H.C. Wainwright has reaffirmed a Buy rating and a $34.00 price target on WhiteFiber Inc (NASDAQ:WYFI) following the company's preliminary disclosure of fourth-quarter sales for 2025.
In an 8-K filed last Wednesday, WhiteFiber provided a preliminary revenue range for Q4 2025 of $22.7 million to $25.1 million, a topline that sits modestly above H.C. Wainwright's prior estimate of $22.0 million. The research house said it will hold off on altering its models or forecasts until WhiteFiber releases its complete, audited earnings report, which the analyst noted is expected in mid-March based on the company's reporting cadence from the prior year.
The timing of the sales disclosure overlapped with WhiteFiber completing an upsized convertible senior notes offering. The company priced $210 million of convertible senior notes, with a $20 million expansion option, at a 4.5% coupon and a maturity in 2031. H.C. Wainwright characterized the financing as necessary to fund development of WhiteFiber's high-performance computing (HPC) infrastructure.
H.C. Wainwright also flagged a sector-level development, noting the recent more-than-$10 billion deal between OpenAI and Cerebras and suggesting the transaction has significance for the broader market where WhiteFiber operates. The firm did not quantify a direct impact to WhiteFiber but highlighted the deal's relevance for the industry.
Separately, WhiteFiber itself announced preliminary, unaudited financials for the quarter and full year ended December 31, 2025. The company estimated Q4 revenue in the $22.7 million to $25.1 million range and provided a cost of revenue estimate, excluding depreciation, between $7.9 million and $8.7 million for the same period.
Market activity around WhiteFiber also attracted attention from other analysts. B.Riley adjusted its valuation, lowering its price target on WhiteFiber to $40 while maintaining a Buy rating. B.Riley cited a revised EBITDA outlook as the rationale for the lower target and referenced WhiteFiber's recent co-location agreement with Nscale Global Holdings at the NC-1 data center campus. That firm noted the transaction's timeline extended longer than expected but emphasized WhiteFiber's ability to execute.
Taken together, the preliminary revenue figures, the completed convertible offering, and the analyst activity underscore a period of financing and early-stage commercial developments for WhiteFiber. H.C. Wainwright's decision to keep estimates steady until audited results are released reflects a cautious approach to model adjustments despite the slight upside to the firm's prior sales projection.