White Fiber (WYFI) Registration Filing summary

Company overview and business model

• Operates high-performance computing (HPC) data centers and provides cloud-based GPU services for AI and ML developers, supporting generative AI training and inference.

• Expanded operations in October 2024 by acquiring Enovum, a Tier-3 data center platform in Montreal, Canada.

• Current assets include a 4 MW data center (MTL-1), with expansion projects (MTL-2, MTL-3, NC-1) targeting 76 MW total capacity by end of 2026.

• Vertically integrated model combines data center infrastructure and cloud services, aiming for higher margins and operational efficiency.

• Customer base includes AI enterprises, GPU cloud providers, and marketplaces, with contracts ranging from 2.5 to 5 years.

Financial performance and metrics

• For the three months ended March 31, 2025: revenue $16.8M, gross profit $10.1M, net income $1.4M, EBITDA $5.9M, adjusted EBITDA $6.0M.

• For the year ended December 31, 2024: revenue $47.6M, gross profit $27.4M, net income $1.4M, EBITDA $18.8M, adjusted EBITDA $21.9M.

• Cloud services revenue for Q1 2025 was $14.8M, up 83.9% YoY; colocation revenue was $1.6M.

• Gross margin for Q1 2025 was 60%; adjusted EBITDA margin was 36%.

• As of March 31, 2025: cash and equivalents $9.1M, total assets $279.8M, total equity $220.6M.

Use of proceeds and capital allocation

• Net proceeds of ~$113.2M (or $130.6M if over-allotment exercised) to fund new data center property acquisition, construction, energy service agreements, GPU/server purchases, R&D, acquisitions, partnerships, and working capital.

• Additional debt financing will be required to fully execute expansion plans.

• Entered a CAD $60M (USD $43.8M) credit facility with RBC in June 2025 to support MTL-2 buildout.