Whitefiber, Inc. · NASDAQ:WYFI
Whitefiber — Investor Presentation (September 2026)
24 slides from Whitefiber's investor presentation, September 2026
Slide 1: The AI Infrastructure Company: Investor Overview
THE AI INFRASTRUCTURE COMPANY Investor Overview September 2026 Data Center and Cloud Solutions for AI Workloads 1
Slide 2: Disclaimer
DISCLAIMER This presentation by WhiteFiber, Inc. (“WhiteFiber,” the “Company,” “we,” “our,” and “us”) is These forward-looking statements are subject to a number of risks and uncertainties, as set forth Financial Information; Non-GAAP Measures provided for informational purposes only so that you can
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS Contracted Flagship Asset With Investment-Grade Offtaker > $865M(1) NC-1 total contract value > 10-year, 40 MW IT load agreement with Nscale, with expansion potential beyond initial 40 MW Proven Retrofit Playbook > ~6 months MTL-3 retrofit delivery timeline > Accelerated retrof
Slide 4: Scaling into Customer Demand
SCALING INTO CUSTOMER DEMAND WhiteFiber has scaled from GPU cloud into an integrated AI infrastructure platform across data centers, cloud services and long-duration customer deployments. Dec. 2025 Aug. 2026 Jan. 2024 Feb. 2025 Aug. 2025 Nscale anchor NC-1 active customer Cloud services WhiteFiber b
Slide 5: WhiteFiber Today
WHITEFIBER TODAY Iceland(1) MTL-1 4.0 MW ~11 MW Online in 2025 MTL-2 5.0 MW ~70 MW Online by YE 2026E ~1.5 GW Pipeline(2) MTL-3 7.0 MW 7,500+ NVIDIA GPUs Contracted NC-1 (4) 20+ Customers(3) 99.0 MW Footprint Integrated AI Infrastructure Platform Pipeline(2) Source: Company information as of August
Slide 6: Our Data Centers Are Designed to Meet the Stringent Demands of AI Customers
OUR DATA CENTERS ARE DESIGNED TO MEET THE STRINGENT DEMANDS OF AI CUSTOMERS N+1 Redundancy Architecture SOC 2 Type 2 99.982% Uptime and No Infrastructures Supporting More than 1.6 Hours of AI Workloads Downtime Annually Differentiated Advanced and Highly Software Supporting Reliable Cooling AI Workl
Slide 7: Data Center Site Selection
DATA CENTER SITE SELECTION DISCIPLINED SITE SELECTION LEADS TO ENHANCED RETURN SOLUTIONS TYPICAL CRITERIA BENEFITS PROXIMITY TO METROPOLITAN > Positioned for low-latency to address long-term, specialized AI computing inference needs AREAS > Retrofit with cooling, security, redundancy, and network eq
Slide 8: Data Center Portfolio
DATA CENTER PORTFOLIO MTL-1 MTL-2 MTL-3 NC-1 4 Gross MW 5 Gross MW 7 Gross MW 99 Gross MW Leased with Purchase Option Fully Owned Fully Owned Fully Owned COD: Jan. 2021 COD: Near end of fiscal year COD: Operational Q4 2025 COD: Q3 2026 Capacity: 100% contracted Capacity: TBD Capacity: 100% operation
Slide 9: MTL-3: Cerebras Retrofit Case Study
MTL-3: CEREBRAS RETROFIT CASE STUDY In March 2025, Cerebras selected WhiteFiber to design and deliver a Tier III-compliant retrofit data center on an aggressive timeline. Requirements included direct liquid cooling, redundancy, resiliency, and precision environmental control. WhiteFiber converted a
Slide 10: NC-1: 10-Year Nscale Anchor Contract
NC-1: 10-YEAR NSCALE ANCHOR CONTRACT Customer IT Load Term Total Contract Value(1) 40 MW 10 Years $865M (with investment-grade offtaker) Execution & Structure Expansion & Financing • Modified gross lease with expense pass-through • Nscale receives priority notification rights for future • Retrofit d
Slide 11: NC-1 Site Overview
NC-1 SITE OVERVIEW SITE SNAPSHOT KEY HIGHLIGHTS > Large retrofit project expected to reduce cost and expedite 54 MW 99 MW build time Gross Capacity Under Utility > Located in data center corridor with eight hyperscale data Phase 1 Gross Capacity Agreement(1) centers within 100-mile radius > Modular
Slide 12: NC-2 & NC-3: Expansion of Data Center Footprint
NC-2 & NC-3: Expansion of Data Center Footprint with Acquisition of Two New Development Sites $60M 60 MW ~200 MW Q3 2027 of Initial Gross Potential Gross Target Initial Purchase Price Capacity Capacity over Time Ready-for-Service(1) Transaction Overview Rationale & Development Opportunity • Definiti
Slide 13: Data Center Capacity Growth
DATA CENTER CAPACITY GROWTH WhiteFiber Data Center Gross MW Online Cadence MTL-1 MTL-3 NC-1 Phase 1 MTL-2 2027E expansion Gross MW 175 +105 2027E expansion⁽¹⁾ 70 65 54 54 54 11 4 4 2Q25 3Q25 4Q25 3Q26E YE26E YE27E Source: Company information. "E" periods reflect management estimates of gross MW onli
Slide 14: Cloud Services Platform
CLOUD SERVICES PLATFORM BESPOKE CUSTOMER NEEDS SERVICES > Access to Power and GPUs > AI Infrastructure Expertise CUTTING-EDGE TECH-DRIVEN > Security and Compliance GPUs OPTIMIZATION > Optimization and Management DEPLOYMENT MODELS > Reserved cloud instances for recurring workloads > Managed private c
Slide 15: >$550M New Cloud Services Contract Wins
>$550M NEW CLOUD SERVICES CONTRACT WINS Contracted growth across owned GPU capacity and project-level financing Paris Region U.S. — Owned Fleet Paris Region Deployment Hyperbolic / Modal Labs Investment-grade technology customer Modal Labs as end customer & reference partner >$160M 5 Yrs Sep '26 ~$1
Slide 16: Cross-Data Center Workloads
CROSS-DATA CENTER WORKLOADS OVERCOME SCALE LIMITATIONS BUILT-IN REDUNDANCY • Seamlessly expand across sites • Geographic load balancing • Avoid single data center power and space • Minimize risk of single point of failure constraints • Disaster recovery setup Capitalize on fractional power sources •
Slide 17: Financial Results
FINANCIAL RESULTS ($ in millions) Data Center Revenue Cloud Services Revenue(1) Combined Revenue FY2024 → LTM Q2 2026: 10.7x FY2024 → LTM Q2 2026: +72% FY2024 → LTM Q2 2026: +99% $15.0M $79.5M $94.5M $70.3M $79.2M $8.9M $46.3M $47.6M $1.4M FY2024 FY2025 LTM Q2 2026 FY2024 FY2025 LTM Q2 2026 FY2024 F
Slide 18: Why Invest Now?
WHY INVEST NOW? Contracted Flagship Asset: Anchored by a 10-year, 40 MW IT load agreement with Nscale, with expansion potential beyond the initial deployment Visible Near-Term Execution: MTL-3 is operational and NC-1 Phase 1 is contracted, with additional capacity milestones ahead Cloud Services Mom
Slide 19: Appendix
APPENDIX _
Slide 20: Convertible Notes Refinancing
CONVERTIBLE NOTES REFINANCING ILLUSTRATIVE SHARE COUNT BRIDGE (MILLIONS OF SHARES) – SOLID BARS REFLECT CURRENT SHARE COUNTS; DASHED BARS ARE ILLUSTRATIVE SCENARIOS ~$180M Net proceeds after exchange +10.4 ~49.6 $298.5M net proceeds from the $310M 2032 notes, less ~$118.5M cash paid to exchange ~86%
Slide 21: WhiteFiber Team
WHITEFIBER TEAM Sam Tabar Justin Zhu Billy Krassakopoulos Cameron Schnier Michael Francisco Simon Hamelin-Choquette Chief Executive Officer Chief Financial Officer President, Data Centers SVP, Capital Markets & VP, Cloud US Head of Data Center Strategy Corporate Strategy 21
Slide 22: GAAP Historical Income Statement
GAAP HISTORICAL INCOME STATEMENT ($ in thousands) FY 2025 2Q 2025 2Q 2026 Total Revenues $79,164 $18,662 $28,839 Operating costs and expenses Cost of revenue (exclusive of depreciation) ($30,037) ($7,201) ($11,710) Depreciation and amortization expenses (23,441) (5,140) (6,567) Impairment of capital
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION ($ in thousands) FY 2025 2Q 2025 2Q 2026 Net (Loss) Income ($24,683) ($8,833) ($14,976) Depreciation and amortization expenses $23,441 $5,140 $6,567 Interest expense 4 - 6,016 Income tax (benefit) expense (1,086) 446 (749) EBITDA ($2,324) ($3,247) ($3,142) Impairment o
Slide 24: WhiteFiber
WHITEFIBER _