$WYFI

WhiteFiber, Inc.

CIK:0002042022|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 28,839	$ 18,662	$ 50,762	$ 35,424
Cost of revenue (exclusive of depreciation shown below)
Depreciation and amortization expenses	(6,567)	(5,140)	(13,008)	(8,970)
Impairment of capitalized software assets	(5,006)		(5,006)
General and administrative expenses	(14,811)	(15,477)	(32,582)	(19,754)
Total operating expenses	(38,094)	(27,818)	(71,037)	(42,543)
Loss from operations	(9,255)	(9,156)	(20,275)	(7,119)
Net gain from disposal of property and equipment			1,822
Interest expense - third parties	(4,578)		(6,573)
Interest expense - related parties	(1,438)		(1,438)
Other (expense) income, net	(454)	769	(220)	754
Total other (expense) income, net	(6,470)	769	(6,409)	754
Loss before income taxes	(15,725)	(8,387)	(26,684)	(6,365)
Income tax benefit (expense)	749	(446)	(334)	(1,041)
Net loss	(14,976)	(8,833)	(27,018)	(7,406)
Other comprehensive loss
Foreign currency translation adjustment	(2,339)	3,428	(4,307)	2,924
Total comprehensive loss	$ (17,315)	$ (5,405)	$ (31,325)	$ (4,482)
Weighted average number of ordinary share outstanding
Basic (in Shares)	38,662,914	27,043,750	38,395,942	27,043,750
Diluted (in Shares)	38,662,914	27,043,750	38,395,942	27,043,750
Loss per share
Basic (in Dollars per share)	$ (0.39)	$ (0.33)	$ (0.7)	$ (0.27)
Diluted (in Dollars per share)	$ (0.39)	$ (0.33)	$ (0.7)	$ (0.27)
Cloud services
Revenues
Total revenues	$ 23,806	$ 16,595	$ 40,573	$ 31,438
Cost of revenue (exclusive of depreciation shown below)
Cost of revenue	(9,963)	(6,513)	(16,742)	(12,619)
Colocation services
Revenues
Total revenues	4,726	1,729	9,500	3,367
Cost of revenue (exclusive of depreciation shown below)
Cost of revenue	(1,747)	(688)	(3,699)	(1,200)
Other
Revenues
Total revenues	$ 307	$ 338	$ 689	$ 619

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net loss	$ (27,018)	$ (7,406)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expenses	13,008	8,970
Amortization of discount on convertible note issued	476
Amortization of discount on debt - third parties	468
Amortization of discount on debt - related parties	329
Share-based compensation expenses	11,006
Impairment of capitalized software assets	5,006
Gain from disposal of property, plant, and equipment	(1,822)
Current expected credit losses	2,212
Changes in assets and liabilities:
Accounts receivable	(1,561)	(1,187)
Net investment in lease	1,965	1,342
Other current assets	21	3,275
Right-of-use assets	2,758	2,324
Other non-current assets	(332)	(766)
Accounts payable	5,344	(1,100)
Income tax payable	289	(226)
Other payables and accrued liabilities	6,292	8,504
Other long-term liabilities	6,279	(393)
Deferred revenue	63,608	(19,040)
Lease liabilities	(3,117)	(2,173)
Deferred tax liabilities	(711)	1,043
Amounts due to related parties	4,605
Net Cash Provided by (Used in) Operating Activities	89,105	(6,833)
Cash Flows from Investing Activities:
Purchases of and deposits made for property, plant, and equipment	(344,712)	(130,961)
Proceeds from disposal of property, plant and equipment	26,082
Net Cash Used in Investing Activities	(318,630)	(130,961)
Cash Flows from Financing Activities:
Net transfers from parent		142,723
Net proceeds from issuance of convertible debt	222,118
Purchase of zero-strike call option	(120,000)
Net proceeds from issuance of debt - third parties	53,308
Net proceeds from issuance of debt - related parties	29,100
Repayment of finance lease liabilities	(12,599)
Net Cash Provided by Financing Activities	171,927	142,723
Net (decrease) increase in cash, cash equivalents and restricted cash	(57,598)	4,929
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(331)	(203)
Cash, cash equivalents and restricted cash, beginning of period	118,298	15,405
Cash, cash equivalents and restricted cash, end of period	60,369	20,131
Supplemental Cash Flow Information
Cash paid for interest expense	32
Cash paid for income taxes, net of (refunds)	1,046	225
Non-cash Transactions of Investing and Financing Activities
Right of use assets exchanged for operating lease liabilities	8,305	30,863
Extinguishment of finance lease by acquiring underlying assets	12,472
Reclassification of deposits to property, plant and equipment	57,765	79,535
Net investment in sales-type lease of equipment	1,051
Construction in progress included in other payables and accrued liabilities	(21,486)
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	56,056
Restricted cash	4,313
Total	$ 60,369	$ 20,131

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 56,056	$ 114,441
Restricted cash	4,313	3,857
Accounts receivable, net	23,243	23,922
Net investment in lease - current, net	2,573	4,261
Other current assets, net	21,184	21,269
Total current assets	107,369	167,750
Non-current assets
Deposits for property, plant, and equipment	33,400	52,738
Property, plant, and equipment, net	651,085	336,639
Goodwill	19,402	20,146
Intangible assets, net	12,001	12,821
Operating lease right of use assets, net	16,614	11,574
Finance lease right of use assets, net		12,602
Net investment in lease - non-current, net	8,375	9,687
Investment security	1,000	1,000
Deferred tax assets	7,523	2,594
Other non-current assets, net	24,123	23,801
Total non-current assets	773,523	483,602
Total assets	880,892	651,352
Current liabilities
Accounts payable	13,347	8,101
Current portion of deferred revenue	17,909	7,997
Current portion of operating lease liabilities	5,158	5,208
Current portion of finance lease liabilities		12,911
Short-term debt and current portion of long-term debt - third parties, net	28,436
Short-term debt - related parties, net	29,306
Income tax payable	289
Other payables and accrued liabilities	41,555	48,308
Total current liabilities	136,000	82,525
Non-current liabilities
Non-current portion of deferred revenue	125,201	71,554
Non-current portion of operating lease liabilities	10,218	5,277
Convertible note payable, net	222,594
Deferred tax liabilities	9,808	5,699
Other long-term liabilities	6,279
Total non-current liabilities	407,506	86,363
Total liabilities	543,506	168,888
Commitments and contingencies (Note 18)
Shareholders’ equity
Preference shares, $0.01 par value, 10,000,000 shares authorized, 0 shares issued and outstanding
Ordinary shares, $0.01 par value, 340,000,000 and 340,000,000 shares authorized, 38,841,201 and 38,344,239 shares issued, 38,841,201 and 38,344,239 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	388	383
Additional paid-in capital	390,974	504,732
Accumulated deficit	(51,556)	(24,538)
Accumulated other comprehensive (loss) income	(2,420)	1,887
Total Shareholders’ equity	337,386	482,464
Total liabilities and shareholders’ equity	880,892	651,352
Related Party
Non-current liabilities
Amounts due to related parties	7,942	3,833
Third Parties
Non-current liabilities
Long-term debt - third parties, net	$ 25,464