WhiteFiber Q1 2026 Revenue Jumps 31% While Adjusted EBITDA Halves

WhiteFiber, Inc. (Nasdaq: WYFI), a provider of AI‑focused data center and high‑performance computing solutions, held a market capitalization of roughly $1.1 billion as of mid‑May 2026. The company operates colocation campuses in North Carolina and Quebec and a cloud services division targeting longer‑duration enterprise contracts.

Total revenue reached $21.9 million, up from $16.8 million in Q1 2025, driven by a 190.2% surge in colocation services to $4.8 million after MTL‑3 began operations in October 2025. Cloud services contributed $16.8 million, a 13.0% increase from $14.8 million a year earlier. Gross profit, excluding depreciation and amortization, was about $13.2 million, giving a gross margin of 60.2%, essentially flat versus 60.5% in the prior year. Adjusted EBITDA fell to $3.0 million from $6.0 million, reflecting higher general‑and‑administrative expenses, including share‑based compensation and newly incurred public‑company costs, plus greater depreciation and interest expense.

The revenue jump underscores strong customer appetite for high‑density AI workloads, with MTL‑3’s first full quarter adding a new colocation stream and NC‑1 nearing commissioning. Gross margin holding near 60% shows the core business remains profitable on a cash basis before overhead. However, the EBITDA decline signals that WhiteFiber is in a spending phase, allocating capital to construction, financing, and public‑company infrastructure. Investors should watch whether the upcoming NC‑1 revenue stream and MTL‑3 cost savings can lift profitability later in 2026. Watch for NC‑1’s initial revenue contribution in Q3 and the impact of the MTL‑3 purchase on lease expenses and cash flow.