# WhiteFiber, Inc. (WYFI)

Informational only - not investment advice.

CIK: 0002042022
SIC: 6199 Finance Services
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6199 Finance Services](/industry/6199/)
Latest 10-K filed: 2026-03-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=2042022
Filing source: https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea0278305-10k_white.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-26 · accession 0001213900-26-034341 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002042022.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 79,164,252 USD | 2025 | verified |
| Net income | -24,682,538 USD | 2025 | verified |
| Assets | 651,352,198 USD | 2025 | verified |
| Free cash flow | -222,747,193 USD | 2025 | computed |
| Net margin | -31.18% | 2025 | computed |
| Operating margin | -33.88% | 2025 | computed |
| Revenue YoY | +66.17% | 2025 | computed |
| ROE | -5.12% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | WYFI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -31.2% | 4.4% | 19 | 33 |
| Operating margin | -33.9% | -3.5% | 30 | 21 |
| Revenue growth | 66.2% | 15.2% | 88 | 34 |
| FCF margin | -281.4% | -27.0% | 21 | 30 |
| ROE | -5.1% | -2.1% | 47 | 33 |
| ROA | -3.8% | -0.1% | 35 | 35 |
| Liabilities / equity | 0.35 | 2.00 | 9 | 33 |
| Current ratio | 2.03 | 2.19 | 45 | 21 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6199 Finance Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 79164252 | USD | 2025 | 2026-03-26 |
| Net income | -24682538 | USD | 2025 | 2026-03-26 |
| Assets | 651352198 | USD | 2025 | 2026-03-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002042022.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: |
| Revenue |  | 47,639,237 | 79,164,252 |
| Net income |  | 1,369,842 | -24,682,538 |
| Operating income |  | 628,385 | -26,820,776 |
| Gross profit |  | 26,873,146 | 47,630,527 |
| Diluted EPS |  | 0.05 | -0.78 |
| Operating cash flow |  | 18,749,568 | 45,655,356 |
| Capital expenditures |  | 79,026,998 | 268,402,549 |
| Assets |  | 229,132,863 | 651,352,198 |
| Liabilities |  | 59,406,108 | 168,888,158 |
| Stockholders' equity | 49,650,239 | 169,726,755 | 482,464,040 |
| Cash and cash equivalents |  | 11,671,984 | 114,441,279 |
| Free cash flow |  | -60,277,430 | -222,747,193 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: |
| Net margin |  | 2.88% | -31.18% |
| Operating margin |  | 1.32% | -33.88% |
| Return on equity |  | 0.81% | -5.12% |
| Return on assets |  | 0.60% | -3.79% |
| Liabilities / equity |  | 0.35 | 0.35 |
| Current ratio |  | 1.02 | 2.03 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0002042022.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2025-Q2 | 2025-03-31 |  | 1,427,836 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 18,662,249 |  |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -8,833,392 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 20,179,766 |  | -0.47 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 23,560,975 | -1,523,266 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 21,923,451 | -12,042,404 | -0.31 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -12,042,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 28,839,000 |  | -0.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from WYFI's latest 10-K: [/company/WYFI/business/](/company/WYFI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from WYFI's latest 10-K: [/company/WYFI/risk-factors/](/company/WYFI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-12
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following information should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q for the period ended June 30, 2026 as well as Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (Annual Report). Except for the statements of historical fact, this Form 10-Q contains “forward-looking information” and “forward-looking statements reflecting our current expectations that involve risks and uncertainties (collectively, “forward-looking information”) that is based on expectations, estimates and projections as at the date of this Form 10-Q. All statements, other than statements of historical fact, included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “intends,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investing in our securities involves a high degree of risk. The following discussion may contain forward-looking statements that reflect WhiteFiber, Inc.’s plans, estimates and beliefs. WhiteFiber, Inc.’s actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below, in the Annual Report and in Part II, Item 1.A of this Form 10-Q, particularly in the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors.” Before making an investment decision, you should carefully consider these risks, uncertainties and forward-looking statements.

The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the SEC and available on its website at http://www.sec.gov. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

References to “WhiteFiber” or the “Company” refer to WhiteFiber, Inc. and its subsidiaries, giving effect to the Reorganization which occurred on August 6, 2025.

Overview

We believe we are a leading provider of artificial intelligence (“AI”) infrastructure solutions. We own high-performance computing (“HPC”) data centers and provide cloud-based HPC graphics processing units (“GPU”) services, which we term cloud services, for customers such as AI application and machine learning (“ML”) developers (the “HPC Business”). Our Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training and inference.

Our business model integrates our data center infrastructure and cloud services to provide scalable, high-performance computing solutions for enterprises, research institutions, and AI and ML driven businesses. Our integrated approach aligns specialized data center operations with GPU-focused cloud services, addressing the unique requirements of AI and ML workloads. These workloads demand greater power density, advanced cooling solutions, and robust bandwidth to handle large-scale data transfers. By operating our data centers, we are able to provide the power to support our cloud services and we believe we can better meet the needs of AI and ML workloads and reduce the complexity associated with procuring power and connectivity from external vendors. We can also design our facilities to accommodate the higher heat loads generated by modern GPUs, potentially shortening deployment timelines for customers who require rapid expansion of their computing infrastructure. From a financial standpoint, our vertically integrated solution allows us to capture additional margin for both our data center and cloud services businesses, avoiding expenses that would otherwise be due to third-party providers.

Colocation/Data center services

We design, develop, and operate data centers, through which we offer our hosting and colocation services. Our operational data centers meet the requirements of the Tier-3 standard, including N+1 redundancy architecture, concurrent maintainability, uninterruptible power supply, advanced and highly reliable cooling systems, strict monitoring and management systems, 99.982% uptime and no more than 1.6 hours of downtime annually, service organization control, SOC 2 Type 2, differentiated software supporting AI workloads, high density and robust bandwidth, and infrastructure to support AI workloads.

38

Based on their collective industry experience, our data center team is adept at bringing new sites online on an accelerated timeline. We are aggressively pursuing our development pipeline and intend to achieve an estimated 70 MW (gross) of total data center capacity by the end of the fourth quarter of 2026, a target that is underpinned by assets including our MTL-2, MTL-3, and NC-1 facilities. As of June 30, 2026, our pipeline of potential data center projects represents approximately 1,500 MW (gross) under management review. We follow a disciplined process prioritizing projects that are backed by customer lease commitments. In select cases, we may pursue early-stage acquisitions based on strong customer demand signals and defined commercialization pathways. Accordingly, the foregoing timelines and capacities are subject to change based on many factors, many of which are outside of our control.

We use a well-defined set of criteria to select our data center sites. We typically target sites with proximity to metro areas and partial infrastructure in place, where we are retrofitting rather than developing greenfield projects. Metropolitan areas are positioned for low-latency to address long-term, specialized AI computer inference needs, and smaller sites reduce risks. A retrofit entails sourcing and acquiring an existing industrial building with underutilized, in-place power connectivity. The period of time from when a site is purchased until construction can begin varies from location to location depending upon, among other things, obtaining required permits and the availability of construction supplies and contractors. Average build time for retrofits is intended to be approximately six months from commencement of construction, which we believe is approximately one-third to one-half of the industry average development timeline for greenfield projects. This average building time is based upon senior management’s experience at Enovum prior to its acquisition by the Company, as well as their experience prior to Enovum. We also prioritize sites offering opportunities to increase site power over time, enabling our data centers to grow with customer demand. In addition, we selectively target certain larger opportunities with 50 MW (gross) of power or more, subject to customer demand, to drive AI-driven compute super-clusters. Finally, we prioritize sites powered by sustainable, green energy sources and locked-in power when available. Additionally, to enhance sustainability of certain of our data center projects, we are undertaking heat repurposing projects in connection with sustainability and commercial and residential projects.

We acquired Enovum on October 11, 2024. The transaction included the lease of MTL-1, our 4 MW (gross) Tier-3 high-performance computing (“HPC”) data center in Montreal, Canada, which was fully operational and fully leased to customers at the time of acquisition.

On December 27, 2024, we acquired the real estate and building for a build-to-suit 5 MW (gross) Tier-3 data center expansion project near Montreal, Canada which we refer to as MTL-2. MTL-2, a 160,000 square foot site that was previously used as an encapsulation manufacturing facility, is located in Pointe-Claire, Quebec. We initially funded the purchase of CAD 33.5 million (approximately $23.3 million) with cash on hand. We expected to invest approximately $23.6 million to develop the site to Tier-3 standards with an initial load of 5 MW (gross). However, we have prioritized other builds and preserved capital for more time sensitive projects.

On April 11, 2025, we entered into a lease for a new data center site in Saint-Jerome, Quebec, a suburb of Montreal, MTL-3. The MTL-3 facility spans approximately 202,000 square feet on 7.7 acres and is being developed into a 7 MW (gross) Tier-3 data center. It will support current contracted capacity, with Cerebras (5 MW IT Load), with future expansion potential subject to utility approvals. The transaction was executed under a lease-to-own structure, which includes a fixed-price purchase option of CAD 24.2 million (approximately $17.3 million) exercisable by December 2025. The lease term is 20 years, with two 5-year extensions at the Company’s option. In December 2025, we became reasonably certain to exercise the purchase option and notified the lessor of our intent to exercise the purchase option. We had 90 days to complete the purchase, after which the purchase option would expire. The option was exercised on January 14, 2026 and the purchase of MTL-3 closed on May 8, 2026. The facility has been retrofitted to Tier-3 standards and was completed and operational in November 2025. The site has commenced billing Cerebras as of November 1, 2025, in the amount of CAD 1.4 million (approximately 979 thousand USD) monthly for the duration of the five-year contract.

On May 20, 2025, we completed the purchase of a former industrial/manufacturing building from UMI. Pursuant to the Purchase Agreement we agreed to purchase from UMI, an industrial/manufacturing building together with the underlying land located in Madison, North Carolina, which we refer to as “NC-1”, as well as certain machinery and equipment located thereon for a cash purchase price of $45 million. The purchase price will increase by (i) $8 million, if Duke Energy actually provides, or provides an Electric Services Agreement providing for, at least 99 MW (gross) within two years of May 20, 2025, or (ii) $5 million, if Duke Energy actually provides, or provides an Electric Services Agreement providing for, at least 99 MW (gross) more than two years but less than three years after May 20, 2025. Additionally, the purchase price will increase by an additional $200 thousand per MW over 99 MW (gross) up to a maximum of $5 million if at least 99 MW (gross) are actually delivered, or Duke Energy provides an Electric Services Agreement for the provision of at least 99 MW (gross), within four years of May 20, 2025. Separately, the Company entered into a Capacity Agreement with Duke Energy pursuant to which Duke Energy agreed to use commercially reasonable efforts to achieve 24 MW (gross) of service to NC-1 by September 1, 2025, 40 MW (gross) by April 1, 2026, and 99 MW (gross) within four

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea0278305-10k_white.htm
Complete FY 2025 MD&A: /company/WYFI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-26
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations 

The following discussion and analysis of our
financial condition and results of operations should be read in conjunction with our financial statements and the related notes included
elsewhere in this Annual Report. This discussion contains forward-looking statements reflecting our current expectations that involve
risks and uncertainties. See “Forward-Looking Statements and Risk Factor Summary” for a discussion of the uncertainties, risks,
and assumptions associated with these statements. Actual results and the timing of events could differ materially from those discussed
in our forward-looking statements as a result of many factors, including those set forth under “Risk Factors” and elsewhere
in this Annual Report.

References to “WhiteFiber” or the
“Company” refer to WhiteFiber, Inc. and its subsidiaries, giving effect to the Reorganization which occurred on August 6,
2025.

Overview

We believe we are a leading provider of AI infrastructure
solutions. We own HPC data centers and provide cloud-based HPC GPU services, which we term cloud services, for customers such as AI application
and ML developers (the “HPC Business”). Our Tier-3 data centers provide hosting and colocation services. Our cloud services
support generative AI workstreams, especially training and inference.

On July 30, 2025, we entered into the Contribution Agreement with Bit
Digital in connection with our IPO, pursuant to which, on August 6, 2025, Bit Digital contributed its HPC business to us through the transfer
of 100% of the capital shares of its cloud services subsidiary, WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC,
Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, in exchange for 27,043,749 Ordinary Shares.

Colocation/Data Center Service

The Company designs, develops, and operates Tier-3
data centers that provide hosting and colocation services with high reliability infrastructure, including N+1 redundancy, advanced cooling,
and strict monitoring systems designed to support AI workloads. Its strategy focuses on rapidly developing retrofit data centers in metro
areas with existing power infrastructure, allowing for significantly faster deployment than greenfield projects. The current portfolio
includes facilities such as MTL-1, MTL-2, MTL-3 in Quebec and NC-1 in North Carolina, with a goal of reaching approximately 76 MW of total
capacity by the end of 2026 and a broader development pipeline of roughly 1,500 MW under review. During 2025, the Company prioritized
projects with committed customer demand and long-term contracts, including a major services agreement at the NC-1 facility expected to
generate approximately $865 million of contracted revenue over 10 years, with electricity and certain operating costs passed through to
the customer.

Cloud Service

The Company provides specialized GPU-based cloud
infrastructure tailored for generative AI training and inference workloads, offering customized solutions and high service reliability.
The business leverages partnerships with major hardware providers such as NVIDIA, SuperMicro, Dell, Hewlett Packard Enterprise, and QCT,
and deploys advanced GPU architectures including H200, B200, and GB200 systems. Rather than building all infrastructure itself, the Company
uses a global network of third-party data centers to host GPU clusters. Revenue is generated through a series of service agreements and
MSAs with customers for GPU capacity and AI compute services, ranging from short-term deployments to multi-year contracts. Key agreements
include large GPU deployments for AI workloads and cloud gaming providers such as Boosteroid, with some contracts offering significant
expansion potential and long-term recurring revenue streams.

76

Key Factors that May Affect Future Results
of Operations

We believe that the growth of our business and
our future success are dependent upon many factors including those described under “Risk Factors” included elsewhere in this
report. While these factors present significant opportunities for us, they also pose challenges that we must successfully address in order
to sustain the growth of our business and enhance our results of operations.

Timely Completion of, and Expansion of Capabilities
at, our Existing Data Center Projects. 

Our future revenue growth is, in part, dependent on our ability to
leverage our development capabilities at our data center sites. We substantially completed construction of our MTL-3 facility by the end
of October 2025. The site has commenced billing its customer, Cerebras, as of November 1, 2025, in the amount of CAD 1.4 million (approximately
979 thousand USD) monthly for the duration of the five-year contract.

We intend to complete the first phase of construction
27MW (gross) of NC-1 facility April 2026. Management expects NC-1 to start generating revenue in June of 2026. Management expects the
second phase of construction 27MW (gross) to be completed in the second quarter of 2026 and start generating revenues 30 days after completion.
We have prioritized these projects and put a hold on the build for MTL-2. We expect to increase revenue from our existing sites by securing
additional allocations of utility power, subject to our receipt of funding and required permits through ongoing engagement with the utility
and relevant authorities. In addition, at certain new and existing sites, we intend to deploy natural gas fuel cell generation technology
to increase available power and revenue potential. Our ability to secure the required funding and permits in accordance with our implementation
plans may cause variability in our revenue growth in future quarters.

Development of Data Center Pipeline.

We intend to rapidly develop additional sites
from our expansion pipeline in targeted locations to secure a strategic presence across North America. By developing a robust HPC data
center platform across North America, we expect to enhance redundancy, mitigate geo-location risks, and ensure our services are available
where clients need them most. We expect our strategically placed WhiteFiber data centers in smaller urban areas will deliver carrier hotel-level
connectivity, while our larger deployments will power AI-driven computing super-clusters, driving innovation and efficiency.

Expansion of Cloud Services.

We have made investments in research and development
of our cloud service technology and services. Cloud services are highly competitive, rapidly evolving, and require significant investment,
including development and operational costs, to meet the changing needs and expectations of our existing users and attract new users.
Our ability to deploy certain cloud service technologies critical for our products and services and for our business strategy may depend
on the availability and pricing of third-party equipment and technical infrastructure. In the future, we are looking to generate significant
revenues from our cloud services, but such revenue growth depends upon certain third-party providers which may be beyond our control and
creates uncertainty that we will be able to generate consistent revenue.

In addition to the key factors described above,
we may also generate revenue through the monetization of excess or unused power capacity, resale or leasing of high-performance computing
(HPC) hardware, licensing of software or infrastructure designs, and strategic partnerships that expand our service offerings. However,
these potential revenue streams are at an early stage and are not expected to materially contribute to our near-term results.

77

Results of Operations for the Years Ended
December 31, 2025 and 2024

The following discussion summarizes the results
of operations for the years ended December 31, 2025 and 2024. This information should be read together with our consolidated financial
statements and related notes included elsewhere in this report.

[[GREPCENT_TABLE]]
[["","","For The Years Ended December 31,","","","Variance in"],["","","2025","","","2024","","","Amount"],["Revenue","","$","79,164,252","","","$","47,639,237","","","$","31,525,015"],["Operating costs and expenses"],["Cost of revenue (exclusive of depreciation shown below)","","","(30,036,898",")","","","(20,215,831",")","","","(9,821,067",")"],["Depreciation and amortization expenses","","","(23,440,884",")","","","(16,511,406",")","","","(6,929,478",")"],["General and administrative expenses","","","(52,507,246",")","","","(10,283,615",")","","","(42,223,631",")"],["Total operating expenses","","","(105,985,028",")","","","(47,010,852",")","","","(58,974,176",")"],["(Loss) income from operations","","","(26,820,776",")","","","628,385","","","","(27,449,161",")"],["Net loss from disposal of property, plant and equipment","","","(372,993",")","","","-","","","","(372,993",")"],["Other income, net","","","1,425,399","","","","1,615,634","","","","(190,235",")"],["Total other income, net","","","1,052,406","","","","1,615,634","","","","(563,228",")"],["(Loss) income before provision for income taxes","","","(25,768,370",")","","","2,244,019","","","","(28,012,389",")"],["Income tax benefits (expenses)","","","1,085,832","","","","(874,177",")","","","1,960,009"],["Net loss","","$","(24,682,538",")","","$","1,369,842","","","$","(26,052,380",")"]]
[[/GREPCENT_TABLE]]

Revenue

We generate revenues primarily from providing
cloud services and colocation services. Refer to Note 3. Revenue from Contracts with Customers for further information.

Cloud services revenue is derived from providing
customers with access to high-performance computing (“HPC”) infrastructure, including GPU clusters optimized for AI workloads.
Our contracts are structured as usage-based or committed-capacity agreements, typically with pricing based on the type and quantity of
GPUs deployed, duration of use, and associated infrastructure. Key factors that impact cloud services revenue include the number and performance
class of GPUs deployed, hardware utilization, power availability at hosting sites, and the timing of new customer onboarding.

Colocation services revenue is generated from
leasing data center space, power, and related infrastructure to customers who operate their own hardware. These contracts are generally
multi-year agreements with fixed monthly fees based on committed power capacity (typically measured in kilowatts). Factors that affect
colocation revenue include timing of site development and energization, contracted power levels, and customer expansion activity.

Revenue from Cloud Services

In the fourth quarter of 2023, we established
our cloud-based HPC graphics processing units services, which we term cloud services, a new business line to provide services to support
generative AI workstreams. The Company commenced offering cloud services to customers in January 2024.

Our revenue from cloud services increased by $23.0 million,
or 50.4%, to $68.8 million for the year ended December 31, 2025 from $45.7 million for the year ended December 31, 2024.
The increase was primarily due to an increase in deployed GPU servers to new and existing customers during the year of 2025, offset by
a $2.0 million service credit accrued and expected to be issued to a customer under the terms of the contract.

Revenue from Colocation Services

In the fourth quarter of 2024, we acquired Enovum
which holds our data center business that provides customers with physical space, power, and cooling within data center facilities.

Our revenue from colocation services was $8.9 million
and $1.4 million for the years ended December 31, 2025 and 2024, respectively. The increase is due to a full year of revenue reported
in 2025 and only two and a half months in 2024.

78

Cost of Revenue

We incur cost of revenue from cloud services and
colocation services.

The Company’s cost
of revenue consists primarily of

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/WYFI/mda/fy2025/
All MD&A years: /company/WYFI/mda/






## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6199 Finance Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [M2SL](/indicator/M2SL/): M2
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/WYFI.md · JSON record: /company/WYFI.json · verified financials: /company/WYFI/financials.json / /company/WYFI/financials.csv · machine TOC for the whole site: /llms.txt
