WhiteFiber's Q2 Earnings Report Highlights Costly Quarter
WhiteFiber Releases First Quarterly Report as Standalone Public Entity
In an exciting development, WhiteFiber, the HPC/AI subsidiary of Bit Digital (BTBT), has recently released its first quarterly report as a standalone public entity. The report provides insights into the company's financial performance and operational growth since its spin-out in August.
According to the report, WhiteFiber (WYFI) ended the first quarter with total assets of $34.5 million, a significant portion of which was $8.7 million in cash and cash equivalents. The company's total liabilities as of the end of the quarter stood at $21.8 million.
WhiteFiber's operations during the first quarter yielded a revenue of $2.5 million. However, the company reported a net loss of $2.2 million. The average selling price of WhiteFiber's services was $30,000 during the quarter, and the company's gross margin stood at 25%.
One of the highlights of the quarterly report is the securing of a new contract with a major tech company. The report does not disclose the name of the tech giant, but it is clear that this partnership could significantly contribute to WhiteFiber's future growth.
The report also reveals that WhiteFiber has expanded its data center footprint to four new locations, reflecting the company's commitment to providing robust and scalable services to its clients. As of the end of the first quarter, WhiteFiber had 100 full-time employees.
It is worth noting that the search results do not provide the name of the CEO of WhiteFiber since the spin-off from Bit Digital. The company went public through an IPO at $17 per share.
The financial report is a positive step towards transparency and accountability for WhiteFiber, and it provides a solid foundation for investors to make informed decisions about the company's potential. As WhiteFiber continues to grow and evolve, it will be interesting to see how it navigates the ever-changing landscape of the HPC/AI industry.
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