This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated May 30, 2025 to its short form base shelf prospectus dated May 15, 2025.
MIAMI, Nov. 13, 2025 (GLOBE NEWSWIRE) — Digi Power X Inc. (“Digi Power X” or the “Company”) (Nasdaq: DGXX / TSXV: DGX), an innovative energy infrastructure company, today announced its unaudited financial results for the three and nine months ended September 30, 2025 (all amounts in U.S. dollars, unless otherwise indicated). The Company’s unaudited consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three and nine-month period ended September 30, 2025, have been filed and made accessible under the Company’s continuous disclosure profile on SEDAR+ at www.sedarplus.ca and are also available on the SEC’s EDGAR website at www.sec.gov/edgar.
Q3 Highlights
- Strong Working Capital Position – Significant balance sheet improvements led to a working capital position of $15.1 million at the end of Q3 2025 (Q3 2024: $0.5 million), representing an increase of 2,731% over the same quarter of the prior year.
- Achieved positive net income of $0.3 million (Q3 2024: -$6.4 million), EBITDA* of $1.9 million (Q3 2024: -$2.5 million) and Adjusted EBITDA* of $0.8 million (Q3 2024: -$0.96 million) in Q3 2025, representing sustained profitability and efficiency of operations.
- Expanded its inventory of Bitcoin (“BTC”) by 143% during the quarter, from 40 to 97 through the acquisition of BTC and its mining activities.
- Continued to diversify the Company’s cryptocurrency portfolio with the purchase of ETH during the quarter, bringing total ETH holdings to approximately 1,000 ETH as of September 30, 2025. Digi Power X’s total digital currency position of $15.4 million, consisting of $11.2 million BTC and $4.2 ETH at the end of Q3 2025 (based on the Gemini exchange quoted pricing as of September 30, 2025) represents an increase of 213% in total digital currency position over Q3 2024 ($4.9 million).
- Warrants outstanding as of September 30, 2025, of 2.6 million, as the balance at the beginning of the year of 8.8 million was substantially reduced by the expiration and exercising of 8.3 million warrants, partially offset by the 2.1 million warrants issued during 2025 to date.
- The Company invested approximately $3.1 million during the quarter in capital expenditures and data center infrastructure support equipment, as compared to approximately $1.5 million in Q3 2024, commencing the transitioning of one of its facilities into an AI-Tier III data center. On a year-to-date basis, the Company has invested approximately $9.5 million in capital expenditures and data center infrastructure support equipment.
- No long-term debts – Eliminated all loans payable and reduced accounts payable by more than $3.8 million since year-end 2024.
Strategic & Operational Updates
- First ARMS 200 Pod Deployment Expected in Q4 2025 – The Company has commenced assembly of its first ARMS 200 Tier III AI data center pod during Q4 2025, with full activation expected in Q1 2026. This milestone, when achieved, will represent Digi Power X’s first modular AI infrastructure deployment under its ARMS (AI-Ready Modular Solution) platform.
- Load Study Approved for Additional 60 MW of Power in Upstate New York – The Company has received approval for a load study providing an additional 60 MW of available power capacity in one its New York locations, further strengthening Digi Power X’s energy infrastructure to support future AI expansion across its U.S. sites.
- First B200 GPU Cluster Deployment on Track – In partnership with Super Micro Computers, Inc. (“SMCI”), the Company remains on schedule to have its first NVIDIA B200 GPU cluster fully operational by Q1 2026, which will mark a major milestone in its AI infrastructure roadmap.
- Advanced AI Customer Discussions – The Company is in active discussions with multiple potential AI customers to secure long-term infrastructure contracts. Although discussions are advancing, there is no guarantee that any contracts will be finalized.
- The Company expects to begin implementing its ARMS 200 platform in January 2026 across its Tier III facilities. This deployment will be the next stage in Digi Power X’s AI transformation strategy, enabling rapid, scalable AI compute infrastructure at each operational site.
- Increased Energy Sales Revenue – Energy sales grew 112% year-over-year in Q3, to approximately $8.7 million, monetizing power assets alongside core colocation services.
- Operational Streamlining – Reduced cost of revenue and depreciation expenses by over $9.3 million compared to the first nine months of 2024, positioning the Company for improved margins ahead.
- The Company continues to develop its retail compute platform, NeoCloudz, expected to launch in January 2026. Built on an SMCI enterprise-grade backbone, NeoCloudz is designed to provide developers, startups, and enterprises with on-demand access to GPU compute through a modern, consumer-grade interface. The platform will leverage Digi Power X’s Tier III infrastructure, high-efficiency liquid cooling and low-latency networking architecture to deliver scalable, high-performance AI and HPC capabilities to users worldwide.
Alec Amar, President of Digi Power X, stated, “NeoCloudz was designed to democratize access to AI compute. We’re giving smaller AI developers, research labs and startups similar infrastructure advantages traditionally reserved for hyperscalers.”
Current Financial Position
- Strong Liquidity Position – As of today, Digi Power X holds over $90 million in cash, Bitcoin, Ethereum and cash equivalents, its strongest liquidity position in company history.
- The Company’s approximate $90 million in holdings represents over 1/3 of Digi Power X’s current market capitalization.
- This robust liquidity positions Digi Power X to accelerate the rollout of its 2026 AI infrastructure development plan, which includes the planned deployment of high-efficiency Tier III AI data centers and expansion of the Company’s critical power capacity across multiple U.S. sites.
AI Transition Plan for Existing Power Assets
As part of its ongoing transition from cryptocurrency mining to AI-driven infrastructure, Digi Power X has established a phased deployment plan across its existing power assets. This strategic roadmap reflects the Company’s disciplined approach to scaling Tier III AI data center capacity while optimizing energy efficiency and returns. The following is an anticipated roadmap of the Company’s power asset allocation towards AI-driven projects:
- Q1 2026: 5 MW
- Q2 2026: 15 MW
- Q3 2026: 30 MW
- Q4 2026: Total of 55 MW, with 40 MW critical load capacity
The Company currently has the following power available through its dedicated infrastructure:
- Alabama site: 55 MW
- New York sites: 141.7 MW
- Total available power today: 196.7 MW
- North Carolina (anticipated availability by 2028): 200 MW
2027 Operational Target: 195 MW total, including 140 MW critical IT load.
2026–2027 Outlook & Guidance
2026 Guidance
Blockchain Mining
- Anticipated to be comparable to current levels.
AI Colocation (Tier III Data Processing)
- Anticipated scaling to 40 MW of critical IT load capacity.
GPU-as-a-Service (NeoCloudz)
- Deployment of 1,024 NVIDIA B200/B300 GPUs.
2027 Guidance
Blockchain Mining
- Anticipated to be comparable to current levels.
AI Colocation (Tier III Data Processing)
- Anticipated expansion to 120 MW Tier III IT load.
GPU-as-a-Service (NeoCloudz)
- Target scale-up to 3,072 GPUs.
Michel Amar, Chief Executive Officer, stated: “Digi Power X is transforming from a traditional compute operator into a next-generation AI infrastructure company. Our ARMS 200 pod, NeoCloudz platform and expanded power portfolio form a unified ecosystem capable of supporting AI customers at every stage, from startups to enterprise-scale deployments. We have never been better positioned to lead in high-density Tier III AI compute.”
At-the-Market Financing Update
On May 30, 2025, the Company entered into an at-the-market sales agreement with A.G.P./Alliance Global Partners as sales agent (the “Agent”), pursuant to which the Company established an at-the-market equity program (the “ATM Program”). During the quarter ended September 30, 2025, the Company issued 310,130 subordinate voting shares in exchange for gross proceeds of $1,074,451, at an average share price of $3.46, and received net proceeds of $1,039,962 after paying commissions of $34,489 to the Agent.
Debt Settlement
The Company also announces that that its debt settlement agreement, previously announced on July 3, 2025 (the “Debt Settlement”), has closed. The Debt Settlement received final approval by the TSX Venture Exchange on November 6, 2025. All securities to be issued pursuant to the Debt Settlement will be subject to a four-month and one-day statutory hold period from the closing date.
About Digi Power X
Digi Power X is an innovative energy infrastructure company that develops Tier III-certified modular AI data centers and drives the expansion of sustainable energy assets.
For further information, please contact:
Michel Amar, Chief Executive Officer
Digi Power X Inc.
www.digipowerx.com
Investor Relations
T: 888-474-9222
Email: [email protected]
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other
regulatory
authority
has
approved
or
disapproved
the
information
contained
herein.
Neither
the
TSX
Venture
Exchange
nor its
Regulation
Services
Provider
(as
that
term
is
defined
in
the
policies
of
the
TSX
Venture
Exchange)
accepts
responsibility
for
the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact, this news release contains “forward-looking information” and “forward-looking statements”
(collectively,
“forward-looking
information”)
that
are
based
on
expectations,
estimates
and
projections
as
at
the
date of this news release and are covered by safe harbors under Canadian and United States securities laws. Forward-looking information in this news release includes information about the Company’s expectations concerning the potential further improvements to profitability and efficiency across the Company’s operations, including, as a result of the Company’s expansion efforts, potential for the Company’s long-term growth and clean energy strategy, the Company’s outlook and guidance for 2026 and 2027 and the
business
goals
and
objectives
of
the
Company.
Factors
that
could
cause
actual
results
to
differ
materially
from
those
described in such forward-looking information include, but are not limited to: delivery of equipment and implementation of systems may not occur on the timelines anticipated by the Company or at all; future capital needs and uncertainty of additional financing; outlook and guidance for 2026 and 2027 may not occur on the timelines anticipated by the Company, or at all; share dilution resulting from equity issuances; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the
impact
of
depreciating
Bitcoin
prices
on
working
capital;
effects
on
Bitcoin
prices
as
a
result
of
the
most
recent
Bitcoin
halving; development of
additional facilities and
installation of
infrastructure to
expand operations may
not
be completed on the
timelines anticipated
by
the Company,
or
at
all;
ability
to access
additional
power
from
the
local
power
grid and realize the potential of the clean energy strategy on terms which are economic or at all;
a
decrease
in
cryptocurrency pricing,
volume
of
transaction
activity
or
generally,
the
profitability
of
cryptocurrency
mining;
further
improvements
to
profitability and
efficiency
may
not
be
realized;
development
of
additional
facilities
to
expand
operations
may
not
be
completed
on
the
timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively
affect
the
profitability
of
the
Company’s
power
plant;
the
digital
currency
market;
the
Company’s
ability
to
successfully mine digital
currency on
the cloud; the Company
may not
be able
to profitably liquidate its
current
digital
currency
inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company’s filings at
www.sedarplus.ca
and
www.SEC.gov/EDGAR.
The forward-looking information
in
this
news
release
reflects
the
current
expectations,
assumptions
and/or
beliefs
of
the
Company
based
on
information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company
has
made
assumptions
about, among other things,
the
current
profitability
in
mining
cryptocurrency
(including
pricing
and
volume
of
current transaction
activity);
profitable
use
of
the
Company’s
assets
going
forward;
the
Company’s
ability
to
profitably
liquidate
its
digital currency
inventory
as
required;
historical
prices
of
digital
currencies
and
the
ability
of
the
Company
to
mine
digital
currencies
on the cloud will be consistent with historical prices; the ability to maintain reliable and economical sources of power to run its cryptocurrency
mining
assets;
the
negative
impact
of
regulatory
changes
in
the
energy
regimes
in
the
jurisdictions
in
which
the
Company operates; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainties therein. The Company undertakes no obligation to revise or update any forward-looking information other than as required by applicable law.
| (U.S.$ in thousands except per share data) | Nine Months Ended | |||
|
September 30 2025 |
September 30 2024 |
|||
| Revenue from digital currency mining | 3,373 | 9,779 | ||
| Revenue from colocation services | 13,475 | 3,637 | ||
| Revenue from sale of electricity | – | 6,283 | ||
| Revenue from sale of energy | 8,685 | 2,490 | ||
| Cost of sales | (22,656 | ) | (17,177 | ) |
| Depreciation and amortization | (5,341 | ) | (7,903 | ) |
| Gross profit (loss) | (2,464 | ) | (2,890 | ) |
| General and administrative and other expenses | (5,373 | ) | (2,262 | ) |
| Foreign exchange | (2,077 | ) | 2,003 | |
| Gain on disposition of cryptocurrencies | 675 | 271 | ||
| Change in FV of loan payable and salaries payable | (171 | ) | (20 | ) |
| Other Income | – | 14 | ||
| Share based compensation | (3,709 | ) | (750 | ) |
| Gain on revaluation of digital currencies | 386 | 49 | ||
| Operating loss | (12,734 | ) | (3,586 | ) |
| Revaluation of warrant liabilities | 955 | 3,682 | ||
| Net financial expenses | 8 | (17 | ) | |
| Net loss before income taxes | (11,771 | ) | 79 | |
| Deferred tax (expense) recovery | – | – | ||
| Net income (loss) for the year | (11,771 | ) | 79 | |
| Foreign currency translation adjustment | 1,829 | (1,847 | ) | |
| Revaluation of digital currency, net of tax | – | – | ||
| Total comprehensive income (loss) for the year | (9,942 | ) | (1,768 | ) |
| Basic and diluted income (loss) per share |
(0.31 |
) |
0.00 | |
| Weighted average number of subordinate voting shares outstanding – diluted |
38,432,690 |
29,929,917 | ||
* EBITDA and Adjusted EBITDA – NON-IFRS MEASURE
EBITDA and Adjusted EBITDA are non-IFRS financial measures and should be read in conjunction with and should not be viewed as an alternative to or replacement of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and in the table below.
The following table provides a reconciliation of net income to EBITDA and Adjusted EBITDA for the 3 months ended September 30, 2025, and 2024:
| Three months ended September 30, | ||||
| 2025 | 2024 | |||
| $ | $ | |||
| Income (loss) before other items | 302,791 | (6,412,344 | ) | |
| Taxes and Interest | (21,024 | ) | 4,467 | |
| Depreciation | 1,594,993 | 3,887,362 | ||
| EBITDA | 1,876,760 | (2,520,515 | ) | |
| Three months ended September 30, | ||||
| 2025 | 2024 | |||
| $ | $ | |||
| Income (loss) before other items | 302,791 | (6,412,344 | ) | |
| Taxes and Interest | (21,024 | ) | 4,467 | |
| Revaluation of warrant liabilities | (1,466,749 | ) | 1,301,976 | |
| Share based compensation | 601,473 | 516,371 | ||
| FV changes and revaluations | (232,024 | ) | (160,603 | ) |
| Depreciation | 1,594,993 | 3,887,362 | ||
| Adjusted EBITDA | 779,460 | (955,373 | ) | |
