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 machine learning workloads, supporting generative AI training and inference.

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

• Current facilities include a 4 MW data center (MTL-1) in Montreal, with additional projects (MTL-2, MTL-3, NC-1) under development in Canada and the U.S.

• Vertically integrated model combines data center infrastructure and cloud services, targeting enterprise, research, and AI-driven businesses.

• Pipeline includes approximately 1,300 MW of potential data center projects, with 800 MW under non-binding/exclusive LOIs.

Financial performance and metrics

• For the three months ended March 31, 2025: revenue was $16.8M, gross profit $10.1M, net income $0.85M, EBITDA $5.85M, and adjusted EBITDA $5.99M.

• For the year ended December 31, 2024: revenue was $47.6M, gross profit $27.4M, net income $1.37M, EBITDA $18.8M, and 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) expected from the IPO.

• Proceeds to fund new data center property acquisition, construction, energy service agreements, GPU/server purchases, potential acquisitions, R&D, 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.