WYFI

WhiteFiber, Inc. WYFI used its second-quarter 2026 earnings call to frame NC-1 as the first proof point in a repeatable data center model, while emphasizing longer-duration cloud contracts and capital-light growth. Management’s near-term agenda centers on completing NC-1’s 40-megawatt ramp, securing permanent project financing and converting its development and cloud pipelines into contracted revenues. Samir Tabar, chief executive officer, said about 20 megawatts of IT capacity at NC-1 was available for customer installation and testing. Initial billing had started, with the full 40 megawatts expected to reach run-rate billing by the end of August. Tabar said switchgear-related commissioning issues had been resolved and the economics of the 10-year agreement, representing about $865 million of contracted revenue, were unchanged. He also said proposed NC-1 secured financing had reached lender exclusivity. The company incurred second-quarter adjusted loss of $0.39 per share, narrower than the Zacks Consensus Estimate of a loss of $0.50. Revenues rose 54% year over year to $28.8 million, surpassing the Zacks Consensus Estimate of $18.40 million. WhiteFiber, Inc. price-consensus-eps-surprise-chart | WhiteFiber, Inc. Quote Tabar said WhiteFiber signed more than $540 million of multi-year cloud services agreements since its May earnings call. Contracts signed to date are expected to generate more than $200 million of annualized cloud revenue when fully deployed. The commitments include a three-year, roughly $165 million Base 10 deployment targeted to begin in November and a three-year, approximately $108 million Prime Intellect Vera Rubin deployment targeted for the second quarter of 2027. Tabar also highlighted the Paris deployment, with contract value above $160 million and a Sept. 30, 2026, ready-for-service target, plus a five-year Iceland agreement valued at approximately $87.5 million. Michael Francisco, vice president of Cloud Services, said WhiteFiber evaluates cloud deals at the project level, focusing on positive cash flow and limiting company capital. Customer prepayments can reduce upfront funding needs. Francisco said managed services could extend that model because customers would fund hardware and data center capacity while WhiteFiber handles deployment and operations. He described the margin profile as closer to software than hardware. Tabar said WhiteFiber also secured exclusive access to 100 megawatts of liquid-cooled colocation capacity through Krambu beginning in 2027, providing a pathway to additional deployable capacity. Tabar said one late-stage opportunity could support about 60 megawatts in 2027 and scale beyond 250 megawatts. WhiteFiber was negotiating a purchase agreement while completing final diligence. Billy Krassakopoulos, WhiteFiber president and Enovum CEO, said the approach resembles NC-1: enter an existing building, retrofit it quickly and match the site with customer demand. Tabar also said Duke Energy is expected to provide a schedule for another 45 megawatts of gross NC-1 capacity. A longer-term 200-megawatt opportunity could take the campus toward 300 gross megawatts. A B. Riley analyst asked about demand for NC-1’s next tranche. Tabar said interest was strong, but WhiteFiber must first notify Nscale under the existing agreement before deciding how to market the capacity. A Compass Point analyst asked whether WhiteFiber’s cross-data-center technology could support training as well as inference. Francisco said the system is being developed for multiple use cases and has been tested with demanding training workloads. A Cantor Fitzgerald analyst asked about commercialization. Tabar said the technology could serve WhiteFiber internally or be licensed, while Francisco said hub-and-spoke testing will determine how broadly the network can scale. WhiteFiber Keeps Execution at the Center Tabar’s closing message centered on execution and capital discipline. He tied further expansion to advantaged power, credible customer demand, financeable contracts and completing the proposed NC-1 secured financing. The next milestones are operational and funding-related: complete the NC-1 ramp, advance permanent financing, execute signed cloud deployments and move the next data center opportunity toward a definitive agreement. WYFI currently carries a Zacks Rank #3 (Hold). Its Value, Growth and Momentum Scores are all D, while its VGM Score is F, indicating weak readings across the style factors used alongside the Zacks Rank. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Zacks Style Scores run from A to F, with A and B representing stronger characteristics. The framework notes that Zacks Rank #3 stocks may be held, while A and B Style Scores rank above D and F. The Zacks Rank can change as earnings estimates are revised after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report WhiteFiber, Inc. (WYFI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management defines BitDigital as a 'strategic asset company' rather than a passive treasury, actively moving capital between digital assets and AI infrastructure. The company utilized its Ethereum holdings as productive collateral to originate a $150 million delayed draw term facility for WhiteFiber, avoiding equity dilution at both entities. Performance attribution for the quarter was driven by a 42% sequential increase in Cloud Services revenue as new contracts entered service and existing agreements expanded. Management views Ethereum as a 'protocol native' reserve that generates yield while providing liquidity for opportunistic investments in high-growth sectors like AI data centers. The strategic shift involves winding down the legacy Bitcoin mining business, which has limited terminal value, to focus on assets with recurring cash flow and long-term appreciation. A significant valuation disconnect was identified, with management noting the stock trades at a discount to intrinsic value exceeding 40% based on observable market assets. The third quarter is expected to reflect the full operationalization of the NC1 flagship facility, reaching a full contracted run rate billing under a 10-year agreement representing approximately $865 million of total contracted revenue. Management is pursuing permanent project financing for stabilized data center assets to recycle capital into a development pipeline of new infrastructure opportunities. The company is evaluating a program to write out-of-the-money covered calls against a limited portion of WhiteFiber holdings to generate premium income without exiting positions. Future revenue visibility is supported by approximately $1 billion in remaining performance obligations, with $136.7 million expected to be recognized in 2027 alone. Strategic conviction remains high for Ethereum, with management anticipating price convergence as financial activity migrates to programmable settlement rails. A $107 million net loss was primarily driven by $86 million in non-operating items, including mark-to-market digital asset losses and derivative revaluations. A $46 million non-cash impairment was recorded on liquid staked ETH used in the WhiteFiber financing, though management clarified this is an accounting treatment rather than a realized loss. To mitigate margin call risks on the WhiteFiber bridge facility, the company maintains an additional buffer of Ethereum sized to withstand extreme market volatility. The company committed to not selling any WhiteFiber shares through the remainder of 2026, prioritizing long-term equity appreciation over near-term liquidity. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed the board is vigorously discussing a buyback program to address the 'unacceptable' 40% plus discount to Net Asset Value. While timing is not finalized, liquidity for such a program could come from multiple sources, including the repayment of the WhiteFiber bridge facility or future asset sales. The company plans to file registration statements later this quarter to enable writing covered calls, aiming to generate yield on its majority stake. Management emphasized that registration creates flexibility for income generation and is not a step toward exiting the core investment. Management expressed strong hesitation to issue equity at current valuation levels, noting that capital priorities shifted as the market discount widened. The 'allocation test' currently points toward BitDigital itself being the most attractive investment available to the company.

Interested in Bit Digital, Inc.? Here are five stocks we like better. Cloud services drove growth: Second-quarter revenue rose 15% sequentially to $32.1 million, with cloud services revenue up 42% to $23.8 million. Colocation revenue was stable, while Bitcoin mining and Ethereum staking revenue declined. Ethereum-backed financing supported WhiteFiber: Bit Digital raised $50 million against Ethereum holdings and arranged up to $150 million in delayed-draw financing for WhiteFiber’s 40-megawatt NC1 data-center build-out, helping preserve its Ethereum position and avoid equity issuance. Strong contracted backlog but significant reported loss: The company posted a $107.2 million net loss, largely due to non-operating digital-asset, impairment and derivative charges, while reporting roughly $1 billion in remaining performance obligations and more than $500 million in new WhiteFiber contract value since the prior call. 3 Stocks Under $20 to Buy Before a Broader Market Rally Bit Digital (NASDAQ:BTBT) reported second-quarter revenue of $32.1 million, up 15% sequentially, as cloud services growth helped offset lower Ethereum staking and bitcoin mining revenue. The company also outlined a capital-allocation strategy centered on its Ethereum holdings and its majority interest in data-center business WhiteFiber. Net loss attributable to Bit Digital shareholders was $107.2 million, or $0.31 per share, for the quarter. Chief Financial Officer Erke Huang said roughly $86 million of the loss stemmed from digital-asset items, derivative revaluation and interest expense rather than operating performance. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Crypto’s Crash May Be Over—These 3 Picks Could Rebound Fast Cloud services revenue rose 42% from the first quarter to $23.8 million, driven by new contracts entering service and expanded existing agreements. For the first six months of 2026, cloud revenue increased 29% year over year and generated a 58% gross margin, Huang said. Colocation services produced $4.7 million of second-quarter revenue, essentially unchanged from the prior quarter, with a 63% gross margin. First-half colocation revenue increased 182% year over year. Huang said WhiteFiber’s NC1 facility in North Carolina was not yet included in the reported results and is expected to begin contributing during the third quarter. → Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand 3 Ways to Test the Crypto Market Without Owning Bitcoin Total gross profit was $18.6 million, representing a 57.9% gross margin. Operating cash flow for the first half was $46.8 million, up 33% from $35.1 million in the prior-year period. Ethereum staking revenue fell to $0.9 million from $2.3 million in the first quarter. The company earned 440 ETH in staking rewards, compared with 949 ETH in the prior quarter. Huang attributed the decline to the unstaking of a portion of the company’s Ethereum to support a financing arrangement with WhiteFiber, as well as lower Ethereum prices during the quarter. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Digital-asset mining revenue declined to $2.4 million on 32.3 bitcoin mined, compared with 48.1 bitcoin in the first quarter. Mining revenue was down 58% year over year for the first six months as Bit Digital continued to wind down the business. Huang said mining remained gross-margin positive, with a 26% margin in the second quarter. Chief Executive Officer Sam Tabar said the company raised $50 million of liquidity against a portion of its Ethereum holdings and originated a delayed-draw term facility with commitments of up to $150 million for WhiteFiber. The facility is guaranteed by WhiteFiber’s parent and is intended to bridge the company’s North Carolina data-center investment until permanent project financing is secured. Tabar said the transaction enabled Bit Digital to preserve its Ethereum position, avoid equity issuance at either company and maintain its WhiteFiber ownership. The company said independent committees at both businesses reviewed the transaction, while Needham and Seaport Global provided fairness opinions to their respective boards. According to management, the facility is intended to support the initial 40-megawatt build-out of WhiteFiber’s NC1 facility. Once permanent financing is completed, Bit Digital expects its collateral to be released, the guarantee to terminate and the bridge loan to be repaid with interest. Huang said the company recorded a $28.8 million loss on digital assets carried at fair value, reflecting mark-to-market movement in Ethereum and bitcoin holdings. It also recorded a $46 million non-cash impairment on liquid-staked ETH used in the WhiteFiber financing transaction. Huang said the impairment reflected the accounting treatment of the position and was not a realized loss. The quarter also included a $14 million loss from a change in the fair value of derivative liabilities associated with convertible notes and $8.1 million in interest expense. Bit Digital purchased 8,568 ETH for $20 million on May 11, at an average cost of $2,334 per ETH, Huang said. As of June 30, the company held 75,757 ETH directly, with a carrying fair value of $118.9 million. It also held Ethereum exposure through an externally managed bond carried at $47.9 million in investment securities. Consolidated cash and cash equivalents totaled approximately $83.6 million at quarter-end, including $27.5 million at Bit Digital and $56.1 million at WhiteFiber. Contract liabilities nearly doubled from year-end to $143.1 million, representing contracted revenue for which cash has already been collected but services have not yet been delivered. Remaining performance obligations totaled about $1 billion. The company expects to recognize approximately $57.7 million over the remainder of 2026, $136.7 million in 2027 and $105.1 million in 2028, with the remainder recognized thereafter. Tabar said WhiteFiber expects to reach full contracted run-rate billing later in the month under its 10-year agreement with Enscale, representing roughly $865 million in contracted revenue. He also said WhiteFiber had signed more than $500 million in aggregate contract value since Bit Digital’s prior earnings call, including next-generation GPU deployments and a managed-services agreement. Management said the board is considering a share-repurchase program as Bit Digital believes its shares trade at a substantial discount to the value of its assets. Tabar said the discount had at times exceeded 40% by the company’s calculations, but he did not provide a timeline or commitment for a repurchase authorization. During the question-and-answer session, Tabar said Bit Digital does not intend to sell WhiteFiber shares during 2026, describing WhiteFiber as a core long-term holding. He said potential sources of liquidity for a future buyback could include several alternatives, though he added that proceeds from a WhiteFiber share sale would not fund a repurchase this year given the company’s commitment not to reduce that position. Huang said Bit Digital and WhiteFiber were coordinating on potential registration statements later in the quarter as they evaluate a possible modest covered-call program involving a limited portion of Bit Digital’s WhiteFiber holdings. Management said no pricing had been determined and any program would require board approval. Bit Digital, Inc (NASDAQ: BTBT) is a publicly traded digital asset mining company that specializes in the proof-of-work mining of Bitcoin. Incorporated in Nevada and headquartered in New York City, Bit Digital develops, owns and manages a fleet of high-efficiency ASIC miners, with the primary aim of generating newly minted Bitcoin through computational work. The company's revenue is derived solely from its mining operations and any resulting cryptocurrency holdings. To support its mining activities, Bit Digital maintains multiple data center facilities across North America. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Bit Digital Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Bit Digital, Inc. BTBT reported a second-quarter 2026 loss of 6 cents per share, wider than the year-ago loss of 3 cents and missing the Zacks Consensus Estimate of a 5-cent loss. Rising costs affected the bottom line. Revenues rose 25.1% year over year to $32.11 million and beat the consensus mark by 47.9%. Growth was led by cloud and colocation services, while remaining performance obligations stood at approximately $1 billion at quarter-end. Bit Digital, Inc. price-consensus-eps-surprise-chart | Bit Digital, Inc. Quote Cloud services revenues increased 43.5% year over year to $23.8 million and rose 42% sequentially. The company attributed the year-over-year increase primarily to more deployed GPU servers serving new and existing customers. The segment generated an approximately 58% gross margin. The termination of an agreement with an initial customer reduced monthly GPU service revenue, but a $12.3 million termination fee substantially offset that impact. WhiteFiber, Inc. WYFI also continued adding business. New multi-year cloud agreements signed since its previous earnings call carry more than $540 million in combined contract value. The signed contracts indicate the portfolio will likely generate over $200 million of annualized revenues after full deployment. Colocation services contributed $4.7 million in second-quarter revenues and maintained an approximately 63% gross margin. Revenues were nearly unchanged from the first quarter, while the first-half total increased 182% from the prior-year period. The NC-1 campus did not contribute to second-quarter results and is expected to begin adding revenues in the third quarter. Mining continued to shrink as Bit Digital redirects capital elsewhere. The business generated $2.4 million in revenues from 32.3 bitcoin mined, down from 48.1 bitcoin in the preceding quarter. ETH staking revenues totaled $0.9 million, up 147.4% year over year but below $2.3 million in the first quarter. Native staking produced 440.1 ETH during the quarter compared with 166.8 ETH a year earlier, helping offset the impact of a lower average ETH price. The sequential revenue decline reflected a change in how the company deployed part of its ETH holdings. Bit Digital shifted ETH into liquid staking to provide collateral for financing tied to WhiteFiber. At June-end, the company held approximately 164,310.5 ETH, including ETH-equivalent positions associated with liquid staking and an externally managed fund. Second-quarter gross profit was $18.6 million, translating into a gross margin of 57.9%. Profitability below the gross-profit line was pressured by several sizable charges, including a $46 million impairment related to LsETH and $28.8 million of losses on digital assets. The quarter also included a $5 million impairment of capitalized software assets. Interest costs added another layer of pressure as the company carried convertible notes, collateralized borrowing and other credit facilities. Total operating expenses reached $114.7 million in the second quarter. Operating activities generated $46.8 million of cash during the first six months of 2026, up 33% from the comparable 2025 period. Cash and cash equivalents stood at approximately $83.6 million at June 30, with $27.5 million held by Bit Digital and $56.1 million at WhiteFiber. Bit Digital also raised $50 million against part of its ETH treasury and used its balance sheet to provide WhiteFiber with a delayed-draw term facility carrying commitments of up to $150 million. The structure supplied capital for growth projects, including NC-1, without requiring an ETH sale or new equity issuance by either company. Contract liabilities rose to $143.1 million from $79.6 million at the end of 2025. The company doesn’t plan to sell WhiteFiber shares in 2026. BTBT currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Peers including MARA Holdings, Inc. MARA and Riot Platforms, Inc. RIOT have also posted second quarter 2026 results. MARA Holdings came out with a quarterly adjusted loss of 70 cents per share, wider than the Zacks Consensus Estimate of a loss of 56 cents. However, the bottom line improved from a loss of 81 cents per share a year ago. MARAposted revenues of $174.88 million for the quarter ended June 2026, which missed the Zacks Consensus Estimate by 16.1% and decreased from $238.49 million a year ago. Riot Platforms posted a loss of 68 cents per share compared with the Zacks Consensus Estimate of a loss of 39 cents. Revenues of $174.2 million beat the $148.7 million consensus by 17.20%. It delivered AMD’s initial 25 MW in May on schedule and on budget, bringing recurring operating lease revenues onto the platform. Riot’s Engineering revenues reached $37.3 million, and gross margin was 27.5%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bit Digital, Inc. (BTBT) : Free Stock Analysis Report Marathon Digital Holdings, Inc. (MARA) : Free Stock Analysis Report Riot Platforms, Inc. (RIOT) : Free Stock Analysis Report WhiteFiber, Inc. (WYFI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 9:00 a.m. ET Senior Vice President of Capital Markets and Corporate Strategy - Cameron Schnier Chief Executive Officer - Samir Tabar Chief Financial Officer - Justin Zhu President - Billy Krassakopoulos Vice President of Cloud Services - Michael Francisco Adviser - Eric Lang Operator: Hello, and welcome to the White Fiber Second Quarter 2026 Earnings Conference Call. Good morning, and thank you for joining us. We will begin with prepared remarks from manage. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to turn the call over to your host, Cameron Schnier, Senior Vice President of Capital Markets and Corporate Strategy at White Fiber. Cameron, please go ahead. William Schnier: Thank you, and welcome to the White Fiber Second Quarter 2026 Earnings Call. Joining me today are Samir Tabar, our Chief Executive Officer; and Justin Zhu, our Chief Financial Officer. Before we begin, I'd like to remind everyone that some of the statements we make on this call are forward-looking in nature and subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those factors described in today's earnings press release, our Form 10-Q for the quarter ended June 30, 2026, filed today as well as other filings we may make with the SEC from time to time. Our remarks today may also include non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our Form 10-Q and in the earnings press release posted on our website. Following our prepared remarks, we will open the line for questions. With that, I'll turn the call over to Sam to discuss our performance. Sam? Samir Tabar: Thank you, Cam, and thank you, everyone, for joining us. Last week marked the first anniversary of White Fiber's initial public offering. Over the past year, we've made substantial progress towards the company we set out to build. Most notably, we signed a transformational 10-year agreement, representing approximately $865 million of contracted revenue for 40 megawatts of IT workload at NC1. We've since advanced the project through construction and now into active customer deployment. We've also started operations and turned on revenue at our Montreal 3 location under our Cerebras agreement, expanded our development pipeline, strengthened our capital base and repositioned our cloud services business around larger, longer duration opportunities. We are proud of what we've accomplished in our first year, but we aren't satisfied. We remain in the early stages of what -- we remain in the early stages of what White Fiber can become. Our first -- our most significant accomplishments remain ahead of us. As we enter this next phase, I'd also like to welcome Justin Zhu as White Fiber's Chief Financial Officer. Justin previously served as Senior Vice President of Finance and Chief Accounting Officer. He has been with White Fiber since its formation. He has a deep understanding of our business, financial operations and growth strategy. Eric is stepping away from his executive role at White Fiber to focus fully on Bit Digital. We thank Eric for his important contributions to White Fiber's development. Eric will continue to support White Fiber as a senior adviser and nonvoting observer to our Board. He will provide additional continuity through the transition. We believe this structure provides each company with increasingly dedicated financial leadership as both businesses continue to grow. Turning to our operating update. I'll begin with NC1, which remains our most important near-term operating and financial priority. NC1 has moved into active customer deployment. As of today, approximately 20 megawatts of IT capacity is available to support the installation and testing activities of Nscale and its investment-grade offtaker. Initial billing to our customer has now commenced for the initial tranches of capacity. Remaining equipment start-ups and testing are progressing very well. We expect the remaining capacity to be turned over progressively through August. By the end of this month, the full 40 megawatts of contracted IT load will reach a full run rate billing. As we discussed last quarter, the pace of the ramp was affected by delivering and commissioning issues involving certain switchgear equipment. Those issues have since been resolved. Final deployment also requires tight coordination between the commissioning of our infrastructure and the installation and testing of customer equipment. We worked closely with Nscale on a phased turnover schedule that sequences the work being completed by both parties. While the ramp has taken a touch longer than we originally anticipated, the contracted economics of the agreement remain unchanged. The results speak for themselves. It took disciplined coordination across our team, our customer, the utility, our equipment vendors and our construction partners, all amid persistent supply chain constraints. We believe NC1 shows what White Fiber can do. It demonstrates our ability to execute complex large-scale AI projects. Just as importantly, we have expanded an experienced operating team on the ground. The team spans facility operations, engineering and customer support. This is not simply a development project or a piece of powered real estate to us. It is a mission-critical facility built to operate continuously and support customers over long-term contracts. The people, systems and operating capabilities now in place reduce execution risk as NC1 moves towards full contracted operations. We established a foundation for continued expansion of the campus. We also established a long-term and positive presence with the local community. Ultimately, we're building a durable operating business in North Carolina. The initial 40-megawatt deployment is only the first stage at NC1. We expect Duke Energy to provide a delivery schedule for the next 45 megawatts of gross capacity in the near term. At that point, Nscale will receive priority notification of the available capacity in accordance with our existing agreement. We also received extremely strong inbound interest for this new upcoming tranche. We'll evaluate the path forward based on what we believe will deliver the best outcome for White Fiber. Beyond this, we are working with Duke Energy in further evaluating the potential delivery of an additional 200 megawatts of incremental power to the site. Together with the initial phases, that would bring NC1 to approximately 300 gross megawatts. This is a longer-term opportunity and remains subject to the utility process. We believe it shows how NC1 could scale over time. It also shows why securing the site early was strategically important. NC1 is our flagship facility. It validates White Fiber's ability to acquire, develop and operate large-scale AI infrastructure. We intend to repeat that capability across our pipeline. Turning to our Canadian portfolio. The most significant update is at NTL2. We had paused development while we evaluated the best use of that site. We've now decided to move forward. We plan to develop approximately 5 megawatts of gross capacity targeting completion around year-end. This decision is supported by active discussions with certain prospective customers. We're evaluating 2 deployment paths. The first is traditional colocation. The second is a vertically integrated deployment combining our data center infrastructure and our cloud services capabilities. We'll provide more details soon as customer discussions and the commercial structure progress. Moving on to our other sites. MTL1 continues to perform steadily. Recent customer renewals support a stable outlook, and we're evaluating a modest expansion of that particular facility. At MTL 3, the Cerebras deployment continues to perform well. We're also pursuing additional utility capacity for that site that could support a meaningful expansion over time. The approval process remains ongoing. Beyond our existing portfolio, demand for power-ready, high-density AI infrastructure remains very strong. Demand is particularly acute for 2027 deployments. This reinforces our view that capacity able to reach the market within the next 12 to 18 months will remain extremely scarce. This is where our retrofit-first approach has a clear advantage. We prioritize sites with existing infrastructure and a credible path to power. That allows us to bring capacity to market faster than in traditional greenfield development. Speed to market is a key competitive advantage for White Fiber. We've built a substantial development pipeline. We're concentrating on the opportunities we can advance towards definitive commitments. We remain disciplined with capital. We prioritize sites with clear current and future power visibility, strong customer alignment, attractive return potential and a path towards project level financing. We're also deliberate about sequencing our investments. As permanent financing for NC1 progresses, we expect greater flexibility to advance the next opportunities in our pipeline. We remain focused on moving forward on the right terms and in a way that supports disciplined, repeatable growth. Turning to cloud services. We made substantial progress in transforming the business around larger, longer duration customer engagements and a more capital-efficient operating model. We streamlined the organization and concentrated our resources on the areas where White Fiber provides the greatest value, that being sourcing next-generation hardware, deploying complex clusters and operating infrastructure over the life of a customer engagement. We're encouraged by early results. Our commercial pipeline has expanded considerably. We are increasing converting that pipeline into larger scale multiyear contracts. These agreements are supported by firm customer commitments. Customer prepayments and third-party equipment financing significantly reduced the equity capital required from White Fiber's balance sheet. We're also seeing an important shift in how customers select infrastructure partners. Larger buyers are consolidating their deployments among a smaller group of providers capable of supporting them at scale. While pricing remains important, customers are increasingly prioritizing engineering credibility, deployment execution and reliable ongoing operations. We believe these are the areas White Fiber is particularly well positioned. Since our last earnings call, we've entered into new multiyear cloud services agreements representing more than $540 million in aggregate contract value over their initial terms. Based on contracts signed to date, our cloud services portfolio is expected to generate more than $200 million of annualized revenue once fully deployed. One of the new agreement is with Base 10, an AI infrastructure platform focused on production inference workloads. Under the 3-year agreement, we will deploy 1,392 NVIDIA B300 GPUs at a third-party data center in Ontario. The agreement represents approximately $165 million of contract value over its initial term with service targeted to commence in November of this year. Phase 1 also has the option to extend the deployment for up to 2 additional years, creating potential of upside beyond this committed initial term. Separately, we entered into a 3-year agreement with Prime Intellect, an AI-focused platform on large scale -- focused on large-scale model training and distributed compute. Under the agreement, we'll deploy 576 NVIDIA Ver Rubin 200 GPUs in Canada, marking White Fiber's first Ver Rubin deployment. The agreement represents approximately $108 million of contract value with service targeted to commence in the second quarter of 2027. This Ver Rubin deployment demonstrates the technical depth and expertise of our engineering team. It also aligns to our strategy of focusing on current and next-generation GPUs. Both of these deals expand existing customer relationships, and that illustrates our customers' confidence in White Fiber's engineering and operational capabilities. We also continue to advance our previously announced 5-year deployment in the Paris region, which represents over $160 million of contract value. Following the completion of procurement and site level arrangements, we're targeting an end of September ready for service date. Additionally, we entered into a 5-year agreement with an existing customer supporting the deployment of 576 NVIDIA V300 GPUs in Iceland. The agreement represents approximately $87.5 million of contract value over its initial term with additional potential upside through revenue sharing. We expect deployment to commence later this year. Beyond these dedicated infrastructure deployments, we're seeing meaningful demand for our managed services offering. Under this model, customers fund the underlying hardware and data center capacity, while White Fiber applies its technical and operating capabilities to deploy and operate the infrastructure on their behalf. Managed services would allow us to generate revenue without funding the underlying equipment, creating a hyper capital-efficient path to growth. This model will also leverage systems and personnel and expertise that are pretty much already in place. This creates the potential for attractive incremental margins with limited additional direct operating expense. We're in active discussions regarding several potential managed services engagements, including larger scale opportunities. We believe managed services can become an increasingly important capital-light extension of our business. To support cloud growth in 2027 and beyond, we've entered into an agreement with data center developer and operator, Krambu. The agreement provides White Fiber with exclusive access to 100 megawatts of liquid cooled colocation capacity beginning in 2027 with the potential to expand over time. Access to deployable power remains a key constraint across the industry. This agreement provides an important pathway to additional capacity for our cloud services business. Taken together, these developments demonstrate the progress we're making toward a scalable cloud services model. We can secure access to deployable capacity. We can provide dedicated infrastructure through long-term customer commitments. We can access third-party equipment financing, and we can apply our technical expertise to customer-funded infrastructure through managed services engagements. These models allow us to pursue longer duration revenue while maintaining discipline around WhiteFiber's capital investment. Finally, we continue to advance our cross data center networking initiatives. During the quarter, we successfully demonstrated 111.2 terabits per second of bandwidth with guaranteed sub-millisecond latency across 83 kilometers. We believe our patent-pending technology has the potential to create significant platform value for White Fiber. By enabling certain AI workloads to operate across geographically separated facilities, it could allow us to aggregate smaller blocks of power and compute into a single integrated environment, thereby creating a virtual super cluster under one logical system. This could expand the commercial utility of capacity that might otherwise be difficult to monetize independently. This would also increase the value of WhiteFiber's broader site portfolio. We're now validating specific customer cases for this technology. We're targeting an initial commercial launch of this new technology by this September. Given the proprietary nature of the architecture and the early stage of commercialization, we're not disclosing all aspects of the technology and commercial mode for now. Over time, we believe this opportunity could extend beyond WhiteFiber's own infrastructure through licensing and other commercial structures involving third-party facilities. Across both colocation and cloud services, the demand backdrop remains extraordinary. We're being deliberate about how we grow. Our priority is to pursue the right sites, customers and deployments. We will scale at a pace that allows us to execute consistently, maintain a high standard of service and continue building White Fiber's reputation as a trusted infrastructure partner. I'll now turn the call over to our Chief Financial Officer, Justin, to discuss our financial results. Go ahead, Justin. Justin Zhu: Thanks, Sam. Second quarter revenue was $28.8 million, an increase of 54% from $18.7 million in the second quarter of 2025. Cloud services revenue was $23.8 million compared with $16.6 million in the prior year period. Revenue for the quarter included approximately $12.3 million associated with the previous disclosed customer termination. The termination also result in approximately $4 million of related expenses payable to the GPU lease provider, which was recorded in cost of revenue. Underlying cloud services results also reflected temporary downturn between the termination of prior contract and the commencement of the newly signed replacement contract. Colocation revenue was $4.7 million compared with $1.7 million in the prior year period. The increase primarily reflects the contribution from MTL 3, which commenced operation under our agreement with Cerebras in fourth quarter 2025. Gross profit, excluding depreciation and amortization was $17.1 million, representing a gross margin of approximately 59% and this compared with gross profit of $11.5 million and gross margin of approximately 61% in the prior year period. G&A expense was about $14.8 million, down from the $17.8 million in the first quarter. The sequential decline primarily reflected lower professional and consulting expenses and lower share-based compensation expense. G&A for the quarter also included approximately $2.2 million of bad debt expense associated with the previous disclosed customer termination. Adjusted EBITDA was about $5.5 million compared with $3.3 million in the prior year period. A reconciliation of adjusted EBITDA to net loss is included in our earnings release and Form 10-Q. Net loss was $15 million or $0.39 loss per diluted share. The net loss reflects a higher depreciation and interest expense associated with the expansion of our infrastructure and related financing activities. We ended the quarter with $56.1 million of cash and cash equivalents. Deferred revenue was approximately $143 million and primarily reflecting customer prepayment associated with our NC-1 site and cloud services deployments. During the quarter, we added approximately $83.2 million of project level equipment and bridge financing to support the continued development of our colocation and cloud services infrastructure. As Sam mentioned discussed earlier, completing the permanent financing for NT1 will further strengthen our financial capacity and allow us to recycle capital into future development. Overall, the quarter reflected continued positive adjusted EBITDA and substantial investment in infrastructure supporting our contracted growth. We remain focused on converting the investment into recurring revenue and cash flow while maintaining discipline around capital deployment. I will now turn the call back to Sam. Samir Tabar: Thank you, Justin. Before we open the call for questions, I want to leave you with a few thoughts. Last quarter, we said the pieces of our development model were beginning to come together. They are. Since then, NC1 has moved into active customer deployment and toward full contracted operations. We've also focused our pipeline on the opportunities best positioned to move forward. Importantly, we have recently entered into exclusivity with a consortium of well-known lenders for the proposed secured financing for NC1. The parties have commenced diligence, are negotiating definitive documentation and are working toward closing subject to customary approvals and conditions. This financing process has taken longer than we initially anticipated. But finally, reaching exclusivity and negotiating definitive documentation represent meaningful progress. If completed, the financing would return a significant portion of the capital invested in NC [Audio Gap] it would also allow us to advance the next site in our pipeline. But as my lawyers have advised me to say, there could be no assurance that the financing will be completed on favorable terms or at all. This financing would also complete the first turn of the development flywheel we've described. We acquire Power Advantage infrastructure, we secure long-term customer commitments. We develop and stabilize the asset. We then access institutional capital and recycle our equity into the next project. Completing that first turn would represent an important inflection point for our colocation business. We believe our next opportunity is also becoming increasingly tangible. Several sites have advanced significantly through our diligence process. Among the most actionable is a site that could support approximately 60 megawatts in 2027 and scale to more than 250 megawatts over time. The site has passed substantial diligence. We are now actively negotiating a purchase agreement as we complete the final stages of our evaluation. Power available at this scale in 2027 is scarce. Our retrofit-first approach can bring capacity to market faster than traditional greenfield development, creating a meaningful speed-to-market advantage in a supply-constrained environment. We believe this combination of scarcity and speed to market should support premium economics. Across our pipeline, we're increasingly prioritizing opportunities with investment-grade credit support. We believe this will enhance project finance ability and execution certainty. This reflects the same disciplined sourcing approach that produce attractive economics at NC1, advantage power, speed to market and strong customer demand. We're not pursuing growth for its own sake. We're focused on opportunities that combine advantaged power, credible customer demand and financeable contract structure. Completing the NC1 financing would strengthen our ability to act on opportunities that meet those standards. In cloud services, we're also converting strategy into signed contracts. The multiyear agreements we've signed since our last earnings call meaningfully expand our contracted revenue base and improve revenue visibility. These deployments are structured around firm customer commitments and are designed to be funded through customer prepayments and third-party equipment financing. This limits the capital required from white fiber while allowing us to retain attractive economics. For the most part -- excuse me, for most of the past year, we've been building the individual pieces of this strategy. We're now beginning to demonstrate how they all work together. In colocation, we're moving towards a repeatable model for developing and financing long-term contracted infrastructure. In cloud services, we're pursuing longer duration customer engagements designed to generate attractive returns with limited white fiber capital. This is still -- there is still important execution to be done ahead of NC1 and on the financing, but completing this first turn of the flywheel would position us to enter 2027 with greater financial capacity, a larger contracted revenue base and a more actionable development pipeline. We remain focused on execution, capital discipline and building durable value for our shareholders. With that, we're ready to take your questions. Joining us today for Q&A are White Fiber President, Billy Krassakopoulos; Chief Financial Officer, Justin Zhu; Eric Lang, an adviser to White Fiber and our former -- and of course, our former Chief Financial Officer; and Michael Francisco, Vice President of Cloud Services. Operator, please open the line. Operator: [Operator Instructions] While we'll take our first question from Nick Giles with B. Riley Securities. Nick Giles: It sounds like demand is really strong for the remaining available capacity at NC10. Just hoping you could speak to that commercial process and kind of when you would ultimately cut it off or if you would be willing to kind of entertain other potential counterparties at this point? Billy Krassakopoulos: Billy, would you like to take that? Sure. Thanks, Sam. Nick, we're still in the early phases of that. It's still a little early to comment on timing of when we would be able to set that up for any clients right now. Nick Giles: Fair enough, Bill. Samir Tabar: It is -- I was going to add to that, but go ahead, Billy. Billy Krassakopoulos: It is imminent. I mean we're fully focused on, like Sam said, completing that first turn of the flywheel and Phase 1 of North Carolina. But the next step is marketing and putting together a full project plan for Phase 2. Samir Tabar: Yes. It's just worth mentioning and reiterating to Billy's point that these are -- we have wonderful champagne problems for Tranche 2. We have overwhelming demand for that. We do have a notification. We have our -- we have a legal obligation for Nscale to have to just notify them on the second tranche. But every counterparty is certainly looking at that. second tranche, and they've seen what we've been able to do already with the first tranche, and we've proven ourselves over and over again on how to get things done on time and within budget. So we're -- we'll be playing catch on the demand. We'll make sure that the economics are as premium as they can be for white fiber. Nick Giles: Great. I appreciate that. And then maybe just on the new site side, I was curious when you eventually acquire the site, kind of where it stands today, what type of development work you would be willing to complete before any commercial signing just to ensure that '27 delivery. Samir Tabar: Bill, do you want to take that again? Billy Krassakopoulos: Sure. We're looking at similar situations to North Carolina One, buildings that we can go into quickly, retrofit them. And I mean, our key advantage here is speed for ourselves and for our clients as well. The quickly we develop -- the more quickly we develop these properties, the more quickly we get clients in them, it serves both purposes. But the overall strategy that we're looking at is very similar to what we've accomplished at our North Carolina 1 facility. Operator: We'll go to our next question from Greg Lewis with BTIG. Gregory Lewis: I was hoping we could talk a little bit about the cloud service business. Congratulations on bringing on a couple more customers. One of the things we've been hearing is that there's ample opportunities to bring on prepayments. How do you balance those upfront prepayments as you're thinking about your structures versus the overall return on, say, a multiyear cloud service business? Just trying to understand, I guess, what the hands worth going to bush, but just kind of curious how you're thinking about that as we continue to build out the cloud business. Samir Tabar: Glad you asked that question. We have Michael Francisco, who is in the weeds of all that on the cloud side. Go ahead, Michael. Unknown Executive: Thanks, Sam. So the way we think about this is we evaluate all of our deals at the project level and look for healthy terms across the life cycle of that deal. When we started kind of restructuring the cloud business earlier this year, we set some -- we set a framework around that, that really forced us to think about how we run this business in a way that might be a little bit different from the rest of the market and really focusing on high-quality customers as well as deals that have a positive cash flow throughout as well as deals that limit the amount of capital that we have to take out of our own funds in order to make those deals happen. So when we think about the prepayments, that is a mechanism that we can leverage in order to help reduce the amount of capital that we deploy in support of these deals. And then we look at the structure of the deal across its life cycle to ensure that it is cash flow positive and get creative around the last couple of years on those deals. So you noticed as an example, Base 1 has a 2-year option for the customer to extend that deal. We can be creative with how we structure that to both benefit the customer over the term of that deal, but also allow us to adhere to the parameters we set out upfront. Gregory Lewis: Okay. Super helpful. And then my other question was around the pipeline. I guess the way -- like how do we think about with the growth pipeline, some of these projects where from a colocation standpoint, I'm assuming that those megawatts are just going to be bigger when -- versus, say, sites where we're going to use cloud services. But really, what I'm wondering is, could we see opportunities over the next couple of years where we're using a colocation customer, but also at the same location, maybe not in the same buildings, running GPU as a service. Is that something how we're thinking about maybe scaling that business also? Samir Tabar: Yes, in fact. Michael, you should take this -- take that answer, but we'll be doing that, I think, sooner rather than later. Go ahead, Michael. Unknown Executive: Yes. Getting to the vertically integrated model has always been the goal. And so to make that happen, we have to have our development pipeline on the data center side align with our customer pipeline on the cloud services side and have customers of the right quality that will allow us to get the right cost of capital to make that an interesting arrangement for us. We -- Billy and I have been talking about how we go get this done. And I think the time line on this has gotten shorter versus longer. And so ultimately, I think we will see a move to that. I don't think we will see all cloud services roll into the data center business, and I don't think that all customers at the data center level will come from the cloud business, but we'll be opportunistic about how we do that and look for other opportunities such as the arrangement with to identify and build capacity for our customers that we don't place in those data centers. It is something we want to get to, and we're getting there more quickly than we thought. Gregory Lewis: Super helpful. And congrats on getting NC1 off and running. Operator: We'll next go to Raimo Lenschow with Barclays. Raimo Lenschow: Congrats from me as well. That's amazing progress across the board, actually. I have 2 quick questions. One is, if you think, Sam, it's for you, as you think about the business, how do you think about the mix that we should think about in the long run between cloud services, colocation, -- you talked about managed services as well. on the last answer, it sounds like the first 2 are related, but how do you think about the evolution of the mix there and the pros and cons? And I had one follow-up. Samir Tabar: Is the question, what do I -- how do we think of the colocation business and the cloud business and the pros and cons of mixing the 2 rather than keeping them separate? Is that the one? Raimo Lenschow: And pursuing one more than the other, like just completely 2 slightly separate ways of doing the work. Samir Tabar: Well, aside from -- I'd love Michael to add to this, but aside from the market assigns different multiples. to colocation versus cloud, and they both require different types of expertise and skill set. We have 2 very separate teams working on those businesses. Our colocation team is very separate from the cloud team and vice versa. And that's by design because, again, it's a very different skill set. And integrating the 2, I sometimes wonder if that will affect multiples, but there's also a big reason to integrate the 2 because in a way, we can sort of double dip into the margin into the profits of the revenue. So maybe, Michael, if you want to add to that. But I know it's an ongoing debate that we have internally, and there is a path towards integrating the 2, which is what we're thinking about doing soon. I would love to hear from Michael if he has additional thoughts about that. Unknown Executive: Yes. I think that there are benefits to both models there. But the way that we have it structured today, I actually think creates a good tension -- a healthy tension within the business. In order for the cloud business to be able to become a customer of the data center business and partner on those vertically integrated projects, we almost have to earn that opportunity. We are not -- the data center team is not beholden to the cloud organization to put our customers in those locations. Instead, we need to have a compelling customer and a compelling economic case in order to displace some of the demand that they already have. And I think that tension is very healthy because it allows the cloud team to have some goals and some parameters around how they're going to actually be able to do that vertical integration. So again, I could see benefits to both sides, but I think the healthy tension inside the organization and the desire for the cloud team to partner more closely with the data center team on specific projects is good for all of us. Raimo Lenschow: Okay. Perfect. And then can you talk to the managed service approach? Like how -- I mean, obviously, it helps you a lot on not having to deploy capital, et cetera. But like what sort of a margin profile that you -- that we should think about there? Unknown Executive: The managed services model is pretty interesting. It was actually something that we put together in anticipation of internal enterprise adoption of AI for R&D and kind of internal development projects. What we found as we put that together is that the demand for it is much greater than enterprise customers who traditionally want to actually own the CapEx expense for a number of different reasons. We're actually seeing a lot of demand both from other Neo clouds, interesting financial partners as well as some of the frontier and AI labs that are -- or have grown to a point where they're actually considering taking on some of the CapEx. From a margin perspective, we see a very healthy margin on those. And I'm going to pause for now on talking about margin until we have some other things to talk about around this. But one of the key benefits, along with the capital-light kind of deployment opportunity is that we start driving a meaningful margin from day 1. So because we are not working on having to pay off finance debt or data center costs, all of the revenue that we produce as part of those deals starts evenly creating revenue for the company from day 1 throughout the life cycle of the deal. And then on top of just standard development and operations, we have adjusted the way we think about software development, focusing our internal software development primarily on projects that help us drive revenue and balance sheet growth. So we have a road map focused on how do we drive better efficiency to reduce costs, and we have a road map to think about how we drive incremental value for customers and revenue inside of those deals and deployments. On top of that then, we layer on third-party services to provide an appropriate toolbox of APIs for developers that are leveraging our bare metal solutions. So it allows us to have layers of sales opportunities on top of each of these managed services deals that create incremental revenue and incremental margin and significant value for our customers. In general, the margin profile would look more like a software offering than a hardware offering. Operator: And we'll take our next question from Brian Dobson with Clear Street. Brian Dobson: So you've been signing a significant number of contracts and agreements over the past quarter. I guess as you're in discussions with those clients, do you find that they're leaning more toward longer duration contracts? And I guess, how is the execution that you've done at NC1 impacting those conversations? It must be a net benefit? Samir Tabar: I don't think the execution at NC1 is related to the cloud contracts that we've been signing up. They're 2 separate businesses. But maybe, Michael, do you want to just speak about the longer duration contracts on the cloud side? And I'm happy to double-click on if there's anything unanswered, Brian, feel free to ask away. I just want to make sure your questions are answered. Go ahead, Michael. Unknown Executive: On the cloud side of the business, we're seeing an interesting dynamic with regard to term of contract. Last year and kind of coming into this year, customers were often looking for shorter-term arrangements. But with the dynamics of the pricing that we're seeing inside the cloud GPU model, I think customers are starting to reevaluate how they procure these and on what duration. If we look at H100s are probably the best example, given they've been in the market the longest, the actual cost per GPU hour for those is actually higher today than they were when they released into the market. And so customers are looking at some of those dynamics and then considering what is their total cost of ownership or total lease cost across the life cycle of those deals and looking to both, a, preserve their access to those GPUs, so they're not having to go out and fight a tough market 3 years from now to go find new capacity, but also looking for ways to bring that cost down and ensure that they have access to those GPUs for as long as makes sense for them. And so those longer duration contracts also allow us to adjust the economics within those deals in a way that's favorable to the customer and actually helps improve our margin throughout the life cycle. So there's a couple of dynamics there, both in terms of in the market and kind of how customers are thinking about these things that are influencing these longer-term deals. Brian Dobson: Yes. Great. And then you mentioned that your next opportunity is now in late-stage diligence, I guess. Can you give us a little bit more color on what that might look like? And at this point, given your experience, would you favor like a single campus opportunity or a multi-campus portfolio type of development? Samir Tabar: Yes, those are great questions. Billy, do you want to take that? Billy Krassakopoulos: Sure. So it's leaned towards a single tenant opportunity. And again, think of the process that we went through for North Carolina One, kind of the same deal here, final stages of due diligence. We'll be marrying the opportunity to a client shortly if everything goes well with the technical due diligence and executing the same game plan that we've done and are completing right now in North Carolina One. Operator: We'll take our next question from George Sutton with Craig-Hallum. George Sutton: So a lot of great updates. I wanted to take a higher-level view on one of the challenges in the market recently have been the not in my backyard theme. And it would seem to me that retrofits along with your cross DC initiatives would be great answers to that challenge. Can you just talk through that in terms of the things you're looking at? Samir Tabar: Yes, certainly, and Billy will talk to that just before he starts, I do want to embrace how important it is to engage with the community. We had a Community Day at North Carolina One, and we discussed how we're taking 85% less water than the previous tenant that there'll be less noise than the previous tenant. The retrofit format really does solve a lot of the pushback related to data center build-out, particularly against Greenfields. And so we think engaging with the community, getting support from local community leaders using retrofit as opposed to greenfield really does help solve a lot of the problems that are being discussed right now nationally. In fact, CNN just published a pretty long interview about WhiteFiber's approach and how it's uniquely designed to help mitigate all the pushback. I would encourage all the listeners to listen in on that. Billy, do you want to add a few more points on that question? Billy Krassakopoulos: Yes, for sure. I mean, like Michael said, the GPU division and the data center division work hand-in-hand and the cross data center platform is going to enable us to deploy that technology in our sites and all the projects, all the stuff in our pipeline that we've been presenting have always been deemed on the smaller side, 30 megawatts, 60 megawatts, 99 megawatts. There's a reason for that. It's done on purpose. Like we're able to execute these sites much quicker and bring that capacity online much quicker than competitors can, like we've proved with North Carolina One. And with the cross data center platform, we can bundle these sites into larger clusters. So all this stuff is work in progress, stuff that we're cooperating together with the GPU division and the data center division, and it's all strategic. Samir Tabar: Yes. I want to highlight that point that Billy made. This technology that we patented was patent pending is very unique. And the reason for it -- the impetus for it is if we have these smaller modular sites and if we can create a super virtual super cluster on these modular sites, we can basically solve for disparate smaller sites and just create them into these virtual larger ones under one logical system. And so this technology helps basically solve for that issue. And if we have smaller sites, we could just connect them through this technology, which we think is transformational for the industry, let alone white fiber. George Sutton: Makes great sense. One other question on Krambu. So if I understand it, you have worked out access to 100 megawatts in 2027 with Power Access. Can you just walk through how that's influencing what's in your pipeline and how you're -- just a little bit more on that deal? Billy Krassakopoulos: Yes. So the genesis for this, we have been working with Krambu for quite a while, and we have some -- a couple of deals in late stage that we hope to be able to talk about where we're leveraging their facilities. Both Krambu and ourselves see the market today is trying to solve GPU and power access as 2 separate problems. And it's really hard to get those time lines to match with customer demand and their own time lines and goals and priorities around deploying the infrastructure. By partnering together, we create a single phase, and we can align our -- both of our sales pipelines as well as our supply chain pipelines together in order to provide very clear views into what's available and when for our customers. The genesis of this actually started as a technical collaboration because as we've shifted our focus to the physical layer of GPU infrastructure, we have been working with them around how do we think about driving the most value out of these highly dense GPU clusters. And so for us and them being able to bring the skill sets of our engineering teams together as well as align on the availability time lines. We have a very compelling kind of offering and workflow for customers who are looking to do planning going forward, particularly those customers who have, I would say, defined scaling plans where we can align their needs with what we have upcoming. From how it has affected our pipeline, it's actually what it has done today because we're just announcing this. So we'll see what it does relative to growing the pipeline. But what it does is it makes some of our pipeline more realistic in terms of being able to fulfill those customer demands, both more near term, but also long term. We had the good fortune of expanding a couple of customers this quarter, and we have others that we're talking to about working with them to partner across the next 12 months around their deployments and what they need and an arrangement like Krambu allows us to give them a very clear time line and be able to fulfill and act as a good partner for them to help fulfill those needs. Operator: We'll take our next question from Paul Golding with Macie Capital. Paul Golding: Congrats on all the progress. Just wanted to ask initially on the 200-megawatt incremental opportunity at MC1 that Duke is evaluating. How would you expect to see that capacity potentially come on? Would it be phased once again as with the first around 100 gross? Or would you expect to see this load study potentially lead to the full 200 coming on all at once? And then how might you market that? And then I have a follow-up. Samir Tabar: Billy, you should definitely take that one. Billy Krassakopoulos: Paul, a little difficult to say right now. It's still too soon in the game for that. There will more than likely be one or even multiple sites that we're enacting on before that 200 megawatts is approved or any schedule for deployment on that is to be released. Paul Golding: Understood. And then maybe from a cloud perspective, just turning to the comments on the prior question. I just wanted to double-click on the GPU availability itself. We've been seeing in the marketplace, of course, how constrained GPU capacity is through this partnership that you have, just in terms of access to the compute, how -- I guess, how confident are you into sort of the forward-looking availability of that supply, in particular, as you noted that you have a new cloud services agreement around Vura Rubin and V300 infrastructure, maybe in particular around Vura Rubin, given the memory considerations there and presumably the opportunity to sell through at a higher price to your customers. Just how is the absolute quantum of availability of compute looking based on the relationships that you have? Billy Krassakopoulos: So I'll address this in 2 parts. So the first part is relative to our relationship with Krambu, it actually helps us with availability, being able to leverage both our connections kind of across the industry from OEMs and NVIDIA as well as their own allows us a little bit better access. And I think some of the work they've done around cluster density and kind of the footprint and how their data centers are designed have helped them obtain some allocations that we can then take advantage of. So on the whole, it is a net benefit to us to be able to have this partnership relative to allocations. A second piece, I think I would like to address on this is that one of the things that we did when we went to restructure this business is to put a strategy in place that prevents us from chasing our tails around near-term GPU demand. It's funny, one of the things that our customers love about us is that we're very willing to say no. And the reason we say no is because we do not want to be able -- we do not want to put ourselves or our customers in a position where we are making commitments around delivery time lines that we are not absolutely certain that we can meet. And so a lot of the discussions we're having are for deployments that are far enough out that we can be very certain that we can get the GPU allocations in place in order to serve those customers. And particularly for those customers that are partnering with us to scale, we are looking out at a time line of about 12 months. And so it's a little bit easier for us to make sure that we can source the right infrastructure in order to support those customers because of the way that we've set the business up. Paul Golding: Maybe just to sneak one in on the back of that response. Do you -- might we expect to see White Fiber buying GPU compute speculatively in the marketplace based on your visibility to this sort of demand curve and how it's coming to you and realizing committed contracts? Billy Krassakopoulos: Perhaps, but I don't see that happening in the near term. It would have to be really the right opportunity for us. If I go back to the initial parameters that we put in place as we started restructuring the business, that speculative purchasing doesn't really fall into that. Now there are some things that we're working on where it might make sense for us to do that in the future, but I'm not ready to comment on kind of what those developments are. But I will say that today, we are really focused on fulfilling real customer need based on real contracts. with high-quality customers. And so the speculative purchasing is not a thing that's on the table for us at the moment. Priority given our available capital today. Operator: We'll take our next question from John Todaro with Needham & Company. John Todaro: I was hoping to just get a little bit more commentary on the financing market, whether for NC1 or some of the future sites, the most likely guarantors here. We talking about chip manufacturers? Are the banks starting to step in more? In the future, do you target more hyperscaler leases? Just any commentary there. Unknown Executive: I mean, overall, I mean, we're really just trying to solve for the lowest cost of capital. And I think we've had certain things that we've learned along the way in this NC1 financing process that, as noted, has taken longer than expected, and there would have been certain contractual features certainly that would have made it easier to finance. So we know what we need to solve. We know that we want to establish a structure with counterparty that's financeable from day 1 and have that firmly underwritten. So whether that be directly with a hyperscaler, backed by a chip manufacturer, whatever structure is really advantageous from a cost of capital perspective. That's kind of our priority. So there's not one above the other. It's really just solving for the lowest cost of capital and the best financing structure. John Todaro: Okay. Understood. Makes sense. And then one on the Cloud segment. It seems like pretty good pricing on all of them. The GPU per hour pricing I was backing into was ranging from $3.47 up to above $7. And I think that lower one includes a revenue share, so it likely comes even better. Just wondering if margin starts to expand maybe sooner than folks were initially thinking, I would love to just get your thoughts there on that margin expansion opportunity. Unknown Executive: So from a margin expansion standpoint, as we look across the deal types, I think we will see an improvement in margin kind of across our deals as we look at the mix that we're looking to deploy over the coming years. The customers that we talk to are especially these folks that are more mature in the AI lab space or in other areas or particularly in the enterprise, they understand the balance between cost and quality and overall ROI on those clusters. And so many folks have been burned kind of going for the cheaper pricing and winning -- in doing so, they actually get less value out of that because they suffer from more downtime missed SLAs and those sorts of things. So because of the quality of our engineering team, we are able to deliver really high-quality deployments. And as a result of that, that's the thing that customers are willing to pay a bit more for. So I think we will see improvement for a couple of reasons over time, but it's going to take some time for that to develop. Operator: We'll next go to Michael Donovan with Compass Point. Michael Donovan: Congrats on the progress, guys. So you now have operations across the U.S., Canada, Iceland and France. How do you think about geographic expansion from here? What other markets look most attractive? And what factors are driving where you may potentially expand? Samir Tabar: Those are probably different answers depending on the business unit. Billy, do you want to talk about it from a colocation perspective and then Michael can discuss it. Billy Krassakopoulos: Sure. On the data center colocation side, it's quite simple. It's a mix of client opportunity and where we can marry that and match that with available power in the time line required. So everything that we're looking at right now is mostly in the United States, a little bit in Canada for the data center colocation side. Unknown Executive: On the cloud side, it's -- pardon me, sorry, you there. On the cloud side, it's really driven by customer demand. And customers have different requirements for where they want their GPUs to be placed, whether it be for compliance reasons or other things, performance due to low latency, things like that. So it's really driven by our customers. And so most of our deals that we're seeing today are in North America, but we are seeing some interest in European deployments, particularly for folks that have GDPR concerns, things like that. So we'll see how that goes over time. But right now, the economics of where we place those GPUs also has an impact. And right now, the U.S. is the most attractive market relative to what we're seeing from our customers. Michael Donovan: That's helpful. And I understand you want to keep discussions at a high level, but on Project Redwood and cross data networking, is this primarily suited for inference? Or could it support training as well? And theoretically, how many geographically separate sites could you aggregate? Unknown Executive: Today, the way that we're building it is to support multiple use cases. One of the reasons why we selected Modal as the customer for our R&D cluster is because they were doing some intense training workloads. And those workloads being able to put those clusters and run them as a single virtual cluster, training is the most demanding workload that we could put on there. So I think we can support kind of both ends of the spectrum from training to inference, and it will be interesting to see what kind of use cases our customers want to use that for because while we talk about it as a single virtual cluster is kind of the primary way people are talking about that today. There's lots of other potential use cases we can look at from telecommunications to edge computing and others. So we'll be really interested to see what our customers want to do with that once we bring that to market and finalize the testing across the full fiber span. Operator: And our last question comes from Nathan Francovitz with Cantor Fitzgerald. Unknown Analyst: Just on the cross data center product, I guess, how do you think about the long-term opportunity? And what's the pathway to monetization? Is it more of an internal capability? Or can you talk through like the potential scalability for commercialization? Samir Tabar: Could be both internal and we're even thinking about licensing it, but Michael is leading that work stream. So go ahead, Michael. Unknown Executive: Thanks, Sam. Yes, Sam is correct. I think there's -- and as Billy mentioned earlier as well, we think there's some really compelling use cases for our own internal utilization of this, whether it be connecting 2 large sites with lots of megawatts. There's clearly some economic value in being able to connect as an example, to 50-megawatt sites and go market that as 100. There's some value in that. There's also value in being able to leverage fragmented power resources. Samir Tabar: That's an understatement. There is massive value in that. Unknown Executive: So I think as power continues to become a challenge for folks, being able to aggregate multiple sites into a single cluster is going to be a value proposition. And we don't know yet what's going to happen from a legislative standpoint. But say we get to a world where there are taxes applied to clusters -- or excuse me, data centers over certain megawatts, this technology allows us to really think strategically around how we deploy it in order to preserve kind of the economic value of the sites by kind of bringing them together. In terms of the number of sites, we will see. The next phase of testing around this will be to test and demonstrate the efficacy of the hub-and-spoke model. And so we believe that it can expand significantly, but we will wait to see when we have some real data that we can present to the market. Operator: I'd now like to turn it back to our speakers for any final or closing remarks. William Schnier: Sorry, I was on mute. Thank you, everyone, for joining us today. We look forward to the next quarterly call. Until then, we'll be working very hard and delivering results. Thank you. Operator: Thank you. And this does conclude today's call. We thank you for your participation. You may now disconnect. Before you buy stock in WhiteFiber, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and WhiteFiber wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. WhiteFiber (WYFI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Successfully transitioned NC1 into active customer deployment, with 20 megawatts currently available and the full 40 megawatts expected to reach run rate billing by the end of August. Attributed the slight delay in the NC1 ramp to commissioning issues with switchgear equipment and the need for tight coordination with customer equipment installation, though contracted economics remain unchanged. Pivoted the cloud services business toward larger, longer-duration engagements, securing over $540 million in aggregate contract value since the previous earnings call. Leveraged a 'retrofit-first' development approach to prioritize sites with existing infrastructure, providing a speed-to-market advantage in a supply-constrained environment for 2027 capacity. Demonstrated proprietary cross-data center networking technology capable of 111.2 terabits per second bandwidth, intended to aggregate geographically separated facilities into virtual superclusters. Strengthened the management team by appointing Justin Zhu as CFO, ensuring dedicated financial leadership as the company moves from development to stabilized operations. Entered exclusivity with a lender consortium for NC1 permanent financing, which is expected to recycle capital into the next phase of the development pipeline upon completion. Actively negotiating a purchase agreement for a new site capable of supporting 60 megawatts in 2027, with potential scaling to over 250 megawatts over time. Targeting a year-end completion for a 5-megawatt expansion at NTL2, evaluating both traditional colocation and vertically integrated cloud deployment paths. Anticipating Duke Energy to provide a delivery schedule for the next 45 megawatts of gross capacity at NC1 in the near term, with strong inbound interest already recorded. Developing a 'managed services' model to allow customers to fund hardware while White Fiber operates the infrastructure, creating a capital-light path to incremental margins. Recorded $12.3 million in revenue and $4 million in related expenses associated with a previously disclosed customer termination in the cloud services segment. Recognized $2.2 million of bad debt expense during the quarter linked to the same customer termination event. Management cautioned that while exclusivity has been reached for NC1 financing, there is no assurance the deal will close on favorable terms or at all. Supply chain constraints for high-density AI infrastructure remain a persistent headwind, requiring disciplined coordination with equipment vendors and utilities. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management described 'overwhelming demand' for the upcoming 45-megawatt tranche, noting they will prioritize premium economics and investment-grade credit support. Confirmed a legal obligation to provide Nscale with priority notification for available capacity under existing agreements. The company uses prepayments as a mechanism to reduce the equity capital required from its own balance sheet while ensuring deals remain cash flow positive throughout their lifecycle. Management noted that larger buyers are increasingly prioritizing engineering credibility and reliable operations over pure pricing. The partnership aligns sales and supply chain pipelines to provide customers with clear 2027 deployment timelines that match GPU availability with power-ready sites. The agreement provides White Fiber with exclusive access to liquid-cooled colocation capacity, addressing the industry-wide constraint of deployable power. The technology is designed to support both training and inference workloads, allowing the company to monetize smaller, fragmented power resources by linking them logically. Management is evaluating licensing opportunities for third-party facilities in addition to internal utilization across their own portfolio.

WhiteFiber (NASDAQ: WYFI) reported Wednesday that second-quarter revenue rose 54% to $28.8 million as its NC-1 campus in Madison, North Carolina, began billing customers. The operator expects full contracted run-rate billing across 40 MW of critical IT load later in August. Cloud Services revenue climbed 43% to $23.8 million, with $12.3 million attributable to a previously disclosed customer termination. Colocation revenue grew 173% to $4.7 million, while adjusted EBITDA rose 69% to about $5.5 million. WhiteFiber reported a $15 million net loss, or $0.39 per diluted share, versus an $8.8 million loss a year earlier. Before depreciation and amortization, gross profit came to $17.1 million, with a margin of about 59.4%. Stay ahead of AI infrastructure deals. Get Blockspace in your inbox. NC-1’s initial 40 MW deployment supports a 10-year colocation agreement with Nscale worth about $865 million over its initial term. The contract includes two 20 MW phases, 3% annual escalators and pass-through charges for electricity, property taxes and power usage effectiveness-related costs. WhiteFiber recorded $932.9 million of remaining colocation performance obligations as of June 30, primarily from the Nscale agreement. The site currently has a 99 MW capacity agreement with Duke Energy, although WhiteFiber said NC-1 could eventually scale toward approximately 300 gross MW, subject to further development. “At NC-1, we moved from construction into active customer deployment. Initial billing has commenced, and we expect to reach full contracted run-rate billing across the 40 megawatts of contracted IT load later this month,” CEO Sam Tabar said. WhiteFiber has entered exclusivity with a lender consortium for proposed secured financing on NC-1. The financing remains subject to diligence, definitive documentation and customary approvals, with no assurance that it will close on favorable terms. At quarter-end, the operator held $60.4 million in cash and restricted cash. It later expanded its RBC credit facility, bringing commitments to as much as CAD $115 million, with a potential CAD $25 million accordion, and had drawn CAD $36.8 million as of July 15. WhiteFiber also has a $100 million delayed-draw loan from Bit Digital Capital, with an option to expand it to $150 million by mutual agreement. Earlier Blockspace coverage detailed the loan’s 9.5% initial interest rate and step-down to 8% after specified construction and leasing milestones. WhiteFiber signed more than $540 million of new multi-year Cloud Services agreements after its May earnings call. The portfolio includes a $165 million Baseten deployment using 1,392 NVIDIA B300 GPUs in Ontario, an $87.5 million Iceland deployment and a Paris-region contract exceeding $160 million. A separate three-year Prime Intellect agreement covers 576 NVIDIA VR200 GPUs in Canada and carries about $108 million of contract value. WhiteFiber expects that deployment, its first using Vera Rubin infrastructure, to enter service in the second quarter of 2027. Stay ahead of AI infrastructure deals. Get Blockspace in your inbox. WhiteFiber aims to commercially launch its cross-data-center networking product in the third quarter. According to the company, testing across an 83-kilometer link produced 111.2 terabits per second of aggregate throughput and about 0.9 milliseconds of round-trip latency.

Interested in WhiteFiber, Inc.? Here are five stocks we like better. Q2 revenue rose 54% to $28.8 million, led by cloud services growth and higher colocation revenue. Adjusted EBITDA increased to approximately $5.5 million, though WhiteFiber reported a $15 million net loss, including costs tied to a customer termination. WhiteFiber began customer deployment at its NC-1 North Carolina campus, with the full 40 MW of contracted capacity expected to reach run-rate billing by the end of August. The 10-year agreement represents approximately $865 million in contracted revenue, while proposed secured financing remains uncertain. The company signed new multiyear cloud agreements worth more than $540 million in aggregate contract value, including GPU deployments for Baseten and Prime Intellect. WhiteFiber ended the quarter with $56.1 million in cash, $143 million in deferred revenue and $83.2 million in new project-level financing. Are These 3 Under-the-Radar AI Stocks the Next Big Growth Stories? WhiteFiber (NASDAQ:WYFI) reported second-quarter revenue growth and outlined progress across its North Carolina colocation campus, Canadian facilities and cloud services business, as management emphasized a strategy centered on contracted infrastructure, customer prepayments and project-level financing. Revenue for the second quarter of 2026 rose 54% to $28.8 million from $18.7 million a year earlier. Cloud services revenue increased to $23.8 million from $16.6 million, while colocation revenue climbed to $4.7 million from $1.7 million, primarily due to the contribution from the MTL-3 site operating under its Cerebras agreement. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Chief Financial Officer Justin Zhu, who recently succeeded Erke Huang in the role, said gross profit excluding depreciation and amortization was $17.1 million, producing an approximately 59% gross margin, compared with $11.5 million and a 51% margin in the prior-year period. Adjusted EBITDA increased to about $5.5 million from $3.3 million, while net loss totaled $15 million, or $0.39 per diluted share. The quarter’s cloud services revenue included approximately $12.3 million tied to a previously disclosed customer termination. WhiteFiber recorded roughly $4 million in related expense payable to a GPU lease provider in cost of revenue, along with approximately $2.2 million in bad-debt expense within general and administrative costs. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Chief Executive Officer Sam Tabar said NC-1, the company’s North Carolina facility, has entered active customer deployment. About 20 megawatts of IT capacity is available for Nscale and its investment-grade offtaker to install and test equipment, and initial billing has begun for the first tranches of capacity. WhiteFiber expects the remaining capacity to be turned over progressively through August, with the full 40 MW of contracted IT load reaching full run-rate billing by the end of the month. The 10-year NC-1 agreement represents approximately $865 million of contracted revenue, according to Tabar. → First Solar’s Profit Engine Faces a New Policy Test in Washington The project’s ramp took longer than originally anticipated because of switchgear delivery and commissioning issues, though Tabar said those issues have been resolved and the contract economics have not changed. He added that completing the project required coordination among WhiteFiber, its customer, the utility, equipment vendors and construction partners. WhiteFiber expects Duke Energy to provide a delivery schedule for an additional 45 MW of gross capacity at the site. Nscale has priority notification rights under its agreement, though executives said they have received strong inbound interest from other prospective counterparties. The company is also working with Duke Energy to evaluate a potential additional 200 MW of power, which could bring NC-1 to roughly 300 MW gross over time, subject to the utility process. Management said it has entered exclusivity with a consortium of lenders for proposed secured financing for NC-1. The parties have begun diligence and are negotiating definitive documentation. Tabar said the financing process has taken longer than expected and cautioned that there is no assurance it will close on favorable terms or at all. If completed, the financing would return a significant portion of WhiteFiber’s invested capital and support development of future sites. WhiteFiber said it has signed new multiyear cloud services agreements representing more than $540 million of aggregate contract value over their initial terms. Based on contracts signed so far, the company expects its cloud services portfolio to generate more than $200 million of annualized revenue once fully deployed. A three-year agreement with Baseten calls for WhiteFiber to deploy 1,392 NVIDIA B300 GPUs at a third-party Ontario data center. The agreement represents about $165 million of initial contract value, with service targeted to begin in November. Baseten has options to extend for up to two additional years. A three-year agreement with Prime Intellect covers deployment of 576 NVIDIA Vera Rubin 200 GPUs in Canada. The approximately $108 million agreement is targeted to begin service in the second quarter of 2027. The company continues to advance a previously announced five-year Paris-region deployment representing more than $160 million of contract value, with a targeted end-of-September ready-for-service date. A five-year agreement with an existing customer covers 576 NVIDIA B300 GPUs in Iceland, representing approximately $87.5 million of initial contract value plus potential revenue-sharing upside. Deployment is expected to begin later this year. Michael Francisco, WhiteFiber’s vice president of cloud services, said the company evaluates cloud deals at the project level and seeks high-quality customers, positive cash flow through a contract’s life and limited capital requirements from WhiteFiber. Customer prepayments and third-party equipment financing are intended to reduce the company’s equity contribution to deployments. Francisco said customers are increasingly considering longer-duration agreements as they seek sustained access to GPU capacity and evaluate the total cost of ownership or leasing. He also said WhiteFiber is focused on fulfilling contracted customer demand rather than speculative GPU purchases in the near term. WhiteFiber plans to develop about 5 MW of gross capacity at its MTL-2 site, targeting completion around year-end. The company is evaluating traditional colocation and a vertically integrated model combining data center infrastructure with cloud services. MTL-1 continued to perform steadily, supported by customer renewals, while MTL-3’s Cerebras deployment continued to perform well. Management also identified a potential next colocation site that could support approximately 60 MW in 2027 and scale to more than 250 MW over time. The site has passed substantial diligence, and WhiteFiber is negotiating a purchase agreement while completing its evaluation. Executives said the company’s retrofit-first approach focuses on facilities that can be converted and brought to market faster than greenfield projects. For cloud growth beginning in 2027, WhiteFiber entered an agreement with KRAMBU that provides exclusive access to 100 MW of liquid-cooled colocation capacity, with potential expansion over time. Francisco said the arrangement aligns data-center power availability with WhiteFiber’s GPU supply chain and customer deployment plans. The company is also pursuing managed services opportunities, in which customers fund hardware and data-center capacity while WhiteFiber deploys and operates the infrastructure. Francisco said the model could produce meaningful margin from the start of a contract because WhiteFiber would not bear the related equipment financing and data-center costs. Finally, WhiteFiber said it demonstrated 111.2 terabits per second of bandwidth with guaranteed sub-millisecond latency across 83 kilometers during the quarter. The company is targeting an initial commercial launch of its patent-pending cross-data-center networking technology by September, with potential uses including linking separate sites into a virtual supercluster and, over time, possible licensing or other third-party commercial structures. WhiteFiber ended the quarter with $56.1 million in cash and cash equivalents and approximately $143 million in deferred revenue, primarily tied to customer prepayments for NC-1 and cloud services deployments. It added about $83.2 million of project-level equipment and bridge financing during the quarter. We believe we are a leading provider of artificial intelligence (“AI”) infrastructure solutions. We own high-performance computing (“HPC”) data centers and provide cloud-based HPC graphics processing units (“GPU”) services, which we term cloud services, for customers such as AI application and machine learning (“ML”) developers (the “HPC Business”). Our Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training and inference. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "WhiteFiber Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

CEO Sam Tabar said NC-1 has moved "from construction into active customer deployment," with initial billing underway and full contracted run-rate billing expected later this month. Tabar added that WhiteFiber has signed more than $500 million of new multi-year Cloud Services agreements since its previous earnings call. He also stated that the company is pursuing secured financing for NC-1 and seeing customer interest in a capital-light model. Shares of WhiteFiber (WYFI) rallied in pre-market trade on Wednesday after the AI infrastructure company reported a second-quarter beat and its CEO said that “initial billing” was underway at its flagship NC-1 data center campus. CEO Sam Tabar said WhiteFiber has moved NC-1 "from construction into active customer deployment." “Initial billing has commenced, and we expect to reach full contracted run-rate billing across the 40 megawatts of contracted IT load later this month,” he added. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox WYFI stock gained around 13% in pre-market trade and was among the top trending tickers on Stocktwits at the time of writing. WhiteFiber reported second-quarter (Q2) revenue of $28.8 million, topping the $18 million analysts’ estimate cited by Koyfin. Loss per share came in at $0.39, compared with expectations of a $0.40 per share loss. Since the company’s previous earnings call in May, Tabar stated WhiteFiber has signed new multi-year Cloud Services agreements representing more than $500 million of aggregate contract value over their initial terms. “Since our last earnings call, we have signed new multi-year agreements representing more than half a billion dollars of aggregate contract value over their initial terms,” he stated. The agreements include a $165 million deal with Baseten to deploy 1,392 NVIDIA B300 GPUs in Ontario and a $108 million agreement with Prime Intellect covering 576 NVIDIA VR200 GPUs in Canada. WhiteFiber also signed a five-year agreement worth more than $160 million for a GPU deployment in the Paris region and an $87.5 million agreement for 576 NVIDIA B300 GPUs in Iceland. Tabar stated that NC-1 has the potential to scale toward approximately 300 gross megawatts over time. He added that WhiteFiber is also pursuing secured financing for the project and has entered into exclusivity with a consortium of lenders. "We are also seeing strong customer interest in a capital-light managed-services offering through which customers would fund the underlying hardware while WhiteFiber deploys and operates it,” Tabar said. He explained that the approach could allow the company to expand its AI infrastructure business without bearing the full upfront cost of the GPU hardware. “We believe WhiteFiber is now beginning to demonstrate the development flywheel we set out to build,” Tabar stated. On Stocktwits, retail sentiment around WYFI stock improved to ‘neutral’ from ‘extremely bearish’ territory, while chatter rose to ‘normal’ from ‘low’ levels. Platform data showed that message volume had more than doubled in the last 24 hours. One retail trader highlighted the low float of WYFI stock, indicating that the stock has the potential to hold its rally if the Consumer Price Index (CPI) data comes in cool. However, another retail investor flagged their concern about the approximately $230 million of convertible notes, with a conversion price of $25.91. WYFI stock has gained more than 56% so far this year. Read also: Michael Saylor Shows How Far Bitcoin Can Fall Before Strategy’s Debt Is At Risk For updates and corrections, email newsroom[at]stocktwits[dot]com. Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: ASTS And RKLB Chase The SpaceX Playbook, But Analyst Flags ‘Very Inflated Valuations’ And Mounting Delays COHR Stock Dips Overnight Despite Strong Q4: Retail Bulls Keep The Faith ENVX Stock Falls Overnight Despite Q2 Beat: Retail Bulls Shrug It Off As CEO Backs Smartphone, Wearables And Defense Demand

This article first appeared on GuruFocus. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Whitefiber Inc (NASDAQ:WYFI) has successfully moved NC1 into active customer deployment, with initial billing commenced and full 40MW contracted IT load expected to reach full run-rate billing by the end of August. The company has signed a transformational 10-year agreement representing approximately $865 million of contracted revenue for 40MW of IT workload at NC1. Whitefiber Inc (NASDAQ:WYFI) has significantly expanded its cloud services portfolio, signing new multi-year agreements totaling over $540 million in aggregate contract value, including deals with Baseten and Prime Intellect. The company has entered into an exclusivity agreement with a consortium of lenders for the proposed secured financing of NC1, which would recycle capital into future development projects. Whitefiber Inc (NASDAQ:WYFI) has successfully demonstrated its patent-pending cross-data center networking technology, achieving 111.2 terabits per second with sub-millisecond latency, potentially enabling a 'virtual supercluster' and creating new monetization opportunities. The company has secured exclusive access to 100MW of liquid-cooled co-location capacity from Cranboo beginning in 2027, addressing a key industry constraint on deployable power. Whitefiber Inc (NASDAQ:WYFI) has identified a new, highly actionable site that could support approximately 60MW in 2027 and scale to over 250MW, with substantial diligence completed and purchase agreement negotiations underway. The company is developing a capital-efficient managed services model, which would generate revenue without funding underlying equipment, creating potential for attractive incremental margins. Whitefiber Inc (NASDAQ:WYFI) has decided to move forward with developing approximately 5MW of growth capacity at MTL2, supported by active discussions with prospective customers. The company has streamlined its cloud services organization and is converting its pipeline into larger-scale, multi-year contracts with firm customer commitments, improving revenue visibility. The ramp-up of NC1 took longer than originally anticipated due to delivering and commissioning issues involving certain switchgear equipment, which have since been resolved. The NC1 permanent financing process has taken longer than initially expected, and there is no assurance that the financing will be completed on favorable terms or at all. Whitefiber Inc (NASDAQ:WYFI) reported a net loss of $15 million, or $0.39 loss per diluted share, reflecting higher depreciation and interest expenses associated with infrastructure expansion. The company's cloud services results were negatively impacted by temporary downtime between the termination of a prior contract and the commencement of a newly signed replacement contract. The previous customer termination resulted in approximately $4 million of related expenses payable to the GPU lease provider, which were recorded in cost of revenue. Whitefiber Inc (NASDAQ:WYFI) is facing persistent supply chain constraints, which have affected the pace of equipment start-ups and testing at NC1. The company's gross margin slightly declined to approximately 59% in Q2 2026 from approximately 61% in the prior-year period. The development of the additional 200MW of incremental power at NC1 remains subject to the utility process and is a longer-term opportunity with no guaranteed timeline. Whitefiber Inc (NASDAQ:WYFI) is not currently engaging in speculative GPU purchasing, which could limit its ability to capitalize on near-term market opportunities. The company's cloud services business is seeing customers increasingly prioritize engineering credibility and execution over pricing, which may require continued investment in technical expertise to remain competitive. Warning! GuruFocus has detected 4 Warning Signs with WYFI. Is WYFI fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the commercial process for the remaining available capacity at NC1 and when you might finalize a counterparty for that tranche? A: Billy Croskopoulos (President) noted it is still early to comment on timing, but the process is "imminent." Sam Tabar (CEO) added that there is "overwhelming demand" for the second tranche, and while White Fiber has a legal obligation to notify Nscale first, they are focused on securing premium economics for the company given the proven execution at the site. Q: How do you balance customer prepayments with the overall return on multi-year cloud services contracts, and how are you thinking about the structure of these deals? A: Michael Francisco (VP of Cloud Services) explained that White Fiber evaluates deals at the project level, focusing on high-quality customers and positive cash flow throughout the deal's life. Prepayments are leveraged to reduce the capital White Fiber must deploy, and the company gets creative with structures, such as the two-year extension option in the Baseten deal, to benefit both the customer and White Fiber's return parameters. Q: Could we see opportunities where you combine co-location customers and GPU-as-a-service at the same location, and how are you thinking about the long-term mix between cloud services, co-location, and managed services? A: Michael Francisco stated that the vertically integrated model has always been the goal, and the timeline for achieving it has shortened. Sam Tabar (CEO) noted the teams are separate by design due to different skill sets, but integrating them could allow White Fiber to "double dip" into margins. Michael Francisco added that the current structure creates a "healthy tension" where the cloud team must earn the right to use data center capacity, which is beneficial for the business. Q: What is the margin profile for the managed services approach, and how does it differ from the traditional cloud services model? A: Michael Francisco explained that managed services offers a "very healthy margin" and is capital-light, with revenue starting from day one since there is no debt or data center cost to pay off. Cameron Schneer (SVP) added that the margin profile would look "more like a software offering than a hardware offering," with additional layers of sales opportunities through third-party APIs and software development. Q: Are customers leaning toward longer-duration contracts, and how has the execution at NC1 impacted those conversations? A: Michael Francisco noted that customers are reevaluating contract durations due to rising GPU costs (e.g., H100s cost more per hour today than at release). They are seeking longer terms to preserve access and reduce total cost of ownership. Sam Tabar clarified that NC1 execution is separate from cloud contracts, but the success demonstrates White Fiber's ability to deliver complex projects. Q: Can you provide more color on the next development opportunity in late-stage diligence, and would you favor a single campus or multi-campus portfolio? A: Billy Croskopoulos stated the opportunity is leaning toward a single-tenant deal, similar to the NC1 process. The site could support approximately 60 megawatts in 2027 and scale to over 250 megawatts. They are in final due diligence and will marry the opportunity to a client shortly, executing the same game plan as NC1. Q: How do you address the "Not in My Backyard" (NIMBY) challenge, and how do retrofits and cross-data center initiatives help? A: Sam Tabar highlighted that retrofits solve many community pushback issues, citing a community day at NC1 where they discussed using 85% less water and less noise than the previous tenant. Billy Croskopoulos added that the cross-data center platform allows White Fiber to bundle smaller sites (30-60 MW) into larger virtual clusters, which is a strategic advantage. Sam Tabar emphasized this patented technology is "transformational" for the industry. Q: How does the Cranboo agreement for 100 megawatts of capacity influence your pipeline, and how does it help with GPU availability? A: Michael Francisco explained that the partnership with Cranboo aligns both companies' sales and supply chain pipelines, providing customers with clear timelines for availability. It makes White Fiber's pipeline more realistic for fulfilling near-term and long-term demand. The collaboration also helps with GPU allocations, as Cranboo's cluster density work has helped secure allocations that White Fiber can leverage. Q: Regarding the 200-megawatt incremental opportunity at NC1, how would that capacity come online, and how might you market it? A: Billy Croskopoulos stated it is too early to determine the schedule, but it will likely be phased. He noted that White Fiber will probably enact on one or multiple other sites before the 200 megawatts is approved, given the utility process timeline. Q: How confident are you in forward-looking GPU availability, particularly for Vera Rubin and B300 infrastructure, and might you buy GPUs speculatively? A: Michael Francisco stated that the Cranboo partnership helps with availability, and White Fiber's strategy prevents "chasing its tail" on near-term GPU demand. The company is willing to say no to commitments it cannot meet, focusing on deployments far enough out to secure allocations. Speculative purchasing is not on the table in the near term, as the focus is on fulfilling real customer needs with quality contracts. Q: Can you provide commentary on the financing market for NC1 and future sites, and are banks or chip manufacturers stepping in as guarantors? A: Justin Xu (CFO) explained that White Fiber is solving for the lowest cost of capital. The NC1 financing process has provided learnings, and the company now knows it needs to establish a financeable structure from day one. Whether the counterparty is a hyperscaler or backed by a chip manufacturer, the priority is the best financing structure and lowest cost of capital. Q: Are you thinking about geographic expansion, and what markets look most attractive? A: Billy Croskopoulos stated that for co-location, the focus is on the U.S. and a little in Canada, driven by client opportunity and available power. Michael Francisco added that for cloud services, expansion is driven by customer demand, with most deals in North America, but there is interest in European deployments for GDPR compliance reasons. The U.S. remains the most attractive market economically. For the complete transcript of the earnings call, please refer to the full earnings call transcript.