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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Revenue: $24.0M (Est. $30.19M) โ, +19% YoY.
โข GAAP EPS: -$2.44 (Normalized Est. -$0.30, not directly comparable).
โข Net Loss: $101.4M (vs. $15.8M loss YoY).
โข Operating Loss: $12.4M (vs. $14.5M loss YoY).
โข Adjusted EBITDA: Approximately breakeven (vs. $2.3M YoY).
โข Cloud Services Revenue: $18.1M, +0.4% YoY.
โข Colocation Revenue: $5.6M, +232% YoY.
โข Gross Margin Excluding D&A: 56.9%.
โข Cash & Restricted Cash: $147.6M.
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๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Cloud Services Annualized Revenue: ~$365M at full deployment, targeted for mid-2027.
โข NC-2 & NC-3: Initial service readiness targeted for late 2027.
โข NC-2 & NC-3: Potential expansion to ~200 MW within seven years, subject to power availability.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 revenue missed consensus by ~20.5%, reflecting delays in the NC-1 capacity ramp.
โข NC-1's full 40 MW of contracted IT capacity is now operational and billing has commenced.
โข Signed >$700M in new cloud services contracts across five customers since August, including its first capital-light managed services agreements.
โข New contracts support a targeted ~$365M annualized cloud revenue run rate by mid-2027, subject to deployment and financing.
โข Secured a $300M NC-1 credit facility, including $200M in initial term loans and $100M in delayed-draw capacity, with funding still subject to conditions.
โข Acquired NC-2 and NC-3 for $60M, targeting at least 60 MW of initial gross utility capacity.
โข NC-2 and NC-3 customer discussions include non-binding proposals from investment-grade counterparties.
โข Remaining Performance Obligations totaled $729M, with an additional $421.5M in future lease payments excluded from RPO.
โข Net loss included an $80.8M non-cash convertible note conversion expense.
โข Completed a $310M convertible note offering and exchanged ~$198M of existing notes, extending debt maturities.
โข Deferred revenue reached $306M, primarily reflecting customer prepayments.
โข Launched WhiteFiber Continuum, connecting geographically separated data centers into logical GPU superclusters.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โOur third-quarter results reflect the delayed NC-1 ramp, while much of our newly contracted cloud business is preparing to enter service.โ