Tearsheet

Digi Power X (DGXX)


Market Price (12/4/2025): $3.6 | Market Cap: $131.8 Mil
Sector: Utilities | Industry: Independent Power Producers & Energy Traders

Digi Power X (DGXX)


Market Price (12/4/2025): $3.6
Market Cap: $131.8 Mil
Sector: Utilities
Industry: Independent Power Producers & Energy Traders

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Renewable Energy Transition. Themes include Smart Grid Technologies, Show more.
Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -64%
1  Stock price has recently run up significantly
6M Rtn6 month market price return is 125%
2  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg QQuarterly Revenue Change % is -12%
3  Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -98%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -105%
4  Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%
0 Megatrend and thematic drivers
Megatrends include Sustainable Infrastructure, Smart Grids & Grid Modernization, and Renewable Energy Transition. Themes include Smart Grid Technologies, Show more.
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -21 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -64%
2 Stock price has recently run up significantly
6M Rtn6 month market price return is 125%
3 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg QQuarterly Revenue Change % is -12%
4 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -98%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -105%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23%

Valuation, Metrics & Events

DGXX Stock


Why The Stock Moved


Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the 54.3% stock movement for Digi Power X (DGXX) for the approximate time period from August 31, 2025, to December 4, 2025: 1. Positive Q3 2025 Financial Results: Digi Power X announced a positive net income of $0.3 million for Q3 2025, a significant improvement from a net loss of $6.4 million in Q3 2024. The company also reported a substantial increase in working capital to $15.1 million and 112% year-over-year growth in energy sales revenue.

2. Acceleration of AI Infrastructure Transformation: The company has been actively accelerating its strategic pivot towards artificial intelligence infrastructure, focusing on developing Tier III-certified modular AI data centers through its ARMS 200 platform. Assembly of the first ARMS 200 pod commenced in Q4 2025, with full activation anticipated in Q1 2026.

Show more

Stock Movement Drivers

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
DGXX Return------ 
Peers Return6%15%-4%7%67%37%183%
S&P 500 Return16%27%-19%24%23%16%112%

Monthly Win Rates [3]
DGXX Win Rate-----71% 
Peers Win Rate38%37%27%50%52%70% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
DGXX Max Drawdown------ 
Peers Max Drawdown-29%-3%-15%-15%-13%-18% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: NRG, TLN, AES, TAC, DGXX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

DGXX has limited trading history. Below is the Utilities sector ETF (XLU) in its place.

Unique KeyEventXLUS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-28.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven39.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven347 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-36.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven58.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven633 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-16.4%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven19.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven308 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-48.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven95.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2058 days1480 days

Compare to


In The Past

SPDR Select Sector Fund's stock fell -28.1% during the 2022 Inflation Shock from a high on 9/12/2022. A -28.1% loss requires a 39.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Digi Power X (DGXX)

Better Bets than Digi Power X (DGXX)

Latest Trefis Analyses

Title
0ARTICLES

Trade Ideas

Select past ideas related to DGXX. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025PEGPublic Service EnterpriseMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-0.7%-0.7%-0.7%
PCG_9262025_Dip_Buyer_ValueBuy09262025PCGPG&EDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.5%2.5%0.0%
AES_9052025_Dip_Buyer_ValueBuy09052025AESAESDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.3%9.3%-3.2%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper11212025PEGPublic Service EnterpriseMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
-0.7%-0.7%-0.7%
PCG_9262025_Dip_Buyer_ValueBuy09262025PCGPG&EDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
2.5%2.5%0.0%
AES_9052025_Dip_Buyer_ValueBuy09052025AESAESDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
9.3%9.3%-3.2%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Digi Power X

Peers to compare with:

Financials

DGXXNRGTLNAESTACMedian
NameDigi Pow.NRG Ener.Talen En.AES TransAlta 
Mkt Price3.40166.77365.4613.7114.0014.00
Mkt Cap0.132.216.79.84.29.8
Rev LTM3229,7792,34312,0942,4842,484
Op Inc LTM-212,5982901,787134290
FCF LTM-341,699226-2,215353226
FCF 3Y Avg-26130--3,89340452
CFO LTM-322,7424343,906630630
CFO 3Y Avg-22826-3,2231,009917

Growth & Margins

DGXXNRGTLNAESTACMedian
NameDigi Pow.NRG Ener.Talen En.AES TransAlta 
Rev Chg LTM-16.0%5.9%5.1%-1.5%-11.0%-1.5%
Rev Chg 3Y Avg15.5%-0.9%-25.0%-0.6%-0.6%-0.6%
Rev Chg Q-12.1%5.7%38.7%1.9%-3.6%1.9%
QoQ Delta Rev Chg LTM-3.4%1.4%10.1%0.5%-0.9%0.5%
Op Mgn LTM-63.8%8.7%12.4%14.8%5.4%8.7%
Op Mgn 3Y Avg-65.7%1.8%10.7%16.8%18.1%10.7%
QoQ Delta Op Mgn LTM-0.6%4.8%6.8%0.1%-2.9%0.1%
CFO/Rev LTM-97.8%9.2%18.5%32.3%25.4%18.5%
CFO/Rev 3Y Avg-74.9%2.9%-26.1%33.1%14.5%
FCF/Rev LTM-104.5%5.7%9.6%-18.3%14.2%5.7%
FCF/Rev 3Y Avg-92.1%0.5%--31.4%13.9%-15.4%

Valuation

DGXXNRGTLNAESTACMedian
NameDigi Pow.NRG Ener.Talen En.AES TransAlta 
Mkt Cap0.132.216.79.84.29.8
P/S3.21.08.30.81.61.6
P/EBIT-4.713.044.04.933.313.0
P/E-5.421.786.08.9-28.88.9
P/CFO-3.311.444.82.46.46.4
Total Yield-18.4%4.6%1.2%16.6%-1.7%1.2%
Dividend Yield0.0%0.0%0.0%5.3%1.8%0.0%
FCF Yield 3Y Avg--5.5%--33.5%13.8%-5.5%
D/E0.00.40.23.31.10.4
Net D/E-0.00.40.13.11.00.4

Returns

DGXXNRGTLNAESTACMedian
NameDigi Pow.NRG Ener.Talen En.AES TransAlta 
1M Rtn-46.0%-4.4%-11.6%0.7%-20.3%-11.6%
3M Rtn50.9%13.8%-3.3%4.9%16.7%13.8%
6M Rtn124.8%6.8%40.6%38.4%39.2%39.2%
12M Rtn-70.6%71.9%11.5%23.4%47.0%
3Y Rtn-337.1%--45.4%54.5%54.5%
1M Excs Rtn-46.0%-4.4%-11.6%0.7%-20.3%-11.6%
3M Excs Rtn48.3%7.7%-9.3%3.0%10.5%7.7%
6M Excs Rtn110.1%-7.9%25.8%23.7%24.4%24.4%
12M Excs Rtn-52.8%56.9%-2.0%12.8%32.8%
3Y Excs Rtn-262.4%--117.0%-12.9%-12.9%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Cryptocurrency mining1824254 
Sales of energy and electricity600  
Colocation services200  
Total2624254 


Net Income by Segment
$ Mil20242023202220212020
Sales of energy and electricity200  
Colocation services000  
Cryptocurrency mining-244-3  
Total-224-3  


Assets by Segment
$ Mil20242023202220212020
Cryptocurrency mining    4
Total    4


Short Interest

Short Interest: As Of Date11142025
Short Interest: Shares Quantity1,987,739
Short Interest: % Change Since 1031202593.5%
Average Daily Volume6,360,809
Days-to-Cover Short Interest1
Basic Shares Quantity36,623,575
Short % of Basic Shares5.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
630202581420256-K 6/30/2025
331202551420256-K 3/31/2025
12312024331202520-F 12/31/2024
9302024111520246-K 9/30/2024
630202481520246-K 6/30/2024
331202451420246-K 3/31/2024
12312023916202420-F 12/31/2023
9302023111420236-K 9/30/2023
630202381520236-K 6/30/2023
331202351520236-K 3/31/2023
12312022714202320-F 12/31/2022
9302022111520226-K 9/30/2022
630202281720226-K 6/30/2022
331202251720226-K 3/31/2022
12312021328202240-F 12/31/2021