Phase Space AI

Financial Model Notes

WhiteFiber [WYFI]

WhiteFiber, Inc. [WYFI] — Financial Model Notes

As of: 2026-07-29 · Framework: v1.5.1 / criteria.md 2026-07-29 · All figures traced to primary EDGAR filings.

Per the brief, the screen's inputs were not trusted. Share count, TTM revenue and net cash were independently verified against primary filings, and net income ÷ shares ≈ filed EPS was cross-checked for scale. Every discrepancy is reported; none is silently adopted.

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Verified inputs

TTM revenue — a genuine ambiguity, reported rather than resolved silently

WYFI tags two revenue lines and they differ by ~$1.6m on a TTM basis:

The screen's TTM is defensible, not wrong — it used the contracts-with-customers line. This memo uses Revenues as the total revenue line, which is the correct denominator for an EV/Sales multiple. The difference is 1.9% and immaterial to any conclusion; it is disclosed because silently adopting either number is the defect the brief names.

EPS cross-check (net income ÷ shares ≈ filed EPS)

−$24,682,538 ÷ 31,584,244 (FY2025 WA basic) = −$0.782. Filed EarningsPerShareBasic for FY2025 renders as −1 at integer precision in the raw XBRL dump. Sign and magnitude reconcile. No scale error.

Unresolved tagging inconsistency: NetIncomeLossAvailableToCommonStockholdersBasic is tagged +$7,900,000 for FY2025 and +$5,900,000 for FY2024 against NetIncomeLoss of −$24,682,538 and +$1,369,842. These do not reconcile and the cause was not established — possibly a pre-Reorganization carve-out basis or a parent-level figure. Flagged as an open item. This analysis uses NetIncomeLoss throughout.

Net cash reconstruction — and the screen's error

Screen error: $234.8m, and a sign error — WYFI was reported as holding $75.8m of net cash when it holds $159.0m of net debt. Mechanical cause identical to HIVE, HUT, IREN and SHAZ: the debt is tagged ConvertibleLongTermNotesPayable, not LongTermDebtNoncurrent; the resolver found an empty set and still set net_cash_complete: true.

Modelling notes and hazards

1. Model the two segments separately. Colocation is contracted, 10-year, power-passed-through, escalating, with audited RPO. GPU cloud is spot-market, sub-200-GPU contracts, with a demonstrated pattern of early termination and one customer insolvency. A blended multiple across them repeats the cluster's core defect one level down.
2. Do not extrapolate the 64.9% CAGR. The window straddles the Q4 2024 Enovum acquisition — the goodwill and intangibles are the evidence. Colocation revenue is acquired, not organic.
3. The Q1 2026 −7.0% sequential decline is contractual, not competitive, and the model should reflect the air pocket explicitly: essentially no Nscale revenue until Q2 2026, partial in Q2, full from Q3.
4. Strip pass-through power before applying a revenue multiple, as with CORZ — WYFI does not disclose the pass-through amount separately, so this cannot currently be done and is recorded as a limitation. WYFI's EV/Sales of 11.3x is therefore computed on gross revenue and is not strictly comparable to a pass-through- adjusted figure.
5. Bit Digital is the controlling shareholder following the 2025-07-30 Reorganization. Related-party terms and any shared services were not examined.
6. The NC-1 total MW figure is truncated in the filing text reviewed ("MW (gross) of total electrical supply over an extended period of time"). Revenue per MW therefore cannot be computed for WYFI, unlike CORZ. Open item.
7. Terminal value exceeds 60% of EV, so the reverse DCF is the mandatory primary long-horizon output. It is not solvable on an earnings multiple because that multiple is UNIDENTIFIED; the EV/RPO analysis substitutes and is disclosed as a substitute rather than presented as a DCF output.
8. The RPO schedule is the single most valuable modelling input in this cluster and it is audited: 2026 $51,342,750 · 2027 $90,691,316 · 2028 $91,839,412 · 2029 $93,509,250 · 2030 $93,527,854 · thereafter $502,833,948. Build forward revenue from this, not from a growth rate.

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Reproduction

Commit: e67ab6405055a342b54a5ef03613a3650d59ab05