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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.
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Q2 2025 earnings summary17 Sep, 2025

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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