WhiteFiber, Inc. Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
WhiteFiber (Nasdaq: WYFI) reported Q4 and full-year 2025 results, highlighting rapid revenue growth, new colocation contracts and expanded infrastructure capacity.
Q4 revenue was $23.6M (+61% YoY); FY revenue $79.2M. Key items: $865M 10-year NC-1 contract, IPO proceeds of $183M, $268M capex, and FY adjusted EBITDA of $17.3M.
Positive
- Q4 revenue +61% YoY to $23.6M
- Cloud revenue Q4 $19.3M, up 48% YoY
- NC-1 colocation deal 40 MW, $865M contracted revenue over 10 years
- IPO proceeds raised ~$183M in August 2025
- FY adjusted EBITDA $17.3M, showing operational scaling
Negative
- FY net loss $(24.68M), widening from prior year
- High capex $268M in 2025 for data center development
- GAAP operating loss $(26.8M) for 2025 driven by depreciation and G&A
- No funded debt at year-end but later issued $230M convertible notes (January 2026) implying future dilution considerations
News Market Reaction – WYFI
In the Mar 26 session, WYFI declined 17.19%, reflecting a significant negative market reaction. Argus tracked a trough of -21.5% from its starting point during tracking. Our momentum scanner triggered 63 alerts that day, indicating high trading interest and price volatility. Trading volume was elevated at 2.6x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Negative | -9.4% | Strong growth but larger net loss and reduced Adjusted EBITDA versus prior period. |
| Sep 17 | Q2 2025 earnings | Positive | +11.7% | First post-IPO report with solid revenue growth and strategic NC-1 acquisition. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings reactions have been mixed: one strong gain and one sharp decline, both around high-growth but loss-making results.
Over recent quarters, WhiteFiber’s earnings updates have highlighted rapid revenue growth in AI infrastructure alongside continuing net losses. Q2 2025 showed $18.7M revenue and a $8.8M net loss, while Q3 2025 revenue rose to $20.2M with a $15.8M net loss and lower Adjusted EBITDA. The current Q4/full-year 2025 results extend this theme, adding large NC-1 contracted revenue and significant capital deployment while remaining unprofitable.
Key Terms
adjusted ebitda financial
convertible senior notes financial
restricted stock units financial
zero-strike call structure financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Sam Tabar, Chief Executive Officer of WhiteFiber, said:
"2025 was a transformational year for WhiteFiber. We completed our initial public offering, expanded our infrastructure platform, and began bringing new AI capacity online to support the rapidly growing demand for high-performance compute.
During the fourth quarter, our
Demand for high-density AI infrastructure continues to exceed available supply, particularly for near-term deployments. With
Alongside our colocation platform, we continue to develop our cloud capabilities with a disciplined focus on performance, reliability, and long-term enterprise workloads.
We are also advancing the next site in our development pipeline as we continue active discussions with enterprise-grade customers seeking additional high-density AI infrastructure capacity beyond NC-1. With a strengthened balance sheet following our recent convertible financing, we believe WhiteFiber is well positioned to capture the next phase of growth in AI infrastructure."
Fourth Quarter 2025 Highlights
- Executed a long-term colocation agreement with Nscale Global Holdings for 40 MW of capacity at the Company's NC-1 data center campus in
North Carolina , representing an expected$865 million - Total revenue of
$23.6 million 61% year-over-year from$14.6 million - Cloud services revenue of
$19.3 million 48% year-over-year, reflecting continued demand for AI compute infrastructure. - Colocation services revenue of
$3.9 million $1.4 million MTL-3 data center and the initial contribution from the Company's colocation agreement with Cerebras. - Gross profit (excluding depreciation and amortization) of approximately
$14.3 million 61% , compared to approximately52% in the fourth quarter of 2024. - Adjusted EBITDA of
$5.8 million $5.5 million - Net loss of
$1.5 million $1.0 million
Fiscal Year 2025 Highlights
- Completed initial public offering in August 2025, raising approximately
$183 million - Adjusted EBITDA of
$17.3 million - Capital expenditures of approximately
$268 million - Expanded the Company's infrastructure platform through the acquisition of the NC-1 development site in
North Carolina and the lease-to-own arrangement for theMTL-3 data center, which began contributing revenue during the fourth quarter.
Balance Sheet and Liquidity
- Cash and cash equivalents of
$114.4 million $3.9 million - No funded debt outstanding at year-end and access to an undrawn credit facility with RBC.
- In January 2026, the Company completed a
$230 million 4.5% convertible senior notes due 2031. The notes were issued with an initial conversion price of$25.91 27.5% premium to the Company's share price at pricing. In connection with the transaction, the Company also entered into a zero-strike call structure that increases the effective conversion price to approximately$37
Summary of Financial Results
WHITEFIBER, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Expressed in US dollars, except for the number of shares) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
December 31, | December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenues | |||||||
Cloud services | |||||||
Colocation services | 3,854,123 | 1,361,241 | 8,913,816 | 1,361,241 | |||
Other | 423,742 | 227,864 | 1,496,827 | 550,260 | |||
Total revenues | |||||||
Operating costs and expenses | |||||||
Cost of revenues (exclusive of depreciation shown below) | |||||||
Cloud services | (7,653,686) | (6,513,035) | (26,586,363) | (19,725,330) | |||
Colocation services | (1,575,706) | (490,501) | (3,450,535) | (490,501) | |||
Depreciation and amortization expenses | (8,099,349) | (4,982,837) | (23,440,884) | (16,511,406) | |||
General and administrative expenses | (11,429,604) | (4,480,805) | (52,507,246) | (10,283,615) | |||
Total operating expenses | (28,758,345) | (16,467,178) | (105,985,028) | (47,010,852) | |||
(Loss) income from operations | (5,197,370) | (1,868,421) | (26,820,776) | 628,385 | |||
Net loss from disposal of property and equipment | (34,771) | - | (372,993) | - | |||
Other income, net | 1,515,811 | 579,235 | 1,425,399 | 1,615,634 | |||
Total other income, net | 1,481,040 | 579,235 | 1,052,406 | 1,615,634 | |||
(Loss) income before income taxes | (3,716,330) | (1,289,186) | (25,768,370) | 2,244,019 | |||
Income tax expense | 2,193,064 | 252,016 | 1,085,832 | (874,177) | |||
Net (loss) income | |||||||
Other comprehensive (loss) income | |||||||
Foreign currency translation adjustment | 1,818,733 | (1,565,558) | 3,452,765 | (1,565,558) | |||
Total comprehensive (loss) | |||||||
Weighted average number of ordinary share outstanding | |||||||
Basic | 2,258,662 | 27,043,750 | 31,584,244 | 27,043,750 | |||
Diluted | 2,258,662 | 27,043,750 | 31,584,244 | 27,043,750 | |||
Earnings (loss) per share | |||||||
Basic | (0.67) | (0.04) | (0.78) | 0.05 | |||
Diluted | |||||||
Reconciliations of Adjusted EBITDA to the most comparable
For Three Months Ended December 31, | For Twelve Months Ended December 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Reconciliation of non-GAAP income from operations: | |||||||
Net income (loss) | |||||||
Depreciation and amortization | 8,099,349 | 4,982,837 | 23,440,884 | 16,511,406 | |||
Interest expense | 3,516 | - | 3,516 | - | |||
Income tax (benefit) expense | (2,193,064) | (252,016) | (1,085,832) | 874,177 | |||
EBITDA | |||||||
Adjustments: | |||||||
Loss on disposal of property and equipment | 34,771 | - | 372,993 | - | |||
Share-based compensation | 1,369,757 | 1,788,693 | 19,246,208 | 3,170,697 | |||
Adjusted EBITDA | |||||||
Note: Full-year results have been audited. Quarterly results are unaudited for all periods presented.
Conference Call and Webcast
WhiteFiber will host a conference call to discuss its results at 9:00 a.m. Eastern Time on March 26, 2026. The call can be accessed by dialing (800) 330 6730 (access code: 936899). A live webcast will also be available on the Investor Relations section of WhiteFiber's website at https://www.whitefiber.com/investors#upcoming-events. 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 24-megawatt phase at our NC-1 facility, our pipeline, 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 capture the next phase of growth in AI infrastructure, 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 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
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SOURCE WhiteFiber, Inc.