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Side-by-side financial comparison of CaliberCos Inc. (CWD) and Spectral AI, Inc. (MDAI). Click either name above to swap in a different company.
CaliberCos Inc. is the larger business by last-quarter revenue ($4.1M vs $4.1M, roughly 1.0× Spectral AI, Inc.). Spectral AI, Inc. runs the higher net margin — 25.7% vs -188.3%, a 214.1% gap on every dollar of revenue. On growth, Spectral AI, Inc. posted the faster year-over-year revenue change (-46.3% vs -52.5%). Over the past eight quarters, Spectral AI, Inc.'s revenue compounded faster (-19.6% CAGR vs -57.6%).
CaliberCos Inc. is a U.S.-headquartered alternative asset management firm focused primarily on real estate investments. It offers a diverse suite of investment vehicles covering commercial, residential, and industrial real estate assets, serving institutional investors, high-net-worth individuals, and retail clients across North America. It also delivers asset management, property operation, and value-add real estate development services to support consistent long-term returns for investors.
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
CWD vs MDAI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $4.1M |
| Net Profit | $-7.7M | $1.1M |
| Gross Margin | — | 45.2% |
| Operating Margin | -196.6% | -54.9% |
| Net Margin | -188.3% | 25.7% |
| Revenue YoY | -52.5% | -46.3% |
| Net Profit YoY | 32.2% | 113.9% |
| EPS (diluted) | $1.95 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.1M | $4.1M | ||
| Q3 25 | $3.6M | $3.8M | ||
| Q2 25 | $5.1M | $5.1M | ||
| Q1 25 | $7.3M | $6.7M | ||
| Q4 24 | $8.7M | $7.6M | ||
| Q3 24 | $11.3M | $8.2M | ||
| Q2 24 | $8.2M | $7.5M | ||
| Q1 24 | $23.0M | $6.3M |
| Q4 25 | $-7.7M | $1.1M | ||
| Q3 25 | $-4.4M | $-3.6M | ||
| Q2 25 | $-5.3M | $-8.0M | ||
| Q1 25 | $-4.4M | $2.9M | ||
| Q4 24 | $-11.4M | $-7.6M | ||
| Q3 24 | $146.0K | $-1.5M | ||
| Q2 24 | $-4.7M | $-2.9M | ||
| Q1 24 | $-3.8M | $-3.2M |
| Q4 25 | — | 45.2% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 45.2% | ||
| Q1 25 | — | 47.2% | ||
| Q4 24 | — | 44.0% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | 44.3% | ||
| Q1 24 | — | 46.6% |
| Q4 25 | -196.6% | -54.9% | ||
| Q3 25 | -129.6% | -88.1% | ||
| Q2 25 | -112.4% | -41.9% | ||
| Q1 25 | -62.7% | -13.4% | ||
| Q4 24 | -236.8% | -14.6% | ||
| Q3 24 | 0.0% | -10.8% | ||
| Q2 24 | -65.0% | -32.7% | ||
| Q1 24 | -22.9% | -33.9% |
| Q4 25 | -188.3% | 25.7% | ||
| Q3 25 | -120.2% | -93.7% | ||
| Q2 25 | -104.5% | -157.3% | ||
| Q1 25 | -60.7% | 43.2% | ||
| Q4 24 | -247.6% | -99.8% | ||
| Q3 24 | 1.3% | -18.4% | ||
| Q2 24 | -57.8% | -38.3% | ||
| Q1 24 | -16.6% | -50.7% |
| Q4 25 | $1.95 | $0.04 | ||
| Q3 25 | $-1.65 | $-0.13 | ||
| Q2 25 | $-4.15 | $-0.31 | ||
| Q1 25 | $-3.85 | $0.11 | ||
| Q4 24 | $-10.15 | $-0.42 | ||
| Q3 24 | $0.12 | $-0.08 | ||
| Q2 24 | $-4.34 | $-0.16 | ||
| Q1 24 | $-3.53 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.9M | $15.4M |
| Total DebtLower is stronger | — | $9.3M |
| Stockholders' EquityBook value | $1.3M | $-5.7M |
| Total Assets | $135.4M | $21.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9M | $15.4M | ||
| Q3 25 | $10.9M | $10.5M | ||
| Q2 25 | $683.0K | $10.5M | ||
| Q1 25 | $1.6M | $14.1M | ||
| Q4 24 | $2.3M | $5.2M | ||
| Q3 24 | $1.6M | $3.7M | ||
| Q2 24 | $1.8M | $6.9M | ||
| Q1 24 | $2.1M | $10.2M |
| Q4 25 | — | $9.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $2.8M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.3M | $-5.7M | ||
| Q3 25 | $4.2M | $-8.2M | ||
| Q2 25 | $-19.9M | $-9.2M | ||
| Q1 25 | $-15.8M | $-1.6M | ||
| Q4 24 | $-12.6M | $-7.3M | ||
| Q3 24 | $-3.8M | $-4.8M | ||
| Q2 24 | $-4.7M | $-4.7M | ||
| Q1 24 | $-745.0K | $-2.5M |
| Q4 25 | $135.4M | $21.4M | ||
| Q3 25 | $82.6M | $15.3M | ||
| Q2 25 | $59.3M | $16.0M | ||
| Q1 25 | $103.6M | $20.7M | ||
| Q4 24 | $105.5M | $12.1M | ||
| Q3 24 | $158.6M | $11.6M | ||
| Q2 24 | $195.2M | $13.9M | ||
| Q1 24 | $201.5M | $15.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-12.1M | $-2.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-12.1M | $-2.6M | ||
| Q3 25 | $-4.6M | $-2.5M | ||
| Q2 25 | $-1.2M | $-3.4M | ||
| Q1 25 | $-1.7M | $-1.5M | ||
| Q4 24 | $555.0K | $469.0K | ||
| Q3 24 | $-74.0K | $-1.6M | ||
| Q2 24 | $1.4M | $-5.4M | ||
| Q1 24 | $-1.5M | $-2.7M |
| Q4 25 | — | -2.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.52× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.51× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
