WhiteFiber, recently spun off from Bit Digital Inc (NASDAQ:BTBT), reported second quarter 2025 revenue of $18.7 million, up 48% from the prior year, and highlighted the completion of its August initial public offering, which raised approximately $183 million.
Following its IPO at $17 per share, Bit Digital retains ownership of about 71.5% of WhiteFiber.
During Q2, WhiteFiber's Cloud services generated $16.6 million in revenue, an increase of 33% year-over-year, with a gross margin of 61%.
Colocation services contributed $1.7 million at a 60% margin.
Total gross profit rose to $11.5 million compared with $8 million a year earlier.
Adjusted EBITDA was $3.3 million, down from $7 million in the second quarter of 2024.
“The demand environment for AI infrastructure remains exceptionally strong, with enterprises and research institutions requiring more high-density, reliable capacity to support large-scale model training and deployment,” WhiteFiber CEO Sam Tabar said in a statement.
"WhiteFiber is well-positioned to capture this demand today and into the future as the market evolves. We are one of the few pure-play providers of AI infrastructure that integrates both GPU cloud services and the underlying data center capacity.
During the quarter, WhiteFiber acquired a 1-million-square-foot data center property in North Carolina (NC-1), with construction on the first 24-megawatt phase scheduled for completion in early 2026.
The company also began deploying wafer-scale systems for Cerebras under a 5MW IT load contract signed earlier this year (MTL-3), with revenue from the agreement expected to begin in the fourth quarter.
WhiteFiber additionally secured financing flexibility through a C$60 million (US$43.8 million) debt facility with Royal Bank of Canada, which remains undrawn.
"In the second quarter, Cloud remained our largest revenue contributor, growing 33 percent year-over-year with strong margins, while our colocation business expanded with the addition of two new data center sites, NC-1 and MTL-3,” Tabar noted.
“The acquisition of NC-1 was a pivotal milestone, giving us a scalable platform with meaningful expansion potential. Demand for NC-1 is strong, with prospective customers seeking capacity beyond the initial phase, and we are working to formalize contracts in the near term."