WhiteFiber, Inc. Reports Second Quarter 2025 Results

Rhea-AI Summary

WhiteFiber (Nasdaq: WYFI), an AI infrastructure and HPC solutions provider, reported its Q2 2025 financial results, marking its first earnings release as a public company following its August IPO. The company achieved total revenue of $18.7 million, up 48% year-over-year, with cloud services revenue of $16.6 million (+33% YoY) and colocation services revenue of $1.7 million.

Key developments include the completion of its IPO raising $183 million, with Bit Digital (Nasdaq: BTBT) maintaining 71.5% ownership, acquisition of a one-million-square-foot data center in North Carolina (NC-1), and securing a CAD $60 million debt facility with Royal Bank of Canada. The company also began installing wafer-scale systems for Cerebras under a 5MW IT load contract.

Financial metrics show gross profit of $11.5 million and Adjusted EBITDA of $3.3 million, though the company reported a net loss of $8.8 million for the quarter.

Positive

• Revenue growth of 48% year-over-year to $18.7 million
• Strong cloud services gross margin of 61%
• Successful IPO raising $183 million in gross proceeds
• Secured CAD $60 million debt facility for future expansion
• Strategic acquisition of one-million-square-foot NC-1 data center property

Negative

• Net loss of $8.8 million compared to $1.9 million profit in Q2 2024
• Adjusted EBITDA declined to $3.3 million from $7.0 million year-over-year
• Operating expenses increased significantly to $27.8 million from $10.2 million YoY

Insights

Financial Analyst

WhiteFiber reports mixed Q2 results with strong revenue growth but declining EBITDA amid strategic expansion following recent IPO.

WhiteFiber's Q2 2025 results present a mixed financial picture with notable growth countered by profitability challenges. Revenue increased 48% year-over-year to $18.7 million, driven primarily by cloud services ($16.6 million, up 33%). Both cloud and colocation segments maintained healthy gross margins of around 60%, indicating strong unit economics in their core business.

However, beneath the revenue growth lies concerning profitability metrics. Adjusted EBITDA declined significantly to $3.3 million from $7.0 million in Q2 2024, a 53% decrease. The company swung from operating income of $2.4 million last year to an operating loss of $9.2 million this quarter. This dramatic shift stems primarily from a 12x increase in general and administrative expenses to $15.5 million, which includes $6.5 million in share-based compensation.

WhiteFiber's strategic positioning is taking shape following its August IPO, which raised $183 million. The company has secured significant expansion capacity through its North Carolina data center acquisition (NC-1) and begun deployment of a 5MW contract with Cerebras. Additionally, the undrawn CAD $60 million debt facility provides financial flexibility for future growth.

The company's operational setup as a pure-play AI infrastructure provider could be valuable in the current market where AI compute demand remains robust. However, investors should monitor whether WhiteFiber can convert its strategic expansions into improved profitability metrics in upcoming quarters, as the current trend shows revenue growth being offset by substantially higher operating costs.

NEW YORK, Sept. 17, 2025 /PRNewswire/ -- WhiteFiber, Inc. (Nasdaq: WYFI) ("WhiteFiber" or the "Company"), leading provider of AI infrastructure and HPC solutions, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

• Total revenue of $18.7 million, an increase of 48% year-over-year.
• Cloud services revenue of $16.6 million, up 33% year-over-year, with gross margin of 61%.
• Colocation services revenue of $1.7 million, contributing gross margin of 60%.
• Total gross profit of $11.5 million, compared to $8.0 million in the prior-year period.
• Adjusted EBITDA of $3.3 million, compared to $7.0 million in the second quarter of 2024.

Corporate Developments

• Initial Public Offering: On August 8, 2025, WhiteFiber completed its IPO at $17 per share, raising approximately $183 million in gross proceeds including the underwriters' overallotment option. Bit Digital, Inc. (Nasdaq: BTBT) retains ownership of approximately 71.5% of WhiteFiber following the IPO.
• NC-1 Acquisition: During the second quarter, WhiteFiber acquired a one-million-square-foot data center property in North Carolina with significant expansion potential. Pre-construction has commenced for the initial 24-megawatt phase, which remains on track for completion in the first quarter of 2026.
• MTL-3 Deployment: WhiteFiber began installation of wafer-scale systems for Cerebras under a 5MW IT load contract signed in February 2025. Revenue from this deployment is expected to commence in the fourth quarter of 2025.
• Financing Flexibility: Entered into a debt facility with Royal Bank of Canada during the second quarter to support the development of datacenters. The facility provides up to CAD $60 million (approximately USD $43.8) in aggregate financing. The facility is currently undrawn and provides additional balance sheet flexibility for future expansion.

Management Commentary

Sam Tabar, Chief Executive Officer of WhiteFiber, said:

"This is our first earnings release as a standalone public company following our IPO in August. The demand environment for AI infrastructure remains exceptionally strong, with enterprises and research institutions requiring more high-density, reliable capacity to support large-scale model training and deployment.

"WhiteFiber is well positioned to capture this demand today and into the future as the market evolves. We are one of the few pure-play providers of AI infrastructure that integrates both GPU cloud services and the underlying data center capacity. This combination enables us to deliver performance, reliability, and efficiency at scale as our customers' needs change and expand over time.

"In the second quarter, Cloud remained our largest revenue contributor, growing 33 percent year-over-year with strong margins, while our colocation business expanded with the addition of two new data center sites, NC-1 and MTL-3. The acquisition of NC-1 was a pivotal milestone, giving us a scalable platform with meaningful expansion potential. Demand for NC-1 is strong, with prospective customers seeking capacity beyond the initial phase, and we are working to formalize contracts in the near term."

Summary of Financial Results

THE WHITEFIBER BUSINESS OF BIT DIGITAL, INC. COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; Expressed in US dollars, except for the number of shares)
‌
		For the three months ended  June 30								For the six months ended  June 30,
		2025				2024				2025				2024
Revenue		$	18,662,249			$	12,589,701			$	35,423,511			$	20,759,033
Operating costs and expenses
Cost of revenue (exclusive of depreciation shown below)			(7,201,168)				(4,595,301)				(13,818,011)				(7,752,628)
Depreciation and amortization expenses			(5,140,713)				(4,322,291)				(8,970,357)				(7,203,818)
General and administrative expenses			(15,476,832)				(1,261,489)				(19,754,485)				(2,458,408)
Total operating expenses			(27,818,713)				(10,179,081)				(42,542,853)				(17,414,854)
(Loss) income from operations			(9,156,464)				2,410,620				(7,119,342)				3,344,179
Total other income, net			769,003				86,679				754,320				169,971
(Loss) Income before provision for income taxes			(8,387,461)				2,497,299				(6,365,022)				3,514,150
Income tax expenses			(445,931)				(552,234)				(1,040,534)				(742,575)
Net (loss) income		$	(8,833,392)			$	1,945,065			$	(7,405,556)			$	2,771,575
Other comprehensive income
Foreign currency translation adjustment			3,428,209				-				2,923,603				-
Total comprehensive (loss) income			(5,405,183)				1,945,065				(4,481,953)				2,771,575

The accompanying notes are an integral part of these combined financial statements.

 

Segment Level Detail
‌
Three Months Ended June 30, 2025
‌
		Cloud  services				Colocation  services				Total
Revenue from external customers		$	16,595,315			$	1,729,004			$	18,324,319
‌
Reconciliation of revenue
Other revenue (a)											337,930
Total consolidated revenue											18,662,249
‌
Less:
Electricity costs			598,748				270,003				868,751
Datacenter lease expense			1,365,599				156,740				1,522,339
GPU lease expense			3,749,471				-				3,749,471
Wage expense			-				169,543				169,543
Other segment items (b)			799,470				91,594				891,064
‌
Segment gross profit		$	10,082,027			$	1,041,124			$	11,123,151

(a)		Other revenue is primarily attributable to Equipment Leasing revenue and is therefore not included in the total for segment gross profit.
(b)		All amounts included within Other segment items are individually insignificant.

Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP financial metric for the three months ended and six months ended June 30, 2025 and 2024 are presented in the table below:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Reconciliation of non-GAAP income (loss) from operations:
Net (loss) income		$	(8,833,392)			$	1,945,065			$	(7,405,556)			$	2,771,575
Depreciation and amortization expenses			5,140,713				4,322,291				8,970,357				7,203,818
Income tax expenses			445,931				552,234				1,040,534				742,575
EBITDA			(3,246,748)				6,819,590				2,605,335				10,717,968
Adjustments:
Share-based compensation expenses			6,529,582				170,857				6,667,595				262,015
Adjusted EBITDA		$	3,282,834			$	6,990,447			$	9,272,930			$	10,979,983

 

Conference Call and Webcast
WhiteFiber will host a conference call to discuss its results at 4:30 p.m. ET on September 17, 2025. The call can be accessed by dialing (800) 330-6730 (passcode:323226). A webcast will also be available in the Investor Relations section of WhiteFiber's website at https://www.whitefiber.com/investors#upcoming-events. A replay will be available following the call.

About WhiteFiber, Inc.

WhiteFiber is a provider of artificial intelligence ("AI") infrastructure solutions. WhiteFiber owns high-performance computing data centers and provides cloud services to customers. Our vertically integrated model combines specialized colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads. For more information, visit www.whitefiber.com. Follow us on LinkedIn and X @WhiteFiber.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements include, but are not limited to, statements about our ability to capture demand in the market, prospective customer demand, the timing for completion of the initial 24-megawatt phase at our NC-1 facility, the expected timing for revenue generation at MTL-3 and our ability to formalize contracts with our customers. These statements are based on current expectations and involve risks and uncertainties that may cause actual results to differ materially. These statements may be identified by words such as "will likely result," "are expected to," "will continue," "will allow us to" "is anticipated," "estimated," "expected", "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. WhiteFiber undertakes no obligation to update any forward-looking statements except as required by law. All forward-looking statements speak only as of the date of this press release.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of new information, future developments or otherwise occurring after the date of this communication.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of this financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define adjusted EBITDA, a non-GAAP financial measure, as net (loss) income before income tax expenses, depreciation and amortization, as adjusted to exclude share-based compensation expenses. We believe that adjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management's internal comparisons to our historical performance and comparisons to our competitors' operating results. We believe adjusted EBITDA is useful to investors both because they (i) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) are used by our institutional investors and the analyst community to help them analyze the health of our business.

The items excluded from adjusted EBITDA may have a material impact on our financial results. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.

There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP. We refer investors to the reconciliation adjusted EBITDA to net (loss) income included below consolidated results.

Investor Contact
WhiteFiber
IR@whitefiber.com

Media Contact
JAM Strategic Communications
joanne@jam-comms.com

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SOURCE WhiteFiber, Inc.

FAQ

What were WhiteFiber's (WYFI) Q2 2025 earnings results?

WhiteFiber reported Q2 2025 revenue of $18.7 million (up 48% YoY), with cloud services revenue of $16.6 million. The company posted a net loss of $8.8 million and Adjusted EBITDA of $3.3 million.

How much did WhiteFiber raise in its IPO and who is the majority owner?

WhiteFiber completed its IPO on August 8, 2025, raising $183 million in gross proceeds at $17 per share. Bit Digital (Nasdaq: BTBT) remains the majority owner with 71.5% ownership.

What are WhiteFiber's major business segments and their performance?

WhiteFiber's main segments are cloud services ($16.6M revenue, 61% gross margin) and colocation services ($1.7M revenue, 60% gross margin) in Q2 2025.

What major acquisitions or expansions did WhiteFiber announce in Q2 2025?

WhiteFiber acquired the NC-1 data center property in North Carolina with one million square feet and began a 24-megawatt phase development. They also started installing systems for a 5MW IT load contract with Cerebras.

How is WhiteFiber financing its expansion plans?

WhiteFiber secured a CAD $60 million (USD $43.8M) debt facility with Royal Bank of Canada for datacenter development, which remains undrawn and provides flexibility for future expansion.