinguishment of debt. There was no loss on extinguishment of debt for the three months ended September 30, 2026. For the three and nine months ended June 30, 2025, the Company recognized a loss on extinguishment of debt of $3.5 million in connection with the modification of the WTI Facility. (6) Loss on extinguishment of related party debt - For the nine months ended June 30, 2025, the Company extinguished certain related party debts by issuing Series C Preferred Stock. There was no loss on extinguishment of related party debt for the three months ended September 30, 2026.

Winter Springs, United States / Florida, November 12th, 2026, FinanceWire

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