WhiteFiber (NASDAQ:WYFI), a vertically integrated provider of artificial intelligence (AI) infrastructure and high-performance computing (HPC) solutions, today reported its financial results for the fourth quarter and full year ended December 31, 2025.
For the fourth quarter of 2025, WhiteFiber reported revenue of $23.6 million, representing a 61% increase compared to the prior-year period.
Full-year 2025 revenue reached $79.2 million, supported by the steady ramp-up of cloud services and the initial activation of the MTL-3 facility in Montreal.
The company achieved full-year adjusted EBITDA of $17.3 million, demonstrating the scalability of its operational model as new capacity comes online.
The definitive highlight of the year was the execution of a 10-year colocation agreement with Nscale Global Holdings for the company’s flagship NC-1 data center campus in North Carolina.
The contract represents approximately $865 million in total contracted revenue over its initial term, securing 40 megawatts (MW) of critical IT load.
This agreement establishes a long-term revenue floor and validates WhiteFiber’s strategy of retrofitting large-scale industrial assets for high-density AI workloads.
To fund this massive infrastructure expansion, WhiteFiber maintained a highly active capital markets presence.
Following its August 2025 IPO, which raised $183 million in gross proceeds, the company invested $268 million in capital expenditures primarily directed toward the NC-1 and MTL-3 developments.
Subsequent to year-end, the company further bolstered its liquidity with a $230 million convertible senior notes offering in January 2026, ensuring the full funding of its near-term development pipeline.
While the company reported a full-year net loss of $24.7 million—largely attributed to high depreciation and the overhead associated with its transition to a public company—management emphasized that its focus remains on capturing the significant supply-demand imbalance in the AI compute market.