WhiteFiber, Inc. Ordinary Shares

Second-quarter revenue was $28.8 million, up 54% from $18.7 million in Q2 2025. Cloud services revenue was $23.8 million versus $16.6 million a year ago, and colocation revenue was $4.7 million versus $1.7 million. Gross profit excluding D&A was $17.1 million, with gross margin of approximately 59% versus 61% last year. Adjusted EBITDA was about $5.5 million versus $3.3 million in the prior year period. Net loss was $15 million, or $0.39 per diluted share. For the balance of the year, management said NC1 should reach full 40 MW run-rate billing by the end of August, NTL2 should be developed at about 5 MW targeting year-end completion, Paris is targeting an end-of-September ready-for-service date, and the cloud portfolio is expected to generate more than $200 million of annualized revenue once fully deployed.

Samir Tabar struck an upbeat but still disciplined tone, framing the call around White Fiber’s first-year progress since the IPO and saying the company is only in the early stages of what it can become. He emphasized NC1 as the flagship proof point, the expansion of the development pipeline, and the shift toward larger, longer-duration cloud engagements funded with customer prepayments and third-party financing. He also highlighted the cross-data-center networking product as potentially transformative and said the company is focused on repeatable growth, capital discipline, and building a durable operating business.

Justin Zhu said the quarter reflected continued revenue growth, positive adjusted EBITDA, and heavy infrastructure investment to support contracted growth. He cited $28.8 million of revenue, $17.1 million of gross profit excluding D&A, approximately 59% gross margin, $14.8 million of G&A, $5.5 million of adjusted EBITDA, and a net loss of $15 million. He also noted $56.1 million of cash and cash equivalents, about $143 million of deferred revenue, and $83.2 million of project-level equipment and bridge financing added during the quarter. He reiterated that completing permanent financing for NC1 would strengthen financial capacity and help recycle capital into future development.

Analysts focused on NC1 commercialization, future site timing, cloud prepayments and margins, financing structure, GPU availability, and the monetization path for cross-data-center networking. Management said demand for remaining NC1 capacity is very strong, but the team is still early in the commercial process and intends to market Phase 2 after the first tranche is completed; they also said a new site being evaluated is leaning toward a single-tenant opportunity similar to NC1. On cloud, management said prepayments are used to reduce White Fiber capital needs while preserving deal economics, and that longer-duration contracts are becoming more attractive as customers weigh GPU scarcity and total cost of ownership. On financing, management said the goal is simply the lowest cost of capital, regardless of whether the counterparty is a hyperscaler, chip manufacturer, or bank. On the networking product, management said it could support both training and inference, may be used internally and potentially licensed later, but commercialization remains early.