Digi Power X Inc (NASDAQ:DGXX, FRA:1NQ0, NEO:DGX) reported a year of significant balance sheet growth and a strategic pivot from cryptocurrency mining toward artificial intelligence (AI) infrastructure for the fiscal year ended December 31, 2025.
The company said cash and cash equivalents rose to $78.5 million from $1.7 million in the prior year. Total assets increased to $134.1 million, compared with $34.3 million in 2024, while shareholders’ equity grew to $123.3 million from $22.3 million. The company reported no outstanding debt at year-end.
Total revenue for 2025 was $34.2 million, down from $37 million a year earlier. Digi Power X said the decline was expected, reflecting a planned reduction in cryptocurrency mining operations. Colocation revenue increased 11% to $17.5 million, and energy revenue rose 186% to $13.2 million.
Digital currency holdings were valued at $14.8 million at the end of the year, up from $4.5 million in 2024.
The company reported a net loss of $28.4 million under generally accepted accounting principles. It said approximately $22.2 million of the loss was due to non-cash items, including share-based compensation, depreciation, digital currency revaluation, and changes in warrant liabilities. Adjusted EBITDA for the year was negative $3.2 million.
Digi Power X described 2025 as a transitional period in which it began scaling down cryptocurrency mining and increasing investment in AI-related infrastructure. Capital expenditures rose to $11 million, compared with $3.8 million in the previous year.
"Twelve months ago, Digi Power X was a cryptocurrency mining company with $1.7 million in cash,” CEO Michel Amar said in a statement. “Today, we have $78.5 million in cash, zero debt and a commissioned AI data center platform, and we expect to generate our first AI revenues following the completion of testing in April."
The company is developing AI data center capacity across multiple US locations, including sites in Alabama, New York, and North Carolina, with a total planned capacity of approximately 400 megawatts. During the year, it received approval for 60 megawatts of hydroelectric power in upstate New York, expanded its North Carolina site to 40 acres, and increased its Alabama site to more than 50 acres with 70 megawatts of approved capacity.
Digi Power X also established US Data Centers, a subsidiary in which it holds a majority interest.
The company said it expects to begin generating revenue from AI operations as early as April 2026, following testing at its Alabama facility. It added that it is in discussions regarding a potential colocation agreement, though no final agreement has been reached.
Looking ahead, Digi Power X aims to activate 100 megawatts of AI infrastructure capacity across 2026 and 2027, including 90 megawatts of colocation services and 10 megawatts of GPU-as-a-service capacity.
The company said that, once fully operational, these segments could generate an estimated combined annual revenue run rate of up to $282 million, based on internal projections.
"With a zero-debt balance sheet, $93 million in liquid assets, and 100 megawatts of AI infrastructure capacity on the horizon, Digi Power X is at a genuine inflection point,” Amar said. “We intend to demonstrate that in our results."
As of the report date, Digi Power X said that it held approximately $78 million in cash and had funded $17 million in capital expenditures in 2026 without external financing. It also reported no share issuance related to equity financing so far this year.
Separately, the company announced the grant of 50,000 stock options and 50,000 restricted share units to an officer under its equity compensation plans.
Shares of Digi Power X added 3.5% at Wednesday's open.