季報
季度報告
10-Q
2026-05-14
總收入：2,192萬美元（2025年同期：1,677萬美元），按年增長31%，主要受雲端服務及機房託管服務帶動。
AI 繁中摘要
WhiteFiber, Inc.（納斯達克：WYFI）提交截至2026年3月31日止三個月的10-Q季度報告。公司為高效能運算（HPC）數據中心及雲端GPU服務供應商，專注人工智能（AI）及機器學習應用。
💻 **業績重點**：
- 總收入：2,192萬美元（2025年同期：1,677萬美元），按年增長31%，主要受雲端服務及機房託管服務帶動。
- 雲端服務收入：1,677萬美元（2025年：1,484萬美元），增長13%。
- 機房託管服務收入：477萬美元（2025年：165萬美元），大幅增長，反映Enovum數據中心併購後產能釋放。
- 淨虧損：1,204萬美元（2025年同期：淨利潤143萬美元），由盈轉虧。
- 每股虧損：0.31美元（基本及攤薄），2025年同期每股盈利0.05美元。
📊 **關鍵財務數字**：
- 總資產：7.96億美元（2025年底：6.51億美元）。
- 現金及等價物：7,578萬美元（2025年底：1.14億美元），減少主要由於資本開支及可轉換票據相關交易。
- 可轉換票據（非流動）：2.223億美元（2025年底：0），反映2026年1月發行的2031年到期2.25億美元可轉換票據，並購買1.2億美元零行使價認購期權（記為權益減少）。
- 總負債：4.44億美元（2025年底：1.69億美元），主要受可轉換票據帶動。
- 營運現金流：淨流入323萬美元（2025年同期：淨流出293萬美元），受遞延收入增加支持。
🔍 **重大事件**：
- 2026年1月完成2.25億美元可轉換票據發行，用於擴充GPU基礎設施及一般營運。
- 出售部分物業、廠房及設備，產生收益182萬美元。
- 成立澳洲子公司Aurix Digital Pty Ltd，拓展亞太雲端服務市場。
📈 **分部表現**：
- 雲端服務：收入增長，但成本（電費、租
展開英文正文
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(Exact name of registrant as specified in its charter) Cayman Islands 61-2222606 (State or other jurisdiction of Company or organization) (I.R.S. Employer Identification No.) 31 Hudson Yards, Floor 11, Suite 30, New York, NY 10001 (Address of principal executive offices) (Zip Code) Registrant’s telephone number: (646) 801-0779 Securities registered pursuant to Section 12(b) of the Exchange Act: Title of each class Trading Symbol Name of each exchange on which registered Ordinary Shares, $0.01 par value WYFI The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated Filer☒ Smaller reporting company☒ Emerging growth company☒ If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of May 12, 2026, the registrant had 38,614,216 Ordinary Shares, $0.01 par value per share, outstanding. TABLE OF CONTENTS CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS ii PART I Item 1. Financial Statements. 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 34 Item 3. Quantitative and Qualitative Disclosures about Market Risk. 52 Item 4. Controls and Procedures. 52 PART II Item 1. Legal Proceedings. 53 Item 1A. Risk Factors. 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 53 Item 3. Defaults Upon Senior Securities. 55 Item 4. Mine Safety Disclosures. 55 Item 5. Other Information. 55 Item 6. Exhibits. 56 SIGNATURES 57 i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements regarding us and our business strategies, market potential, future financial performance and other matters that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our strategy, future financial condition, future operations, plans, objectives of management, and expected market growth, are forward-looking statements. The words “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “might,” “will,” “target,” “potential,” “goal,” “objective,” “plan,” “seek,” “anticipate,” “project” and similar expressions, among others, generally identify “forward-looking statements,” which speak only as of the date the statements were made. In particular, information included under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other sections of this report contain forward-looking statements. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of WhiteFiber’s (as defined below) management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Whether any such forward-looking statements are in fact achieved will depend on future events, some of which are beyond WhiteFiber’s control. You should realize that if underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual results and financial condition could vary materially from expectations and projections expressed or implied in our forward-looking statements. Risks and uncertainties include, but are not limited to: ● our ability to integrate the operations of Enovum (as defined below) and any hereafter acquired companies into our HPC Business (as defined below) segment; ● our ability to purchase GPUs (as defined below) on a timely basis to service our cloud service customers; ● supply chain disruptions, which may have a material adverse effect on the Company’s performance; ● our failure to effectively manage our growth, strategic investments, combination, joint-ventures, acquisitions or alliances, which could disrupt our business; ● the loss of any member of our executive management team, capital markets and interest rate risks; ● significant customer concentration; ● our failure to innovate and provide cloud services to our customers and partners; ● a substantial decrease in the demand for data centers; ● volatility in the supply and price of power in the open markets; ● our limited history of operating as an independent public company; ● export restitution and tariffs, particularly with Canada concerning our supplies and operations; ● issues in the development and use of AI (as defined below); ● regulations that target AI, and governmental regulations; ● other legal obligations related to data privacy, data protection and information security; and ● other factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, in Part II, Item 1.A of this Form 10-Q and in other reports that the Company files from time to time with the SEC. ii You should not place undue reliance upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this report primarily on our current expectations, estimates, forecasts and projections about future events and trends that we believe may affect our business, results of operations, financial condition and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this report, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur at all. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including those matters discussed under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this report as well as other factors which may be identified from time to time in our other filings with the U.S. Securities and Exchange Commission, or in the documents where such forward-looking statements appear, include factors, risks, trends and uncertainties that could cause actual results or events to differ materially from those anticipated. Additional risks and uncertainties of which we are unaware, or that we currently deem immaterial, also may become important factors that affect us. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this report. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. All forward-looking statements made in this report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this report, and WhiteFiber does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Comparisons of results for current and any prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data. iii Item 1. Financial Statements and Supplementary Data WHITEFIBER, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2026 and December 31, 2025 (Expressed in US dollars, except for the number of shares) March 31, 2026 December 31, 2025 (audited) ASSETS Current assets Cash and cash equivalents $75,782,755 $114,441,279 Restricted cash 4,323,022 3,856,819 Accounts receivable, net 91,724,864 23,921,591 Net investment in lease - current, net 3,897,530 4,260,877 Other current assets, net 19,975,701 21,269,431 Total current assets 195,703,872 167,749,997 Non-current assets Deposits for property, plant, and equipment 67,883,795 52,738,419 Property, plant, and equipment, net 431,959,458 336,638,607 Goodwill 19,809,807 20,145,663 Intangible assets, net 12,429,693 12,820,574 Right-of-use assets 30,412,748 24,176,446 Net investment in lease - non-current, net 9,043,622 9,686,949 Investment security 1,000,000 1,000,000 Deferred tax assets 4,526,051 2,594,430 Other non-current assets, net 23,528,309 23,801,113 Total non-current assets 600,593,483 483,602,201 Total assets $796,297,355 $651,352,198 LIABILITIES AND EQUITY Current liabilities Accounts payable $7,962,980 $8,100,894 Current portion of deferred revenue 18,730,619 7,997,054 Current portion of lease liabilities 18,034,935 18,119,325 Income tax payable 116,056 217 Other payables and accrued liabilities 25,934,856 48,308,052 Total current liabilities 70,779,446 82,525,542 Non-current liabilities Non-current portion of deferred revenue 125,776,956 71,554,398 Non-current portion of lease liabilities 11,253,141 5,276,703 Convertible note payable, net 222,308,429 - Deferred tax liabilities 7,940,111 5,698,918 Amounts due to related parties 5,659,842 3,832,597 Total non-current liabilities 372,938,479 86,362,616 Total liabilities 443,717,925 168,888,158 Commitments and Contingencies (Note 18) Shareholders’ Equity Ordinary shares, $0.01 par value, 340,000,000 and 340,000,000 shares authorized, 38,608,338 and 38,344,239 shares issued, 38,608,338 and 38,344,239 shares outstanding as of March 31, 2026 and December 31, 2025, respectively 386,084 383,443 Additional paid-in capital 388,855,485 504,732,035 Accumulated deficit (36,581,049) (24,538,645) Accumulated other comprehensive (loss) income (81,090) 1,887,207 Total Shareholders’ Equity 352,579,430 482,464,040 Total Liabilities and Shareholders’ Equity $796,297,355 $651,352,198 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 WHITEFIBER, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For the Three Months Ended March 31, 2026 and 2025 (Expressed in US dollars, except for the number of shares) For the Three Months Ended March 31 2026 2025 Revenues Cloud services $16,766,543 $14,842,286 Colocation services 4,773,550 1,644,663 Other 383,358 280,567 Total Revenues 21,923,451 16,767,516 Operating costs and expenses Cost of revenue (exclusive of depreciation shown below) Cloud services (6,779,283) (6,104,841) Colocation services (1,952,783) (545,836) Depreciation and amortization expenses (6,441,112) (3,829,644) General and administrative expenses (17,770,097) (4,243,819) Total operating expenses (32,943,275) (14,724,140) (Loss) income from operations (11,019,824) 2,043,376 Net gain from disposal of property and equipment 1,821,729 - Interest expense (1,995,033) - Other income (loss), net 233,807 (20,937) Total other income (loss), net 60,503 (20,937) (Loss) income before income taxes (10,959,321) 2,022,439 Income tax expense (1,083,083) (594,603) Net (loss) income $(12,042,404) $1,427,836 Other comprehensive (loss) income Foreign currency translation adjustment $(1,968,297) $(504,606) Total comprehensive (loss) income $(14,010,701) $923,230 Weighted average number of ordinary share outstanding Basic 38,392,469 27,043,750 Diluted 38,392,469 27,043,750 (Loss) earnings per share Basic $(0.31) $0.05 Diluted $(0.31) $0.05 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 WHITEFIBER, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY For the Three Months Ended March 31, 2026 and 2025 (Expressed in US dollars, except for the number of shares) Common Shares Par Value Additional Paid-in capital Retained Earnings/ (Accumulated Deficit) Accumulated Other Comprehensive (Loss) Income Total Shareholders’ Equity Balances as of December 31, 2024 27,043,750 $270,438 $170,877,982 $143,893 $(1,565,558) $169,726,755 Net Parent Investment - - 49,974,548 - - 49,974,548 Other comprehensive loss - - - - (504,606) (504,606) Net income - - - 1,427,836 - 1,427,836 Balances as of March 31, 2025 27,043,750 $270,438 $220,852,530 $1,571,729 $(2,070,164) $220,624,533 Balance, December 31, 2025 38,344,239 $383,443 $504,732,035 $(24,538,645) $1,887,207 $482,464,040 Share-based compensation expense - - 52,758 - - 52,758 Share-based compensation in connection with issuance of ordinary shares to employees 123,421 1,234 1,926,694 - - 1,927,928 Share-based compensation in connection with issuance of ordinary shares to consultants 140,678 1,407 2,143,982 - - 2,145,389 Purchase of zero-strike call option in connection with issuance of convertible notes - - (119,999,984) - - (119,999,984) Other comprehensive loss - - - - (1,968,297) (1,968,297) Net loss - - - (12,042,404) - (12,042,404) Balances as of March 31, 2026 38,608,338 $386,084 $388,855,485 $(36,581,049) $(81,090) $352,579,430 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 WHITEFIBER, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2026 and 2025 (Expressed in US dollars) For the Three months Ended March 31, 2026 2025 Cash Flows from Operating Activities: Net (loss) income $(12,042,404) $1,427,836 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization expenses 6,441,113 3,829,644 Amortization of discount on convertible note issued 190,341 - Share-based compensation expenses 7,317,401 - Gain from disposal of property, plant, and equipment (1,821,729) - Current expected credit losses (6,834) - Changes in assets and liabilities: Other current assets 1,261,160 (10,215,260) Other non-current assets 267,388 (879,017) Right-of-use assets 1,651,287 1,058,290 Deferred revenue 64,978,510 (9,520,254) Lease liabilities (1,729,417) (1,027,457) Accounts receivable (67,811,934) 2,727,964 Net investment in lease 1,021,232 608,581 Accounts payable (71,455) (992,687) Income tax payable 115,839 (251) Other payables and accrued liabilities 1,090,830 9,652,427 Other long-term liabilities - (196,342) Deferred tax liabilities 359,012 592,573 Amounts due to related parties 2,018,533 - Net Cash Provided by (Used in) Operating Activities 3,228,873 (2,933,953) Cash Flows from Investing Activities: Purchases of and deposits made for property, plant, and equipment (169,168,417) (50,165,143) Proceeds from disposal of property, plant and equipment 26,082,000 - Net Cash Used in Investing Activities (143,086,417) (50,165,143) Cash Flows from Financing Activities: Net transfers from Parent - 49,974,548 Net proceeds from issuance of convertible debt 222,118,088 - Purchase of zero-strike call option (119,999,984) - Repayment of finance lease liabilities (279,135) - Net Cash Provided by Financing Activities 101,838,969 49,974,548 Net decrease in cash, cash equivalents and restricted cash (38,018,575) (3,124,547) Effect of exchange rate changes on cash, cash equivalents and restricted cash (173,746) 535,795 Cash, cash equivalents and restricted cash, beginning of period 118,298,098 15,404,776 Cash, cash equivalents and restricted cash, end of period $80,105,777 $12,816,024 Supplemental Cash Flow Information Cash paid for income taxes, net of (refunds) $637,161 - Non-cash Transactions of Investing and Financing Activities Right of use assets exchanged for operating lease liabilities $8,144,892 $1,298,508 Remeasurement of finance lease right-of-use asset and liability $30,435 - Reclassification of deposits to property, plant and equipment $6,461,624 $75,415,245 Construction in progress included in other payables and accrued liabilities $(26,572,117) - Reconciliation of cash, cash equivalents and restricted cash March 31, 2026 December 31, 2025 Cash and cash equivalents $75,782,755 $114,441,279 Restricted cash 4,323,022 3,856,819 Total $80,105,777 $118,298,098 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 WHITEFIBER, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. ORGANIZATION AND PRINCIPAL ACTIVITIES WhiteFiber, Inc. (“WhiteFiber” or “the Company”) is a leading provider of high-performance computing (“HPC”) data centers and cloud-based HPC graphics processing units (“GPU”) services, which we term cloud services, for customers such as artificial intelligence (“AI”) applications and machine learning (“ML”) developers. Our HPC Tier-3 data centers provide hosting and colocation services. Our cloud services support generative AI workstreams, especially training and inference. WhiteFiber ordinary shares, par value $0.01 per share (the “Ordinary Shares”), are listed on the Nasdaq Stock Market LLC (Nasdaq:WYFI). The terms “we,” “us,” “our” or the “Company” mean WhiteFiber and its consolidated or combined subsidiaries. On August 8, 2025, we completed the initial public offering (“IPO” or “Offering”) of our Ordinary Shares at a public offering price of $17.00 per share. The Company and B. Riley Securities, Inc. and Needham & Company, LLC, as representatives of the several underwriters (the “Underwriters”), entered into an underwriting agreement (the “Underwriting Agreement”), pursuant to which the Company agreed to offer and sell, and the Underwriters agreed to purchase, 9,375,000 Ordinary Shares. The Underwriters were also granted a 30-day option (“over-allotment option”) to purchase up to an additional 1,406,250 Ordinary Shares. On September 2, 2025, the Underwriters fully exercised their option to purchase the additional 1,406,250 Ordinary Shares at the public offering price of $17.00 per share. Prior to the consummation of the Offering, the Company entered into a contribution agreement (the “Contribution Agreement”) with Bit Digital Inc. (“Bit Digital” or “BTBT”), pursuant to which Bit Digital contributed (the “Contribution”) its HPC business through the transfer of 100% of the capital shares of its cloud services subsidiary, WhiteFiber AI, Inc. and its wholly-owned subsidiaries WhiteFiber HPC, Inc., WhiteFiber Canada, Inc., WhiteFiber Japan G.K. and WhiteFiber Iceland, ehf, to WhiteFiber in exchange for 27,043,749 ordinary shares of WhiteFiber (the “Reorganization”). Pursuant to the Contribution Agreement, the transfer was accounted for as a common control transaction immediately prior to the IPO. The Contribution became effective on August 6, 2025, when the registration statement on Form S-1, as amended (File No. 333-288650), of WhiteFiber (the “Registration Statement”) was declared effective by the SEC. WhiteFiber AI became a wholly-owned subsidiary of WhiteFiber, Inc. and Bit Digital became the direct shareholder of WhiteFiber after the Reorganization. As of the date of this Form 10-Q, Bit Digital owns approximately 70.1% of WhiteFiber. The accompanying unaudited condensed consolidated financial statements reflect the activities of the Company and each of the following entities: Name Background Ownership WhiteFiber AI, Inc. (“WF AI”) ● A Delaware corporation 100% owned by WhiteFiber, Inc ● Incorporated on October 19, 2023 ● Engaged in cloud services WhiteFiber Iceland ehf (“WF Iceland”) ● An Icelandic company 100% owned by WhiteFiber AI, Inc. ● Incorporated on August 17, 2023 ● Engaged in cloud services WhiteFiber HPC, Inc. (“WF HPC”) ● A Delaware corporation 100% owned by WhiteFiber AI, Inc. ● Incorporated on June 27, 2024 ● Engaged in HPC business Enovum Data Centers Corp (“Enovum”) ● A Canadian company 100% owned by WhiteFiber, Inc. ● Acquired on October 11, 2024 ● Engaged in HPC data center services Enovum MTL I LP (“MTL-1”) ● A Canadian company 100% owned by Enovum Data Centers Corp ● Partnership entered into on August 12, 2025 ● Engaged in HPC data center services Enovum MTL II LP (“MTL-2”) ● A Canadian company 100% owned by Enovum Data Centers Corp ● Partnership entered into on December 6, 2024 ● Engaged in HPC data center services 5 WhiteFiber Canada, Inc. (“WF Canada”) ● A Canadian company 100% owned by WhiteFiber AI, Inc. ● Incorporated on March 11, 2025 ● Engaged in cloud services Enovum Saint-Jerome LP (“MTL-3”) ● A Canadian company 100% owned by Enovum Data Centers Corp ● Partnership entered into on April 4, 2025 ● Engaged in HPC data center services Enovum NC-1 BIDCO, LLC (“Enovum NC”) ● A Delaware company 100% owned by WhiteFiber, Inc. ● Incorporated on May 7, 2025 ● Engaged in HPC data center services WhiteFiber Japan GK (“WF Japan”) ● A Japanese company 100% owned by WhiteFiber AI, Inc. ● Incorporated on May 22, 2025 ● Engaged in cloud services Aurix Digital Pty Ltd ● An Australian company 100% owned by WhiteFiber, Inc ● Incorporated on February 6, 2026 ● Engaged in cloud services 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation and principles of consolidation The Company’s accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The financial statements presented for periods on or after August 6, 2025, the date on which the Contribution was completed, are presented on a consolidated basis, and include the financial position, results of operations and cash flows of the Company. The financial statements for the periods prior to August 6, 2025 are presented on a combined basis, and reflect the historical combined financial position, results of operations and cash flows of WhiteFiber, as the operations were under common control of Bit Digital and reflect the historical combined financial position, results of operations and cash flows of those legal entities. Intercompany transactions and balances have been eliminated. The financial information for the periods prior to August 6, 2025 represents the historical combined financial position and results of operation of WhiteFiber AI, incorporated on October 19, 2023. The results of Enovum (as defined below) are reflected following its acquisition on October 11, 2024. This information is derived from the consolidated financial statements and accompanying records of Bit Digital using the historical results of operations and historical basis of assets and liabilities of the Company. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the condensed combined financial statements. The financial statements also include expense allocations for certain functions provided by Bit Digital, including, but not limited to, certain general corporate expenses related to finance, tax, investor relations, and marketing. These general corporate expenses are included in the condensed consolidated statements of operations within general and administrative expenses. Direct usage has been used to attribute expenses that are specifically identifiable to the Company, where practicable. In certain instances, these expenses have been allocated to the Company primarily based on the percentage of revenue or other allocation methodologies that are considered to be a reasonable reflection of the utilization of the services provided to the benefits received. The allocations may not, however, reflect the expense the Company would have incurred as a stand-alone company for the period presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. For the period beginning August 6, 2025, the condensed consolidated financial information represents the Company’s financial position and results of operation as a stand-alone public company. Following the Reorganization and IPO, the Company may perform certain functions using its own resources or purchased services. For an interim period following the Reorganization and IPO, however, some of these functions will continue to be provided by Bit Digital, under the Transition Services Agreement entered into between WhiteFiber and Bit Digital on July 30, 2025 (the “Transition Services Agreement”). The condensed consolidated financial information as of March 31, 2025 included herein has been derived from the unaudited condensed consolidated financial statements for the period ended March 31, 2025 included in the prospectus for our IPO dated August 6, 2025. Management believes all adjustments necessary for a fair statement of balance sheet, results of operations, and cash flows have been made. Except as otherwise disclosed, all such adjustments are of a normal recurring nature. The Company believes that the disclosures are adequate to make the information presented not misleading. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results for the full year. 6 Use of estimates In preparing the condensed consolidated financial statements in conformity with U.S. GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information as of the date of the condensed consolidated financial statements. Significant estimates required to be made by management include, but are not limited to, the valuation of current assets, useful lives of property, plant, and equipment, impairment of long-lived assets, intangible assets and goodwill, valuation of assets and liabilities acquired in business combinations, provision necessary for contingent liabilities and realization of deferred tax assets. Actual results could differ from those estimates. Fair value of financial instruments ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data. ● Level 3 - inputs to the valuation methodology are unobservable. Fair value of the Company’s financial instruments, including cash and cash equivalents, restricted cash, deposits, accounts receivable, other receivables, accounts payable, and other payables, approximate their fair values because of the short-term nature of these assets and liabilities. Non-financial assets, such as goodwill, intangible assets, right-of-use assets, and property, plant and equipment, are adjusted to fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only upon recognition of an impairment charge. Fair value of the convertible notes at each reporting period was estimated based on significant inputs that are observable in the market, which represent Level 2 measurements within the fair value hierarchy. Cash and cash equivalents Cash includes cash on hand and demand deposits in accounts maintained with commercial banks. The Company considers all highly liquid investment instruments with an original maturity of three months or less from the date of purchase to be cash equivalents. Restricted cash Restricted cash represents cash balances that support an outstanding letter of credit to third parties related to security deposits and other purposes and are restricted from withdrawal. Accounts receivable, net Accounts receivable consist of amounts due from our customers. Receivables are recorded at the invoiced amount less current expected credit losses for any potentially uncollectable accounts under the current expected credit loss (“CECL”) impairment model and presents the net amount of the financial instrument expected to be collected. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. In accordance with ASC 326, Measurement of Credit Losses on Financial Instruments (“ASC 326”), the Company evaluates the collectability of outstanding accounts receivable balances to determine current expected credit losse