NEW YORK, Aug. 12, 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 second quarter ended June 30, 2026.

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. These include NVIDIA B300 deployments with Baseten, our first Vera Rubin deployment with Prime Intellect and our previously announced five-year deployment in the Paris region. We are also seeing strong customer interest in a capital-light managed-services offering through which customers would fund the underlying hardware while WhiteFiber deploys and operates it.

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, an increase of 54% from $18.7 million in the second quarter of 2025.
Cloud Services revenue was $23.8 million, an increase of 43% from $16.6 million in the prior-year period. Cloud Services revenue included approximately $12.3 million associated with a previously disclosed customer termination.
Colocation revenue was $4.7 million, an increase of 173% from $1.7 million in the prior-year period.
Gross profit excluding depreciation and amortization was $17.1 million, representing a gross margin of approximately 59.4%.
Operating loss was $9.3 million, compared with an operating loss of $9.2 million in the prior-year period.
Net loss was $15.0 million, or $0.39 per diluted share, compared with a net loss of $8.8 million, or $0.33 per diluted share, in the prior-year period.
Adjusted EBITDA was approximately $5.5 million, an increase of 69% from approximately $3.3 million in the prior-year period.

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 of aggregate contract value over their initial terms, including deployments of NVIDIA B300 and Vera Rubin infrastructure.
Entered into a five-year GPU services agreement supporting a deployment in the Paris region with total contract value exceeding $160 million. Following the completion of procurement and site-level arrangements, the Company is targeting a September 30, 2026 ready-for-service date.
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 of contract value, with service targeted to commence in the second quarter of 2027.
Entered into a three-year Cloud Services agreement with Baseten to deploy 1,392 NVIDIA B300 GPUs at a third-party data center in Ontario. The agreement represents approximately $165 million of contract value over its initial term, with service targeted to commence in November 2026. Baseten has the option to extend the deployment for up to two additional years.
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 of contract value over its initial term, with additional potential upside through revenue sharing.
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 for colocation services as of June 30, 2026, primarily reflecting long-term contracted revenue visibility from the Company's NC-1 colocation agreement.

Balance Sheet and Liquidity

Cash and restricted cash totaled $60.4 million as of June 30, 2026.
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, plus a potential CAD $25 million accordion, subject to certain conditions. On July 15, 2026, the Company had drawn CAD $36.8 million under the facility.
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 June 30,		For the Six Months Ended June 30,
	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 depreciation shown below)
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 equipment	—	—	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 adjustment	(2,338)	3,428	(4,307)	2,924
Total comprehensive loss	$ (17,314)	$ (5,405)	$ (31,325)	$ (4,482)

Weighted average number of ordinary shares outstanding
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 U.S. GAAP financial metric for the three months ended June 30, 2026 and 2025 are presented in the table below:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Reconciliation of non-GAAP (loss) income from operations:
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

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