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 MTL-3 facility became operational and began generating revenue under our colocation agreement with Cerebras. We also executed a long-term colocation agreement with Nscale for the first phase of our NC-1 campus in North Carolina, securing the anchor tenant for the site and marking a major milestone in the development of our U.S. colocation platform.
Demand for high-density AI infrastructure continues to exceed available supply, particularly for near-term deployments. With MTL-3 now operational and NC-1 on track for initial delivery in 2026, we believe WhiteFiber is well positioned to support this demand with purpose-built infrastructure designed for next-generation AI workloads.
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 of contracted revenue over the initial 10-year term, including contractual annual rate escalators and non-recurring installation services, and securing the site's anchor tenant, with the initial phase expected to commence service in the second quarter of 2026.
Total revenue of $23.6 million, up 61% year-over-year from $14.6 million in the fourth quarter of 2024.
Cloud services revenue of $19.3 million, up 48% year-over-year, reflecting continued demand for AI compute infrastructure.
Colocation services revenue of $3.9 million, compared to $1.4 million in the prior-year period, driven by the ramp of the 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, representing gross margin of approximately 61%, compared to approximately 52% in the fourth quarter of 2024.
Adjusted EBITDA of $5.8 million, compared to $5.5 million in the fourth quarter of 2024.
Net loss of $1.5 million, compared to net loss of $1.0 million in the prior-year period.
Fiscal Year 2025 Highlights
Completed initial public offering in August 2025, raising approximately $183 million in gross proceeds, including the underwriters' overallotment option.
Adjusted EBITDA of $17.3 million, reflecting continued scaling of the Company's AI infrastructure platform.
Capital expenditures of approximately $268 million, primarily related to the development of new AI-focused data center capacity.
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 the MTL-3 data center, which began contributing revenue during the fourth quarter.
Balance Sheet and Liquidity
Cash and cash equivalents of $114.4 million and restricted cash of $3.9 million as of December 31, 2025.
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 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 that increases the effective conversion price to approximately $37 per share and materially reduces potential dilution. Proceeds from the financing will support data center expansion and related infrastructure investments.
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
$19,283,110
$13,009,652
$68,753,609
$45,727,736
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
$23,560,975
$14,598,757
$79,164,252
$47,639,237
Operating costs and expenses
