WhiteFiber, Inc.

Hello and welcome to the White Fiber second quarter 2026 earnings conference call. Good morning and thank you for joining us. We will begin with prepared remarks from management, followed by a question and answer session. During the Q&A, if you would like to ask a question, please press star 1 on your telephone keypad. As a reminder, today's conference is being recorded. I would now like to turn the call over to your host, Cameron Schnier, Senior Vice President of Capital Markets and Corporate Strategy at White Fiber. Cameron, please go ahead.

Thank you and welcome to the White Fiber Second Quarter 2026 Earnings Call. Joining me today are Sam Tabar, our Chief Executive Officer, and Justin Zhu, our Chief Financial Officer. Before we begin, I'd like to remind everyone that some of the statements we make on this call are forward-looking in nature and subject to risks and uncertainties that could cause actual results to differ materially. Such risks and certainties include but are not limited to those factors described in today's earnings press release. Our Form 10Q for the quarter ended June 30, 2026, filed today, as well as other filings we may make with the SEC from time to time. Our remarks today may also include non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found in our Form 10Q and in the earnings press release posted on our website. Following our prepared remarks, we will open the line for questions. With that, I'll turn the call over to Sam to discuss our performance. Sam?

Thank you, Cam, and thank you, everyone, for joining us. Last week marked the first anniversary of White Fiber's initial public offering. Over the past year, we've made substantial progress towards the company we set out to build. Most notably, we signed a transformational 10-year agreement representing approximately $865 million of contracted revenue for 40 megawatts of IT workload at NC1. We've since advanced the project through construction and now into active customer deployment. We've also started operations and turned on revenue at our Montreal 3 location under our Cerebrus Agreement, expanded our development pipeline, strengthened our capital base, and repositioned our cloud services business around larger, longer-duration opportunities. We are proud of what we've accomplished in our first year, but we aren't satisfied. We remain in the early stages of what fiber... Excuse me, I've got a bit of a cough. We remain in the early stages of what white fiber can become. Our most significant accomplishments remain ahead of us. As we enter this next phase, I'd also like to welcome Justin Zhu as WhiteFiber's Chief Financial Officer. Justin previously served as Senior Vice President of Finance and Chief Accounting Officer. He has been with WhiteFiber since its formation. He has a deep understanding of our business, financial operations, and growth strategy. Eric is stepping away from his executive role at WhiteFiber to focus fully on BitDigital. We thank Eric for his important contributions to White Fiber's development. Eric will continue to support White Fiber as a senior advisor and non-voting observer to our board. He'll provide additional continuity through the transition. We believe this structure provides each company with increasingly dedicated financial leadership as both businesses continue to grow. Turning to our operating update, I'll begin with NC1. which remains our most important near-term operating and financial priority. NC1 has moved into active customer deployment. As of today, approximately 20 megawatts of IT capacity is available to support the installation and testing activities of Nscale and its investment-grade off-taker. Initial billing to our customer has now commenced for the initial tranches of capacity. Remaining equipment startups and testing are progressing very well. We expect the remaining capacity to be turned over progressively through August. By the end of this month, the full 40 megawatts of contracted IT load will reach a full run rate billing.