NEW YORK, Sept. 17, 2025 /PRNewswire/ — WhiteFiber, Inc. (NASDAQ:WYFI) (“WhiteFiber” or the “Company”), leading provider of AI infrastructure and HPC solutions, today announced its financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights
- Total revenue of $18.7 million, an increase of 48% year-over-year.
- Cloud services revenue of $16.6 million, up 33% year-over-year, with gross margin of 61%.
- Colocation services revenue of $1.7 million, contributing gross margin of 60%.
- Total gross profit of $11.5 million, compared to $8.0 million in the prior-year period.
- Adjusted EBITDA of $3.3 million, compared to $7.0 million in the second quarter of 2024.
Corporate Developments
- Initial Public Offering: On August 8, 2025, WhiteFiber completed its IPO at $17 per share, raising approximately $183 million in gross proceeds including the underwriters’ overallotment option. Bit Digital, Inc. (NASDAQ:BTBT) retains ownership of approximately 71.5% of WhiteFiber following the IPO.
- NC-1 Acquisition: During the second quarter, WhiteFiber acquired a one-million-square-foot data center property in North Carolina with significant expansion potential. Pre-construction has commenced for the initial 24-megawatt phase, which remains on track for completion in the first quarter of 2026.
- MTL-3 Deployment: WhiteFiber began installation of wafer-scale systems for Cerebras under a 5MW IT load contract signed in February 2025. Revenue from this deployment is expected to commence in the fourth quarter of 2025.
- Financing Flexibility: Entered into a debt facility with Royal Bank of Canada during the second quarter to support the development of datacenters. The facility provides up to CAD $60 million (approximately USD $43.8) in aggregate financing. The facility is currently undrawn and provides additional balance sheet flexibility for future expansion.
Management Commentary
Sam Tabar, Chief Executive Officer of WhiteFiber, said:
“This is our first earnings release as a standalone public company following our IPO in August. The demand environment for AI infrastructure remains exceptionally strong, with enterprises and research institutions requiring more high-density, reliable capacity to support large-scale model training and deployment.
“WhiteFiber is well positioned to capture this demand today and into the future as the market evolves. We are one of the few pure-play providers of AI infrastructure that integrates both GPU cloud services and the underlying data center capacity. This combination enables us to deliver performance, reliability, and efficiency at scale as our customers’ needs change and expand over time.
“In the second quarter, Cloud remained our largest revenue contributor, growing 33 percent year-over-year with strong margins, while our colocation business expanded with the addition of two new data center sites, NC-1 and MTL-3. The acquisition of NC-1 was a pivotal milestone, giving us a scalable platform with meaningful expansion potential. Demand for NC-1 is strong, with prospective customers seeking capacity beyond the initial phase, and we are working to formalize contracts in the near term.”
Summary of Financial Results
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THE WHITEFIBER BUSINESS OF BIT DIGITAL, INC. COMBINED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; Expressed in US dollars, except for the number of shares) |
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For the three months ended |
For the six months ended |
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2025 |
2024 |
2025 |
2024 |
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Revenue |
$ |
18,662,249 |
$ |
12,589,701 |
$ |
35,423,511 |
$ |
20,759,033 |
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Operating costs and expenses |
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|
Cost of revenue (exclusive of depreciation shown below) |
(7,201,168) |
(4,595,301) |
(13,818,011) |
(7,752,628) |
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|
Depreciation and amortization expenses |
(5,140,713) |
(4,322,291) |
(8,970,357) |
(7,203,818) |
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|
General and administrative expenses |
(15,476,832) |
(1,261,489) |
(19,754,485) |
(2,458,408) |
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|
Total operating expenses |
(27,818,713) |
(10,179,081) |
(42,542,853) |
(17,414,854) |
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|
(Loss) income from operations |
(9,156,464) |
2,410,620 |
(7,119,342) |
3,344,179 |
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Total other income, net |
769,003 |
86,679 |
754,320 |
169,971 |
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(Loss) Income before provision for income taxes |
(8,387,461) |
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