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Digi Power X Reports Fiscal Year 2025 Financial Results

Digi Power X Confirms Zero-Debt Pivot to AI as $282M Run-Rate Hinges on April Revenue Debut

By The Northwire Desk — AI Analysis Mar 31, 2026 · 19:29 DGX · 2.81 Digi Power X Inc.

Executive Summary

Digi Power X released its Fiscal Year 2025 financial results, confirming a completed strategic pivot from cryptocurrency mining to AI infrastructure.
The balance sheet shows zero long-term debt, $78.5 million in cash, and $93 million in total liquid assets, representing a 453% YoY increase in shareholders' equity to $123.3 million.
FY2025 GAAP net loss was $28.4 million, with adjusted EBITDA at -$3.2 million. Management attributes the loss primarily to $22.2 million in non-cash charges (share-based compensation, depreciation, crypto revaluation, warrant fair value changes).
Capital expenditures reached $11.0 million (up 190% YoY), heavily directed toward Tier-III AI assets at the Alabama site.
The company projects a 400 MW AI capacity pipeline across Alabama, Upstate New York, and North Carolina, forecasting a combined annualized revenue run-rate of approximately $282 million once fully operational.
First AI revenues are explicitly targeted for April 2026, with 100 MW of combined colocation and GPU-as-a-Service capacity slated for activation in 2026.
Historical context shows a consistent narrative since late 2025: liquidity grew from ~$29M (Sep 2025) to ~$80M+ (Feb 2026), ARMS 200 modular pods were commissioned, strategic hires (CTO Jagan Jeyapaul, advisor Hans Vestberg) were made, and the company uplisted to Cboe Canada. The FY2025 release validates these prior operational updates without introducing unexpected deviations.

Material Impact

The release is largely confirmatory. Liquidity figures, zero-debt status, and the April 2026 AI revenue timeline were previously telegraphed in Q3 2025 results and February 2026 operational updates.
The $28.4 million GAAP loss is structurally expected during a capital-intensive transition phase and is heavily non-cash. It does not signal operational distress but highlights ongoing dilution and accounting charges.
The $282 million annualized run-rate projection is highly forward-looking and contingent on achieving 98% GPU utilization, $3.50/hour pricing, and full 100 MW deployment. These assumptions carry significant execution and market risk.
Market impact is positive but incremental. The stock has already priced in the pivot narrative and liquidity buildup, as evidenced by the sustained downtrend from the November 2025 peak. No surprise catalysts or institutional anchor investments were disclosed.

DGX · Price

Company Overview

Digi Power X has transitioned from a cryptocurrency mining operator to an AI infrastructure developer focused on high-density, Tier-III modular data centers.
Flagship project: ARMS 200 (AI-Ready Modular Solution), a standardized, liquid-cooled, Tier-III certified modular pod designed for rapid deployment of high-performance GPU clusters.
Secondary platform: NeoCloudz GPU-as-a-Service, targeting enterprise and startup AI compute demand through on-demand access.
Geographic footprint: Secured power and land in Alabama (70 MW approved), Upstate New York (60 MW hydro approved), and North Carolina (200 MW targeted for 2028-2029).

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