White Fiber (WYFI) Q4 2025 earnings summary

Executive summary

• Completed IPO and transitioned to a standalone public company, establishing independent reporting and governance frameworks, and achieved transformational milestones in 2025 including infrastructure expansion and new AI capacity deployment.

• Brought Montreal 3 data center online in six months, supporting Cerebras, generating revenue, and secured anchor tenant for NC-1 campus with Nscale.

• Retrofit-first strategy enables faster, lower-risk capacity delivery, positioning for rapid growth in AI infrastructure as demand continues to outpace supply.

• Monetized 1,000 H200 GPUs for $26M and redeployed capital into next-gen infrastructure, shifting cloud focus to enterprise and managed services.

Financial highlights

• Q4 2025 revenue was $23.6M, up from $20.2M in Q3 and $14.6M in Q4 2024, representing a 61% year-over-year increase.

• Cloud services revenue reached $19.3M (up 48% YoY), colocation revenue $3.9M (up from $1.4M YoY), both increasing sequentially.

• Gross margin (excl. depreciation) improved to 61% from 52% year-over-year; gross profit (excl. D&A) was $14.3M.

• Operating loss narrowed to $5.4M from $14.5M in Q3; net loss was $1.5M in Q4; adjusted EBITDA was $5.8M (25% margin).

• FY2025 revenue totaled $79.2M, up from $47.6M in 2024; adjusted EBITDA was $17.3M; ended year with $114.4M cash, no funded debt, and completed a $230M convertible notes offering in January 2026.

Outlook and guidance

• Expect Q1 2026 cloud revenue of $16M–$17M, with April as the low point; revenue to ramp in mid-Q2 and accelerate in H2 as enterprise deployments scale.

• Margins expected to remain stable despite near-term revenue transition.

• Focus remains on bringing NC-1 online, establishing long-term financing, and marketing additional capacity by mid-year; NC-1 campus initial phase expected to commence service in Q2 2026.

• Targeting at least one new site and customer deployment in 2026, prioritizing hyperscale and enterprise opportunities.

• Company expects to capture further growth in AI infrastructure with strengthened balance sheet and ongoing development pipeline.