New York, November 3rd / PRNewswire / -- WhiteFiber, Inc. (Nasdaq: WYFI) (hereinafter referred to as “WhiteFiber” or “the Company”) is a provider of artificial intelligence infrastructure solutions. The Company announced today that it has completed the two industrial property acquisitions previously announced through its wholly-owned subsidiary Enovum Data Centers Corp. The properties are located in Yadkin County, North Carolina, and are named NC-2 and NC-3 respectively. The acquisition price for both properties is $60 million, which has been paid in cash.

These two properties, located approximately 55 miles from WhiteFiber in the NC-1 area of Madison in North Carolina, cover a total area of about 120 acres and have existing warehouse space of 500,000 square feet. The company expects that these properties will be able to provide a minimum initial total utility capacity of 60 megawatts (MW), and within seven years after delivery, with confirmation of available power supply, they could support up to approximately 200 megawatts. WhiteFiber plans to transform these properties into a data center park, leveraging its experience in regional development and operational capabilities to advance this project.

WhiteFiber has received non-binding letters of intent from a wide range of potential customers regarding the capacities of NC-2, NC-3, and NC-1 as well as the capacity expansion for NC-1. These proposals include those from investment-grade counterparties, as well as those that involve investment-grade credit support. The company is engaged in in-depth discussions with these potential customers regarding these opportunities.

The goal is to achieve the initial service capacity of NC-2 and NC-3 by the end of 2027, subject to normal development conditions. The company expects that its development expenditure plan will be in line with the final customer agreements and financing arrangements.

As part of the acquisition, the seller will continue to occupy portions of these properties through occupancy and partial leaseback arrangements. WhiteFiber It is anticipated that these arrangements will offset some of the property holding costs while the development plan is being pursued.

NC-1 Operations and Financing Updates

Debugging issues related to switching equipment interrupted the services and billing for the first 20 megawatt IT data center, and caused NC-1 to reach full contractual operation and billing later than the previously anticipated August schedule. Currently, about 35 megawatts of the total contracted capacity of 40 megawatts are in operation, with the commissioning of the remaining 5 megawatts still in progress.

The capital investment required for the deployment of the first batch of contracts has been largely completed, and the company currently expects that the total development costs will remain within the initial budget range.

WhiteFiber continues to advance the financing for the deployment of the first batch of contracts NC-1 with the potential lenders previously disclosed. All parties are working on processing the remaining documents and delivery requirements, but there is no guarantee that the financing will definitely be completed.

WhiteFiber CEO Sam Tabar stated: "We are inspired by the breadth of customer demand, which includes proposals from investment-grade counterparties as well as those with investment-grade credit support. We are leveraging our development and operational experience in North Carolina to meet the strong needs of our portfolio clients. Our top priority is to convert these demands into long-term contracts and to develop capacity with the right customers and financing commitments in place. As we develop these sites, we look forward to working closely with local stakeholders and becoming a responsible long-term partner to the community."

WhiteFiber will announce its financial results for the third quarter of 2026 on November 10, 2026, and will provide further financial and operational updates at that time.

Regarding WhiteFiber, Inc.

WhiteFiber is a provider of artificial intelligence (“AI”) infrastructure solutions. WhiteFiber owns high-performance computing data centers and provides cloud services to its customers. The company's vertically integrated model combines specially designed hosting, server hosting, and cloud services, aiming to maximize the performance, efficiency, and profit margins of generative AI workloads. For more information, please visit www.whitefiber.com. You can also follow the company on LinkedIn and X @ WhiteFiber.

Forward-looking Statements

This press release may contain forward-looking statements as defined by the Securities Law. Such statements include, but are not limited to: the company's efforts to obtain and potentially complete the financing for the deployment of the first batch of NC-1 contracts, including meeting timing arrangements and delivery conditions; the company's ability to bring the remaining megawatt capacity online; the company's plans to develop these properties into data center campuses; anticipated utility capacity and target service availability timelines; potential customer interest and non-binding letters of intent; as well as the expected benefits of the company's "restructure first, then develop" strategy, including performance in terms of time to market and capital efficiency. These statements may be identified by words or phrases such as "may lead to," "expected to," "will continue," "will enable us to," "estimated," "anticipated," "believed," "intends," "plans," "predicts," "outlooks," and similar expressions. The aforementioned forward-looking statements are based on the current beliefs and expectations of the company's management and are inherently subject to significant business, economic, and competitive uncertainties, as well as contingent events, many of which are difficult to predict and typically beyond the company's control. Actual results and the timing of events may differ significantly from those anticipated in these forward-looking statements.

Actual results, performance, or achievements may differ significantly from any forecasts and forward-looking statements, as well as the assumptions on which they are based, and may have an adverse effect. There is no guarantee that the forward-looking statements contained in this document will reflect future performance to any extent. Do not rely excessively on forward-looking statements as a prediction of future performance, as the financial information and other information provided are based on estimates and assumptions that themselves face various significant risks, uncertainties, and other factors, many of which are beyond the company's control. Except as required by law, the company assumes no obligation to update any forward-looking statements. All forward-looking statements are as of the date of issuance of this press release.

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