Digi Power X Inc. (NASDAQ:DGXX), an artificial intelligence data center infrastructure operator, reported an 85% increase in third-quarter 2026 revenue to $12.25 million, compared with $6.63 million in the preceding quarter. Revenue rose 50% from $8.1 million in the same period last year.
For the quarter ended September 30, 2026, AI-related revenue increased by more than 400% sequentially to $5.66 million, representing approximately 46% of total revenue. The company recorded no AI revenue in the corresponding quarter of 2025.
GPU rental revenue increased 127% quarter over quarter to $2.46 million, while energy sales rose 68% to $3.29 million.
Profitability and Financial Position
Digi Power X reported net income of $1.0 million, or $0.01 per share, compared with a net loss of $14.36 million, or $0.17 per share, in the second quarter. Net income was materially supported by gains from digital currency revaluations and warrant valuations.
EBITDA, a non-GAAP measure, reached $6.5 million, compared with $1.7 million a year earlier. Adjusted EBITDA was $0.6 million, compared with a loss of $1.0 million in the third quarter of 2025.
The company recorded a GAAP gross loss of $2.41 million, compared with $5.48 million in the preceding quarter.
At September 30, Digi Power X held $119.6 million in cash, cash equivalents and digital currencies, with working capital of $103.0 million and no outstanding borrowings.
Columbiana Data Center Development
The company confirmed that construction of the first phase of its Columbiana, Alabama, AI data center remains on schedule.
Digi Power X expects to provide tenant access to the 15-megawatt Phase 1 facility on December 15, 2026, with commissioning beginning at that time and billing scheduled to commence in January 2027.
Under a ten-year take-or-pay colocation agreement with Cerebras, Phase 1 is expected to generate approximately $402 million in contracted revenue over the initial term.
The proposed 25-megawatt second phase could add approximately $58.5 million in annual fees, bringing the combined potential contract value to approximately $1.07 billion over ten years, subject to financing and other conditions.
Phase 2 construction is underway, with tenant access targeted for March 2027.
$200 Million Financing and AI Expansion Plans
Digi Power X said it expects to close a proposed $200 million credit facility syndicated by Goldman Sachs during the fourth quarter of 2026.
The financing is intended to support development of the Columbiana facility, although completion remains subject to documentation, lender due diligence and other conditions.
The company also launched its NeoCloudz Token Factory during the quarter, allowing it to sell AI inference services directly to customers using its own power infrastructure, data centers and GPUs.
“Our next priority is execution: bringing Columbiana into service, expanding our compute capacity and converting our power assets into long-term contracted revenue,” said Michel Amar, chairman and chief executive officer.
2027 Revenue Outlook
Digi Power X expects to achieve an annualized revenue run-rate of approximately $250 million to $300 million by the end of the third quarter of 2027, equivalent to around $21 million to $25 million per month.
Approximately $143 million of the projected annualized run-rate is associated with existing operations and the Columbiana agreement, including the conditional second phase. The remainder is expected to come from additional AI colocation and GPU capacity under development or customer negotiations.
The company anticipates capital expenditure of approximately $350 million during 2027, primarily for the development of approximately 10 megawatts of AI inference capacity and completion of Columbiana Phase 2.
Funding is expected to come principally from customer deposits, prepayments, debt financing and existing cash resources.
Digi Power X is also preparing its New York infrastructure assets for conversion to AI data center operations beginning in the second half of 2027. Separately, it is planning a North Carolina development that could provide 75 megawatts of capacity in 2029 and a further 75 megawatts in 2030.
The company said its longer-term development plans could increase aggregate power capacity to more than 400 megawatts if fully implemented.
Its 2027 financial targets and development schedules remain subject to financing availability, market conditions and other operational requirements.