White Fiber (WYFI) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 48% year-over-year to $18.7M, driven by strong cloud and new colocation services.

• Completed IPO in August 2025 at $17/share, raising $183M in gross proceeds and establishing the company as a standalone public AI infrastructure provider.

• Bit Digital retains 71.5% ownership post-IPO.

• Major acquisitions included Enovum Data Centers and a 1M sq ft data center in North Carolina (NC-1), expanding capacity.

• Focused on high-performance data centers for AI workloads, integrating physical infrastructure and GPU cloud resources.

Financial highlights

• Q2 2025 revenue: $18.7M (Q2 2024: $12.6M); H1 2025: $35.4M (H1 2024: $20.8M).

• Cloud services revenue reached $16.6M, up 33% year-over-year, with gross margins of 61%.

• Colocation services contributed $1.7M in revenue and $1M in gross profit (60% margin); no colocation revenue in prior year.

• Total gross profit was $11.5M, up from $8M last year.

• Operating expenses rose to $27.8M (from $10.2M), including $6.5M in share-based compensation and IPO-related costs.

• Net loss was $8.8M vs. $1.9M net income last year.

• Adjusted EBITDA was $3.3M, down from $7M year-over-year.

Outlook and guidance

• NC1 phase I (24 MW) expected online Q1 2026; customer contracts anticipated soon, with some seeking capacity beyond phase I.

• MTL-3 to begin revenue recognition in Q4 2025; MTL-2 activation targeted for H1 2026.

• Management expects continued revenue growth from new and existing data center sites, subject to funding and permitting.

• Cash on hand, anticipated operations, and IPO proceeds expected to fund operations for at least 12 months.