Third Quarter 2025 Highlights
Total revenue of $20.2 million, up 65% year-over-year (from $12.3 million in 3Q 2024).
Cloud services revenue of $18.0 million, up 48% year-over-year, with gross margin of approximately 65%.
Colocation services revenue of $1.7 million, contributing gross margin of approximately 60%.
Total gross profit of $12.7 million, up 90% year-over-year from $6.7 million in 3Q 2024.
Net loss of $15.8 million compared to net loss of $0.4 million for the prior-year period, primarily reflecting non-cash stock-based compensation and incremental public-company costs following the IPO.
Adjusted EBITDA of $2.3 million, compared to $5.6 million in the prior-year period, reflecting higher public-company expenses and an expanded cost structure in preparation for growth.
Cash and cash equivalents of $166.5 million as of September 30, 2025, providing ample liquidity to fund data-center development and maintain a disciplined approach to GPU procurement.
Corporate Developments
Initial Public Offering: On August 8, 2025, WhiteFiber completed its initial public offering at $17 per share, raising approximately $183 million in gross proceeds including the underwriters' overallotment option.
MTL-3 Deployment: Installation of wafer-scale systems for Cerebras under a 5 MW IT-load contract was completed in October 2025, and the site is now fully operational and generating revenue.
NC-1 Development Progress: Site preparation and power design work advanced during the quarter for the initial 24-megawatt phase of the North Carolina-1 campus, which remains on schedule for early 2026 delivery. WhiteFiber is engaged in discussions with multiple highly creditworthy counterparties regarding a long-term anchor agreement and continues to see exceptionally strong demand for near-term, high-density capacity. The Company remains focused on securing an agreement that reflects the strategic value of early-2026 delivery.
Pipeline Expansion: The Company is evaluating a large pipeline of potential data-center sites to support future capacity growth. Several locations are in advanced stages of assessment, and the Company expects to formalize its next development site in response to specific customer demand for additional high-density capacity.
Management Commentary
Sam Tabar, Chief Executive Officer of WhiteFiber, said:
"The third quarter marked an important transition for WhiteFiber as we moved from launch to scale following our IPO. Our focus remains on disciplined execution and building durable value across both our colocation and cloud platforms.
At NC-1, we made steady progress toward first-phase delivery in the first half of 2026. Following a re-marketing process, we are now in the closing stages of discussions with multiple highly creditworthy counterparties for a long-term anchor agreement. Demand for near-term, high-density capacity remains exceptionally strong, and we are confident that NC-1 will be a cornerstone of our platform.
In parallel, we are expanding our energy and development pipeline to support future growth. Colocation demand continues to outpace available supply, and we are targeting expansion opportunities directly aligned with customer requirements for 2026 and beyond.
On the Cloud side, we continue to scale deliberately. Our goal is not to pursue short-term, volume-based contracts but to build a differentiated, technology-driven platform that competes on performance, reliability, and software. This disciplined approach positions WhiteFiber to capture sustainable, high-quality growth as AI infrastructure demand continues to mature."
Summary of Financial Results
WHITEFIBER, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ANDCOMPREHENSIVE INCOME (LOSS)For the Three and Nine Months Ended September 30, 2025 and 2024(Expressed in US dollars, except for the number of shares)
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
Revenues
Cloud services
$
18,032,898
$
12,151,303
$
49,470,499
$
32,718,084
Colocation services
1,692,280
-
5,059,693
-
Other
454,588
130,144
1,073,085
322,396
Total Revenues
20,179,766
12,281,447
55,603,277
33,040,480
Operating costs and expenses
Cost of revenue (exclusive ofdepreciation shown below)
Cloud services
(6,314,548)
(5,459,667)
(18,932,677)
(13,212,295)
Colocation services
(674,947)
-
(1,874,829)
-
Depreciation and amortizationexpenses
(6,371,178)
(4,324,751)
(15,341,535)
(11,528,569)
General and administrative expenses
(21,323,157)
(3,344,402)
(41,077,642)
(5,802,810)
Total operating expenses
(34,683,830)
(13,128,820)
(77,226,683)
(30,543,674)
(Loss) income from operations
(14,504,064)
(847,373)
(21,623,406)
