Digi Power X Inc. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Digihost Technology Inc. — Q3 2024 Earnings Summary

  • Revenue: $31.4 million for the nine months ended September 30, 2024, representing a 104% increase year-over-year, up from $15.4 million in the same period 2023.
  • Adjusted EBITDA: $3 million YTD; total EBITDA at $5.5 million for the same period, a 3.5x increase compared to 2023.
  • Cash Position: Approximately $9 million including $4 million financing in Q3 and net positive working capital of $1 million.

Segment Performance (YTD through September 30, 2024)

  • Colocation Services: $10.7 million (compared to $0 in 2023). Growth driven by partnerships with major U.S. Bitcoin miners and high-efficiency S21 mining equipment.
  • Digital Mining: $10.3 million (down from $13.5 million in 2023). Decrease attributed to Bitcoin halving event and strategic pivot to colocation model.
  • Energy Sales: $10.3 million (up from $1.7 million in 2023). Growth attributed to behind-the-meter generation bidding with NYISO.

Operational Highlights

  • Operating mining hash rate: 3 EH/s.
  • Total developed power capacity: 100 MW across three locations.

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Operator: Good morning and welcome to Digihost Technology Inc. Third Quarter 2024 financial results conference call. My name is Robin and I will be your operator for today’s call. Joining for us today’s presentation are the company’s CEO, Michel Amar and CFO, Paul Ciullo. Following the remarks we will open the call for questions. Please note that this event is being recorded and a transcript will be available on Digihost website. In addition to the press release issued earlier today, you can find the Digihost quarterly report on 6-K on the company's website at www.digihostpower.com and under the company's SEDAR Plus profile at www.sedarplus.ca. Unless otherwise noted, all amounts referred to during the call are denominated in U.S. dollars. Any comments made during this call may include forward-looking statements within the meaning of applicable security laws regarding Digihost and its subsidiaries. The statements may reflect current expectations and as such are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, factors discussed in Digihost's Form 6-Ks for the 3 and 9 months ended September 30, 2024, and 6-K for the year ended December 31, 2023, as well as the company's other continuous disclosure documents. Except as if required by applicable law, Digihost undertakes no obligation to publicly update or review any forward-looking statemen

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