WhiteFiber reported $28.8 million in second-quarter revenue, above the $18 million analyst estimate.
- CEO Sam Tabar said NC-1 has moved “from construction into active customer deployment,” with initial billing underway and full contracted run-rate billing expected later this month.
- Tabar added that WhiteFiber has signed more than $500 million of new multi-year Cloud Services agreements since its previous earnings call.
- He also stated that the company is pursuing secured financing for NC-1 and seeing customer interest in a capital-light model.
Shares of WhiteFiber (WYFI) rallied in pre-market trade on Wednesday after the AI infrastructure company reported a second-quarter beat and its CEO said that “initial billing” was underway at its flagship NC-1 data center campus.
CEO Sam Tabar said WhiteFiber has moved NC-1 “from construction into active customer deployment.” “Initial billing has commenced, and we expect to reach full contracted run-rate billing across the 40 megawatts of contracted IT load later this month,” he added.
WYFI stock gained around 13% in pre-market trade and was among the top trending tickers on Stocktwits at the time of writing.
WhiteFiber reported second-quarter (Q2) revenue of $28.8 million, topping the $18 million analysts’ estimate cited by Koyfin. Loss per share came in at $0.39, compared with expectations of a $0.40 per share loss.
WhiteFiber’s New AI Contracts Top $500M
Since the company’s previous earnings call in May, Tabar stated WhiteFiber has signed new multi-year Cloud Services agreements representing more than $500 million of aggregate contract value over their initial terms.
“Since our last earnings call, we have signed new multi-year agreements representing more than half a billion dollars of aggregate contract value over their initial terms,” he stated.
The agreements include a $165 million deal with Baseten to deploy 1,392 NVIDIA B300 GPUs in Ontario and a $108 million agreement with Prime Intellect covering 576 NVIDIA VR200 GPUs in Canada.
WhiteFiber also signed a five-year agreement worth more than $160 million for a GPU deployment in the Paris region and an $87.5 million agreement for 576 NVIDIA B300 GPUs in Iceland.
WhiteFiber Moves NC-1 Into Customer Deployment
Tabar stated that NC-1 has the potential to scale toward approximately 300 gross megawatts over time. He added that WhiteFiber is also pursuing secured financing for the project and has entered into exclusivity with a consortium of lenders.
“We believe WhiteFiber is now beginning to demonstrate the development flywheel we set out to build,” Tabar stated.
How Is Retail Feeling About WYFI Stock?
On Stocktwits, retail sentiment around WYFI stock improved to ‘neutral’ from ‘extremely bearish’ territory, while chatter rose to ‘normal’ from ‘low’ levels. Platform data showed that message volume had more than doubled in the last 24 hours.
One retail trader highlighted the low float of WYFI stock, indicating that the stock has the potential to hold its rally if the Consumer Price Index (CPI) data comes in cool.
However, another retail investor flagged their concern about the approximately $230 million of convertible notes, with a conversion price of $25.91.
WYFI stock has gained more than 56% so far this year.
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