WhiteFiber, Inc. Reports Second Quarter 2025 Results

NEW YORK, Sept. 17, 2025 /PRNewswire/ -- WhiteFiber, Inc. (Nasdaq: WYFI) ("WhiteFiber" or the "Company"), leading provider of AI infrastructure and HPC solutions, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

• Total revenue of $18.7 million, an increase of 48% year-over-year.
• Cloud services revenue of $16.6 million, up 33% year-over-year, with gross margin of 61%.
• Colocation services revenue of $1.7 million, contributing gross margin of 60%.
• Total gross profit of $11.5 million, compared to $8.0 million in the prior-year period.
• Adjusted EBITDA of $3.3 million, compared to $7.0 million in the second quarter of 2024.

Corporate Developments

• Initial Public Offering: On August 8, 2025, WhiteFiber completed its IPO at $17 per share, raising approximately $183 million in gross proceeds including the underwriters' overallotment option. Bit Digital, Inc. (Nasdaq: BTBT) retains ownership of approximately 71.5% of WhiteFiber following the IPO.
• NC-1 Acquisition: During the second quarter, WhiteFiber acquired a one-million-square-foot data center property in North Carolina with significant expansion potential. Pre-construction has commenced for the initial 24-megawatt phase, which remains on track for completion in the first quarter of 2026.
• MTL-3 Deployment: WhiteFiber began installation of wafer-scale systems for Cerebras under a 5MW IT load contract signed in February 2025. Revenue from this deployment is expected to commence in the fourth quarter of 2025.
• Financing Flexibility: Entered into a debt facility with Royal Bank of Canada during the second quarter to support the development of datacenters. The facility provides up to CAD $60 million (approximately USD $43.8) in aggregate financing. The facility is currently undrawn and provides additional balance sheet flexibility for future expansion.

Management Commentary

Sam Tabar, Chief Executive Officer of WhiteFiber, said:

"This is our first earnings release as a standalone public company following our IPO in August. The demand environment for AI infrastructure remains exceptionally strong, with enterprises and research institutions requiring more high-density, reliable capacity to support large-scale model training and deployment.

"WhiteFiber is well positioned to capture this demand today and into the future as the market evolves. We are one of the few pure-play providers of AI infrastructure that integrates both GPU cloud services and the underlying data center capacity. This combination enables us to deliver performance, reliability, and efficiency at scale as our customers' needs change and expand over time.

"In the second quarter, Cloud remained our largest revenue contributor, growing 33 percent year-over-year with strong margins, while our colocation business expanded with the addition of two new data center sites, NC-1 and MTL-3. The acquisition of NC-1 was a pivotal milestone, giving us a scalable platform with meaningful expansion potential. Demand for NC-1 is strong, with prospective customers seeking capacity beyond the initial phase, and we are working to formalize contracts in the near term."

Summary of Financial Results

Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP financial metric for the three months ended and six months ended June 30, 2025 and 2024 are presented in the table below:

Conference Call and Webcast
WhiteFiber will host a conference call to discuss its results at 4:30 p.m. ET on September 17, 2025. The call can be accessed by dialing (800) 330-6730 (passcode:323226). A webcast will also be available in the Investor Relations section of WhiteFiber's website at https://www.whitefiber.com/investors#upcoming-events. A replay 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, the expected timing for revenue generation at MTL-3 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. WhiteFiber 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
[email protected]

Media Contact
JAM Strategic Communications
[email protected]

SOURCE WhiteFiber, Inc.