DigiPower X Conference Summary Company Overview - **Company Name**: DigiPower X Incorporated - **Stock Symbols**: NASDAQ: DGXX, TSX: DGX - **Market Capitalization**: Approximately $275 million as of November 30, 2025 [6][8] - **Cash and Cash Equivalents**: $97 million, with $90 million in money market funds and T-bills, and $7 million in Bitcoin and Ethereum [7][8] - **Insider Ownership**: 10.8%, primarily held by Founder, Chairman, and CEO Michel Amar [8][9] Business Transition - **Current Focus**: Transitioning from historic Tier 1 Bitcoin mining operations to Tier 3 high-performance computing (HPC) data centers, primarily for artificial intelligence (AI) workloads [4][9] - **Key Product**: ARMS200 (AI Ready Modular Solutions) - patented modular pods designed for HPC AI infrastructure, featuring liquid-cooled Supermicro racks and NVIDIA Blackwell GPUs [5][24] - **New Division**: NeoClouds - GPU as a service offering on-demand chips and infrastructure for AI workloads [5][26] Operational Footprint - **Facilities**: - **Columbiana, Alabama**: Former Bitcoin mining operation being converted to a Tier 3 data center with 70 megawatts of capacity [12][13] - **North Tonawanda, New York**: Owns a power plant rated for 123 megawatts, transitioning to a Tier 3 data center hub [13][16] - **Buffalo, New York**: 19 megawatts facility utilizing hydro power from Niagara Falls, also transitioning to Tier 3 [14] - **North Carolina**: Development site with an approved 200 megawatt load study, located next to a Duke Energy switchyard [15] Market Dynamics - **Industry Growth**: The demand for AI and Tier 3 data centers is described as insatiable, with a significant lack of infrastructure to meet current needs [11][19] - **Valuation Differentials**: Tier 3 data centers are trading at approximately 12.5 times enterprise value to EBITDA, compared to 5.6 times for legacy Bitcoin mining operations [31] Future Prospects - **Expected Growth**: Anticipates having 20 megawatts of clients booked by mid-2026 and up to 40 megawatts by the end of 2026 in Alabama [28] - **Potential Valuation**: If the Alabama facility reaches 70 megawatts, it could imply a market cap of $500 million by mid-2026 [29] - **Long-term Vision**: Plans to convert all existing infrastructure (approximately 412 megawatts) into Tier 3 data centers, which could significantly increase company valuation [32] Strategic Collaborations - **Partnership with Supermicro**: Collaboration to design and manufacture modular Tier 3 systems [24] - **Collaboration with NanoNuclear**: Exploring small modular reactor technology for future energy needs [19][20] Revenue Model - **Colocation Pricing**: Expected to be around $150 per kilowatt per month for colocation services [35] - **NeoClouds Pricing**: Competitors charge $15-$20 per hour per chip, with potential for significant monthly revenues [36][37] Conclusion - DigiPower X is positioned to capitalize on the growing demand for AI and HPC infrastructure through its strategic transition from Bitcoin mining to Tier 3 data centers, supported by a robust operational footprint and innovative product offerings. The company is actively pursuing growth opportunities and partnerships to enhance its market position and shareholder value.

Financial Data and Key Metrics Changes - Working capital increased from $500,000 in Q3 2024 to $15 million in Q3 2025 [4] - Net income turned positive at $300,000 compared to a loss of $6.4 million in the previous year [4] - EBITDA was positive at $1.9 million, with adjusted EBITDA at $0.8 million [4] - Digital assets, specifically Bitcoin holdings, rose by 143% to 97 Bitcoin, while total digital currency value increased by 213% year over year to $15.4 million [4] Business Line Data and Key Metrics Changes - Energy revenue grew by 112% year over year to $8.7 million [5] - Cost of revenue and depreciation decreased by $9.3 million year to date [5] Market Data and Key Metrics Changes - The company has over $90 million in cash, Bitcoin, Ethereum, and equivalents, representing the strongest liquidity in its history [5] - Current power availability includes 55 megawatts in Alabama and 141.7 megawatts in upstate New York, totaling close to 200 megawatts for 2026 [6] Company Strategy and Development Direction - The company is transitioning into AI infrastructure, with plans for a scalable high-density AI compute ecosystem [6][7] - The ARMS 200 Tier 3 AI pod assembly began in Q4 2025, with deployment across all Tier 3 sites starting in January 2026 [5] - The NeoCloud Z GPU-as-a-Service platform is set to launch in January 2026, targeting smaller AI developers and research institutions [17] Management's Comments on Operating Environment and Future Outlook - The management expects AI revenues to reach approximately $65 million in 2026, driven by colocation and GPU-as-a-Service offerings [8][9] - The company anticipates energy sales to contribute significantly to revenues, with $8.9 million year to date from energy sales [9] - Management emphasized the transformational nature of 2026 for the company, with a focus on developing AI infrastructure [14] Other Important Information - The company has no long-term debt and is completely debt-free, with the lowest payables recorded [10] - The ARMS platform is designed for rapid deployment and customization, allowing for faster scaling compared to traditional hyperscale solutions [12][14] Q&A Session Summary Question: What are your expectations in AI revenues in 2026 and 2027? - The company estimates roughly $50 million in revenues from colocation and an additional $15 million from GPU-as-a-Service, totaling about $65 million in AI revenues for 2026 [8][9] Question: What are the current debts? - The company confirmed it holds no long-term debts and has no obligations that could negatively impact its financial position [10] Question: How is your current cash holding? - The company holds over $90 million, primarily in cash, with some holdings in Bitcoin and Ethereum, which supports its modular system development [11] Question: Can you please describe the ARMS AI-ready modular solution platform? - The ARMS platform is a proprietary modular system developed for rapid deployment, designed for various chip types, primarily NVIDIA [12][14] Question: Can you please go into some detail on your relationship with Supermicro Computers Inc.? - The company has developed a strong partnership with Supermicro for optimized service racks and software integration, enhancing operational efficiency [15][16] Question: Can you please describe the retail compute platform NeoCloud, who the potential customers or end users will be? - NeoCloud is aimed at smaller AI developers and research institutions, expected to contribute 20%-25% of total revenue, with a focus on high-margin GPU-as-a-Service offerings [17][18]

Financial Data and Key Metrics Changes - Working capital increased from $500,000 in Q3 2024 to $15 million in Q3 2025 [4] - Net income improved to +$300,000 compared to a loss of $6.4 million in the previous year [4] - EBITDA was positive at $1.9 million, with adjusted EBITDA at $0.8 million [4] - Total digital currency value rose by 213% year-over-year to $15.4 million, with Bitcoin holdings increasing by 143% to 97 Bitcoin [4] Business Line Data and Key Metrics Changes - Energy revenue grew by 112% year-over-year to $8.7 million [5] - Cost of revenue and depreciation decreased by $9.3 million year-to-date [5] - The first ARMS 200 tier 3 AI pod assembly is set to begin in Q4 2025, with online activation expected in Q1 2026 [4][5] Market Data and Key Metrics Changes - Current power availability includes 55 MW in Alabama and 141.7 MW in Upstate New York, totaling close to 200 MW for 2026 [6] - An additional 200 MW is anticipated in North Carolina by 2028 [6] Company Strategy and Development Direction - The company is transitioning into AI infrastructure, with a focus on building a scalable high-density AI compute ecosystem [6][7] - The NeoCloud Z platform, a GPU-as-a-Service offering, is set to launch in January 2026 [5][18] - The company aims to deploy 55 MW of AI infrastructure by Q4 2026, with a phased approach to deployment [6] Management's Comments on Operating Environment and Future Outlook - Management expects AI revenues to reach approximately $65 million in 2026, driven by colocation and GPU-as-a-Service offerings [8][9] - The company is currently debt-free and holds over $90 million in cash and equivalents, providing strong liquidity for future developments [10][11] Other Important Information - The ARMS platform is designed for rapid deployment and customization, allowing for faster scaling compared to traditional hyperscale solutions [12][14] - The partnership with Supermicro is crucial for the integration of optimized service racks and software, enhancing operational efficiency [15][16] Q&A Session Summary Question: What are your expectations in AI revenues in 2026 and 2027? - Management estimates about $50 million in revenues from colocation and an additional $15 million from GPU-as-a-Service, totaling approximately $65 million in AI revenues for 2026 [8][9] Question: What are the current debts? - The company confirmed it has no long-term debts and is completely debt-free [10] Question: How is your current cash holding? - The company holds over $90 million, primarily in cash, with some holdings in Bitcoin and Ethereum [11] Question: Can you please describe the ARMS AI-ready modular solution platform? - The ARMS platform is a proprietary modular system developed for rapid deployment, capable of supporting various chip types, primarily NVIDIA [12][13] Question: Can you please go into some detail on your relationship with Supermicro Computers Inc.? - The partnership with Supermicro focuses on integrating optimized service racks and software, which is essential for the company's modular systems [15][16] Question: Can you please describe the retail compute platform NeoCloud, who the potential customers or end users will be? - NeoCloud is aimed at smaller AI developers and research institutions, providing GPU-as-a-Service and expected to contribute 20%-25% of total revenue [17][18]

Financial Data and Key Metrics Changes - Working capital increased from $500,000 in Q3 2024 to $15 million in Q3 2025 [4] - Net income turned positive at $300,000 compared to a loss of $6.4 million in the previous year [4] - EBITDA was positive at $1.9 million, with adjusted EBITDA at $0.8 million [4] - Digital assets, specifically Bitcoin holdings, rose by 143% to 97 Bitcoin, while total digital currency value increased by 213% year over year to $15.4 million [4] Business Line Data and Key Metrics Changes - Energy revenue grew by 112% year over year to $8.7 million [5] - Cost of revenue and depreciation decreased by $9.3 million year to date [5] Market Data and Key Metrics Changes - The company has over $90 million in cash, Bitcoin, Ethereum, and equivalents, representing the strongest liquidity in its history [5] - Current power availability includes 55 megawatts in Alabama and 141.7 megawatts in upstate New York, totaling close to 200 megawatts for 2026 [6] Company Strategy and Development Direction - The company is transitioning into AI infrastructure, with plans for a scalable high-density AI compute ecosystem [6] - The ARMS 200 Tier 3 AI pod assembly began in Q4 2025, with deployment across all Tier 3 sites starting in January 2026 [5] - The NeoCloud Z GPU-as-a-Service platform is set to launch in January 2026, targeting smaller AI developers and research institutions [16] Management's Comments on Operating Environment and Future Outlook - Management expects AI revenues to reach approximately $65 million in 2026, driven by colocation and GPU-as-a-Service offerings [8][9] - The company is positioned for growth with a focus on AI infrastructure and energy sales, which accounted for over 35% of revenues in Q3 2025 [9] Other Important Information - The company has no long-term debt and is completely debt-free, with the lowest payables recorded [10] - The ARMS platform is designed for rapid deployment and customization, allowing for faster scaling compared to traditional hyperscale solutions [12][13] Q&A Session Summary Question: What are your expectations in AI revenues in 2026 and 2027? - Management estimates roughly $50 million in revenues from colocation and an additional $15 million from GPU-as-a-Service, totaling about $65 million in AI revenues for 2026 [8][9] Question: What are the current debts? - The company confirmed it holds no long-term debts and has no obligations that could harm its financial position [10] Question: How is your current cash holding? - The company holds over $90 million, primarily in cash, with some holdings in Bitcoin and Ethereum [11] Question: Can you please describe the ARMS AI-ready modular solution platform? - The ARMS platform is a proprietary modular system developed for rapid deployment, designed for various chip types, primarily NVIDIA [12][13] Question: Can you please go into some detail on your relationship with Supermicro Computers Inc.? - The company has developed a strong partnership with Supermicro for optimized service racks and software integration, which aids in reducing operational costs [14][15] Question: Can you please describe the retail compute platform NeoCloud, who the potential customers or end users will be? - NeoCloud is aimed at smaller AI developers and research institutions, expected to contribute 20%-25% of total revenue, with a focus on high-margin GPU-as-a-Service offerings [16][17]

Summary of Digi Power X Conference Call Company Overview - **Company Name**: Digi Power X - **Industry**: Energy Infrastructure and Bitcoin Mining - **Stock Ticker**: DGXX (NASDAQ), traded on TSX Venture in Canada - **Market Capitalization**: Approximately $120 million - **Shares Outstanding**: About 44.7 million shares - **Current Stock Price**: Around $2.70 - **Debt Status**: No debt on the balance sheet - **Cash and Crypto Holdings**: Approximately $30 million in cash, Bitcoin, and Ethereum [2][3][4] Core Business Segments - **Power Generation**: Owns a combined cycle power plant and generates predictable revenues from power generation assets [4][10] - **Bitcoin Mining Operations**: Operates Tier 1 data centers and is transitioning to Tier 3 high-performance computing (HPC) data centers [3][4] - **Tier 3 Data Centers**: Focus on building out Tier 3 infrastructure, which is expected to drive future revenues [4][5][17] Market Position and Valuation - **Valuation Disparity**: Currently trading at $1.20 per megawatt, compared to peers at $6.77 per megawatt, indicating potential for significant valuation increase [6][21] - **Future Projections**: If successful in transitioning operations, potential market cap could rise to $375 million based on Tier 3 data center valuations [22] Key Assets - **Alabama Facility**: Transitioning from a 22 megawatt Bitcoin mining operation to a 55 megawatt Tier 3 data center [17][22] - **North Tonawanda Power Plant**: 60 megawatt peaker power plant with potential to increase output to 120 megawatts [10][11] - **Buffalo Site**: 19 megawatt operation powered by hydropower [8] - **North Carolina Development Property**: Valuable site adjacent to a Duke Energy switch yard and a Google data center [9] Revenue Streams - **Revenue Breakdown**: Approximately one-third from crypto mining, one-third from energy sales, and one-third from colocation services [22] - **Electricity Costs**: Competitive electricity cost at $0.04 per kilowatt, with potential sales back to the grid at $0.11-$0.12 per kilowatt during peak demand [10][12] Strategic Collaborations and Innovations - **Partnership with Supermicro**: Aids in retrofitting the Alabama facility and enhances credibility in the market [18][40] - **ARMS 200 Technology**: New AI Ready Modular Solution aimed at providing scalable data center solutions [19][20] - **Provisional Patent**: Filed for ARMS technology, indicating potential for future revenue from selling these modular solutions [20] Future Outlook and Risks - **Execution Risks**: Key risks include securing qualified labor for construction and meeting timelines and budgets for facility transitions [37][39] - **Customer Acquisition**: Ongoing discussions with potential clients for the Alabama facility, with a focus on securing credible tenants to drive valuation re-rates [29][39] Conclusion Digi Power X is positioned to capitalize on the growing demand for energy infrastructure and high-performance computing, with a strong focus on transitioning its operations to Tier 3 data centers. The company’s strategic partnerships and innovative technologies are expected to enhance its market position and drive future growth.

Core Viewpoint - Digi Power X Inc. has achieved Tier 3 certification for its ARMS 200 modular AI-ready data center platform, enhancing its credibility and competitiveness in the data center industry [2][3][4]. Group 1: Certification and Standards - The ARMS 200 platform received Tier 3 certification under the ANSI/TIA-942-C-2024 standard, confirming its compliance with high global standards for resilience and reliability in data center design [2][3]. - The certification was awarded following an independent audit conducted by EPI Certification Pte Ltd on August 26, 2025 [3]. Group 2: AI Infrastructure Development - Digi Power X is accelerating its AI infrastructure roadmap alongside the certification, emphasizing its commitment to building high-availability data centers [4]. - The ARMS 200 solution is designed for high-density AI clusters, supporting modular deployments starting at 1MW and ensuring full Tier 3 resilience [5]. Group 3: Strategic Partnerships and Technology Integration - The company has deepened its strategic partnership with Super Micro Computers, Inc. to integrate AI-optimized rack-scale systems into the ARMS 200 platform [7]. - Digi Power X has completed the purchase of NVIDIA B200 GPUs for deployment across ARMS 200 facilities, aimed at supporting hyperscale AI, enterprise, and cloud workloads [7]. Group 4: Market Positioning - The ANSI/TIA-942 certification enhances the competitiveness of the ARMS 200 platform in procurement processes, making it more appealing to hyperscalers and global enterprises [7]. - The company positions itself as a provider of cutting-edge compute infrastructure tailored for enterprises, cloud providers, and hyperscalers worldwide [6].

Core Insights - Digi Power X Inc. reported unaudited comparative Bitcoin production results for August 2025, highlighting operational updates and financial metrics [2][3] Financial Performance - As of August 31, 2025, the company held approximately $29 million in cash, Bitcoin (BTC), Ethereum (ETH), and cash deposits, a slight decrease from $30 million on July 31, 2025 [6] - The company's BTC inventory increased from approximately 61 BTC to 85 BTC, representing a 37% increase month-over-month [6] - The total ETH holdings rose by 93% from 516.64 ETH (valued at approximately $1.9 million) to about 1,000 ETH (valued at approximately $4.4 million) [6] - The value of BTC produced in August 2025 was approximately $3.5 million, with miners producing around 24 BTC valued at approximately $2.6 million [6] Operational Updates - The company has ceased BTC mining operations in Alabama, reallocating resources towards AI infrastructure development [6] - Construction of Tier 3-certified AI-ready facilities is underway in Alabama, with the first ARMS 200 pod expected to be operational in Q1 2026 [6] - The Alabama campus is designed to deliver 40 MW of critical power capacity, supported by a total of 55 MW, capable of supporting over 10,000 NVIDIA Blackwell GPUs [6] Strategic Initiatives - Digi Power X is in advanced discussions for financing future growth, expecting to utilize tenant contracts and up to 70% non-dilutive debt financing [6] - The company operates with approximately 100 MW of available power across three sites, with plans to expand capacity to over 200 MW through targeted acquisitions [8] - A definitive order has been placed with Super Micro Computer, Inc. for NVIDIA B200-powered systems, aligning with NVIDIA's initiative to connect data centers into an integrated AI grid [11]

Core Insights - Digi Power X Inc. has reported significant financial improvements, including the removal of going concern risk and achieving over $30 million in cash and equivalents, which includes approximately 80 Bitcoin and 715 Ethereum [5][7] - The company is positioned to capitalize on the expanding AI infrastructure market, with plans to deploy its first NVIDIA B200 GPU cluster by Q1 2026 and is in advanced negotiations for AI infrastructure contracts [5][8][12] Financial Performance - Positive Adjusted EBITDA was achieved in Q2 2025, marking a milestone towards sustainable profitability [7] - Colocation revenue for the first six months of 2025 reached $9.57 million, a 163% increase year-over-year [7] - Energy sales revenue grew 127% year-over-year in Q2 2025 to $5.7 million [7] - The company reported a net loss of $12.07 million for the six months ended June 30, 2025, compared to a net income of $0.08 million in the same period of 2024 [15] Strategic Developments - The company is on track to deploy its first B200 GPU cluster in partnership with Super Micro Computers, Inc. by Q1 2026 [7] - Digi Power X is in advanced discussions with multiple AI customers to secure long-term infrastructure contracts, which are expected to enhance revenue growth [7][12] - The company plans to expand its operational capacity from approximately 100MW to 200MW and beyond, leveraging its existing asset portfolio and targeted acquisitions [8] Capital and Liquidity - The company raised $12.9 million in Q2 2025 through a private placement and warrant exercises [7] - As of now, Digi Power X holds over $30 million in cash, Bitcoin, Ethereum, and cash equivalents, marking its strongest liquidity position in history [7] - Subsequent to the quarter-end, an additional $1.83 million was raised through warrant exercises [7] Market Outlook - The company anticipates continued strength in colocation and AI infrastructure deployments in the second half of 2025, driven by rising demand from enterprise AI, fintech, and data-intensive sectors [8][12] - Strong partnerships and enhanced liquidity position the company to pursue larger-scale projects, including planned expansions in Alabama and North Carolina [8]

Company Overview - Digi Power X Inc. is an innovative energy infrastructure company focused on developing data centers to support the expansion of sustainable energy assets [2][3]. Financial Results Announcement - The company plans to announce its financial results for the quarter ended June 30, 2025, after markets close on August 14, 2025 [2]. Operations Update - Along with the Q2 2025 interim financial results, the company will provide an update on its operations [2]. Forward-Looking Information - The news release contains forward-looking information regarding expectations for patent issuance, deployment of NVIDIA Blackwell 200 GPUs, and potential improvements in profitability and efficiency [4][5]. - The company anticipates long-term growth and a clean energy strategy as part of its business goals [4]. Risks and Assumptions - Factors that could affect actual results include uncertainties related to patent applications, equipment delivery timelines, capital needs, and cryptocurrency market volatility [4][5]. - The company has made several assumptions regarding profitability in cryptocurrency mining, the ability to liquidate digital currency inventory, and maintaining reliable power sources [5].

Core Viewpoint - Digi Power X Inc. reported significant growth in Bitcoin production and financial performance for July 2025, alongside advancements in its AI infrastructure and energy efficiency initiatives [1][7][10]. Financial Performance - As of July 31, 2025, the company held approximately $30 million in cash, Bitcoin, Ethereum, and cash deposits, marking a 122% increase from $13.5 million on June 30, 2025 [7]. - The company's Bitcoin inventory increased from approximately 40 coins to 61 coins, representing a 51% growth over the previous month [7]. - The total value of coins produced in July 2025 was approximately $4.3 million, with miners producing around 23 BTC valued at approximately $2.7 million [7]. - Gross energy and power revenue for July 2025 was approximately $1.6 million [7]. Operational Updates - The company is actively participating in load curtailment programs to reduce Bitcoin mining costs, which have been historically high during summer [2]. - Digi Power X operates with approximately 100MW of available power across three sites and aims to expand capacity to 200MW and beyond [12]. - The company has invested approximately $5.2 million year-to-date in capital expenditures and mining infrastructure support equipment [7]. Technological Developments - Digi Power X's subsidiary filed a provisional patent for the ARMS 200, a Tier 3-certified platform designed for high-density GPU workloads [4]. - Each ARMS 200 platform is designed to deliver 1 megawatt of compute and support up to 256 NVIDIA GPUs, with the first deployment scheduled at the Alabama site [5]. - The company executed a purchase order with Super Micro Computer Inc. for NVIDIA B200-powered systems to be deployed within the ARMS 200 infrastructure [8]. Future Initiatives - The company plans to scale its Bitcoin mining capacity through next-generation hydro-powered mining systems and advanced cooling technologies, expected to be operational by Q1 2026 [10]. - Digi Power X is in discussions to launch pilot testing programs for its GPU-as-a-Service platform, NeoCloud™, in Q4 2025 [9].