WhiteFiber revenue +54.5% YoY to $28.8M; Nscale contract signed, largest customer terminated

Filed August 12, 2026 · Period ending June 30, 2026 · Compared to 10-Q Sep 17, 2025 · ~2 min read

Key Changes

• high

  Signed 10-year $865M colocation contract with Nscale for NC-1 facility, representing largest disclosed customer agreement and providing long-term revenue visibility; billing expected Q3 2026.

  MD&A: Nscale Services Agreement verify on EDGAR →
• high

  Terminated Initial Customer (historically largest) in Q2 2026, recognizing $2.2M bad debt but securing $15.7M termination fee (amended post-quarter); GPUs redeployed to other customers. Largest customer now represents 63% of H1 2026 revenue.

  MD&A: Customer Concentration verify on EDGAR →
• high

  Working capital swung from $85.2M surplus (Dec 2025) to $28.6M deficit (Jun 2026) driven by $29.3M related-party debt and $19.4M B. Riley facility maturing within 12 months; management states intent to refinance but warns existing capital may not cover pipeline and near-term maturities without additional financing.

  MD&A: Liquidity verify on EDGAR →