NEW YORK, Nov. 10, 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 third quarter ended September 30, 2026.

Sam Tabar, Chief Executive Officer of WhiteFiber, said:

“NC-1 is now fully operational across all 40 MW of contracted IT capacity, and we have entered into a $300 million secured financing facility for the project. These milestones strengthen our foundation for growth. We have issued the commencement notice for the remaining capacity, and we have begun billing for the full contracted capacity. Our team worked through significant equipment and commissioning challenges to deliver complex AI infrastructure in less than a year. That experience has strengthened our operating capabilities and sharpened our approach to future developments.

“Since our last earnings call, we have signed more than $700 million of new cloud services contract value, including our first capital-light managed services agreements. These contracts support a substantial revenue ramp into 2027. Managed services adds recurring revenue without requiring WhiteFiber to fund the underlying hardware or data center capacity. Customer interest in our next North Carolina developments is also broader and stronger than at the comparable stage of NC-1, including interest from investment-grade counterparties and large enterprises.

“Our third-quarter results reflect the delayed NC-1 ramp, while much of our newly contracted cloud business is preparing to enter service. Our focus now is converting those contracts into recurring revenue and cash flow. The NC-1 project financing provides a path to recycle invested capital into our next projects. We will grow selectively, aligning customer commitments, attractive returns and financing while preserving flexibility over the pace of investment.”

Third Quarter 2026 Financial Highlights

• Total revenue was $24.0 million, an increase of 19% from $20.2 million in the third quarter of 2025.
• Cloud Services revenue was $18.1 million, an increase of 0.4% from $18.0 million in the prior-year period. Cloud Services revenue included approximately $3.4 million of additional termination fee revenue associated with a previously disclosed customer termination.
• Colocation revenue was $5.6 million, an increase of 232% from $1.7 million in the prior-year period, driven by the MTL-3 data center and the commencement of  revenue at NC-1 in late September.
• Gross profit excluding depreciation and amortization was $13.7 million, representing a gross margin of approximately 56.9%.
• Operating loss was $12.4 million, compared with a $14.5 million loss in the prior-year period.
• Net loss was $101.4 million, or $2.44 per diluted share, compared with a net loss of $15.8 million, or $0.47 per diluted share, in the prior-year period. Net loss for the quarter included an $80.8 million induced conversion expense related to the settlement of a portion of the Company’s 2031 Convertible Notes.
• Adjusted EBITDA was approximately breakeven, compared with approximately $2.3 million in the prior-year period.

Recent Business Highlights

• NC-1 operating progress: Brought the remaining contracted capacity at NC-1 in Madison, North Carolina, into operation, bringing all 40 MW of contracted IT capacity online. The Company has issued the commencement notice for the remaining capacity, and has begun billing for the full contracted capacity. Switchgear-related commissioning issues delayed the ramp beyond the previously anticipated August timeframe. Total development costs are expected to remain within the Company’s original budget range, near the upper end, pending reconciliation of final contractor and vendor invoices.
• Completed the $60 million acquisition of NC-2 and NC-3 in Yadkin County, North Carolina. The properties are expected to provide a combined minimum of 60 MW of initial gross utility capacity, with potential to support approximately 200 MW within seven years following closing, subject to confirmation and power availability. Initial ready-for-service capacity is targeted for late 2027, subject to customary development conditions. Advanced customer discussions span these sites and expansion capacity at NC-1, including non-binding proposals from investment-grade counterparties and proposals incorporating investment-grade credit support.
• Signed more than $700 million of new Cloud Services contract value across five customers since the Company’s August 2026 earnings call. The agreements include investment-grade counterparties, new customers and expanded commitments from existing customers. The agreements also expand the Company’s cloud presence into Sydney and Dublin. The Company expects its entire signed Cloud Services portfolio to generate approximately $365 million of annualized revenue at full deployment. That run rate is targeted for mid-2027, subject to equipment delivery, customer acceptance, data center availability and readiness, and securing required financing.
• Remaining performance obligations under ASC 606 totaled approximately $729.0 million as of September 30, 2026. During the third quarter, the Company concluded that certain colocation agreements, including those at its MTL-3 and NC-1 data centers, contain leases accounted for under ASC 842. Future payments under these leases are excluded from remaining performance obligations under ASC 606 and totaled approximately $421.5 million as of September 30, 2026. This amount excludes the remaining 20 MW of contracted capacity at NC-1, as that lease had not commenced as of September 30, 2026.
• Commercially launched WhiteFiber Continuum, a cross-data-center networking solution that connects geographically separated facilities into a single logical GPU supercluster. The architecture is designed to help customers expand beyond a single site’s power and space constraints while supporting operational resilience and data sovereignty.

Balance Sheet and Liquidity

• Cash and restricted cash totaled $147.6 million as of September 30, 2026.
• Subsequent to quarter-end, entered into a $300 million secured credit facility for its NC-1 data center, comprising $200 million of initial term loans and a $100 million delayed-draw facility. The facility has a five-year term from initial funding and provides for a Term SOFR borrowing option at SOFR plus 600 basis points, subject to a 2.00% SOFR floor. Initial funding is expected later in November or in early December, subject to extension of the funding date as may be mutually agreed by the borrower and lenders, and remains subject to satisfaction of customary funding conditions. Upon funding, proceeds are expected to reimburse a portion of the Company’s invested development equity capital after required project costs, reserves and fees. Additional draws are subject to specified conditions.
• Completed a $310 million offering of 5% convertible senior notes due 2032, with an initial conversion price of $33.84 per share, generating approximately $298.5 million in net proceeds. Concurrently exchanged approximately $198.2 million principal amount of the Company’s 4.5% convertible senior notes due 2031 for approximately $118.5 million in cash, including accrued interest, and 6.3 million ordinary shares. The transactions resulted in approximately $180 million in net proceeds after the cash consideration for the exchange, and reduced the outstanding principal of the 2031 notes to approximately $31.9 million, extended the weighted average maturity and increased the weighted average conversion price of the Company’s outstanding convertible notes. The Company retained its existing zero-strike call, providing for the receipt of approximately 5.9 million ordinary shares without further payment, subject to its terms.
• Deferred revenue, consisting primarily of customer prepayments for future services, totaled $306.0 million as of September 30, 2026, compared with $79.6 million at December 31, 2025.

Summary of Financial Results
 

Conference Call and Webcast

WhiteFiber will host a conference call to discuss its results at 9:00 a.m. Eastern Time on November 10, 2026. The call can be accessed by dialing (800) 330-6730 (access code: 492212). 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 expected costs, capacity and timing of future developments, our pipeline, our ability to obtain financing on favorable terms and the anticipated funding and use of financing proceeds, our expected contracted revenue and targeted annualized revenue run rate, the anticipated timing and deployment 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, except as required by law, 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 expense (benefit), and depreciation and amortization, as adjusted to exclude induced conversion expense, impairment of capitalized software assets, share-based compensation expenses and net gain or loss 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 presented above.

Investor Contact
WhiteFiber
IR@whitefiber.com

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SOURCE WhiteFiber, Inc.