# WhiteFiber, Inc. (WYFI)

> Source: Nexqual · https://nexqual.com/WYFI · data as of 2026-11-03 21:00 UTC · cite as "Nexqual, WhiteFiber, Inc. (WYFI), nexqual.com/WYFI" · informational, not investment advice.

## WYFI major shareholder filing: Schedule 13D/A, Aug 25, 2026
Bit Digital, Inc. filed a Schedule 13D/A on Aug 25, 2026, reporting up to 59.90% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> Item 4 of the Original Schedule 13D is hereby amended by adding the following: On August 21, 2026, in connection with an offering by the Issuer of Convertible Senior Notes (the "Notes") issued pursuant to a purchase agreement with Barclays Capital Inc., as representative of the several initial purchasers named therein (the "Representative"), and reoffered by the initial purchasers in exempt resales (the "Offering"), Bit Digital entered into a lock-up letter agreement with the Representative (the "Lock-Up Agreement"), as described in Item 6 below. In connection with such transaction, the Issuer has issued additional Ordinary Shares since the date of the Original Schedule 13D, which has resulted in a decrease in the Reporting Person's percentage beneficial ownership of the outstanding Ordinary Shares, as reflected in Item 5 below. The Reporting Person did not sell, transfer or otherwise dispose of any Ordinary Shares in connection with this change, and the number of Ordinary Shares beneficially owned by the Reporting Person is unchanged from the Original Schedule 13D. Except as set forth in this Amendment, the Reporting Person does not have any present plan or proposal that relates to or would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D.

Source: https://www.sec.gov/Archives/edgar/data/2042022/000121390026093678/0001213900-26-093678-index.htm

## What changed for WYFI since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 3, 2026).

- WhiteFiber, Inc. (WYFI) stock went from USD 16.91 (close of the week of Aug 25, 2025, split-adjusted) to USD 10.49, a -38.0% price change; the S&P 500 (SPY) moved +18.5% over the same period.
- WYFI revenue over the last four reported quarters (through Jun 30, 2026) was $94.5M, +98.4% vs $47.6M in fiscal year 2024 (ended Dec 31, 2024), the last full year filed before September 2025; net income $1.4M → -$44.3M (SEC 10-K / 10-Q).
- In the latest 13F period (Q2 2026), 1 of 80 superinvestors tracked by Nexqual hold WYFI; 1 opened new positions, 0 added and 0 reduced.
- Analyst actions on WYFI in the last 120 days: 6 (4 upgrades or target raises, 0 downgrades or target cuts); most recent Macquarie, Sep 23, 2026.

**Price:** USD 10.49 (+13.28% on the day) · last close of Nov 3, 2026; US market pre market, not a live price. Prev close 9.26 · day 9.43–10.57 · 52w 9.11–46.87 · market cap $408M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $94.5M, net income -$44.3M (-46.9% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold WYFI (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $213K; 1 not under a Rule 10b5-1 plan ($213K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 40.45 (range 32–50).
- Total return with dividends: 1Y -65.6% vs S&P 500 +12.9%; 5Y -31.4% vs S&P 500 +72.1%.
- Next earnings: 2026-11-10, EPS estimate USD -0.3, revenue estimate $30.2M. All companies reporting that day: https://nexqual.com/earnings/2026-11-10
- Dividend: WYFI paid no cash dividend in the last five years.
- Short interest: 48.04% of float (as of 2026-10-15), 4.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Revenue | $47.6M | $79.2M | $94.5M |
| Gross profit | $26.9M | $47.6M | — |
| Operating income | $628K | -$26.8M | -$40.0M |
| Net income | $1.4M | -$24.7M | -$44.3M |
| EPS (diluted) | $0.05 | -$0.78 | — |
| Free cash flow | -$60.3M | -$223M | -$341M |
| Gross margin | 56.4% | 60.2% | — |
| Operating margin | 1.3% | -33.9% | -42.3% |
| Net margin | 2.9% | -31.2% | -46.9% |
| Revenue growth | — | +66.2% | — |
| Cash + short-term investments | $11.7M | $114M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.3x · P/B 1.2x · FCF yield -83.57% · Earnings yield -10.87%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WYFI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $1.0M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-29 | Shih Ichi | Director | 7,059 | $213K | 60.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 40.45 (low 32, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | Macquarie | Maintained | Outperform | $44 |
| 2026-08-17 | Needham | Target raised | Buy | $38 → $41 |
| 2026-08-14 | Barclays | Target raised | Equal-Weight | $29 → $32 |
| 2026-08-13 | Cantor Fitzgerald | Upgrade | Neutral → Overweight | $27 → $36 |
| 2026-08-12 | BTIG | Reiterated | Buy | $50 |
| 2026-07-21 | Barclays | Target raised | Equal-Weight | $27 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-04) | 5Y (from 2025-08-04) |
|---|---|---|
| Total return | -65.6% | -31.4% |
| S&P 500 (SPY) | +12.9% | +72.1% |
| Per year | -65.7% | -26.1% |
| Volatility (annualized) | 121.4% | 118.8% |
| Max drawdown | -79.3% (Jun 2026→Nov 2026) | -74.1% (Jul 2026→Oct 2026) |

## Dividends
WYFI paid no cash dividend in the last five years.

## Short interest
5,542,055 shares sold short, 48.04% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,786,199 shares (+15.8%). Days to cover: 4.1 (short shares ÷ average daily volume).

## Peers (Information Technology Services)
PENG (Penguin Solutions, Inc.) USD 53.19 +11.98% · CHRN (ChronoScale Holdings Corporatio) USD 13.68 +4.99% · DXC (DXC Technology Company) USD 13.78 -6.64% · CSQR (Csquare, Inc.) USD 14.3 +8.01% · KD (Kyndryl Holdings, Inc.) USD 12.94 -4.64% · CIFR (Cipher Digital Inc.) USD 8.12 +18.37%

## More
Full page: https://nexqual.com/WYFI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WYFI's own 10-K filed 2026-03-26 (https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea0278305-10k_white.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Canopy Wave | "We considered available information about Canopy's operations and industry conditions and did not observe any significant deterioration in Canopy's overall financial performance, nor any material adverse changes to its o…" |
| Partner | NVIDIA (NVDA) | "We are an authorized NVIDIA Preferred Partner through the NPN, an authorized partner with SuperMicro Computer Inc.®, an authorized" |
| Partner | Bit Digital, Inc (BTBT) | "of the IPO, the Company entered into a Contribution Agreement with Bit Digital, pursuant to which Bit Digital contributed its HPC business" |
| Partner | Hewlett Packard Enterprise (HPE) | "CSP with Dell (through Dell's exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise" |
| Partner | Dell Technologies (DELL) | "CSP with Dell (through Dell's exclusive distributor in Iceland, Advania), an official partnership with Hewlett Packard Enterprise" |
| Partner | SuperMicro Computer | "We are an authorized NVIDIA Preferred Partner through the NPN, an authorized partner with SuperMicro Computer Inc.®, an authorized" |
| Competitor | Digital Realty (DLR) | "We compete with several prominent data center providers, including Digital Realty," |
| Competitor | CoreWeave (CRWV) | "in the U.S. Our primary competitors in the cloud service business are CoreWeave, Crusoe Energy, Nebius, and Lambda Labs." |
| Competitor | Nebius (NBIS) | "in the U.S. Our primary competitors in the cloud service business are CoreWeave, Crusoe Energy, Nebius, and Lambda Labs." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cloud Services | $23.8M | 82.5% | +43.5% |
| Colocation Services | $4.7M | 16.4% | +173.3% |
| Total revenue | $28.8M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Cloud Services | $23.8M | 82.5% | +43.5% |
| Colocation Services | $4.7M | 16.4% | +173.3% |
| Other | $307,000 | 1.1% | -9.2% |
| Total revenue | $28.8M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Iceland | $69.2M | 87.4% | +49.7% |
| Canada | $8.9M | 11.3% | +554.8% |
| Other Countries | $1.1M | 1.4% | +1136.0% |
| Total revenue | $79.2M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.30 | $-0.20 | −$0.10 | $30.2M | 4 |
| Next quarter (ends 2026-12-31) | $-0.06 | $0.01 | −$0.06 | $54.3M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.61 | $-0.83 | +$0.22 | $135.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.15 | $0.54 | -72.8% | $296.3M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±25.4%; last 2 reports averaged ±11.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 16 | 143.6% | ±25.4% |
| 2026-12-18 | 44 | 148.2% | ±41.8% |
| 2027-01-15 | 72 | 138.4% | ±49.1% |
| 2027-02-19 | 107 | 131.3% | ±56.0% |
| 2027-05-21 | 198 | 119.2% | ±67.2% |
| 2027-06-17 | 225 | 118.6% | ±70.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jan 21, 2026 | Quarter ended Dec 31, 2025 | — | — | — | +2.7% |
| Nov 13, 2025 | Quarter ended Sep 30, 2025 | −$0.46 | −$0.10 | Miss −360.0% | -20.8% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-03 | 8-K | Entered a material agreement; Completed an acquisition or sale of assets; Regulation FD disclosure — “The disclosure contained in Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/2042022/000121390026115575/0001213900-26-115575-index.htm |
| 2026-10-21 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/2042022/000121390026111411/0001213900-26-111411-index.htm |
| 2026-10-21 | DEF 14A | Proxy statement (pay, board, votes) · period ended Dec 1, 2026 | https://www.sec.gov/Archives/edgar/data/2042022/000121390026111410/0001213900-26-111410-index.htm |
| 2026-09-14 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/0001213900-26-099424-index.htm |
| 2026-08-26 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/2042022/000121390026094022/0001213900-26-094022-index.htm |
| 2026-08-25 | Schedule 13D/A | Bit Digital, Inc.: 59.9% of shares, 5%+ holder that may seek to influence the company (amended) — “Item 4 of the Original Schedule 13D is hereby amended by adding the following: On August 21, 2026, in connection with an offering by the Issuer of Convertible Senior Notes (the "Notes") issued pursuant to a purchase agreement with Barclays Capital Inc., as representative of the…” | https://www.sec.gov/Archives/edgar/data/2042022/000121390026093678/0001213900-26-093678-index.htm |
| 2026-08-21 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares; Other material event — “Indenture and Notes On August 21, 2026, WhiteFiber, Inc. (the " Company ") completed its previously announced upsized private offering (the " Offering ") of $310.0 million aggregate principal amount of its 5.00% Convertible Senior Notes due 2032 (the " Notes "), including the exercise in full of the initial purchasers' option to purchase an additional $40.0 million aggregate principal amount of Notes. The Notes are general senior unsecured obligations of the Company. The Notes were issued pursuant to an Indenture,…” | https://www.sec.gov/Archives/edgar/data/2042022/000121390026092599/0001213900-26-092599-index.htm |
| 2026-08-17 | 8-K | Entered a material agreement; Regulation FD disclosure — “Real Estate Purchase and Sale Agreement On August 16, 2026, WhiteFiber, Inc. (the "Company"), through its wholly owned subsidiary, Enovum Data Centers Corp., a Canadian corporation (the "Buyer"), and Unifi Manufacturing, Inc. ("UMI"), a wholly owned subsidiary of Unifi, Inc., entered into a Real Estate Purchase and Sale Agreement, dated as of August 16, 2026 (the "Purchase Agreement"). Pursuant to the Purchase Agreement, UMI agreed to sell to Buyer, and Buyer agreed to purchase from UMI, certain real property, as…” | https://www.sec.gov/Archives/edgar/data/2042022/000121390026090492/0001213900-26-090492-index.htm |
| 2026-08-12 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/0001213900-26-088026-index.htm |
| 2026-08-03 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Resignation of Erke Huang as Chief Financial Officer, Principal Financial Officer, Principal Accounting Officer and Director On July 30, 2026, Erke Huang notified the Board of Directors (the "Board") of WhiteFiber, Inc. (the "Company") that he would resign as the Company's Principal Financial Officer, Principal Accounting Officer and Chief Financial Officer, effective August 1, 2026. On July 30, 2026, Mr. Huang notified the Board that he will also step down as a member of the Board of the Company, effective August…” | https://www.sec.gov/Archives/edgar/data/2042022/000121390026084223/0001213900-26-084223-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.