Digi Power X Inc. (NASDAQ: DGXX) reported second-quarter fiscal year 2026 revenue of $6.6 million, marking a significant operational shift as the company recognized its first GPU bare-metal rental income. The firm posted a net loss of $14.4 million but achieved positive adjusted EBITDA of $3.3 million, reflecting improved underlying profitability despite high capital expenditures.

The company strengthened its balance sheet substantially, holding approximately $150 million in cash and cash equivalents as of today, compared to just $1.7 million a year ago. Total assets rose to $279 million from $37 million in June 2025, driven by capitalized investments in its Columbiana, Alabama facility.

Financial Performance

Revenue of $6.6 million included $1.1 million from GPU rentals, representing the initial deployment of B200 and B300 GPUs at the Alabama site. This income was generated over roughly five weeks, from the third week of May through the end of June.

Adjusted EBITDA increased by $3.2 million year-over-year to reach $3.3 million. The net loss of $14.4 million was primarily attributed to depreciation and other non-cash items associated with the rapid infrastructure build-out.

Balance Sheet and Liquidity

As of June 30, 2026, Digi Power X held $142.4 million in cash and cash equivalents, rising to approximately $150 million by the time of the earnings call. Working capital stood at $131 million, a significant increase from negligible levels a year prior. The company reported no long-term debt.

Year-to-date capital expenditures reached approximately $110 million, deployed toward GPU equipment and data center construction for a contract with Cerebras. Net fixed assets and equipment deposits for the Columbiana build-out totaled $127.5 million, a 447% year-over-year increase.

Operational Outlook

The company anticipates Q3 revenue growth of over 100% compared to Q2, driven by GPU-as-a-service, bare-metal rental, energy sales, and legacy colocation segments. Phase One of the Columbiana AI campus is targeted for completion by December 2026, with Phase Two expected by the end of Q1 2027.

Management highlighted that equipment purchases for the first 15 megawatts are complete, with deliveries arriving ahead of schedule. Long-term equipment for Phase Two has also been secured, with receipts expected in November and December.

What the Numbers Show

The divergence between the net loss of $14.4 million and positive adjusted EBITDA of $3.3 million underscores the heavy capital intensity of the current transition phase. With $110 million in year-to-date CapEx and total assets growing sevenfold to $279 million, the company is leveraging its strong cash position to fund infrastructure before securing debt financing, aiming to mitigate shareholder dilution.

Digi Power X CEO Amar Michel purchased 20,000 shares in the company at an average price of $3.60 per share. The transaction was disclosed in a Form 4 filing submitted to the US Securities and Exchange Commission (SEC).

The filing confirms the executive’s direct acquisition of equity in the firm. No additional financial data or strategic context was provided in the document.

Transaction Details

The disclosure outlines the specific volume and cost basis of the purchase but does not include broader market performance metrics or company-level results for the period.