SCOTTSDALE - Caliber (NASDAQ:CWD), a diversified alternative real estate platform with a market capitalization of $20.5 million, announced Tuesday a partnership with Current and InCharge Energy to deploy electric vehicle charging infrastructure across its property portfolio. According to InvestingPro data, the company's stock has shown significant volatility, currently trading at $4.54, well below its 52-week high of $48.
The initial project will break ground at multiple Caliber hotels and sites in Phoenix, Arizona, an area emerging as a hub for autonomous and electric vehicle innovation, according to the company's press release. This expansion comes as the company faces challenging operating conditions, with InvestingPro data showing a 55% year-over-year revenue decline and a thin gross profit margin of 1.28%.
InCharge Energy will design, construct, and install EV charging sites at numerous Caliber locations while providing ongoing maintenance support through its InService program and InControl software platform.
"This collaboration will deploy advanced EV charging infrastructure, develop rideshare hubs, and enhance energy efficiency measures across our hospitality, multifamily, and industrial properties," said Chris Loeffler, CEO of Caliber.
The partnership aims to increase property desirability while reducing energy costs across Caliber's commercial holdings, which include hospitality, multifamily, and industrial properties.
Cameron Funk, InCharge Energy President, noted that the company currently has approximately 15,000 EV charging ports on its network and will provide maintenance services to support Caliber's assets.
Current, which is a portfolio company of an Ares Infrastructure Opportunities fund, previously announced a collaboration with InCharge to expand EV charging access in California, Texas, and Arizona as part of a larger initiative to grow Transportation-as-a-Service offerings.
The companies did not disclose financial terms of the agreement or specific timelines for completion beyond the initial Phoenix-area installations. InvestingPro analysis indicates the company's overall financial health score is currently rated as "Weak," with 13 additional ProTips available to subscribers offering deeper insights into Caliber's financial position and growth prospects.
In other recent news, CaliberCos Inc. has made several strategic moves that could impact its financial outlook. The company announced the closure of a $15.9 million securities purchase agreement, establishing an At-The-Market equity program through the sale of Series B Preferred Stock. This preferred stock, sold at $1,000 per share, is convertible into common shares at $250 per share and ranks senior to common stock but junior to Series A and Series AA Preferred Stock. CaliberCos also appointed Urish Popeck & Co., LLC as its new independent auditor, replacing Deloitte & Touche LLP. Despite Deloitte's previous audit reports not containing adverse opinions, there was an explanatory paragraph about the company's ability to continue as a going concern due to negative operating cash flows. Additionally, CaliberCos acquired $4 million worth of Chainlink tokens as part of its Digital Asset Treasury Strategy, increasing its total holdings to approximately $10.1 million. The company has also chosen Coinbase Prime as its institutional platform for trading and custody, marking a significant step in its digital asset strategy. These developments reflect CaliberCos' ongoing efforts to strengthen its financial and strategic position.
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