WhiteFiber Q1 Revenue Up 31% to $21.9M; Net Loss Hits $12M
WhiteFiber’s Q1 revenue rose 31% year-over-year to $21.9 million, while the company posted a $12.0 million net loss versus a $1.4 million profit a year earlier. Colocation revenue surged 190.2% to $4.8 million as NC-1 secured 54 MW power for 40 MW capacity under a 10-year $865 million Nscale deal.
1. First-Quarter Financial Results
WhiteFiber reported Q1 revenue of $21.9 million, up 31% from $16.8 million. The company recorded a net loss of $12.0 million compared with a $1.4 million profit in the prior-year period.
2. Colocation and Cloud Business Growth
Cloud services revenue climbed 13% to $16.8 million, while colocation services surged 190.2% to $4.8 million. Gross profit (excluding depreciation and amortization) reached $13.2 million, yielding a gross margin of 60.2%.
3. NC-1 Data Center Progress
Construction and commissioning advanced at the NC-1 campus in North Carolina, where Duke Energy completed work to deliver 54 MW of utility power. WhiteFiber plans to deploy an initial 40 MW IT load under a long-term colocation agreement with Nscale.
4. MTL-3 Acquisition and Strategic Repositioning
The MTL-3 facility in Quebec completed its first operating quarter supporting Cerebras and was acquired in May, enhancing control over a revenue-generating asset. WhiteFiber is refocusing its cloud business on enterprise deployments, managed services, and next-generation GPU capacity.