Digi Power X (DGX) Q4 2025 earnings summary

Executive summary

• Transitioned from a pure digital asset miner to a power-backed AI infrastructure and Tier III data center platform, investing $11M in capex in 2025 and launching the ARMS 200 modular AI data center pod, with deployment expected in Q2 2026 at the Alabama facility.

• Secured 123 MW in North Tonawanda, 18.7 MW in Buffalo, 70 MW in Alabama, and 200 MW in North Carolina for future development, supporting scalable AI and HPC growth.

• Advanced the NeoCloudz GPU-as-a-Service platform and entered advanced negotiations for 2026 AI colocation and GPU services contracts.

• Uplisted to Cboe Canada in February 2026, delisting from TSX Venture Exchange, and clarified US Data Centers, Inc. as a manufacturing subsidiary with no participation in data center assets or revenues.

Financial highlights

• FY2025 revenue was $34.2M, down from $37.0M in FY2024, with a net loss of $28.4M (vs. $12.4M loss in FY2024); basic and diluted loss per share was $0.64 (vs. $0.40 in FY2024).

• Bitcoin mining revenue fell to $3.5M (from $10.3M in FY2024) due to diversification into colocation and energy sales; 34 bitcoins mined in 2025 (vs. 188 in 2024).

• Colocation services revenue rose to $17.5M (from $15.8M), and energy sales increased to $13.2M (from $4.6M).

• Cost of revenues decreased to $37.4M (from $48.3M), mainly due to lower mining activity and asset depreciation.

• Operating expenses rose sharply to $23.1M (from $0.4M), driven by higher share-based compensation, FX losses, and digital currency revaluation losses.

• Cash and cash equivalents at year-end were $78.5M, with working capital of $86.3M and total assets of $134.1M.

Outlook and guidance

• Targeting carbon neutrality by 2026 and 100% renewable energy by 2030.

• Plans phased AI data center deployment in North Carolina (200 MW) for 2028–2029, subject to approvals and market conditions.

• Anticipates additional financing needs to fund AI and HPC data center initiatives.