WhiteFiber, Inc. is set to release its first-quarter financial results on May 14, with investor attention squarely on the company's ability to convert its data center expansion into sustainable revenue. The earnings report arrives as the NC-1 facility in Madison, North Carolina, transitions from a construction project to a revenue-generating asset.
The company will host a conference call at 9:00 a.m. Eastern time, led by CEO Sam Tabar and CFO Eric Huang, to discuss the quarterly performance. Shares traded at $24.08 early Monday, with volume of approximately 88,680 shares on Robinhood.
NC-1 Data Center and Nscale Deal
The centerpiece of WhiteFiber's growth strategy is the NC-1 data center, which is linked to a 10-year colocation agreement with Nscale valued at an estimated $865 million. Under this arrangement, WhiteFiber provides space, power, and cooling infrastructure while Nscale brings its own hardware. The first 20 megawatts of capacity began billing on April 30, with the remaining 20 megawatts scheduled to come online by May 30.
WhiteFiber offers two primary services: cloud access to GPU clusters for AI workloads and colocation services for clients who prefer to run their own equipment. Revenue from cloud services depends on GPU utilization rates, power constraints, and customer onboarding timelines, while colocation revenue is driven by site development and energy contract terms.
Recent Financial Performance
In the fourth quarter, WhiteFiber reported revenue of $23.6 million, a 61% year-over-year increase, but posted a net loss of $1.5 million. For the full year 2025, revenue reached $79.2 million, with a net loss of $24.7 million. The company has yet to achieve consistent profitability as it invests heavily in infrastructure.
CEO Sam Tabar stated in March that demand for high-density AI infrastructure continues to outstrip supply. The MTL-3 facility is already generating revenue through a Cerebras colocation agreement, and NC-1 has secured its anchor tenant.
Funding and Competitive Landscape
WhiteFiber strengthened its balance sheet in January with a $230 million private placement of 4.5% convertible senior notes due 2031. Proceeds are earmarked for data center expansion and infrastructure investments. The notes add approximately $10.4 million in annual cash interest obligations.
The competitive environment is intensifying. CoreWeave reported first-quarter revenue of $2.08 billion and a revenue backlog of $99.4 billion, though it recorded a net loss of $740 million. NVIDIA and IREN announced plans to jointly deploy up to 5 gigawatts of AI infrastructure, while IREN secured a five-year, $3.4 billion AI cloud agreement with NVIDIA.
Risks and Outlook
WhiteFiber faces several challenges. The company's annual report highlights the need for substantial additional capital to expand its data center footprint, which could be difficult to secure on favorable terms. Customer concentration is a concern, with one client accounting for approximately 70.7% of projected 2025 revenue, and no firm agreement has been reached after services were paused for that account.
Power availability is another wildcard. The company flagged potential disruptions from energy curtailments or price spikes across its facilities in Iceland, Canada, and the United States, particularly at hydropower-dependent sites.
Thursday's earnings call is unlikely to focus on the broader AI demand narrative, which remains robust. Instead, investors will scrutinize execution timelines, liquidity, client wins, and power procurement. WhiteFiber's near-term outlook hinges on NC-1 meeting its deadlines and the company's ability to diversify revenue streams while funding an expensive expansion.
