WhiteFiber, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsWhiteFiber, Inc. is an AI infrastructure provider operating Tier-3 data centers and GPU cloud services, with a development pipeline targeting 70-76 MW by end of 2026.
What they do
WhiteFiber owns and operates high-performance computing (HPC) data centers that meet Tier-3 standards, offering hosting and colocation services. It also provides cloud-based GPU services (cloud services) for AI/ML training and inference workloads. The company retrofits existing industrial buildings with in-place power to accelerate development timelines.
Revenue drivers
- Cloud services (GPU as a service) — Provides cloud-based HPC GPU services for AI/ML developers; likely the primary growth segment given the AI focus, though no separate revenue split was disclosed.
- Colocation/data center services — Hosting and colocation in Tier-3 data centers with 99.982% uptime; generates recurring revenue from leasing space and power.
- Vertically integrated margins — By operating data centers and cloud services together, the company captures margin that would otherwise go to third-party providers.
Recent performance
Annual revenue grew to $79.2M in 2025 from $47.6M in 2024, but net income swung to a $-24.7M loss from $1.4M. Operating cash flow improved to $45.7M in 2025 from $18.7M. Quarterly revenue trended upward from $20.2M (Q3 2025) to $28.8M (Q2 2026), with a dip in Q1 2026 to $21.9M. As of June 30, 2026, total assets were $880.9M, liabilities $543.5M, and cash $56.1M.
Strategy
The company plans to expand data center capacity to an estimated 76 MW gross by Q4 2026, backed by facilities MTL-2, MTL-3, and NC-1. It is pursuing a pipeline of ~1,500 MW gross under management review, prioritizing projects with customer lease commitments. The strategy focuses on retrofitting existing industrial buildings to cut build times to about six months and to increase power capacity over time.
Risks
- Customer concentration — Significant concentration in a few customers could lead to revenue volatility if any were lost.
- GPU supply chain disruptions — The company depends on timely GPU purchases to serve cloud customers; supply disruptions could halt revenue growth.
- Power price volatility — Volatility in power supply and pricing in open markets could increase operating costs.
- Integration of Enovum — Failure to integrate Enovum and other acquisitions could disrupt operations and financial results.
Outlook
Management expects to reach ~70-76 MW gross capacity by end of 2026 and continues to evaluate a large 1,500 MW pipeline. The 10-Q notes an estimated 70 MW target, while the 10-K states 76 MW, subject to change. Forward-looking statements caution that actual results may differ materially due to factors like GPU availability and power costs.