WhiteFiber, Inc. Ordinary Shares Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights: White Fiber marked the first anniversary of its IPO. NC1 advanced to active customer deployment with ~20 MW available; initial billing started, full 40 MW run-rate expected by end of August 2026. Signed 10-year NC1 agreement (~$865M contracted revenue). New multiyear cloud contracts total >$540M value; cloud portfolio expected to generate >$200M annualized revenue at full deployment. Pipeline expanded with focus on 2027 capacity; exclusivity reached with lenders for NC1 secured financing. Cross-data center networking demonstrated 111.2 Tbps bandwidth; initial commercial launch targeted for September 2026.

Financial Performance (Q2 2026 vs. Q2 2025)

  • Total revenue: $28.8M (+54% from $18.7M)
  • Cloud services revenue: $23.8M (vs. $16.6M); included $12.3M from prior customer termination (with ~$4M related expenses in cost of revenue)
  • Colocation revenue: $4.7M (vs. $1.7M); driven by MTL3 (Cerebras) contribution starting Q4 2025
  • Gross profit (excl. D&A): $17.1M (59% margin) vs. $11.5M (61% margin)
  • G&A expense: $14.8M (down sequentially from $17.8M in Q1 2026); included $2.2M bad debt from termination
  • Adjusted EBITDA: $5.5M (vs. $3.3M)
  • Net loss: $15M ($0.39 per diluted share); higher depreciation and interest from infrastructure expansion
  • Cash & equivalents: $56.1M at quarter end
  • Deferred revenue: ~$143M (primarily NC1 and cloud prepayments)

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Operator: Hello, and welcome to the White Fiber Second Quarter 2026 Earnings Conference Call. Good morning, and thank you for joining us. We will begin with prepared remarks from manage. [Operator Instructions] As a reminder, today's conference is being recorded. I would now like to turn the call over to your host, Cameron Schnier, Senior Vice President of Capital Markets and Corporate Strategy at White Fiber. Cameron, please go ahead. William Schnier: Thank you, and welcome to the White Fiber Second Quarter 2026 Earnings Call. Joining me today are Samir Tabar, our Chief Executive Officer; and Justin Zhu, our Chief Financial Officer. Before we begin, I'd like to remind everyone that some of the statements we make on this call are forward-looking in nature and subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those factors described in today's earnings press release, our Form 10-Q for the quarter ended June 30, 2026, filed today as well as other filings we may make with the SEC from time to time. Our remarks today may also include non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our Form 10-Q and in the earnings press release posted on our website. Following our prepared remarks, we will open the line for questions. With that, I'll turn the call over to Sam to discuss our performance. Sam? Samir Tabar: Thank you, Cam, an

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