WhiteFiber

Refresh delta (since 2026-06-20)

1. Q2 results. Total revenues $28,839 thousand vs $18,662 thousand in Q2 2025; six-month revenues $50,762 thousand vs $35,424 thousand. Net loss $(14,976) thousand (Q2 2025: $(8,833) thousand); six-month net loss $(27,018) thousand (2025: $(7,406) thousand). Net cash provided by operating activities $89,105 thousand in the six months (2025: used $6,833 thousand). Cash and cash equivalents $56,056 thousand at 2026-06-30 ($114,441 thousand at 2025-12-31). [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-12, https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm; quarter ended 2026-06-30]
2. NC-1 timing. The 10-Q says management expects to begin delivering capacity to Nscale in the third quarter, with NC-1 generating revenue 30 days after completion, and that construction of MTL-2 begins in Q3 with delivery near fiscal year-end. It names Nscale as the sole contracted tenant at NC-1. [sec.gov: 10-Q filed 2026-08-12, same URL as item 1]
3. Initial Customer termination. In Q2 2026 the company signed a termination agreement with the Initial Customer: $12.5M of invoiced receivables preserved and collected by 2026-06-30, about $2.2M of bad debt expense on the remainder, and a fixed termination fee recognised as $12.3M of Q2 revenue. After quarter end the fee was amended to $15.7M, which the 10-Q reports as outstanding at its date. [sec.gov: 10-Q filed 2026-08-12, same URL as item 1]
4. Bit Digital loan. On 2026-05-20 an NC-1 subsidiary entered a delayed-draw term loan facility of up to $100M with a Bit Digital subsidiary at an initial 9.5% a year, with a step-down once the 40 MW first phase is substantially complete and at least 80% of its capacity is contracted. [sec.gov: 10-Q filed 2026-08-12, same URL as item 1]
5. Convertible notes. On 2026-08-21 the company closed an upsized $310.0M of 5.00% convertible senior notes due 2032 (including the full $40.0M option); initial conversion price about $33.84 (conversion rate 29.5530 shares per $1,000; maximum rate 36.9413, up to 11,451,803 shares), a premium of about 25% to the 2026-08-18 last sale price. Net proceeds were about $298.5M, of which about $118.5M funded the cash leg of concurrent exchanges of $198.15M of the 4.500% convertible notes due 2031 for cash and about 6.3 million ordinary shares; about $31.85M of the 2031 notes remain. [sec.gov: 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-21, https://www.sec.gov/Archives/edgar/data/2042022/000121390026092599/ea0302925-8k_white.htm]
6. Property agreement. On 2026-08-16 a subsidiary agreed to buy industrial property in Yadkin County, North Carolina from a Unifi subsidiary for $60.0M cash (inspection period to 2026-09-15; closing 45 days after it), with a minimum of 30 MW per property (60 MW combined) and potential for up to 198 MW combined, subject to closing conditions. [sec.gov: 8-K filed 2026-08-17, https://www.sec.gov/Archives/edgar/data/2042022/000121390026090492/ea0302334-8k_whitefiber.htm; 8-K/A filed 2026-08-26, https://www.sec.gov/Archives/edgar/data/2042022/000121390026094022/ea0303443-8ka1_whitefiber.htm]
7. CFO change. On 2026-07-30 Erke Huang resigned as CFO and director effective 2026-08-01 (becoming senior advisor and non-voting board observer; he remains Bit Digital's CFO) and the board appointed Justin Zhu as CFO. [sec.gov: 8-K filed 2026-08-03, https://www.sec.gov/Archives/edgar/data/2042022/000121390026084223/ea0299775-8k_whitefiber.htm]
8. Shares. 38,848,118 ordinary shares outstanding at 2026-08-10 (before the roughly 6.3 million shares issued in the note exchange in item 5). [sec.gov: 10-Q filed 2026-08-12, same URL as item 1]
9. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "NC-1 40 MW energization + Nscale billing start... Q2 2026 (June)" meets item 2: the 10-Q expects capacity delivery to Nscale in Q3. The carried catalyst "Q2 2026 print (first quarter with NC-1 revenue)... 2026-08-09" meets items 1 and 2: the 10-Q was filed 2026-08-12 and, as read, reports no NC-1 revenue yet (it says NC-1 revenue starts 30 days after completion). The carried catalyst "Initial Customer termination resolution + cash settlement" meets item 3. The carried catalyst "further Bit Digital related-party financing" meets item 4. The carried risk "dilution (SBC + convertible)" and the "$100M BTBT loan" meet items 5 and 4. The carried seed's price figures ($38.49) and targets rest on market data this delta does not refresh; the convertible's reference price of about $27.07 on 2026-08-18 is derived from the filing's stated 25% premium.

What held

• Nscale remains the sole contracted tenant for NC-1 and the NC-1 start has moved to Q3 (item 2). [sec.gov: 10-Q filed 2026-08-12]
• Related-party links to Bit Digital continue (items 4, 7). [sec.gov: 10-Q filed 2026-08-12; 8-K filed 2026-08-03]
• The company continues to fund expansion with debt and equity-linked instruments (item 5). [sec.gov: 8-K filed 2026-08-21]