Digi Power X Achieves Outstanding Growth in 2024 Financials
Record Financial Growth in 2024
Digi Power X Inc. (“Digi Power X” or the “Company”) (Nasdaq: DGXX / TSXV: DGX) recently showcased impressive financial results for the year. The Company reported a remarkable 42% increase in revenue compared to the previous year, totaling $37 million. This growth is primarily attributed to the expansion of colocation services and diversification of revenue sources beyond digital currency mining, highlighting the operational resilience and strategic adaptability of Digi Power X.
Leadership Perspective
Michel Amar, Chairman and CEO of Digi Power X, expressed enthusiasm about these results, stating that the Company’s EBITDA saw a phenomenal turnaround of 228%, moving from a loss of $6.9 million to a gain of $8.8 million. This transformation indicates the effectiveness of the Company’s operational strategies and the scalability of its business model. Amar emphasized that by focusing on high-margin, recurring revenue streams through colocation while leveraging low-cost energy resources, Digi Power X is positioned to emerge as a leading entity in the energy-backed digital infrastructure space.
New Developments in Infrastructure
In line with its commitment to innovation, Digi Power X has established U.S. Data Centers, a wholly owned subsidiary aimed at constructing AI-ready Tier 3 data centers. This evolution reflects the Company’s intent to enhance its advanced computing capacity and efficiency across its operations while optimizing energy assets.
Impressive Financial Highlights for 2024
- Revenue surged by 42%, reaching $37 million compared to $26.1 million in the prior year, spurred by various colocation agreements.
- The colocation service segment experienced a staggering 829% growth, bringing in $15.79 million, up from $1.68 million in 2023.
- Additionally, the revenue from energy sales saw a 41% increase to $4.61 million, marking a notable rise from $3.27 million in the previous year.
- EBITDA improvement to $8.84 million in 2024 from a prior loss of $6.92 million, signaling a significant operational success.
- Digital assets surged by 450% year-over-year, reaching $4.53 million.
- Investments in property, plant, and equipment totaled $21.72 million, underlining the commitment to infrastructure growth.
- All long-term debt has been eliminated, including the full repayment of secured loans, showcasing financial stability.
Future Outlook and Expansion
Digi Power X aims to sustain this growth trajectory in 2025, contingent on the stability or increase of cryptocurrency prices. The Company plans to enhance its power capabilities and strengthen its position in the Tier 3 data center space through strategic investments, promising significant value for shareholders. The pivot towards AI-capable services and advanced technology frameworks is expected to drive future growth.
Milestones Achieved
The Company has crossed significant milestones in 2024 including:
- Integrating advanced mining technology with a strategic partner, leading to enhanced hosting capacity of 44 MW.
- Becoming the anchor subscriber for a community solar project, optimizing energy use while contributing to sustainability goals.
- Increasing revenue streams with 72% derived from services beyond digital currency mining, highlighting successful diversification.
- Concluding all significant debts, setting a strong foundation for future financial endeavors.
About Digi Power X
Digi Power X stands out as a trailblazer in energy infrastructure, concentrating on developing state-of-the-art data centers that propel the growth of sustainable energy resources. The Company's forward-looking approach aligns with enhancing operational efficiency and fostering strategic partnerships within the tech industry.
For inquiries, please reach out to:
Michel Amar, Chief Executive Officer
Digi Power X Inc.
www.digipowerx.com
Digi Power X Investor Relations
T: 888-474-9222
Email: IR@digihostpower.com
Frequently Asked Questions
What was Digi Power X's revenue growth in 2024?
The Company reported a 42% revenue growth, reaching $37 million.
How did EBITDA change from the previous year to 2024?
EBITDA improved dramatically, from a loss of $6.9 million in 2023 to a gain of $8.8 million in 2024.
What are the future plans for Digi Power X?
Digi Power X plans to expand its power capabilities and strengthen its position in AI-ready data centers in 2025.
What are the key focus areas for Digi Power X moving forward?
The Company is focused on enhancing colocation services, optimizing energy usage, and pursuing new revenue streams.
Who can I contact for more information about Digi Power X?
For more information, you can contact Michel Amar, the CEO, or reach out via their Investor Relations email.
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