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White Fiber (WYFI) investor relations material
White Fiber Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Q3 2025 revenue reached $20.2M, up 64–65% year-over-year, driven by strong cloud and new colocation services demand.
Net loss widened to $15.8M, mainly due to higher operating and share-based compensation expenses, and public company costs post-IPO.
Completed IPO in August 2025, raising $183–183.3M in gross proceeds, resulting in a strong liquidity position.
Significant expansion of data center assets in Canada and the U.S., including Montreal 3 becoming operational and major customer contracts.
The company is evaluating over 1 GW of development projects for 2026–2027, with strong demand and advanced commercial negotiations for long-term, large-scale contracts.
Financial highlights
Q3 2025 revenue: $20.2M (Q3 2024: $12.3M); 9M 2025 revenue: $55.6M (9M 2024: $33.0M).
Cloud services revenue reached $18M (+48% YoY), colocation $1.7M, equipment leasing $0.5M.
Gross profit was $12.7M (63–65% gross margin); cloud services gross profit $11.7M, colocation $1M.
Operating expenses rose to $34.7M, including $11.3M in non-cash share-based compensation.
Adjusted EBITDA was $2.3M (vs. $5.6M YoY); net loss $15.8M or $0.47/share (Q3 2024: $0.01/share loss).
Cash and equivalents at September 30, 2025: $166.5M (Dec 31, 2024: $11.7M).
CapEx was $13M, mainly for Montreal 3 and NC1; Q4 CapEx expected to increase.
Outlook and guidance
NC1 remains on track for Q1–Q2 2026 deployment and revenue, with anchor agreements expected to be finalized imminently.
Montreal 3 to contribute over $2M in Q4 revenue, with full quarterly run-rate in 2026.
Short-term underutilization expected in Q4 due to a customer agreement wind-down, but new contracts are set to absorb capacity in early Q1.
Focus on securing additional utility power and expanding U.S. and Canadian operations.
Q4 CapEx to rise, driven by NC1 development and potential GPU procurement tied to contracts.
NC-1 power milestones: impact on contingent payments?
RBC facility: status of additional CAD 55M financing?
Initial Customer GPU strategy and new deposit terms?
How will NC1's 2027 capacity be allocated?
Describe new cloud customer acquisition strategy.
Cross-data center tech: competitive edge?
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Next White Fiber earnings date
Q4 202526 Feb, 2026
Next White Fiber earnings date
Q4 202526 Feb, 2026
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