NEW YORK, March 26, 2026 /PRNewswire/ -- WhiteFiber, Inc. (Nasdaq: WYFI) ("WhiteFiber" or the "Company"), a leading provider of AI infrastructure and high-performance computing solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2025.
Sam Tabar, Chief Executive Officer of WhiteFiber, said:
"2025 was a transformational year for WhiteFiber. We completed our initial public offering, expanded our infrastructure platform, and began bringing new AI capacity online to support the rapidly growing demand for high-performance compute.
During the fourth quarter, our MTL-3 facility became operational and began generating revenue under our colocation agreement with Cerebras. We also executed a long-term colocation agreement with Nscale for the first phase of our NC-1 campus in North Carolina, securing the anchor tenant for the site and marking a major milestone in the development of our U.S. colocation platform.
Demand for high-density AI infrastructure continues to exceed available supply, particularly for near-term deployments. With MTL-3 now operational and NC-1 on track for initial delivery in 2026, we believe WhiteFiber is well positioned to support this demand with purpose-built infrastructure designed for next-generation AI workloads.
Alongside our colocation platform, we continue to develop our cloud capabilities with a disciplined focus on performance, reliability, and long-term enterprise workloads.
We are also advancing the next site in our development pipeline as we continue active discussions with enterprise-grade customers seeking additional high-density AI infrastructure capacity beyond NC-1. With a strengthened balance sheet following our recent convertible financing, we believe WhiteFiber is well positioned to capture the next phase of growth in AI infrastructure."
Fourth Quarter 2025 Highlights
-- Executed a long-term colocation agreement with Nscale Global Holdings for
40 MW of capacity at the Company's NC-1 data center campus in North
Carolina, representing an expected $865 million of contracted revenue
over the initial 10-year term, including contractual annual rate
escalators and non-recurring installation services, and securing the
site's anchor tenant, with the initial phase expected to commence service
in the second quarter of 2026.
-- Total revenue of $23.6 million, up 61% year-over-year from $14.6 million
in the fourth quarter of 2024.
-- Cloud services revenue of $19.3 million, up 48% year-over-year,
reflecting continued demand for AI compute infrastructure.
-- Colocation services revenue of $3.9 million, compared to $1.4 million in
the prior-year period, driven by the ramp of the MTL-3 data center and
the initial contribution from the Company's colocation agreement with
Cerebras.
-- Gross profit (excluding depreciation and amortization) of approximately
$14.3 million, representing gross margin of approximately 61%, compared
to approximately 52% in the fourth quarter of 2024.
-- Adjusted EBITDA of $5.8 million, compared to $5.5 million in the fourth
quarter of 2024.
-- Net loss of $1.5 million, compared to net loss of $1.0 million in the
prior-year period.
Fiscal Year 2025 Highlights
-- Completed initial public offering in August 2025, raising approximately
$183 million in gross proceeds, including the underwriters' overallotment
option.
-- Adjusted EBITDA of $17.3 million, reflecting continued scaling of the
Company's AI infrastructure platform.
-- Capital expenditures of approximately $268 million, primarily related to
the development of new AI-focused data center capacity.
-- Expanded the Company's infrastructure platform through the acquisition of
the NC-1 development site in North Carolina and the lease-to-own
arrangement for the MTL-3 data center, which began contributing revenue
during the fourth quarter.
Balance Sheet and Liquidity
-- Cash and cash equivalents of $114.4 million and restricted cash of $3.9
million as of December 31, 2025.
-- No funded debt outstanding at year-end and access to an undrawn credit
facility with RBC.
-- In January 2026, the Company completed a $230 million private placement
of 4.5% convertible senior notes due 2031. The notes were issued with an
initial conversion price of $25.91 per share, representing a 27.5%
premium to the Company's share price at pricing. In connection with the
transaction, the Company also entered into a zero-strike call structure
that increases the effective conversion price to approximately $37 per
share and materially reduces potential dilution. Proceeds from the
financing will support data center expansion and related infrastructure
investments.
Summary of Financial Results
WHITEFIBER, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in US dollars, except for the number of shares)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------------------------- ---------------------------
2025 2024 2025 2024
------------ ------------ ------------- ------------
Revenues
Cloud services $19,283,110 $13,009,652 $68,753,609 $45,727,736
Colocation
services 3,854,123 1,361,241 8,913,816 1,361,241
Other 423,742 227,864 1,496,827 550,260
------------ ------------ ------------- ------------
Total revenues $23,560,975 $14,598,757 $79,164,252 $47,639,237
------------ ------------ ------------- ------------
Operating costs
and expenses
Cost of
revenues
(exclusive of
depreciation
shown below)
Cloud
services (7,653,686) (6,513,035) (26,586,363) (19,725,330)
Colocation
services (1,575,706) (490,501) (3,450,535) (490,501)
Depreciation
and
amortization
expenses (8,099,349) (4,982,837) (23,440,884) (16,511,406)
General and
administrative
expenses (11,429,604) (4,480,805) (52,507,246) (10,283,615)
------------ ------------ ------------- ------------
Total operating
expenses (28,758,345) (16,467,178) (105,985,028) (47,010,852)
------------ ------------ ------------- ------------
(Loss) income from
operations (5,197,370) (1,868,421) (26,820,776) 628,385
------------ ------------ ------------- ------------
Net loss from
disposal of
property and
equipment (34,771) - (372,993) -
------------ ------------ ------------- ------------
Other income,
net 1,515,811 579,235 1,425,399 1,615,634
------------ ------------ ------------- ------------
Total other
income, net 1,481,040 579,235 1,052,406 1,615,634
------------ ------------ ------------- ------------
(Loss) income
before income
taxes (3,716,330) (1,289,186) (25,768,370) 2,244,019
------------ ------------ ------------- ------------
Income tax
expense 2,193,064 252,016 1,085,832 (874,177)
------------ ------------ ------------- ------------
Net (loss) income $(1,523,266) $(1,037,170) $(24,682,538) $1,369,842
------------ ------------ ------------- ------------
Other
comprehensive
(loss) income
Foreign
currency
translation
adjustment 1,818,733 (1,565,558) 3,452,765 (1,565,558)
------------ ------------ ------------- ------------
Total
comprehensive
(loss) $295,467 $(2,602,728) $(21,229,773) $(195,716)
------------ ------------ ------------- ------------
Weighted average
number of ordinary
share outstanding
Basic 2,258,662 27,043,750 31,584,244 27,043,750
Diluted 2,258,662 27,043,750 31,584,244 27,043,750
Earnings (loss)
per share
Basic (0.67) (0.04) (0.78) 0.05
Diluted $(0.67) $(0.04) $(0.78) $0.05
Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP financial metric for the three months ended and twelve months ended December 31, 2025 and 2024 are presented in the table below:
For Three Months Ended For Twelve Months Ended
December 31, December 31,
2025 2024 2025 2024
------------- ------------- -------------- ------------
Reconciliation
of non-GAAP
income from
operations:
Net income
(loss) $ (1,523,266) $ (1,037,170) $ (24,682,538) $ 1,369,842
Depreciation
and
amortization 8,099,349 4,982,837 23,440,884 16,511,406
Interest
expense 3,516 - 3,516 -
Income tax
(benefit)
expense (2,193,064) (252,016) (1,085,832) 874,177
------------- ------------- -------------- ------------
EBITDA $ 4,386,535 $ 3,693,651 $ (2,323,970) $ 18,755,425
Adjustments:
Loss on
disposal of
property and
equipment 34,771 - 372,993 -
Share-based
compensation 1,369,757 1,788,693 19,246,208 3,170,697
------------- ------------- -------------- ------------
Adjusted EBITDA $ 5,791,063 $ 5,482,344 $ 17,295,231 $ 21,926,122
Note: Full-year results have been audited. Quarterly results are unaudited for all periods presented.
Conference Call and Webcast
WhiteFiber will host a conference call to discuss its results at 9:00 a.m. Eastern Time on March 26, 2026. The call can be accessed by dialing (800) 330 6730 (access code: 936899). A live webcast will also be available on the Investor Relations section of WhiteFiber's website at https://www.whitefiber.com/investors#upcoming-events. A replay of the webcast will be available following the call.
About WhiteFiber, Inc.
WhiteFiber is a provider of artificial intelligence ("AI") infrastructure solutions. WhiteFiber owns high-performance computing data centers and provides cloud services to customers. Our vertically integrated model combines specialized colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads. For more information, visit www.whitefiber.com. Follow us on LinkedIn and X @WhiteFiber_.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements include, but are not limited to, statements about our ability to capture demand in the market, prospective customer demand, the timing for completion of the initial 24-megawatt phase at our NC-1 facility, our pipeline, our expected contracted revenue, the anticipated timing and deploying of the information technology load, our position and ability to support AI infrastructure demand, our ability capture the next phase of growth in AI infrastructure, and our ability to formalize contracts with our customers. These statements are based on current expectations and involve risks and uncertainties that may cause actual results to differ materially. These statements may be identified by words such as "will likely result," "are expected to," "will continue," "will allow us to" "is anticipated," "estimated," "expected", "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. The Company undertakes no obligation to update any forward-looking statements except as required by law. All forward-looking statements speak only as of the date of this press release.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of new information, future developments or otherwise occurring after the date of this communication.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of this financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define adjusted EBITDA, a non-GAAP financial measure, as net (loss) income before income tax expenses, depreciation and amortization, as adjusted to exclude share-based compensation expenses. We believe that adjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management's internal comparisons to our historical performance and comparisons to our competitors' operating results. We believe adjusted EBITDA is useful to investors both because they (i) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) are used by our institutional investors and the analyst community to help them analyze the health of our business.
The items excluded from adjusted EBITDA may have a material impact on our financial results. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.
There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP. We refer investors to the reconciliation adjusted EBITDA to net (loss) income included below consolidated results.
Investor Contact
WhiteFiber
IR@whitefiber.com
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SOURCE WhiteFiber, Inc.
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March 26, 2026 07:00 ET (11:00 GMT)
