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Here are 1-3 brief analogies to describe Digi Power X (DGXX):

• Newmont (a major gold miner) for digital currency.
• ExxonMobil (a major oil and gas company) for digital currency.
• An AWS (Amazon Web Services) that 'mines' cryptocurrency instead of hosting cloud services.

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• Cryptocurrency Mining: The company utilizes specialized computer hardware to solve complex cryptographic puzzles, validating transactions on various blockchain networks and earning new cryptocurrency as a reward.

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Digi Power X (symbol: DGXX), operating as Digihost Technology Inc., is primarily engaged in mining cryptocurrency. As such, the company does not have major customers in the traditional business-to-business (B2B) or business-to-consumer (B2C) sense.

Instead, Digihost Technology Inc. generates revenue through block rewards and transaction fees earned from its cryptocurrency mining operations. The cryptocurrency it mines is then typically held, sold on various cryptocurrency exchanges, or used for operational purposes. Therefore, there are no specific customer companies or categories of individual customers that Digi Power X serves directly.

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• Southern Company (NYSE: SO)
• MicroBT
• Bitmain

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Michel Amar, Chief Executive Officer and Chairman

Michel Amar is a French-American businessman and entrepreneur recognized for his achievements in innovative technology, including blockchain and electronics, as well as developing branded fashion. He holds a Bachelor's degree in accounting and business management and has consulted with prominent international brands, contributing to their profitability. In 2019, he partnered with Brookstone, a novelty retailer, to develop exclusive, technologically advanced consumer electronics products. Mr. Amar founded Digihost International, Inc. in 2018. He guided the creation of Digi Power X's proprietary ARMS 200 modular Tier III data-center system and has previously built and scaled multiple ventures across wholesale distribution, logistics, manufacturing, and retail channels.

Paul Ciullo, Chief Financial Officer

Paul Ciullo was appointed as Chief Financial Officer effective April 29, 2021. Based in New York, he is responsible for all accounting and finance functions and provides strategic financial recommendations for the company's growth. Mr. Ciullo is a Certified Public Accountant (CPA) with a Bachelor's of Science in Accounting from the State University of New York College at Geneseo and an MBA from Pennsylvania State University. His professional background includes specializing in financial reporting and project management in senior corporate finance and accounting roles for various Fortune 500 companies.

Alec Amar, President

Alec Amar is an entrepreneur and infrastructure executive with extensive experience in energy, high-density data-center development, and advanced digital infrastructure. Under his leadership, Digi Power X has expanded into multiple U.S. markets, developing a portfolio of high-power data-center properties, including a Tier III campus in Columbiana, Alabama, and modernizing critical-power infrastructure in New York. He also guided the creation of Digi Power X's proprietary ARMS 200 modular Tier III data-center system.

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The key risks to Digi Power X (DGXX) are primarily associated with the volatile nature of the cryptocurrency market, the substantial operational costs related to energy consumption, and the evolving regulatory landscape surrounding digital currency mining.

1. Cryptocurrency Price Volatility: Digi Power X's revenue and profitability are highly dependent on the market prices of the cryptocurrencies it mines, such as Bitcoin. Fluctuations or a sustained decline in cryptocurrency prices can significantly reduce the company's mining revenue, even if operational efficiency remains constant. As a cryptocurrency mining company, this is an inherent and paramount risk that directly impacts its financial performance.
2. High Energy Consumption and Operational Costs: Digital currency mining is an energy-intensive process, and thus, Digi Power X is exposed to significant risks related to electricity tariffs, supply, and the overall cost of power. High energy consumption also necessitates robust cooling systems, and inadequate cooling can lead to equipment damage and operational downtime. Furthermore, the company's transition into AI-ready data centers also entails substantial capital expenditure for infrastructure development, introducing additional financial and operational challenges.
3. Regulatory and Legal Uncertainty: The cryptocurrency industry operates within an evolving and often uncertain regulatory environment across various jurisdictions. Digi Power X faces risks from changes in government regulations, tax laws, and potential legal implications related to its mining activities, which can impact its operations, compliance requirements, and profitability.

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Emerging Threats:

• Shift in Cryptocurrency Consensus Mechanisms: The successful transition of major cryptocurrencies from energy-intensive Proof-of-Work (PoW) to more energy-efficient Proof-of-Stake (PoS) consensus mechanisms (as demonstrated by Ethereum) poses a clear threat. If other significant PoW cryptocurrencies that DGXX may mine were to follow suit, it would render the company's specialized mining hardware and operational infrastructure for those coins obsolete, potentially leading to substantial asset impairment and a loss of revenue streams beyond Bitcoin mining.
• Increased Regulatory Scrutiny and Potential Bans: Governments and regulatory bodies globally, particularly in regions where DGXX operates like the United States, are increasing their focus on the energy consumption and environmental impact of cryptocurrency mining. There is an emerging threat of new, restrictive regulations, increased taxation on mining operations, or even outright bans on Proof-of-Work mining that could severely impact or halt the company's operations and profitability.

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Digi Power X (symbol: DGXX) operates in several addressable markets related to blockchain technology, digital currency mining, and increasingly, AI and high-performance computing (HPC) infrastructure. The company's main products and services encompass digital currency mining, AI data centers, and GPU-as-a-Service offerings.

Digital Currency Mining Market

• The global cryptocurrency mining market is projected to grow from USD 4.66 billion in 2024 to USD 14.09 billion by 2035, demonstrating a Compound Annual Growth Rate (CAGR) of 10.57% during this forecast period.
• North America accounts for a significant portion of this market, holding approximately 37.69% of the overall global market share.

AI Data Centers Market

• The global AI data centers market was valued at USD 17.43 billion in 2025 and is projected to reach USD 197.57 billion by 2035, expanding at a CAGR of 27.48% from 2026 to 2035.
• North America is a dominant region in the AI data centers market, holding a 38% market share in 2025.

GPU as a Service (GPUaaS) Market

• The global GPU as a Service (GPUaaS) market size was valued at USD 6.4 billion in 2023 and is projected to grow at a CAGR of over 30% from 2024 to 2032, reaching an estimated USD 73.9 billion by 2032.
• North America represents a substantial share of the GPU as a Service market, accounting for approximately 37% in 2023.

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Share Repurchases

• In May 2022, Digihost Technology Inc. authorized a normal course issuer bid (NCIB) to repurchase up to 1,219,762 subordinate voting shares.
• Under the NCIB, which expired in May 2023, the company repurchased 165,200 subordinate voting shares for a total of $255,525.

Share Issuance

• In 2021, the company issued warrants totaling 9,098,514 for $33,989,639.
• In July 2025, Digi Power X closed a registered direct offering of 4,807,693 shares of common stock at $3.12 per share, resulting in gross proceeds of approximately $15 million.
• The number of outstanding shares significantly increased by 98.72% in 2025, reaching 65.60 million from 33.01 million in 2024.

Inbound Investments

• A $15 million registered direct offering in July 2025, made to a single new fundamental institutional investor, significantly strengthened the company's balance sheet.
• In March 2026, US Data Centers, Inc. (a subsidiary) secured an initial capital raising transaction of approximately $10 million through the issuance of Preferred Stock, with Digi Power X Inc. remaining a majority shareholder.

Capital Expenditures

• The company made $18.3 million in capital expenditures in 2023, primarily for 4,200 S19 XP miners.
• In Q3 2025, capital expenditures were $3.1 million, with year-to-date capital expenditures reaching $9.5 million, largely focused on Tier 3 AI data center conversion.
• Digi Power X plans a total AI data center project with an estimated capital expenditure of $440 million, including $176 million for Phase 1 (22 MW HPC capacity) by Q2 2026 and $264 million for Phase 2 (33 MW HPC capacity) by Q1 2027.