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 workloads, supporting generative AI training and inference.

• Expanded operations through the acquisition of Enovum, a Tier-3 data center platform in Montreal, and is developing additional sites in Canada and the U.S.

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

• As of June 30, 2025, approximately 4,500 NVIDIA GPUs deployed, with 4,000 under contract; cloud services run-rate is approximately $73 million.

• Pipeline includes 1,300 MW (gross) of potential data center projects, with 800 MW under non-binding and exclusive letters of intent.

Financial performance and metrics

• For the three months ended March 31, 2025: revenue $16.8M, net income $1.4M, EBITDA $5.9M, Adjusted EBITDA $6.1M, gross margin 60%.

• For the year ended December 31, 2024: revenue $47.6M, net income $1.4M, EBITDA $18.8M, Adjusted EBITDA $21.9M, gross margin 58%.

• Cloud services revenue for Q1 2025 was $14.8M, up from $8.1M in Q1 2024; colocation services revenue for Q1 2025 was $1.6M.

• As of March 31, 2025: cash and equivalents $9.1M, total assets $279.8M, total liabilities $59.2M, total equity $220.6M.

• Significant customer concentration: one customer accounted for 75% of Q1 2025 revenue and 96.6% of 2024 revenue.

Use of proceeds and capital allocation

• Net proceeds from the IPO will fund property acquisition, data center construction, energy service agreements, GPU and AI equipment purchases, potential acquisitions, R&D, and working capital.

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

• Expects to finance approximately 70% of data center capex with facility-level debt, remainder with equity.

• May pursue additional debt or equity financing to achieve expansion targets.