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White Fiber (WYFI) investor relations material
White Fiber Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed IPO in August 2025 at $17/share, raising $183 million in gross proceeds and establishing independence as a pure-play AI infrastructure provider.
Owns and operates high-performance data centers for AI workloads, controlling both physical infrastructure and GPU cloud resources.
Major acquisitions included Enovum Data Centers and a one-million-square-foot NC-1 data center in North Carolina, with rapid retrofit of Montreal 3 for Cerebras.
Strong customer demand pipeline, with multiple parties seeking significant capacity at NC-1 and interest in other regions.
Net loss for Q2 2025 was $8.8 million, compared to net income of $1.9 million in Q2 2024, reflecting higher operating and G&A expenses.
Financial highlights
Q2 2025 total revenue was $18.7 million, up 48% year-over-year from $12.6 million; H1 2025 revenue was $35.4 million.
Cloud services revenue reached $16.6 million, up 33% year-over-year, with gross margins of 61%.
Colocation services contributed $1.7 million in revenue and $1 million in gross profit (60% margin); no colocation revenue in Q2 2024.
Adjusted EBITDA was $3.3 million, down from $7 million in Q2 2024; H1 2025 adjusted EBITDA was $9.3 million.
Gross profit for Q2 2025 was $11.1 million, up from $7.9 million in Q2 2024.
Outlook and guidance
NC1 phase one (24 MW) expected online Q1 2026, with customer contracts anticipated soon; MTL-3 to begin revenue recognition in Q4 2025.
Montreal 2 activation targeted for H1 2026, with flexibility based on customer demand.
Management expects continued revenue growth from new and existing data center sites, subject to funding and permitting.
Cash on hand, anticipated operations, and IPO proceeds expected to fund operations for at least 12 months.
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