White Fiber (WYFI) Q3 2025 earnings summary

Executive summary

• Q3 2025 was the first post-IPO reporting period, with revenue of $20.2M, up 64–65% year-over-year, driven by cloud and colocation services expansion.

• Net loss widened to $15.8M, mainly due to higher operating and share-based compensation expenses and public company costs.

• Completed IPO in August 2025, raising $183–183.3M in gross proceeds, significantly increasing cash reserves.

• Major expansion of data center assets in Canada and the U.S., including Montreal 3 becoming operational and NC1 on schedule for early 2026 deployment.

• The company is prioritizing disciplined growth, focusing on high-quality counterparties and capital-efficient expansion.

Financial highlights

• Q3 2025 revenue: $20.2M (Q3 2024: $12.3M), with cloud services at $18M (+48% YoY), colocation $1.7M, and equipment leasing $0.45–0.5M.

• 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.

• Operating loss was $14.5M; net loss $15.8M ($0.47/share) vs. $0.4M ($0.01/share) YoY.

• Adjusted EBITDA was $2.3M, down from $5.6M YoY.

• Cash and equivalents at September 30, 2025: $166.5M (Dec 31, 2024: $11.7M).

Outlook and guidance

• NC1 remains on track for Q1–Q2 2026 deployment and revenue, with anchor agreements expected to be finalized imminently.

• Q4 CapEx expected to increase for NC1 development and GPU procurement, with spend tied to contracts.

• G&A expected to normalize to ~$10M in Q4, including share-based compensation.

• Short-term underutilization expected in Q4 due to customer transition, but new contracts should contribute in early 2026.

• Expansion of the data center pipeline is underway, with several sites in advanced assessment stages.