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.

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

• Facilities include operational and planned Tier-3 data centers in Montreal (MTL-1, MTL-2, MTL-3) and North Carolina (NC-1), with a pipeline of 1,300 MW under review.

• Business model emphasizes rapid site retrofitting, customer-backed expansion, and sustainability through renewable energy sources.

• Carved out from Bit Digital, with Bit Digital retaining 80% ownership post-IPO.

Financial performance and metrics

• For the three months ended March 31, 2025: revenue $16.8M, net income $1.4M, EBITDA $6.0M, 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%.

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

• Cloud services revenue for Q1 2025 was $14.8M, up 84% year-over-year; colocation revenue for Q1 2025 was $1.6M.

• Customer concentration is high, with one customer accounting for 75% of Q1 2025 revenue.

Use of proceeds and capital allocation

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

• Additional debt financing will be required to fully execute growth plans; a $43.8M credit facility with RBC was secured for MTL-2 buildout.

• Management has broad discretion in capital allocation and may opportunistically raise further capital.