Digi Power X Reports Record 2024 Financial Results With 42% Revenue Growth and 228% EBITDA Turnaround
MIAMI, March 31, 2025 (GLOBE NEWSWIRE) -- Digi Power X Inc. ("Digi Power X" or the "Company") (NASDAQ:DGXX, TSXV:DGX), an innovative energy infrastructure company that develops cutting-edge data centers, is pleased to provide a summary of the Company's audited financial results for the year ended December 31, 2024 (all amounts in U.S. dollars, unless otherwise indicated), and a 2025 year-to-date update on operations. The Company's annual report on Form 20-F, which includes audited consolidated financial statements and management's discussion and analysis ("MD&A") for the year ended December 31, 2024, has been filed and made accessible under the Company's continuous disclosure profile on SEDAR+ at www.sedarplus.ca and is also available on EDGAR at www.sec.gov/edgar.
Michel Amar, Chairman and CEO of Digi Power X, commented, "2024 marked a record-setting year for Digi Power X, with revenue rising 42% year-over-year to $37.0 million, driven by exponential growth in colocation services and the strategic diversification of revenue streams beyond digital currency mining. The Company also reported a remarkable 228% improvement in EBITDA, from a loss of $6.9 million in 2023 to a gain of $8.8 million in 2024, underscoring the operational strength and scalability of our business model. Going forward, we believe our ability to pivot toward high-margin, recurring colocation revenues, while leveraging our low-cost energy access and robust infrastructure, will help position the Company to be a rising leader in energy-backed digital infrastructure."
Amar continued, "Looking ahead, Digi Power X is expanding its capabilities through the recent formation of U.S. Data Centers, a wholly owned subsidiary focused on the development of AI-ready Tier 3 data centers. This strategic move reflects the Company's ambition to be a leader in the buildout of advanced computing capacity across the U.S., while further monetizing its energy assets."
Highlights for Fiscal 2024 are as follows:
Revenue grew by 42% year-over-year to $37.0 million as compared to $26.1 million in the prior year, as the Company continued to diversify its revenue verticals through various colocation agreements;
Digi Power X's colocation vertical grew by 829% to $15.79 million (2023: $1.68 million);
The Company's sale of energy vertical increased by 41% to $4.61 million (2023: $3.273 million);
EBITDA* improved to $8.84 million in 2024 from a loss of $6.92 million in 2023, a remarkable 228% turnaround, underscoring the strength of the business model and operational discipline;
Digital assets increased by 450% from the prior year to $4.53 million;
Property, plant, and equipment totaled $21.72 million, reflecting continued infrastructure investments including Capex spend of $3.8 million;
Eliminated all long-term debt, including full repayment of secured loan facilities and mortgage payables.
(U.S.$ in thousands except per share data)
Year Ended
December 312024
December 312023
Revenue from digital currency mining
10,319
18,128
Revenue from colocation services
15,790
1,675
Revenue from sale of electricity
6,283
3,037
Revenue from sale of energy
4,611
3,272
Cost of sales
(32,712
)
(20,856
)
Depreciation and amortization
(15,638
)
(14,923
)
Gross profit (loss)
(11,347
)
(9,667
)
General and administrative and other expenses
(4,643
)
(5,396
)
Foreign exchange
5,227
(1,377
)
Gain on disposition of cryptocurrencies
1,559
