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olivLaw · US equity research

WhiteFiber, Inc. WYFI

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

9.15USD−12.77% · 1 dayClose 04 Nov 2026

WhiteFiber, Inc. presents itself as an artificial intelligence infrastructure provider that owns Tier-3 HPC data centers and offers GPU-based cloud services to AI and machine learning developers. The company was spun out from Bit Digital in August 2025 and matters now as demand for dedicated AI compute infrastructure grows. Revenue for fiscal 2025 was 79.2 mn USD, up from the prior year, but the company also reported an operating loss in the same year.

At the close of 04 Nov 2026, WhiteFiber, Inc. (WYFI) stock was 9.15 USD (−12.77% on the day), with market capitalisation 355.5 m USD, beta 4.47, 52-week range 9.15–44.77 USD. Latest reported quarter (Q2 2026): revenue of 28.8 m USD (+54.5% YoY), net income of -15.0 m USD, diluted EPS -0.39 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
355.5 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -1.21 · TTM to 30 Jun 2026
E/P (TTM)
-13.22%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
4.47
Volatility (1y) 122%
52-week range
9.1544.77

Price history

Loading chart…

Technical reading

RSI (14)
32.7
weak (30–45)
Bollinger (20, 2)
7.87 – 15.78
in the lower half of the band · %B 0.16 · band width 66.8%
SMA 50 / 200
15.86 / 20.99
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.98 / -2.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−47.6%−1.1%−46.5 pp—
3 months−64.9%−0.5%−64.4 pp—
6 months−57.3%+4.4%−61.7 pp—
Year to date−42.1%+12.3%−54.4 pp—
1 year−70.0%+13.5%−83.5 pp−48.5%
3 yearsunavailable+76.4%unavailable−74.4%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−79.6%
22 Jun 2026 → 04 Nov 2026
Max drawdown (5y)
−79.6%
22 Jun 2026 → 04 Nov 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
28.8 m USD
+54.5% YoY
Net income
-15.0 m USD
unavailable YoY
Diluted EPS
-0.39
unavailable YoY
net / operating
-51.9% / -32.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue12.3 m14.6 m16.8 m18.7 m20.2 m23.6 m21.9 m28.8 m
Gross profit6.7 m7.4 m9.8 m11.1 m12.7 m13.9 m12.8 m16.8 m
Operating income-847.4 k-1.9 m2.0 m-9.2 m-14.5 m-5.2 m-11.0 m-9.3 m
Depreciation & amortisation4.3 m5.0 m3.8 m5.1 m6.4 m8.1 m6.4 m6.6 m
Interest expense——————-2.0 m4.6 m
Pre-tax income19.1 k-1.3 m2.0 m-8.4 m-15.7 m-3.7 m-11.0 m-15.7 m
Income tax383.6 k-252.0 k594.6 k446.0 k66.7 k-2.2 m1.1 m-749.0 k
Net income-364.6 k-1.0 m1.4 m-8.8 m-15.8 m-1.5 m-12.0 m-15.0 m
Diluted EPS-0.01-0.04 ≈0.05-0.33-0.47-0.04 ≈-0.31-0.39
Operating cash flow19.6 m ≈-1.2 m-2.9 m-3.9 m ≈-16.9 m ≈69.4 m3.2 m85.9 m ≈
Capex2.8 m ≈72.8 m50.2 m80.8 m ≈15.5 m ≈121.9 m169.2 m175.5 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20242025
Revenue47.6 m79.2 m
Revenue YoYunavailable+66.2%
Net income1.4 m-24.7 m
Net income YoYunavailable−1,901.9%
Diluted EPS0.05-0.78
Diluted EPS YoYunavailable−1,660.0%
net %2.9%-31.2%
Free cash flow-60.3 m-222.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
114.4 m USD
Financial debt
20.0 m USD
Net debt
-94.4 m USD
Equity
482.5 m USD
Total assets
651.4 m USD
Debt / equity
0.04x
Current ratio
2.03x
ROE
-7.6%
ROA
-5.6%
FCF margin
-281.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
47.6 m
2025
79.2 m

SEC (XBRL)· 26 Mar 2026verified

Gross profit
2024
26.9 m
2025
47.6 m

SEC (XBRL)· 26 Mar 2026verified

Operating income
2024
628.4 k
2025
-26.8 m

SEC (XBRL)· 26 Mar 2026verified

Depreciation & amortisation
2024
16.5 m
2025
23.4 m

SEC (XBRL)· 26 Mar 2026verified

EBITDA
2024
17.1 m ≈
2025
-3.4 m ≈

SEC (XBRL)· 26 Mar 2026derived

Pre-tax income
2024
2.2 m
2025
-25.8 m

SEC (XBRL)· 26 Mar 2026verified

Income tax
2024
874.2 k
2025
-1.1 m

SEC (XBRL)· 26 Mar 2026verified

Net income
2024
1.4 m
2025
-24.7 m

SEC (XBRL)· 26 Mar 2026verified

Diluted EPS
2024
0.05
2025
-0.78

SEC (XBRL)· 26 Mar 2026verified

Weighted average diluted shares
2024
27.0 m
2025
31.6 m

SEC (XBRL)· 26 Mar 2026verified

Balance sheet · USD

Cash
2024
11.7 m
2025
114.4 m

SEC (XBRL)· 12 Aug 2026verified

Receivables
2024
5.3 m
2025
23.9 m

SEC (XBRL)· 12 Aug 2026verified

Current assets
2024
46.5 m
2025
167.8 m

SEC (XBRL)· 12 Aug 2026verified

Property, plant & equipment, net
2024
89.2 m
2025
336.6 m

SEC (XBRL)· 12 Aug 2026verified

Goodwill
2024
19.4 m
2025
20.1 m

SEC (XBRL)· 12 Aug 2026verified

Intangibles (excl. goodwill)
2024
13.0 m
2025
12.8 m

SEC (XBRL)· 12 Aug 2026verified

Total assets
2024
229.1 m
2025
651.4 m

SEC (XBRL)· 12 Aug 2026verified

Accounts payable
2024
2.3 m
2025
8.1 m

SEC (XBRL)· 12 Aug 2026verified

Short-term debt
2024
—
2025
20.0 m

SEC (XBRL)· 26 Mar 2026verified

Current liabilities
2024
45.8 m
2025
82.5 m

SEC (XBRL)· 12 Aug 2026verified

Total liabilities
2024
59.4 m
2025
168.9 m

SEC (XBRL)· 12 Aug 2026verified

Equity
2024
169.7 m †
2025
482.5 m †

SEC (XBRL)· 12 Aug 2026verified

Cash flow · USD

Operating cash flow
2024
18.7 m
2025
45.7 m

SEC (XBRL)· 26 Mar 2026verified

Capex
2024
79.0 m
2025
268.4 m

SEC (XBRL)· 26 Mar 2026verified

Free cash flow
2024
-60.3 m ≈
2025
-222.7 m ≈

SEC (XBRL)· 26 Mar 2026derived

Investing cash flow
2024
-80.0 m
2025
-267.3 m

SEC (XBRL)· 26 Mar 2026verified

Financing cash flow
2024
76.4 m
2025
323.8 m

SEC (XBRL)· 26 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
66.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-4,368.2%
computed by olivLawFY 2025
Net income growth (YoY)
-1,901.9%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-1,660.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
59.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-13.2%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-42.3%
computed by olivLawTTM to 30 Jun 2026
Net margin
-46.9%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-360.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-13.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-7.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-10.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-5.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-26.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
141.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
482.2 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-340.6 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
57 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
355.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
328.7 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-13.2%
computed by olivLawTTM to 30 Jun 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
3.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
3.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-95.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

9.15 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 355.5 m USD

Key indicators

Market capitalisation
355.5 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-13.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-46.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
66.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 10 Aug 2026
Source: SEC (XBRL)published 12 Aug 2026
verified 265derived 22

Score by group

29% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-10.8%89 (vs peers)36%
Net margin · Quality-46.9%61 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.8x0 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-95.8%0 (on a fixed band)29%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality78/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

WHITEFIBER, INC. (WYFI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 79.2 m USD in 2025; YoY growth 66.2%; net margin -46.9%; ROE -13.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: -10.8%

What contradicts it

  • Current ratio: 0.8x
  • FCF yield: -95.8%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 14.3x
EV/EBITDA
—
vertical median —
P/S
3.8x
vertical median 7.1x
below median (−47.2%)
P/B
1.1x
vertical median 1.1x
at median
ROE
-13.7%
vertical median -25.4%
above median
Net margin
-46.9%
vertical median -107.2%
above median
EBIT margin
-42.3%
vertical median -160.1%
above median
Revenue YoY
66.2%
vertical median 20.6%
above median (+220.6%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co223.0 bn18.735.9%27.9%+6.4%−9% / +95%
COINCoinbase Global, Inc.40.1 bn—-4.7%-12.5%+9.4%−44% / +21%
SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
IRENIREN Limited7.8 bn—-23.4%-99.4%+41.1%−55% / +340%
HUTHut 8 Corp.5.9 bn—-34.5%-169.8%+44.8%+9% / +415%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
PURRHyperliquid Strategies Inc1.9 bn3.032.6%3,229.8%unavailableunavailable / unavailable
CLSKCleanSpark, Inc.1.7 bn—-68.6%-130.2%+102.2%−55% / +9%
WLTHWealthfront Corporation1.7 bn—-20.5%-19.4%+18.2%unavailable / unavailable
BTDRBitdeer Technologies Group1.5 bn—-196.7%-171.3%−5.1%−51% / +45%
AMBRAmber International Holding Limited865.0 m—-116.1%-88.7%−9.0%−27% / −51%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
TRONTron Inc.664.1 m96.83.8%135.6%+10.0%−24% / −48%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
ABTCAmerican Bitcoin Corp.516.7 m7.5-10.5%-26.7%+158.8%−90% / −99%
WYFIWhitefiber, Inc.355.5 m—-13.7%-46.9%+66.2%−70% / unavailable
ORBSEightco Holdings Inc.340.9 m—-157.0%-1,260.9%−16.8%−70% / −74%
CHADDefi Development Corp.310.0 m—-589.3%-1,319.5%+442.3%unavailable / unavailable
CPSSConsumer Portfolio Services, Inc.221.6 m9.97.5%5.0%+10.4%+23% / +7%
DGXXDigi Power X Inc.217.0 m—-24.7%-114.8%−7.6%−48% / +50%
TONXTon Strategy Company159.7 m—-75.5%-532.8%+1,327.8%−15% / −93%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
MGLDThe Marygold Companies, Inc.84.1 m—-20.7%-17.3%+8.0%+93% / +91%

1- and 3-year price returns: for WYFI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    WhiteFiber, Inc. presents itself as an artificial intelligence infrastructure provider that owns Tier-3 HPC data centers and offers GPU-based cloud services to AI and machine learning developers. The company was spun out from Bit Digital in August 2025 and matters now as demand for dedicated AI compute infrastructure grows. Revenue for fiscal 2025 was 79.2 mn USD, up from the prior year, but the company also reported an operating loss in the same year.

    SWOT

    Strengths

    • The company has an integrated model combining power, data centers and cloud services, which can reduce dependence on external providers.
    • The retrofit strategy allows faster deployment of sites than greenfield projects, according to management.
    • Long-term contracts, including the Nscale agreement at NC-1 and the Cerebras agreement at MTL-3, provide revenue visibility.

    Weaknesses

    • The operating loss in 2025 shows that the cost structure is not yet balanced against the revenue level.
    • Reliance on a small number of large customers concentrates revenue and exposes it to renegotiation risk.
    • The company describes itself as being at a development stage, with a small management team.

    Opportunities

    • If NC-1 reaches its contracted capacity, colocation revenue could grow significantly.
    • The large project pipeline under review leaves room for expansion, if customers and financing emerge.
    • Expanding cloud services into new regions through third-party partnerships could diversify the customer base.

    Threats

    • An important customer has paused services, and discussions on prepayments, deposits and termination fees are not finalized.
    • Lower GPU prices or new hardware generations could reduce the value of rented equipment.
    • If financing becomes more expensive, project development could be postponed or scaled back.

    Risks

    • Customer concentrationhigh

      Cloud revenue depends on a few large customers, and the interruption of one contract can quickly affect results.

    • High capital needshigh

      Operations are capital-intensive, and the company relies on capital markets to finance its growth.

    • Construction and power delaysmedium

      Permits and power access can delay site commissioning, which could postpone expected revenue.

    • Dilution from financingmedium

      Convertible notes and any share issuance could reduce the value of existing shareholders' stakes.

    • Dependence on local partnerslow

      If a local partner cannot meet its obligations, the company could face difficulty delivering services in that jurisdiction.

    Investment thesis

    What would need to be true (bull case)

    • If demand for AI infrastructure stays strong, the large project pipeline could turn the company into an important provider of capacity.
    • Long-term contracts such as the NC-1 agreement could offer more predictable revenue than parts of the market.
    • The integrated model and retrofit strategy could allow faster deployment than competitors building from scratch.

    What would break the thesis

    • The 2025 operating loss and reliance on a few customers could keep results volatile.
    • The suspension of services for an important customer shows the risk that cloud contracts can be changed or ended.
    • Financing needs and possible dilution could limit returns for shareholders if projects are delayed.

    What to watch

    • Commissioning of the first NC-1 phase and start of billing to NscaleQ2 2026
    • Outcome of discussions with the customer that paused services2026
    • Achievement of the 70 MW capacity target by year-endQ4 2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    WhiteFiber operates two linked businesses: colocation and data center services on one side, and GPU-based cloud services on the other. The integrated model means one company provides both the power and space and the compute services, which, according to the company, can lower costs and delivery times. The HPC business was transferred from Bit Digital in August 2025 and currently relies on several sites in Quebec and North Carolina and on external partnerships.

    Its development strategy is based on retrofits: buying existing industrial buildings with power connections already in place, near metropolitan areas. The company says this shortens build time considerably compared with greenfield projects. Development nevertheless depends on financing, permits and power availability, and projects such as MTL-2 have been put on hold to preserve capital.

    Segments

    GPU cloud services

    The cloud segment provides access to GPU clusters for AI training and inference, under usage-based or committed-capacity contracts. Revenue was 68.8 mn USD in 2025 and makes up the majority of the business. Concentration risk is high, since one important customer has entered discussions about terminating services.

    Market context

    WhiteFiber operates in the artificial intelligence infrastructure market, where demand for GPU capacity and data center power has grown quickly. The company sets its capacity targets and project pipeline around this demand, which is however volatile and depends on the plans of large industry customers.

    Competition turns on power availability, speed of deployment and access to the latest hardware. The market is capital-intensive, and smaller companies can be affected by the cost of financing and by GPU pricing.

    Trends

    • Demand for AI computetailwind

      Training and inference of generative models create continuing demand for GPUs and for data centers with high power density. If this demand stays high, the company could make use of its large project pipeline.

    • Cost of capitalheadwind

      The infrastructure requires heavy investment, financed partly through loans and convertible notes. If interest rates stay high or capital markets tighten, development could slow.

    • GPU price volatilitymixed

      The value and availability of GPUs change quickly with new hardware generations. Companies that rent out equipment may benefit from better prices, but could also lose value if equipment becomes obsolete fast.

    • Power access and permitsheadwind

      Electricity availability and permit approval determine the timing of each site. Faster power supply could accelerate revenue, while delays could postpone it.

    Competitive position

    WhiteFiber faces AI cloud providers and data center operators with more capital and easier access to hardware. The company's advantage lies in its integrated model and its ability to develop retrofit sites quickly, but these advantages depend on execution.

    In colocation, competition comes from data center operators in the same metropolitan areas, which can offer capacity already built. The company tries to differentiate through high density and connectivity suited to AI workloads.

    • Bit DigitalBTBT

      The parent company from which the HPC business was transferred, which keeps some shared management roles during the transition period.

    • Nscale

      Major customer at NC-1 and also a player in AI infrastructure, relevant both as a contract counterparty and as a possible competitor.

    • Cerebras

      Colocation customer at MTL-3, representing a contracted revenue stream over five years.

    • AI cloud and colocation operators in Europe and North America

      Providers offering comparable GPU compute or data center space, with greater scale and access to capital.

    News & filings

    In the press

    The latest news item in our archive is from 10 Sept 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Current report03 Nov 2026
      Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
    • Proxy statement21 Oct 2026
    • Current report14 Sept 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Financial statements and exhibits
    • Current report21 Aug 2026
      Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
    • Current report17 Aug 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report12 Aug 2026
    • Current report03 Aug 2026
      Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
    • Current report10 Jun 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Current report27 May 2026
      Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / WhiteFiber, Inc. · 26 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / WhiteFiber, Inc. · 12 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.