Digi Power X Inc.

For Q2 2026, Digi Power X reported revenue of $6.6 million, GPU revenue of $1.1 million, positive adjusted EBITDA of $3.3 million, and a net loss of $14.4 million. Management said adjusted EBITDA increased by $3.2 million year over year versus Q2 2025. At June 30, 2026, cash and cash equivalents were $142.4 million, working capital was $131 million, digital assets were $14.3 million, net fixed assets and equipment deposits were $127.5 million, total assets were $279 million, and the company had no long-term debt. Today, cash and cash equivalents were said to be approximately $150 million, and year-to-date capital expenditures were approximately $110 million. Forward-looking targets included Phase 1 of the Alabama campus ready for service in December 2026, Phase 2 in end of Q1 2027, and Q3 revenue expected to increase by approximately over 100% versus Q2.

Michel Amar framed Q2 as a turning point because Digi Power X generated its first AI revenues and posted positive adjusted EBITDA while building out its Alabama AI campus. He emphasized execution, saying the first 15 MW is effectively done on equipment purchases and Phase 1 should be ready in December, with Phase 2 also on track for March 2027. His tone was highly confident and asset-focused, repeatedly stressing the company’s cash position, lack of long-term debt, and desire to limit dilution.

No separate CFO spoke on the call; Michel Amar discussed the financials directly. He highlighted $142.4 million of cash and cash equivalents at June 30, 2026 versus $1.7 million a year ago, $131 million of working capital, $127.5 million of net fixed assets and equipment deposits, $279 million of total assets, and no long-term debt. He also said the company has deployed approximately $110 million of capex year-to-date and is in advanced debt financing discussions, including engagement with Goldman Sachs, to support the Alabama data center and reduce dilution.

Analyst-style shareholder questions focused on what remains to finish the first 15 MW and second 25 MW for Cerebras, how New York’s data center moratorium affects growth, the strategy for the Pleasants Power Station LOI, the North Carolina land holdings, the purpose of U.S. Data Center, and whether the ATM is still being used. Management said the first 15 MW and Phase 2 equipment are largely secured, with deliveries starting this month and November-December, and that the New York sites are grandfathered so existing power can be used but not expanded. Amar also said GPU financing may become easier as the market recognizes residual value for GPUs, and that the ATM was used earlier to build cash before pursuing debt financing. He stressed that debt talks are now advanced and that the goal is to mitigate dilution.