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Digi Power X Reports Record 2024 Financial Results With 42% Revenue Growth and 228% EBITDA Turnaround
DGHIDigihost(DGHI) Newsfilter·2025-03-31 11:30

Core Insights - Digi Power X Inc. reported a record-setting year in 2024, with a 42% increase in revenue to 37.0million,drivenbygrowthincolocationservicesanddiversificationbeyonddigitalcurrencymining[2][5]−ThecompanyachievedasignificantturnaroundinEBITDA,improvingfromalossof37.0 million, driven by growth in colocation services and diversification beyond digital currency mining [2][5] - The company achieved a significant turnaround in EBITDA, improving from a loss of 6.9 million in 2023 to a gain of 8.8millionin2024,markinga2288.8 million in 2024, marking a 228% improvement [2][5] - Digi Power X is expanding its operations by forming a subsidiary focused on AI-ready Tier 3 data centers, aiming to enhance its position in the advanced computing market [2][10] Financial Performance - Revenue from digital currency mining decreased to 10.3 million in 2024 from 18.1millionin2023[4]−Revenuefromcolocationservicessurgedby82918.1 million in 2023 [4] - Revenue from colocation services surged by 829% to 15.8 million, compared to 1.7millioninthepreviousyear[4][5]−Thesaleofenergyrevenueincreasedby411.7 million in the previous year [4][5] - The sale of energy revenue increased by 41% to 4.6 million, up from 3.3millionin2023[4][5]−Thecompanyreportedagrosslossof3.3 million in 2023 [4][5] - The company reported a gross loss of 11.3 million for 2024, compared to a loss of 9.7millionin2023[4]−Netlossfortheyearwas9.7 million in 2023 [4] - Net loss for the year was 6.8 million, an improvement from a loss of $21.9 million in 2023 [6] Operational Highlights - Digi Power X eliminated all long-term debt, including secured loan facilities and mortgage payables [5][9] - The company integrated 11,000 S21 miners into its facilities, translating to approximately 44 MW of hosting capacity [9] - Digi Power X became the anchor subscriber to a 5 MW community solar project, which will generate enough clean electricity to power over 2,500 homes annually [9] - Approximately 72% of the company's 2024 revenues were derived from services outside of digital currency mining, compared to 31% in 2023 [9] Future Outlook - The company anticipates continued revenue growth in 2025, assuming stable or rising Bitcoin prices [8] - Digi Power X's strategic pivot towards Tier 3 AI data centers is expected to generate significant shareholder value through 2025 and into 2026 [10]