NEW YORK, May 14, 2026 /PRNewswire/ — WhiteFiber, Inc. (Nasdaq: WYFI) (“WhiteFiber” or the “Company”), a leading provider of AI infrastructure and high-performance computing solutions, today announced financial results for the first quarter ended March 31, 2026.

Sam Tabar, Chief Executive Officer of WhiteFiber, said:

“WhiteFiber delivered a solid first quarter, with year-over-year revenue growth, strong gross margins, and positive adjusted EBITDA, while continuing to invest in the AI infrastructure platform we are building.

During the quarter and subsequent period, we made meaningful progress across our core priorities. NC-1 continued to advance through construction and commissioning, Duke Energy completed the work required to deliver 54 megawatts of gross utility power to the site, and we remain focused on bringing the initial 40-megawatt IT load deployment into service under our long-term colocation agreement with Nscale. MTL-3 also completed its first full quarter of operations supporting Cerebras, and subsequent to quarter-end, we completed the purchase of the facility, giving us greater control over a revenue-generating asset with potential expansion upside over time.

Demand for high-density AI infrastructure remains very strong. Customers need power, speed, and partners who can execute. We believe our pipeline continues to improve in both quality and scale, and we are advancing multiple larger site opportunities where we believe customer demand, power availability, financing, and execution planning can align from the outset.

In cloud, we have made significant progress repositioning the business toward longer-duration enterprise deployments, managed infrastructure services, and next-generation GPU capacity. Recent customer wins and late-stage opportunities demonstrate growing traction behind this strategy, with structures that include customer prepayments and project-level equipment financing.

The first part of 2026 has been about preparing WhiteFiber for its next stage of growth. As NC-1 moves toward initial revenue, the project-level financing process advances, and the cloud strategy gains traction, we believe the pieces are coming together to demonstrate the development flywheel we are building: secure strategic sites, match them with high-quality customer demand, finance projects efficiently, deliver capacity, and recycle capital into the next opportunity.”

First Quarter 2026 Financial Highlights

Total revenue of $21.9 million, up 31% year-over-year from $16.8 million in the first quarter of 2025.
 Cloud services revenue of $16.8 million, up 13.0% year-over-year from $14.8 million in the first quarter of 2025.
 Colocation services revenue of $4.8 million, up 190.2% year-over-year from $1.6 million in the prior-year period, driven by the commencement of operations at MTL-3 in October 2025.
 Gross profit, excluding depreciation and amortization, of approximately $13.2 million, representing gross margin of approximately 60.2%, compared to approximately $10.1 million and gross margin of approximately 60.5% in the first quarter of 2025.

Adjusted EBITDA of approximately $3.0 million, compared to approximately $6.0 million in the first quarter of 2025.

Net loss of $12.0 million, compared to net income of $1.4 million in the prior-year period. The year-over-year change was primarily driven by higher general and administrative expenses, including share-based compensation and standalone public company costs, as well as higher depreciation and amortization and interest expense.

Recent Business Highlights

Advanced construction and commissioning activities at the Company’s NC-1 data center campus in Madison, North Carolina. Duke Energy has completed the work required to deliver the initial 54 gross MW of utility power to the site, supporting the Company’s planned initial 40 MW IT load deployment under its colocation agreement with Nscale Global Holdings, which is backed by an investment-grade hyperscaler offtake. The Company is working through a recently identified supply-chain-related issue affecting certain medium-voltage switchgear components and continues to expect to begin delivering capacity to Nscale during the second quarter of 2026, with full revenue contribution expected to begin during the third quarter of 2026 as the facility reaches its contractual capacity.

Completed the purchase of the Company’s MTL-3 facility in Saint-Jérôme, Quebec in May 2026, following the exercise of its previously disclosed purchase option. The transaction strengthens WhiteFiber’s ownership of strategic data center infrastructure and is expected to reduce lease payments by approximately CAD $3.1 million annually over the remaining term.

Reported remaining performance obligations of approximately $921.0 million for colocation services as of March 31, 2026, primarily reflecting long-term contracted revenue visibility from the Company’s NC-1 colocation agreement.

In May 2026, the Company entered into a two-year agreement with Hyperbolic for approximately $17 million of total contract value, supporting Modal Labs as the end customer. The deployment utilizes H200 GPUs from WhiteFiber’s existing owned fleet and does not require incremental GPU capital expenditures. The deployment is expected to begin contributing revenue in June 2026. As a reference partner, Modal Labs will support ongoing R&D through input on design and development.

Balance Sheet and Liquidity

Cash and cash equivalents of $75.8 million and restricted cash of $4.3 million as of March 31, 2026.

During the first quarter, the Company completed a $230.0 million private placement of 4.5% convertible senior notes due 2031. The notes were issued with an initial conversion price of $25.91 per share, representing a 27.5% premium to the Company’s share price at pricing. In connection with the transaction, the Company also entered into a zero-strike call structure designed to materially reduce potential dilution.

In March 2026, WhiteFiber Iceland ehf., a subsidiary of the Company, entered into a secured term loan facility with Landsbankinn hf. providing up to $20.0 million of available borrowings. The facility is secured by WhiteFiber Iceland shares and designated assets, including GPU servers and related equipment. Subsequent to quarter-end, the Company drew $18.0 million under the facility.

Subsequent to quarter-end, the Company entered into an amended credit agreement with RBC providing for a CAD $28.0 million facility to support the acquisition of the MTL-3 facility. The acquisition closed in May 2026.

Summary of Financial Results

Note: Full-year results have been audited. Quarterly results are unaudited for all periods presented.

Conference Call and Webcast

WhiteFiber will host a conference call to discuss its results at 9:00 a.m. Eastern Time on May 14, 2026. The call can be accessed by dialing (800) 330 6730 (access code: 160242). A live webcast will also be available on the Investor Relations section of WhiteFiber’s website at https://www.whitefiber.com/investors#upcoming-events or by clicking HERE. A replay of the webcast will be available following the call.

About WhiteFiber, Inc.

WhiteFiber is a provider of artificial intelligence (“AI”) infrastructure solutions. WhiteFiber owns high-performance computing data centers and provides cloud services to customers. Our vertically integrated model combines specialized colocation, hosting, and cloud services engineered to maximize performance, efficiency, and margin for generative AI workloads. For more information, visit www.whitefiber.com. Follow us on LinkedIn and X @WhiteFiber_.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities laws. Such statements include, but are not limited to, statements about our ability to capture demand in the market, prospective customer demand, the timing for completion of the initial 24-megawatt phase at our NC-1 facility, our pipeline, our ability to obtain financing on favorable terms, our expected contracted revenue, the anticipated timing and deploying of the information technology load, our position and ability to support AI infrastructure demand, our ability to capture the next phase of growth in AI infrastructure, and our ability to formalize contracts with our customers. These statements are based on current expectations and involve risks and uncertainties that may cause actual results to differ materially. These statements may be identified by words such as “will likely result,” “are expected to,” “will continue,” “will allow us to” “is anticipated,” “estimated,” “expected”, “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of the Company’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. The Company undertakes no obligation to update any forward-looking statements except as required by law. All forward-looking statements speak only as of the date of this press release.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the forward-looking statements contained herein are reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of new information, future developments or otherwise occurring after the date of this communication.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measure: adjusted EBITDA. The presentation of this financial measure is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use adjusted EBITDA for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We define adjusted EBITDA, a non-GAAP financial measure, as net (loss) income before interest expense, income tax expenses, and depreciation and amortization, as adjusted to exclude share-based compensation expenses and net gain from disposal of property, plant and equipment. We believe that adjusted EBITDA provides helpful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business operating results. We believe that both management and investors benefit from referring to adjusted EBITDA in assessing our performance and when planning, forecasting, and analyzing future periods. Adjusted EBITDA also facilitates management’s internal comparisons to our historical performance and comparisons to our competitors’ operating results. We believe adjusted EBITDA is useful to investors both because it (i) allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (ii) is used by our institutional investors and the analyst community to help them analyze the health of our business.

The items excluded from adjusted EBITDA may have a material impact on our financial results. Accordingly, adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP.

There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP. We refer investors to the reconciliation of adjusted EBITDA to net (loss) income included below consolidated results.

Investor Contact
WhiteFiber
IR@whitefiber.com

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OTTAWA, ON, May 14, 2026 /CNW/ – NAV CANADA today announced that it has signed a definitive agreement to sell its entire equity interest in Aireon Holdings LLC to a subsidiary of Iridium Communications Inc. for an aggregate purchase price of $166 million USD (subject to adjustment).

Aireon is a leading provider of surveillance data and services to the aviation industry by operating a real-time, air traffic surveillance (ATS) system using space-based Automatic Dependent Surveillance – Broadcast (ADS-B) technology, enabling coverage over areas where the deployment of ground-based systems is not feasible, including oceans, polar regions and remote airspace.

NAV CANADA was one of the first to make a significant equity investment in Aireon in 2012, and over the course of the last decade has collaborated with Aireon, Iridium and other Air Navigation Service Provider investors in Aireon to successfully launch and grow its business. The consummation of the transaction, which is subject to customary closing conditions, is expected to occur in the summer of 2026. The purchase price is set to be paid in two tranches – 50% at closing and 50% on the one-year anniversary.

“This decision aligns with our continued focus on our core services and our strategic direction, ensuring we deliver the greatest value to our customers and stakeholders,” Micheline Pion, Vice President and Chief Financial Officer. “Having achieved our strategic objectives of establishing space-based surveillance capabilities and helping to grow Aireon’s business into a robust provider of data used by NAV CANADA, we are now poised to enter into the next phase of our commercial relationship with Aireon.”

NAV CANADA first deployed space-based ADS-B capabilities in oceanic airspace in 2019, providing enhanced situational awareness to air traffic services and more efficient routing to aircraft operators. NAV CANADA was also the first in the world to use space-based ADS-B in domestic airspace. The Company will continue to leverage the full benefits of Aireon surveillance data in the safe, efficient and secure delivery of air navigation services through an extension of its Data Services Agreement with Aireon.

RBC Capital Markets is acting as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to NAV CANADA.

About NAV CANADA

NAV CANADA is a private, not-for-profit company, established in 1996, providing air traffic control, airport advisory services, weather briefings and aeronautical information services for more than 18 million square kilometres of Canadian domestic and international airspace.

The Company is internationally recognized for its safety record and technology innovation.

Forward-Looking Statements Disclosure

This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are based on NAV CANADA’s current expectations, estimates, projections and assumptions that were made by NAV CANADA in light of its information available at the time the statement was made. Forward-looking statements in this news release include references to the closing of Iridium’s acquisition of Aireon.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, so readers are cautioned not to place undue reliance on them. Except as required by applicable securities laws, NAV CANADA disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE NAV CANADA

The transaction unifies the world’s only space-based air traffic surveillance system with the satellite network it was built on and extends commercial partnerships with NAV CANADA and NATS through 2035 and beyond.

MCLEAN, Va., May 14, 2026 /PRNewswire/ — Iridium Communications Inc. (Nasdaq: IRDM), a leading provider of global voice, data, and positioning, navigation, and timing (PNT) satellite services, today announced that it has entered into a definitive agreement to acquire Aireon LLC, operator of the world’s only space-based Automatic Dependent Surveillance-Broadcast (ADS-B) air traffic surveillance system. The acquisition of Aireon is a defining step in Iridium’s strategy to provide the foundational architecture for global aviation safety, bringing space-based surveillance, safety communications, PNT, and operational data together on a single network.

“Aireon has always been part of Iridium’s aviation safety strategy. We founded it in partnership with the world’s leading Air Navigation Service Providers (ANSPs), because we believed space-based aviation safety was a generational opportunity,” said Matt Desch, CEO, Iridium. “The aviation industry is now entering an era of growing air traffic, denser airspace, autonomous aircraft, and greater expectations for safety and resiliency. Bringing Aireon fully inside Iridium better positions us to build what’s needed to support the future of aviation, including more innovations like the future introduction of space-based VHF communications.”

A Combined Platform for Aviation Safety
The acquisition unites Aireon’s surveillance and data services, including GPS jamming and spoofing detection, with Iridium’s global satcom network and PNT services that help keep GPS-dependent systems working in contested environments. This combination creates one company providing four critical aviation industry capabilities: knowing where every aircraft is, communicating with the pilots flying them, providing the navigation and timing integrity those aircraft rely on, and translating that information into operational insights that make airspace safer and more efficient. No other satellite operator delivers this combination of capabilities on a global scale.

Today, the Aireon system, which is certified by the European Union Aviation Safety Agency (EASA), flies as a payload on the Iridium satellite constellation and tracks an average of 190,000 flights per day. Commercial aircraft broadcast information such as an aircraft’s identity, location, altitude, speed, and heading. Aireon’s space-based ADS-B payload captures this information in real time, with 100% global coverage. ANSPs covering more than 50% of the global airspace rely on Aireon data to create safer and more efficient airspace.

The world’s leading ANSPs and investors in Aireon, including NAV CANADA and NATS (United Kingdom), AirNav Ireland, ENAV (Italy), and Naviair (Denmark), each played a vital role in launching the Aireon service, proving its reliability, and establishing it as a critical part of the global air traffic control infrastructure. NAV CANADA and NATS, which together manage the most heavily trafficked oceanic airspace in the world – the North Atlantic Tracks between Europe and North America, were the first to go live with the service. In connection with the acquisition, both ANSPs will sign extended data services agreements through 2035 and beyond, with provisions for continued cooperative development of space-based VHF communications and other new capabilities.

“Aireon and Iridium have been partners since day one, and that partnership is the reason we have been able to build the world’s only space-based air traffic surveillance system and a fast-growing aviation data services business alongside it,” said Don Thoma, CEO of Aireon. “Becoming part of Iridium is a natural next step for our team, our customers, and our roadmap, particularly as our data products expand into new areas like turbulence detection and aviation data analytics. Together, we are building the foundation for the future of global aviation.”

“NAV CANADA is proud of our foundational role in establishing Aireon’s world-first technology,” said Mark Cooper, President and CEO, NAV CANADA. “This sale sharpens our focus on our core expertise: keeping Canada’s skies safe. As a fellow founding partner, Iridium is the ideal owner to guide Aireon’s continued commercial growth. We wish the entire team continued success and look forward to our ongoing relationship as a customer.”

“We have been proud to be a part of Aireon’s successes, most notably making real-time aircraft surveillance over the Atlantic a reality for the first time in history, enabling even safer operations across the North Atlantic,” said Martin Rolfe, CEO, NATS. “As a shareholder for the past eight years, it is now the right time for us to divest. We are confident Aireon is well positioned for the future and wish the team every success in the next stage of its development.”

The Next Transition: Space-Based VHF
Space-based VHF communications represent a major opportunity in air traffic management, extending pilot-to-controller VHF services into oceanic and remote airspace where ground infrastructure cannot reach, without the need for additional aircraft equipment. The model is similar to how aircraft already carry ADS-B transceivers, which enables Aireon to deliver space-based ADS-B surveillance without requiring fleet retrofits.

Aireon’s Growing Data Services Business
Beyond surveillance for ANSPs, Aireon operates a fast-expanding aviation data services business that sells real-time and historical aviation data to airlines, airports, OEMs, governments, and aerospace operators. Product lines already available or launching this year include turbulence detection, GPS jamming and spoofing detection, and safety and efficiency analytics. Additional applications are also in development to support the rapidly evolving airspace environment.

Aireon’s data business is one of its highest-growth areas today and is expected to be a meaningful contributor to the combined company’s aviation growth.

Terms of the Transaction and Financial Insights
Iridium is an existing owner of Aireon and will acquire the remaining 61% of equity interests of Aireon in the transaction for a purchase price of approximately $366.7 million from the other owners, NAV CANADA, AirNav Ireland, ENAV, NATS and Naviair. The purchase price will be paid 50% at closing and 50% on the one-year anniversary. Iridium will also assume Aireon’s outstanding debt, expected to be approximately $155 million at closing.

The acquisition of Aireon is accretive to Iridium’s growth outlook; over the past three years, Aireon’s total revenue has grown at a compound annual growth rate (CAGR) of 10%. Iridium expects the acquisition will result in at least an additional consolidated $100 million of service revenue and $30 million of OEBITDA on an annualized basis.

Iridium expects to pay the purchase price with current liquidity, including borrowings under its revolving credit facility, and future cash from operations. After closing the transaction, Iridium expects net leverage to increase to approximately 4.0 times OEBITDA during Q3 2026, with net leverage planned to return to the current levels over the subsequent twelve months. Iridium’s long-term net leverage guide of 2.0 times OEBITDA by the end of the decade remains unchanged and assumes no change in its paused share buyback program.

Aireon will continue business-as-usual operations in the near term, with no planned changes to business strategy. The transaction is targeted to close in early July.

Evercore served as financial advisor and Cooley and Milbank served as legal counsel to Iridium. PJT Partners served as financial advisor and Hogan Lovells served as legal counsel to Aireon.

Note for Media:
A briefing for reporters will be held today, at 9 a.m. EDT. Reporters interested in attending should email the designated contacts for this release to receive an access link.

For more information about Iridium, visit: www.iridium.com

For more information about Aireon, visit: www.aireon.com

Non-GAAP Financial Measures & Definitions

In addition to disclosing financial results that are determined in accordance with U.S. GAAP, Iridium reports OEBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate Iridium’s fundamental operational performance. OEBITDA represents earnings before interest, income taxes, depreciation and amortization, gain (loss) on equity method investments, transaction related expenses, and share-based compensation expenses. Iridium considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from OEBITDA. Management believes such charges are incidental to, but not reflective of, Iridium’s day-to-day operating performance. OEBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of OEBITDA, and Iridium’s calculations thereof may not be comparable to similarly titled measures reported by other companies. Iridium believes OEBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses OEBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. Iridium believes that OEBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, OEBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of Iridium’s definite-lived intangible assets, or depreciation expense on Iridium’s capital assets, which are necessary elements of Iridium’s operations. Since OEBITDA does not account for these and other expenses, its utility as a measure of Iridium’s operating performance has material limitations. Due to these limitations, Iridium’s management does not view OEBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. Iridium does not provide a forward-looking reconciliation of Aireon’s expected contribution to OEBITDA as the amount and significance of certain items such as share-based compensation, transaction-related expenses and gain/loss on equity method investments, that are required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.

About Iridium Communications Inc.

Iridium Communications Inc. (Nasdaq: IRDM) operates the world’s only truly global mobile satellite network, delivering reliable voice, data, and positioning, navigation, and timing (PNT) services anywhere on Earth. Iridium supports safety- and mission-critical operations for diverse markets such as aviation, maritime, government, emergency services, critical infrastructure, autonomous systems, and remote monitoring applications, where connectivity is essential.

Headquartered in McLean, Virginia, Iridium provides its products and services through an ecosystem of 500-plus partner companies around the world. For more information, visit www.iridium.com.

About Aireon LLC

Aireon has deployed a space-based air traffic surveillance system for Automatic Dependent Surveillance-Broadcast (ADS-B) equipped aircraft throughout the entire globe. Aireon is harnessing next-generation aviation surveillance technologies that were formerly ground-based and, for the first time ever, is extending their reach globally to significantly improve efficiency, enhance safety, reduce emissions, and provide cost savings benefits to all stakeholders. Space-based ADS-B surveillance covers oceanic, polar, and remote regions, and augments existing ground-based systems that are limited to terrestrial airspace. In partnership with leading ANSPs from around the world, like NAV CANADA, AirNav Ireland, ENAV, NATS and Naviair, as well as Iridium Communications, Aireon is providing a global, real-time, space-based air traffic surveillance system, available to all aviation stakeholders. For more information, please visit www.aireon.com.

Forward-Looking Statements Disclosure

Statements in this press release that are not purely historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Iridium has based these statements on its current expectations and the information currently available to it. Forward-looking statements include statements regarding, among other things, the closing and financing of the acquisition of Aireon, including the timing thereof; the future capabilities of, benefits of, availability of, and market demand for the Aireon system and Aireon’s services; the benefits of Aireon’s acquisition to Iridium, including its expected contribution to Iridium’s revenue and OEBITDA, its ability to foster innovation at Iridium, and its future growth; and future indebtedness and net leverage. Forward-looking statements can be identified by words such as “anticipates,” “may,” “can,” “believes,” “expects,” “plans,” “projects,” “targets,” “positions,” “will,” “to be,” “future,” “forward,” “roadmap,” “wish,”  and similar expressions that predict or indicate future events, trends or prospects.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Iridium to differ materially from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, uncertainties regarding the timing and completion of the acquisition; the development, availability and market acceptance of Aireon system and services; and general industry and economic conditions, as well as competitive, legal, governmental and technological factors. Additional factors that could cause actual results to differ materially are described under the caption “Risk Factors” in Iridium’s Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 12, 2026, as well as in other filings Iridium makes with the SEC from time to time.

There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Iridium Communications Inc.