WhiteFiber Shares Jump as Contract Exit Payment Lifts Revenue

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WhiteFiber shares jumped in premarket trading after the AI infrastructure provider reported a 54% increase in second-quarter revenue and outlined more than $540 million of new cloud-services contracts.
The sales gain, however, was heavily influenced by a customer-termination payment, while the company’s net loss widened, according to its second quarter earnings report on Wednesday. WhiteFiber shares rose about 13% to $27.34 during pre-market trading hours. The stock closed Tuesday at $24.22.
Revenue increased to $28.8 million in the three months ended June 30 from $18.7 million a year earlier, WhiteFiber said in the earnings release. Cloud-services revenue rose 43% to $23.8 million, while colocation revenue climbed 173% to $4.7 million.
Cloud sales included $12.3 million associated with the termination of a previously disclosed customer contract. Excluding that payment, total quarterly revenue would have been about $16.5 million, roughly 11% below the year-earlier period. The termination amount accounted for almost 43% of reported revenue.
WhiteFiber’s net loss widened to $15 million, or 39 cents a diluted share, from $8.8 million, or 33 cents, a year earlier. Its operating loss was little changed at $9.3 million.
The quarter included a $5 million impairment of capitalized software and about $6 million of interest expense. WhiteFiber issued $230 million of 4.5% convertible senior notes in January to help finance its development pipeline, according to its earlier regulatory filing.
Adjusted earnings before interest, taxes, depreciation and amortization increased to $5.5 million from $3.3 million. That non-GAAP measure excluded the software impairment and $3.7 million of share-based compensation, among other items. EBITDA before those adjustments was negative $3.1 million, according to the reconciliation published by the company.
Gross profit before depreciation and amortization was $17.1 million, equivalent to a margin of about 59.4%.
WhiteFiber is attempting to shift its cloud business toward larger, multiyear deployments while bringing new data-center capacity online. The company said agreements signed since its May earnings call represent more than $540 million of aggregate contract value over their initial terms.
Those agreements include a three-year, approximately $165 million contract to deploy 1,392 Nvidia B300 graphics processors for Baseten at an Ontario data center, with service targeted to begin in November. A separate three-year contract with Prime Intellect covers 576 Nvidia VR200 processors in Canada and has an estimated value of $108 million. That deployment is scheduled to start in the second quarter of 2027.
WhiteFiber also cited a five-year GPU-services agreement worth more than $160 million for a deployment near Paris and an approximately $87.5 million contract for Nvidia B300 systems in Iceland. The Paris project is targeting a September 30 start, subject to procurement and site arrangements.
The contracts add future revenue visibility but require WhiteFiber to secure hardware, complete installations and arrange financing before much of the value can be recognized. The company didn’t provide numerical full-year revenue or earnings guidance.
At its NC-1 data-center campus in Madison, North Carolina, initial capacity has been delivered and customer billing has begun. WhiteFiber expects to reach full contracted run-rate billing across 40 megawatts of information-technology load later in August. Management has said the broader site could eventually support about 300 gross megawatts.
Remaining performance obligations for colocation services totaled about $932.9 million at the end of June, primarily reflecting the long-term NC-1 contract, according to WhiteFiber’s newly filed quarterly report.
WhiteFiber had $60.4 million of cash and restricted cash at quarter-end. After June 30, it expanded a Royal Bank of Canada-led credit facility to as much as C$115 million, with a potential C$25 million increase subject to conditions. The company had drawn C$36.8 million as of July 15.
The company is also negotiating a proposed secured financing for NC-1 with a consortium of lenders. WhiteFiber said the transaction could return a significant portion of the capital invested in the project to its balance sheet, but cautioned that there was no assurance financing would be completed or that the terms would be favorable.
WhiteFiber, which is majority-owned by Bit Digital (NASDAQ: BTBT) Inc., completed its initial public offering in August 2025 at $17 a share. It owns and operates data centers while also supplying GPU-based cloud computing capacity to AI developers and other customers.
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