White Fiber (WYFI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $20.2M, up 64–65% year-over-year, driven by strong cloud and new colocation services demand.

• Net loss widened to $15.8M, mainly due to higher operating and share-based compensation expenses, and public company costs post-IPO.

• Completed IPO in August 2025, raising $183–183.3M in gross proceeds, resulting in a strong liquidity position.

• Significant expansion of data center assets in Canada and the U.S., including Montreal 3 becoming operational and major customer contracts.

• The company is evaluating over 1 GW of development projects for 2026–2027, with strong demand and advanced commercial negotiations for long-term, large-scale contracts.

Financial highlights

• Q3 2025 revenue: $20.2M (Q3 2024: $12.3M); 9M 2025 revenue: $55.6M (9M 2024: $33.0M).

• Cloud services revenue reached $18M (+48% YoY), colocation $1.7M, equipment leasing $0.5M.

• Gross profit was $12.7M (63–65% gross margin); cloud services gross profit $11.7M, colocation $1M.

• Operating expenses rose to $34.7M, including $11.3M in non-cash share-based compensation.

• Adjusted EBITDA was $2.3M (vs. $5.6M YoY); net loss $15.8M or $0.47/share (Q3 2024: $0.01/share loss).

• Cash and equivalents at September 30, 2025: $166.5M (Dec 31, 2024: $11.7M).

• CapEx was $13M, mainly for Montreal 3 and NC1; Q4 CapEx expected to increase.

Outlook and guidance

• NC1 remains on track for Q1–Q2 2026 deployment and revenue, with anchor agreements expected to be finalized imminently.

• Montreal 3 to contribute over $2M in Q4 revenue, with full quarterly run-rate in 2026.

• Short-term underutilization expected in Q4 due to a customer agreement wind-down, but new contracts are set to absorb capacity in early Q1.

• Focus on securing additional utility power and expanding U.S. and Canadian operations.

• Q4 CapEx to rise, driven by NC1 development and potential GPU procurement tied to contracts.