Total revenue for the third quarter of 2025 reached $8.15 million, falling 7.4% below the consensus estimate of $8.60 million. The miss was largely driven by a 56% decline in digital‑currency‑mining revenue, which dropped from $9.78 million to $3.37 million year‑over‑year, and a $6.38 million loss in electricity‑sales revenue that was zero in the current quarter. In contrast, energy‑sales revenue surged 112% to $8.70 million, and colocation‑services revenue jumped from $3.64 million to $13.48 million, offsetting the weakness in legacy segments.
The company posted a positive net income of $0.30 million, a dramatic turnaround from the $6.40 million loss reported in Q3 2024. EBITDA also swung to $1.90 million from a $2.50 million loss, while adjusted EBITDA improved to $0.80 million from a $0.96 million loss. Working capital expanded to $15.10 million, up 2,731% from $0.50 million in the prior year, reflecting a stronger balance sheet and improved liquidity. These gains were driven by disciplined cost management and a shift in revenue mix toward higher‑margin energy and colocation services.
CEO Michel Amar described the quarter as “transformational,” citing the company’s accelerated pivot to AI infrastructure and the strengthening of its balance sheet. He emphasized that Digi Power X is now “firmly positioned as a next‑generation Tier 3 AI infrastructure company” and that 2026 will be “a real transformational year.” The company’s strategic focus on deploying NVIDIA B200 clusters and launching the NeoCloudz GPU‑as‑a‑Service platform underpins this outlook.
In after‑hours trading on November 13, the stock rose 8.45%, a reaction that analysts linked to the unexpected return to profitability and the substantial improvement in working capital. The market viewed the EPS beat of $0.08—exceeding the consensus estimate of $‑0.11—as evidence of effective cost control and a favorable shift in revenue mix.
While the company did not provide specific quarterly guidance, it reiterated its 2026 AI‑related revenue target of $65 million, signaling confidence in the growth trajectory of its new data‑center and GPU‑as‑a‑Service offerings.
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