Digi Power X Inc. (NASDAQ: DGXX) filed an amended and restated prospectus supplement on November 18, 2025 that expands its at‑the‑market (ATM) equity program to allow the sale of up to US$200 million of subordinate voting shares through its agent, A.G.P./Alliance Global Partners, on the Nasdaq Capital Market and other U.S. venues. The filing follows a May 30, 2025 supplement that authorized a US$250 million base shelf prospectus and the distribution of 20,078,450 shares for gross proceeds of approximately US$76.5 million under the prior program.
Prior to the new supplement, Digi Power X reported a 41.7 % increase in revenue to US$37.0 million in 2024, up from US$26.1 million in 2023, while net loss narrowed to US$6.8 million from US$18.5 million the year before. In the first quarter of 2025, revenue rose 65 % to US$9.3 million, driven by higher demand for its data‑center services, and the company posted a net loss of US$1.7 million, a significant improvement over the US$5.2 million loss in Q4 2024. These figures illustrate a company that is moving from a mining‑heavy model toward a more diversified, AI‑centric portfolio.
The company’s three operating segments—Cryptocurrency Mining, Sales of Energy, and Colocation Services—have shown divergent performance. Mining revenue fell as cryptocurrency prices declined, while energy sales grew modestly as the company leveraged its own power generation assets. Colocation services, which include the newly launched ARMS 200 AI‑ready modular system, have experienced the strongest growth, reflecting the broader market shift toward AI workloads. The ARMS 200 platform, now Tier III certified, is positioned to accelerate deployment of AI data centers, offering a 6‑9‑month build time versus the 3‑5 years typical for competitors.
CEO Michel Amar emphasized that the expanded ATM program is a strategic enabler for the company’s pivot to AI infrastructure. “Owning power generation gives us a unique advantage in building AI data centers quickly and at scale,” Amar said. “The additional capital will fund the construction of new facilities, the acquisition of high‑performance GPUs, and potential acquisitions that complement our AI platform.” His comments underscore the company’s confidence that the capital raise will accelerate the rollout of the ARMS 200 platform and broaden its revenue mix beyond mining.
While no specific market reaction or analyst commentary was identified in the fact‑check sources, the filing signals to investors that Digi Power X is actively pursuing a high‑growth, high‑margin AI data‑center strategy. The ability to tap up to US$200 million in equity at prevailing market prices provides a flexible funding source that can be deployed as opportunities arise, reducing reliance on debt and supporting the company’s transition to a more profitable business model.
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