Digi Power X (DGX) Q4 2025 earnings summary

Executive summary

• Completed strategic pivot from cryptocurrency mining to AI infrastructure, focusing on colocation, GPU-as-a-Service, and energy revenue streams.

• Ended fiscal 2025 with zero debt, $78.5M in cash, $14.8M in digital currency, and $123.3M in shareholders' equity.

• Secured 400MW of power capacity across fully owned sites in Alabama, Upstate New York, and North Carolina.

• Established US Data Centers, Inc. (USDC) with a majority equity stake, enabling independent capital raising.

Financial highlights

• Cash & equivalents surged to $78.5M from $1.7M year-over-year (+4,507%).

• Total assets grew 291% to $134.1M; shareholders' equity up 453% to $123.3M.

• Reported total revenue of $34.2M, down 8% year-over-year due to intentional wind-down of crypto mining.

• Colocation revenue rose 11% to $17.5M; energy revenue up 186% to $13.2M.

• GAAP net loss of $28.4M, with $22.2M in non-cash charges; Adjusted EBITDA of $(3.2)M for 2025.

Outlook and guidance

• First AI revenues expected by end of April 2026 after GPU testing at Alabama facility.

• Targeting activation of 100MW AI infrastructure (90MW colocation, 10MW GPU-as-a-Service) by 2027.

• Projected annualized run-rate of up to $282M upon full activation of AI infrastructure.

• No new equity issued or external financings in fiscal 2026 to date.