/C O R R E C T I O N -- WhiteFiber, Inc./
Rhea-AI Summary
WhiteFiber (Nasdaq: WYFI) reported second quarter 2026 revenue of $28.8 million, up 54% year over year, driven by Cloud Services revenue of $23.8 million (including $12.3 million from a customer termination) and Colocation revenue of $4.7 million, up 173%.
Gross profit excluding depreciation and amortization was $17.1 million with a 59.4% margin. Operating loss was $9.3 million, and net loss widened to $15.0 million or $0.39 per diluted share. Adjusted EBITDA rose 69% to $5.5 million. NC-1 in North Carolina moved into active deployment, with initial billing underway and full run-rate billing across 40 MW of contracted IT load expected later in August.
WhiteFiber signed new multi-year Cloud Services agreements since May 2026 with aggregate contract value over $540 million, contributing to remaining performance obligations for colocation of about $932.9 million. Cash and restricted cash totaled $60.4 million, and the company expanded its RBC credit facility to up to CAD $115 million plus a CAD $25 million accordion.
Positive
- Total revenue $28.8 million, up 54% year over year
- Colocation revenue $4.7 million, up 173% year over year
- Adjusted EBITDA $5.5 million, up 69% from $3.3 million
- Remaining performance obligations $932.9 million for colocation as of June 30, 2026
- New multi-year Cloud Services deals since May 2026 exceed $540 million in contract value
- Expanded syndicated RBC credit facility to CAD $115 million plus CAD $25 million accordion
Negative
- Net loss increased to $15.0 million from $8.8 million year over year
- Loss per share widened to $0.39 from $0.33 basic and diluted
- Recorded $5.0 million impairment of capitalized software assets in Q2 2026
- Interest expense to third parties rose to $4.6 million in Q2 2026 from zero
- Cloud Services revenue includes $12.3 million from a customer termination, affecting quality of growth
- Proposed secured financing for NC-1 remains subject to approvals with no assurance of completion
Market reaction after 2Q26 earnings report: WYFI +18.00% in the Aug 12 session
In the Aug 12 session, WYFI gained 18.00%, reflecting a significant positive market reaction. Argus tracked a peak move of +27.4% during that session. Our momentum scanner triggered 34 alerts that day, indicating elevated trading interest and price volatility. Trading volume was exceptionally heavy at 24.9x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 05 | earnings date notice | Neutral | -5.2% | Bit Digital scheduled second-quarter results and its related conference call. |
| Aug 04 | earnings call notice | Neutral | -2.0% | WhiteFiber announced its second-quarter earnings conference call for August 12. |
| Jul 09 | AI infrastructure update | Positive | +5.7% | WhiteFiber reported 111.2 Tbps throughput with sub-millisecond latency across 83 kilometers. |
| Jun 17 | shareholder meeting notice | Neutral | +14.8% | Bit Digital announced its annual shareholder meeting and filed its definitive proxy statement. |
| Jun 03 | secured financing | Positive | -7.1% | Financing supported an AI data-center borrower connected to WhiteFiber's NC-1 project. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent history showed one positive AI infrastructure update aligned with gains, while four other announcements had price reactions diverging from their neutral or positive framing.
Key Terms
adjusted ebitda financial
secured financing financial
remaining performance obligations financial
round-trip latency technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
In the news release, WhiteFiber, Inc. Reports Second Quarter 2026 Results, issued 12-Aug-2026 by WhiteFiber, Inc. over PR Newswire, we are advised by the company that changes have been made. The complete, corrected release follows, with additional details at the end:
WhiteFiber, Inc. Reports Second Quarter 2026 Results
Sam Tabar, Chief Executive Officer of WhiteFiber, said:
"At NC-1, we moved from construction into active customer deployment. Initial billing has commenced, and we expect to reach full contracted run-rate billing across the 40 megawatts of contracted IT load later this month. NC-1 is our flagship site and demonstrates our ability to acquire and develop large-scale AI infrastructure, with the potential to scale toward approximately 300 gross megawatts over time.
We have entered into exclusivity with a consortium of lenders for a proposed secured financing for NC-1. We are progressing through diligence and are negotiating definitive documentation. This potential financing is subject to customary approvals and conditions, and we cannot provide assurance that the financing will be completed on favorable terms or at all. However, if completed, we expect this financing would return a significant portion of our invested capital to the balance sheet and allow us to recycle it into future development.
The repositioning of our Cloud Services business around larger, longer-duration engagements is translating into meaningful momentum. Since our last earnings call, we have signed new multi-year agreements representing more than half a billion dollars of aggregate contract value over their initial terms. Our first Vera Rubin deployment with Prime Intellect and our previously announced five-year deployment in the
Our development pipeline continues to advance, with our next opportunity now in late-stage diligence. Power available at scale in 2027 is scarce, and we are seeing strong demand, including from opportunities that include investment-grade credit support. We believe this combination can support attractive economics and financeability, and we are focused on converting the opportunity into a definitive agreement on the right terms.
NC-1 is generating revenue, our contracted Cloud Services portfolio has expanded substantially, and our next phase of development is coming into focus. We believe WhiteFiber is now beginning to demonstrate the development flywheel we set out to build."
Second Quarter 2026 Financial Highlights
- Total revenue was
$28.8 million 54% from$18.7 million - Cloud Services revenue was
$23.8 million 43% from$16.6 million $12.3 million - Colocation revenue was
$4.7 million 173% from$1.7 million - Gross profit excluding depreciation and amortization was
$17.1 million 59.4% . - Operating loss was
$9.3 million $9.2 million - Net loss was
$15.0 million $0.39 $8.8 million $0.33 - Adjusted EBITDA was approximately
$5.5 million 69% from approximately$3.3 million
Recent Business Highlights
- Advanced the phased delivery and commissioning of the Company's NC-1 data center campus in
Madison, North Carolina . Initial capacity has been delivered, and equipment startup and customer testing are underway. Initial billing has commenced, with full contracted run-rate billing across the 40 megawatts of contracted IT load expected later this month. - Entered into new multi-year Cloud Services agreements since the Company's May 2026 earnings call, representing more than
$540 million - Entered into a five-year GPU services agreement supporting a deployment in the
Paris region with total contract value exceeding$160 million - Entered into a three-year Cloud Services agreement with Prime Intellect to deploy 576 NVIDIA VR200 GPUs in
Canada , marking the Company's first deployment of Vera Rubin infrastructure. The agreement represents approximately$108 million - Entered into a five-year Cloud Services agreement supporting the deployment of 576 NVIDIA B300 GPUs in
Iceland . The agreement represents approximately$87.5 million - Demonstrated 111.2 Tbps of aggregate throughput and approximately 0.9 milliseconds of round-trip latency across an 83-kilometer connection between two data center locations. The Company is targeting an initial commercial launch of its cross-data-center networking solution during the third quarter of 2026.
- Reported remaining performance obligations of approximately
$932.9 million
Balance Sheet and Liquidity
- Cash and restricted cash totaled
$60.4 million - Subsequent to quarter-end, the Company amended and expanded its existing RBC credit facility, establishing a syndicated facility providing aggregate commitments of up to CAD
$115 million $25 million $36.8 million - Entered into exclusivity with a consortium of lenders in connection with a proposed secured financing for the NC-1 project. The parties have commenced diligence and are negotiating definitive documentation, and are working toward closing, subject to customary approvals and conditions. There can be no assurance that the financing will be completed on favorable terms or at all.
Summary of Financial Results | ||||
WHITEFIBER, INC. | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
(Expressed in US dollars, except for the number of shares) | ||||
For the Three Months Ended | For the Six Months Ended | |||
2026 | 2025 | 2026 | 2025 | |
Revenues | ||||
Cloud services | $ 23,806 | $ 16,595 | $ 40,573 | $ 31,438 |
Colocation services | 4,726 | 1,729 | 9,500 | 3,367 |
Other | 307 | 338 | 689 | 619 |
Total revenues | 28,839 | 18,662 | 50,762 | 35,424 |
Operating costs and expenses | ||||
Cost of revenue (exclusive of | ||||
Cloud services | (9,963) | (6,513) | (16,742) | (12,618) |
Colocation services | (1,747) | (688) | (3,699) | (1,201) |
Depreciation and amortization expenses | (6,567) | (5,140) | (13,008) | (8,970) |
Impairment of capitalized software assets | (5,006) | — | (5,006) | — |
General and administrative expenses | (14,811) | (15,477) | (32,582) | (19,754) |
Total operating expenses | (38,094) | (27,818) | (71,037) | (42,543) |
Loss from operations | (9,255) | (9,156) | (20,275) | (7,119) |
Net gain from disposal of property and | — | — | 1,822 | — |
Interest expense - third parties | (4,578) | — | (6,573) | — |
Interest expense - related parties | (1,438) | — | (1,438) | — |
Other (loss) income, net | (454) | 769 | (220) | 754 |
Total other (loss) income, net | (6,470) | 769 | (6,409) | 754 |
Loss before income taxes | (15,725) | (8,387) | (26,684) | (6,365) |
Income tax benefit/(expense) | 749 | (446) | (334) | (1,041) |
Net loss | $ (14,976) | $ (8,833) | $ (27,018) | $ (7,406) |
Other comprehensive loss | ||||
Foreign currency translation | (2,338) | 3,428 | (4,307) | 2,924 |
Total comprehensive loss | $ (17,314) | $ (5,405) | $ (31,325) | $ (4,482) |
Weighted average number of | ||||
Basic | 38,662,914 | 27,043,750 | 38,395,942 | 27,043,750 |
Diluted | 38,662,914 | 27,043,750 | 38,395,942 | 27,043,750 |
Loss per share | ||||
Basic | $ (0.39) | $ (0.33) | $ (0.70) | $ (0.27) |
Diluted | $ (0.39) | $ (0.33) | $ (0.70) | $ (0.27) |
Reconciliations of Adjusted EBITDA to the most comparable | ||||
For the Three Months | For the Six Months | |||
2026 | 2025 | 2026 | 2025 | |
Reconciliation of non-GAAP (loss) income from | ||||
Net loss | $ (14,976) | $ (8,833) | $ (27,018) | $ (7,406) |
Depreciation and amortization expenses | 6,567 | 5,140 | 13,008 | 8,970 |
Interest expense - third parties | 4,578 | — | 6,573 | — |
Interest expense - related parties | 1,438 | — | 1,438 | — |
Income tax (benefit) expense | (749) | 446 | 334 | 1,041 |
EBITDA | (3,142) | (3,247) | (5,665) | 2,605 |
Adjustments: | ||||
Impairment of capitalized software assets | 5,006 | — | 5,006 | — |
Net gain from disposal of property, plant and equipment | — | — | (1,822) | — |
Share-based compensation expenses | 3,671 | 6,529 | 11,017 | 6,667 |
Adjusted EBITDA | $ 5,535 | $ 3,282 | $ 8,536 | $ 9,272 |
Conference Call and Webcast
WhiteFiber will host a conference call to discuss its results at 9:00 a.m. Eastern Time on August 12, 2026. The call can be accessed by dialing (800) 330-6730 (access code: 827705). A live webcast will also be available on the Investor Relations section of WhiteFiber's website at https://www.whitefiber.com/investors#upcoming-events or by clicking HERE. A replay of the webcast 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 40-megawatt phase at our NC-1 facility, our pipeline, our ability to obtain financing on favorable terms, our expected contracted revenue, the anticipated timing and deploying of the information technology load, our position and ability to support AI infrastructure demand, our ability to capture the next phase of growth in AI infrastructure, our plans to develop new products and service offerings, 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. The Company 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 measure 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 interest expense, income tax expenses, and depreciation and amortization, as adjusted to exclude share-based compensation expenses and net gain from disposal of property, plant and equipment. 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 it (i) allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) is 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 of adjusted EBITDA to net (loss) income included below consolidated results.
Investor Contact
WhiteFiber
IR@whitefiber.com
Correction: An earlier version of this release was updated to revise a paragraph and remove a bullet.
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SOURCE WhiteFiber, Inc.