WhiteFiber (WYFI) Company Report

WhiteFiber, Inc. reported total revenue of $20.2 million for Q3 2025, marking a 65% increase year-over-year from $12.3 million in Q3 2024. Cloud services revenue contributed $18.0 million, up 48% year-over-year.
The company posted a net loss of $15.8 million for Q3 2025, compared to a net loss of $0.4 million in the prior-year period, primarily due to non-cash stock-based compensation and incremental public-company costs following its IPO.
Adjusted EBITDA was $2.3 million in Q3 2025, down from $5.6 million in the prior-year period, reflecting higher public-company expenses and an expanded cost structure.
WhiteFiber completed its Initial Public Offering on August 8, 2025, raising approximately $183 million in gross proceeds, and reported $166.5 million in cash and cash equivalents as of September 30, 2025.
Since September 30, 2025, the company began winding down a customer arrangement that represents approximately $21 million of its annualized cloud run rate.

Nov 13, 2025, 10:18 PM

8-K

WhiteFiber Reports Q3 2025 Results and Provides NC1 Project Update

WYFI

Earnings

New Projects/Investments

Guidance Update

WhiteFiber reported a net loss of $15.8 million or $0.47 per share and Adjusted EBITDA of $2.3 million for Q3 2025, marking its first reporting period as a standalone public company following its August IPO.
The company ended the quarter with a strong liquidity position, including $166.5 million in cash and cash equivalents and $179 million in working capital, bolstered by IPO proceeds.
The flagship NC1 development project in North Carolina remains on track for initial deployment in Q1 2026 and revenue generation in May 2026, with anchor agreements for the 99-megawatt campus in final negotiation stages with two highly creditworthy counterparties.
The Montreal 3 facility became operational and began recognizing revenue in October 2025, expected to contribute over $2 million in Q4 2025 revenue, while the company evaluates a development pipeline of over 1 gigawatt for 2026 and 2027.

Nov 13, 2025, 9:30 PM

Transcript

WhiteFiber Reports Q3 2025 Results and NC1 Project Update

WYFI

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

WhiteFiber reported total revenue of $20.2 million for Q3 2025, a 64% increase year-over-year from $12.3 million in Q3 2024. Cloud services generated $18 million of revenue, up 48% from the prior year, while colocation services contributed $1.7 million. The company posted a net loss of $15.8 million or $0.47 per share and an Adjusted EBITDA of $2.3 million.
The NC1 flagship development project remains on track for initial deployment in Q1 2026 and revenue generation in May 2026. WhiteFiber is in the closing stages of negotiations with two highly creditworthy counterparties for large-scale, long-duration commitments, with the deal having "upgraded" in terms of profit and duration. The financing strategy targets 75% loan-to-value for the full 99-megawatt campus.
The company is winding down a customer agreement representing over $20 million of annualized cloud run rate, with plans to redirect this capacity to new enterprise customers starting in early Q1. This transition is expected to cause short-term underutilization in Q4. WhiteFiber is also exploring capital-light models in its cloud business and maintaining financial discipline by focusing on longer-term agreements with healthy margins.

Nov 13, 2025, 9:30 PM

Transcript

WhiteFiber Reports Q3 2025 Results, Provides Update on NC1 Project and Cloud Business

WYFI

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

WhiteFiber reported Q3 2025 total revenue of $20.2 million, a 64% increase year-over-year, with a net loss of $15.8 million or $0.47 per share and Adjusted EBITDA of $2.3 million. The company ended the quarter with $166.5 million in cash and cash equivalents following its August IPO.
The flagship NC1 development project remains on track for initial deployment in Q1 2026 and revenue generation in May 2026. The company is in the closing stages of negotiations for billion-dollar commitments with multiple highly creditworthy counterparties for this site.
The Montreal 3 facility is now operational, contributing revenue from October 2025, and is expected to add slightly more than $2 million in revenue for Q4 2025, with a full quarter contribution of approximately $1 million per month starting Q1 2026.
WhiteFiber is transitioning its cloud business by winding down a customer agreement representing over $20 million of annualized run rate, with new contracts expected to absorb this capacity and begin contributing in early Q1 2026.

Nov 13, 2025, 9:30 PM

Transcript

WhiteFiber, Inc. Reports Third Quarter 2025 Results

WYFI

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

WhiteFiber, Inc. reported total revenue of $20.2 million for the third quarter ended September 30, 2025, representing a 65% increase year-over-year.
The company recorded a net loss of $15.8 million and Adjusted EBITDA of $2.3 million for Q3 2025, with the net loss primarily attributed to non-cash stock-based compensation and incremental public-company costs post-IPO.
WhiteFiber completed its Initial Public Offering on August 8, 2025, raising approximately $183 million in gross proceeds.
The MTL-3 deployment was completed in October 2025 and is now fully operational, while the NC-1 campus development remains on schedule for early 2026 delivery.

Nov 13, 2025, 9:05 PM

Press Release

White Fiber Reports Q2 2025 Results, Details IPO, and Provides Data Center Development Updates

WYFI

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

White Fiber completed its IPO in August, with the offering pricing at $17 per share and total gross proceeds reaching approximately $183 million after the Greenshoe overallotment option was exercised. Bit Digital, Inc. now retains 71.5% ownership.
For the second quarter of 2025, total revenue was $18.7 million, a 48% increase from the prior year, with cloud services generating $16.6 million (up 33%). The company reported a net loss of $8.8 million but a positive adjusted EBITDA of $3.3 million.
Progress continues on key data center projects, including NC1 in North Carolina, where the initial 24 megawatt Phase One is expected online in Q1 2026, with customer interest extending to the full 99-megawatt capacity. Revenue recognition for the Montreal 3 project with Cerebras is anticipated to begin in October.
The cloud services business has a run rate revenue of approximately $88 million, and the company holds roughly 700 GPUs not yet under contract, which represent an estimated $15 million in annual revenue potential at market pricing.

Sep 17, 2025, 8:30 PM

Transcript

WhiteFiber, Inc. Files Q2 2025 Investor Presentation

WYFI

New Projects/Investments

Revenue Acceleration/Inflection

WhiteFiber, Inc. filed an 8-K on August 28, 2025, making available an investor presentation as of August 2025, which highlights its business as an AI infrastructure company providing data center and cloud solutions.
The company employs a retrofit strategy for data centers, with buildout costs of $7M - $9M per gross MW, which is up to 40% lower than greenfield solutions.
WhiteFiber expects to have 115 gross MW of capacity within four years across four facilities (MTL-1, MTL-2, MTL-3, NC-1), with a broader pipeline of ~1.3 gross GW. The NC-1 site alone has a total target expanded gross capacity of 99 MW.
For the first quarter of 2025, WhiteFiber reported revenue of $647,639 thousand and net income of $61,428 thousand.

Aug 28, 2025, 1:31 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for WhiteFiber.

Q3 2025

Nov 13, 2025

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Q2 2025

Sep 17, 2025

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