NEW YORK, May 14, 2026 /PRNewswire/ -- WhiteFiber, Inc. (NASDAQ:WYFI) ("WhiteFiber" or the "Company"), a leading provider of AI infrastructure and high-performance computing solutions, today announced financial results for the first quarter ended March 31, 2026.
Sam Tabar, Chief Executive Officer of WhiteFiber, said:
"WhiteFiber delivered a solid first quarter, with year-over-year revenue growth, strong gross margins, and positive adjusted EBITDA, while continuing to invest in the AI infrastructure platform we are building.
During the quarter and subsequent period, we made meaningful progress across our core priorities. NC-1 continued to advance through construction and commissioning, Duke Energy completed the work required to deliver 54 megawatts of gross utility power to the site, and we remain focused on bringing the initial 40-megawatt IT load deployment into service under our long-term colocation agreement with Nscale. MTL-3 also completed its first full quarter of operations supporting Cerebras, and subsequent to quarter-end, we completed the purchase of the facility, giving us greater control over a revenue-generating asset with potential expansion upside over time.
Demand for high-density AI infrastructure remains very strong. Customers need power, speed, and partners who can execute. We believe our pipeline continues to improve in both quality and scale, and we are advancing multiple larger site opportunities where we believe customer demand, power availability, financing, and execution planning can align from the outset.
In cloud, we have made significant progress repositioning the business toward longer-duration enterprise deployments, managed infrastructure services, and next-generation GPU capacity. Recent customer wins and late-stage opportunities demonstrate growing traction behind this strategy, with structures that include customer prepayments and project-level equipment financing.
The first part of 2026 has been about preparing WhiteFiber for its next stage of growth. As NC-1 moves toward initial revenue, the project-level financing process advances, and the cloud strategy gains traction, we believe the pieces are coming together to demonstrate the development flywheel we are building: secure strategic sites, match them with high-quality customer demand, finance projects efficiently, deliver capacity, and recycle capital into the next opportunity."
First Quarter 2026 Financial Highlights
- Total revenue of $21.9 million, up 31% year-over-year from $16.8 million in the first quarter of 2025.
- Cloud services revenue of $16.8 million, up 13.0% year-over-year from $14.8 million in the first quarter of 2025.
- Colocation services revenue of $4.8 million, up 190.2% year-over-year from $1.6 million in the prior-year period, driven by the commencement of operations at MTL-3 in October 2025.
- Gross profit, excluding depreciation and amortization, of approximately $13.2 million, representing gross margin of approximately 60.2%, compared to approximately $10.1 million and gross margin of approximately 60.5% in the first quarter of 2025.
- Adjusted EBITDA of approximately $3.0 million, compared to approximately $6.0 million in the first quarter of 2025.
- Net loss of $12.0 million, compared to net income of $1.4 million in the prior-year period. The year-over-year change was primarily driven by higher general and administrative expenses, including share-based compensation and standalone public company costs, as well as higher depreciation and amortization and interest expense.
Recent Business Highlights
- Advanced construction and commissioning activities at the Company's NC-1 data center campus in Madison, North Carolina. Duke Energy has completed the work required to deliver the initial 54 gross MW of utility power to the site, supporting the Company's planned initial 40 MW IT load deployment under its colocation agreement with Nscale Global Holdings, which is backed by an investment-grade hyperscaler offtake. The Company is working through a recently identified supply-chain-related issue affecting certain medium-voltage switchgear components and continues to expect to begin delivering capacity to Nscale during the second quarter of 2026, with full revenue contribution expected to begin during the third quarter of 2026 as the facility reaches its contractual capacity.
- Completed the purchase of the Company's MTL-3 facility in Saint-Jérôme, Quebec in May 2026, following the exercise of its previously disclosed purchase option. The transaction strengthens WhiteFiber's ownership of strategic data center infrastructure and is expected to reduce lease payments by approximately CAD $3.1 million annually over the remaining term.
- Reported remaining performance obligations of approximately $921.0 million for colocation services as of March 31, 2026, primarily reflecting long-term contracted revenue visibility from the Company's NC-1 colocation agreement.
- In May 2026, the Company entered into a two-year agreement with Hyperbolic for approximately $17 million of total contract value, supporting Modal Labs as the end customer. The deployment utilizes H200 GPUs from WhiteFiber's existing owned fleet and does not require incremental GPU capital expenditures. The deployment is expected to begin contributing revenue in June 2026. As a reference partner, Modal Labs will support ongoing R&D through input on design and development.
Balance Sheet and Liquidity
- Cash and cash equivalents of $75.8 million and restricted cash of $4.3 million as of March 31, 2026.
- During the first quarter, the Company completed a $230.0 million private placement of 4.5% convertible senior notes due 2031. The notes were issued with an initial conversion price of $25.91 per share, representing a 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 designed to materially reduce potential dilution.
- In March 2026, WhiteFiber Iceland ehf., a subsidiary of the Company, entered into a secured term loan facility with Landsbankinn hf. providing up to $20.0 million of available borrowings. The facility is secured by WhiteFiber Iceland shares and designated assets, including GPU servers and related equipment. Subsequent to quarter-end, the Company drew $18.0 million under the facility.
- Subsequent to quarter-end, the Company entered into an amended credit agreement with RBC providing for a CAD $28.0 million facility to support the acquisition of the MTL-3 facility. The acquisition closed in May 2026.
Summary of Financial Results
WHITEFIBER, INC. | ||||
For the Three Months Ended | ||||
March 31 | ||||
2026 | 2025 | |||
Revenues | ||||
Cloud services | $16,766,543 | $14,842,286 | ||
Colocation services | 4,773,550 | 1,644,663 | ||
Other | 383,358 | 280,567 | ||
Total Revenues | 21,923,451 | 16,767,516 | ||
Operating costs and expenses | ||||
Cost of revenue (exclusive of depreciation shown below) | ||||
Cloud services | (6,779,283) | (6,104,841) | ||
Colocation services | (1,952,783) | (545,836) | ||
Depreciation and amortization expenses | (6,441,112) | (3,829,644) | ||
General and administrative expenses | (17,770,097) | (4,243,819) | ||
Total operating expenses | (32,943,275) | (14,724,140) | ||
(Loss) income from operations | (11,019,824) | 2,043,376 | ||
Net gain from disposal of property and equipment | 1,821,729 | - | ||
Interest expense | (1,995,033) | - | ||
Other income (loss), net | 233,807 | (20,937) | ||
Total other income (loss), net | 60,503 | (20,937) | ||
(Loss) income before income taxes | (10,959,321) | 2,022,439 | ||
Income tax expense | (1,083,083) | (594,603) | ||
Net (loss) income | $(12,042,404) | $1,427,836 | ||
Other comprehensive (loss) income | ||||
Foreign currency translation adjustment | (1,968,297) | (504,606) | ||
Total comprehensive (loss) income | $(14,010,701) | $923,230 | ||
Weighted average number of ordinary shares outstanding | ||||
Basic | 38,392,469 | 27,043,750 | ||
Diluted | 38,392,469 | 27,043,750 | ||
(Loss) earnings per share | ||||
Basic | $(0.31) | $0.05 | ||
Diluted | $(0.31) | $0.05 | ||
Reconciliations of Adjusted EBITDA to the most comparable U.S. GAAP financial metric for the three months ended March 31, 2026 and | |||
For the Three Months Ended | |||
March 31, | |||
2026 | 2025 | ||
Reconciliation of non-GAAP (loss) income from operations: | |||
Net (loss) income | $(12,042,404) | $1,427,836 | |
Depreciation and amortization expenses | 6,441,112 | 3,829,644 | |
Interest expense | 1,995,033 | - | |
Income tax expense | 1,083,083 | 594,603 | |
EBITDA | (2,523,176) | 5,852,083 | |
Adjustments: | |||
Net gain from disposal of property, plant and equipment | (1,821,729) | - | |
Share-based compensation expenses | 7,346,379 | 138,013 | |
Adjusted EBITDA | $3,001,474 | $5,990,096 | |
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 May 14, 2026. The call can be accessed by dialing (800) 330 6730 (access code: 160242). 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 24-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, 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
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