MeritValue

Digi Power X Inc.

DGXXdata completeness 88%6 fiscal years on file
The thesis, from the filings

Digi Power X Inc. earns about -29% on invested capital, but has diluted owners by 78% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$25M1$24.2M2$26.1M2$37M3$34.2M3
Net income−$3.13M4$4.33M5−$21.9M5−$12.4M6−$28.4M6
Operating cash flow−$8.86M7−$15.5M8−$13.6M8−$17.5M9−$25.5M9
Capital expenditure$33.9M10$14.7M11$3.01M11$3.79M12$17.3M12
Free cash flow (derived)−$42.8M7−$30.2M8−$16.6M8−$21.3M9−$42.8M9
Total debt$236,68013$16,07413———
Cash & equivalents$915,71514$1.85M14$341,27315$1.7M16$78.5M16
Diluted shares25.0M27.8M28.9M30.7M44.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$27.73
your share of equity
Profit it earned you last year
−$6.38
Free cash flow it threw off
−$9.63
Debt you’d be carrying
—

10 shares is a claim on $27.73 of net worth that earned you −$6.38 and generated −$9.63 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-29% avg · 5y
FY21 -2%FY22 5%FY23 -50%FY24 -48%FY25 -50%

It earned an average -29% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+78% shares · 5y

Share count is up 78% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 93% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-020774 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-025829 (Revenue)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-037677 (Revenues)
  4. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-020774 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-025829 (ProfitLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-037677 (NetIncomeLoss)
  7. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-020774 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-025829 (CashFlowsFromUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-037677 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2021-12-31 · accession 0001213900-25-020774 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-025829 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037677 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-057157 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001213900-25-025829 (CashAndCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-26-037677 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-037677 (CashAndCashEquivalentsAtCarryingValue)