WhiteFiber, Inc. Ordinary Shares Q3 2026 Earnings Recap

White Fiber shares rose 9.0% after the company reported that all 40 MW at NC1 are operational and billing, alongside more than $700 million of new cloud-services contract value. The market appears to have focused on project completion and demand for 2027 capacity, despite delays in reaching full billing and execution and financing dependencies for future sites.

Key Takeaways

• NC1’s full 40 MW is now operational and billing; billing for the second 20-MW phase began November 9 after switchgear and commissioning delays. Management does not expect late-delivery penalties.
• NC1 development costs are expected to finish just below $9 million per gross MW, within the original $7 million–$9 million range, excluding site acquisition costs and net of customer-funded nonrecurring costs.
• The company signed more than $700 million in new cloud-services contract value since its prior call, including its first capital-light managed-services agreements.
• White Fiber completed a $60 million acquisition of NC2 and NC3, with at least 60 MW of initial gross utility capacity; it is targeting initial capacity in late 2027, subject to power, customer commitments, financing, and approvals.
• Advanced discussions cover about 105 MW of North Carolina capacity for 2027, including 45 MW of potential NC1 expansion and 60 MW at NC2 and NC3. Management says current proposals’ pricing and terms would more than offset higher development costs, but it has not yet committed to those projects.