WhiteFiber Q2 Revenue Jumps 54% to $28.8M, Loss Widens on Higher Costs
WYFI has more than doubled off its 52-week low of $10.51.
Summary
WhiteFiber reported Q2 revenue of $28.8M, up 54% year-over-year, driven by the NC-1 data center launch and new cloud services contracts. However, net loss widened to $15M due to higher operating expenses and an impairment charge. Adjusted EBITDA came in at $5.5M. The company signed over $540M in new multi-year cloud services deals, adding to a previously announced $1B+ contracted revenue pipeline. A customer termination contributed $12.3M to Cloud Services revenue, which may raise questions about recurring revenue quality. NC-1 full contracted run-rate billing is expected later this month, a key near-term milestone. This follows the CFO transition announced on August 3 and the $100M loan facility secured in May, highlighting both rapid scaling and execution risks.
At the time of this announcement, WYFI was trading at $28.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $935.2M. The 52-week trading range was $10.51 to $46.87. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.