White Fiber (WYFI) Investor presentation summary

Business overview and strategy

• Provides integrated AI infrastructure through data centers and cloud services, targeting AI workloads and long-duration enterprise demand.

• Operates a pipeline of ~1.5 GW data center sites, with ~76 MW online by end of 2026 and ~11 MW online in 2025.

• Focuses on disciplined site selection, retrofitting existing facilities for faster, cost-effective deployment, and modular expansion.

• Leverages strategic relationships with major technology partners and over 20 contracted customers, including anchor agreements.

• Pursues capital-efficient growth via customer prepayments, expense pass-throughs, and project-level financing.

Key assets and contracts

• NC-1 flagship U.S. data center: 99 MW gross capacity, 40 MW IT load contracted to Nscale for 10 years, ~$865M total contract value.

• MTL-3 delivered as a Tier III-compliant retrofit for Cerebras in 6 months, supporting advanced AI workloads with direct liquid cooling.

• Paris region cloud deployment: $160M contract over 5 years with an investment-grade technology customer, commencing July 2026.

• U.S. owned-fleet cloud contract with Modal Labs: ~$17M over 2 years, leveraging existing GPU capacity.

• Data center portfolio includes fully owned and leased sites, with flexibility for colocation or cloud deployments.

Financial performance and metrics

• Q1 2026 revenues: $21.9M, up from $16.8M in Q1 2025; cloud services are the largest revenue contributor.

• Q1 2026 net loss: $(12.0)M, compared to net income of $1.4M in Q1 2025; loss driven by higher operating and depreciation expenses.

• Adjusted EBITDA for Q1 2026: $3.0M, down from $6.0M in Q1 2025, reflecting increased costs and investments.

• Buildout cost for retrofits estimated at $8–$10M per gross MW, up to 40% cheaper than greenfield builds.

• Energy cost for NC-1 site is ~$0.05 per kWh, with Duke Energy as the power provider.