Digihost Technology Inc. (DGHI): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor, how do you value a company like Digihost Technology Inc. (DGHI) that is rapidly pivoting from pure Bitcoin mining to a diversified energy infrastructure and high-performance computing (HPC) play?

The numbers show this shift is already paying off: the company reported a positive net income of $300,000 in Q3 2025, reversing a significant loss from the previous year, with energy revenue alone surging 112% to $8.7 million.

You need to understand how Digihost's strategic move to leverage its power assets-demonstrated by the February 2025 record of $2.2 million in energy revenue-is fundamentally changing its business model and future cash flow profile.

This is defintely the moment to look past the crypto headlines and analyze the core infrastructure business, especially with working capital jumping to $15 million, signaling strong financial health for their AI and HPC data center expansion.

Digihost Technology Inc. (DGHI) History

You need a clear line of sight on a company's past to judge its future, especially in the volatile energy and blockchain sectors. Digihost Technology Inc. is not a traditional startup; its current form is the result of a strategic reverse takeover (RTO) and a pivot from pure Bitcoin mining to a diversified energy infrastructure and High-Performance Computing (HPC) data center operator. That initial 2020 RTO was the foundational move.

Given Company's Founding Timeline

Year established

The corporate entity that is now Digihost Technology Inc. was originally incorporated on February 18, 2017, in British Columbia, Canada, as Chortle Capital Corp. The current operational structure, however, traces its direct lineage to the February 2020 Reverse Takeover (RTO) with Old Digihost International, Inc.

Original location

The operational base and head office of the company following the RTO was established in Buffalo, New York. This location was central to its early strategy, leveraging local energy resources for its initial cryptocurrency mining operations. The current head office is located in Houston, Texas.

Founding team members

While the initial incorporation involved a shell company, the leadership that drove the company's transformation and current strategy includes Michel Amar, who serves as Chairman and CEO, and Alec Amar, the President and a Board member.

Initial capital/funding

Early capital was raised through equity financings to scale operations. A significant early funding event occurred in early 2021, where the company closed equity financings of approximately CAD$69,000,000 to fund the acquisition of new, high-performance miners. This capital was crucial for the immediate expansion of its hash rate.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been shaped by a few major, decisive shifts. These moves were less about incremental growth and more about redefining the core business, which is what you should focus on when assessing its long-term viability.

The most significant transformative moment was the strategic decision to acquire and operate its own power infrastructure, starting with the 60 MW power plant in New York in 2021. This move fundamentally changed the company from a simple Bitcoin miner to an energy infrastructure company with a mining vertical. It's a huge difference in risk profile and operational control.

• The Energy Infrastructure Pivot: Owning the power plant allows the company to participate in energy markets, selling power back to the grid during periods of high demand (load curtailment). This diversification was evident in February 2025, when the company recognized a record gross energy and power revenue of approximately $2.2 million, which was a 633% increase over the prior month.
• The AI/HPC Future: The creation of the US Data Centers subsidiary in early 2025 signals the company's next major shift. This is a clear move to capitalize on the massive demand for AI-related computing power, leveraging their existing energy assets. They are developing a Tier III data center in Columbiana, Alabama, with Phase I (22MW) expected in 2026.
• Financial Turnaround in 2025: The financial results for the third quarter of 2025 were a major turning point, showing the strategy is working. The company reported a positive net income of $300,000, reversing a $6.4 million loss from the previous year. Energy revenue alone surged by 112% to $8.7 million in Q3 2025.

Honestly, the ability to generate a net profit of $690,000 from energy and power sales in a single month (February 2025) provides a crucial, non-crypto-dependent revenue stream. This operational flexibility is defintely a key differentiator. If you want to dive deeper into who is buying into this shift, you should read Exploring Digihost Technology Inc. (DGHI) Investor Profile: Who's Buying and Why?

Digihost Technology Inc. (DGHI) Ownership Structure

Understanding who controls Digihost Technology Inc. is key to analyzing its strategic direction, and the current structure shows a highly decentralized ownership base. Retail investors hold the largest block, which means the general public has a defintely outsized influence on governance and major decisions.

Given Company's Current Status

Digihost Technology Inc. is a publicly traded company, listed on the Nasdaq Stock Market under the ticker symbol DGHI and also on the TSX Venture Exchange (TSXV) under the symbol DGX, following a name change to Digi Power X Inc. in March 2025. This dual listing provides liquidity and access to both US and Canadian capital markets. As of November 2025, the company's market capitalization is approximately $59.94 million. This is a small-cap company, so volatility is a constant factor.

Given Company's Ownership Breakdown

The ownership structure, as of early 2025, is dominated by individual investors, giving this group significant collective power over the company's trajectory. This dispersed control means that management must be highly responsive to shareholder sentiment, which can be a double-edged sword for long-term strategy. The top 25 shareholders collectively control a notable 43% of the shares.

For a deeper dive into the major institutional players and their investment theses, you should check out Exploring Digihost Technology Inc. (DGHI) Investor Profile: Who's Buying and Why?

Given Company's Leadership

The company is steered by a lean executive team focused on both the core Bitcoin mining business and the new energy infrastructure direction reflected in the name change to Digi Power X Inc. The leadership team is small, which helps them make decisions quickly, but also concentrates key-person risk.

The current executive leadership, as of November 2025, is:

• Michel Amar: Chief Executive Officer (CEO) and Chairman. He is the largest individual shareholder, aligning his personal wealth with the company's performance.
• Alec Amar: President.
• Paul Ciullo: Chief Financial Officer (CFO).
• Daniel Rotunno: VP of Operations.
• Luke Marchiori: Chief Renewable Energy Officer. This role highlights the company's strategic pivot toward sustainable energy infrastructure.

The board and executive team, with their significant insider ownership, have a clear financial incentive to drive shareholder returns. Still, you need to watch how the new energy focus impacts their core mining profitability.

Digihost Technology Inc. (DGHI) Mission and Values

Digihost Technology Inc.'s core purpose has shifted from pure Bitcoin mining to becoming a leader in sustainable energy infrastructure, a change formalized by their March 2025 rebranding to Digi Power X Inc.. This pivot grounds their mission in powering next-generation computing, like Artificial Intelligence (AI) and High-Performance Computing (HPC), while prioritizing environmental stewardship and shareholder value.

Given Company's Core Purpose

You need to look beyond the balance sheet to understand why a company is making a major strategic move, like the one Digihost made in early 2025. Their actions-diversifying into AI data centers and focusing on energy assets-speak louder than any single corporate statement.

Official mission statement

While the company hasn't published a single, concise mission statement post-rebrand, their public communications define their purpose: to be an innovative energy infrastructure company that develops cutting-edge data centers to drive the expansion of sustainable energy assets. Here's the quick math on their commitment: they spent approximately $2.5 million in February 2025 alone on capital expenditures, mining infrastructure, and payments to ensure carbon compliance.

• Lead in sustainable energy infrastructure development.
• Develop cutting-edge data centers for next-generation computing.
• Create long-term value by minimizing equity dilution for shareholders.
• Commit to achieving net-zero carbon emissions.

Vision statement

The company's vision maps a clear path of aggressive, yet disciplined, expansion and technological leadership. They see themselves as a primary power source for the future of data processing, moving beyond just cryptocurrency.

• Expand power capacity from approximately 100MW to 200MW and beyond.
• Convert existing sites, like the one in Columbiana, Alabama, into Tier 3 data centers for AI/HPC workloads, with the initial phase targeting completion in Q2 2025.
• Secure a long-term, zero-emission power supply through strategic partnerships, such as the one with NANO Nuclear Energy for the 60MW New York facility.

Honestly, a vision that includes integrating advanced nuclear energy solutions is defintely a long-term play. If you're curious about the institutional appetite for this kind of pivot, you should check out Exploring Digihost Technology Inc. (DGHI) Investor Profile: Who's Buying and Why?

Given Company slogan/tagline

While they don't use a formal, catchy slogan, the CEO's statement upon the March 2025 name change serves as a clear, guiding tagline for their new direction. It's all about the future of power.

• Powering the next generation of computing and data processing.

Digihost Technology Inc. (DGHI) How It Works

Digihost Technology Inc. operates as a vertically integrated energy infrastructure company, creating value by acquiring and developing power assets to run both digital asset mining and, increasingly, high-performance computing (HPC) data centers.

The company's core model is a strategic dual-revenue stream: generating Bitcoin (BTC) through self-mining and colocation services, and selling power capacity back to the grid during periods of high energy prices, which allows for revenue defintely diversification.

Digihost Technology Inc.'s Product/Service Portfolio

Digihost Technology Inc.'s Operational Framework

The company's operations are centered on owning and controlling the underlying power infrastructure, which is a major cost driver in the compute space. This control is what allows them to pivot quickly and manage costs effectively.

• Power Capacity: Digihost currently operates with approximately 100MW of available power across its three U.S. sites, with plans to expand capacity to 200MW and beyond.
• Energy Strategy: The company actively participates in load curtailment programs, temporarily reducing mining operations during peak demand to sell power back to the grid. This generated approximately 47% of total monthly revenue in February 2025.
• AI Transition: There is a clear, strategic shift underway; for instance, the company has ceased BTC mining operations at its Alabama site to redeploy those resources toward AI infrastructure development.
• Infrastructure Build-out: Capital expenditure (CapEx) is focused on the AI pivot, with $9.5 million invested year-to-date in Q3 2025, primarily for the Tier 3 AI data center conversion.

Here's the quick math: the ability to generate a positive net income of $300,000 in Q3 2025, compared to a loss the prior year, shows the immediate impact of this diversification strategy. You can dive deeper into the nuts and bolts of the balance sheet here: Breaking Down Digihost Technology Inc. (DGHI) Financial Health: Key Insights for Investors

Digihost Technology Inc.'s Strategic Advantages

Digihost's success is built on three pillars: owning power assets, diversifying revenue, and maintaining a clean balance sheet to fund growth.

• Energy-First Model: The company owns its energy infrastructure, which provides a low-cost, long-term power supply, insulating it from the volatile spot-market energy prices that plague many competitors.
• Debt-Free Liquidity: Digihost maintains a clean balance sheet with zero long-term debt, giving it significant capital flexibility for aggressive scaling. The company's cash, BTC, and equivalents exceeded $90 million as of Q3 2025, the strongest liquidity in its history.
• Sustainable Energy Focus: Over 90% of the company's power is sourced from zero-carbon emission resources, which strengthens its position in an increasingly ESG-focused market. A strategic partnership with NANO Nuclear Energy is planned for the 60MW New York facility to achieve zero-emission operations.
• High-Margin Pivot: The move to High-Performance Computing (HPC) and AI is a clear path to higher-margin revenue, moving beyond the commoditized nature of pure Bitcoin mining. The Alabama campus's Tier 3-certified facilities are designed to deliver 40 MW of critical power for this new focus.

This disciplined strategy of self-funding growth while pivoting to higher-value services is a strong signal to the market.

Next step: Finance: Model the expected revenue contribution from the NeoCloud Z platform launch in Q1 2026 to update your projections.

Digihost Technology Inc. (DGHI) How It Makes Money

Digihost Technology Inc. generates revenue by operating a diversified energy infrastructure model, primarily earning income from self-mining Bitcoin and, increasingly, from selling excess power capacity to the energy market and providing high-performance computing (HPC) colocation services.

This is not just a Bitcoin miner; they are an energy infrastructure company that monetizes its power assets in multiple ways, a critical distinction for its financial stability.

Digihost Technology Inc.'s Revenue Breakdown

For the month of February 2025, Digihost Technology Inc. reported total revenue of approximately $4.7 million, showcasing a clear diversification strategy. The company's pivot to monetizing its energy assets is defintely paying off, allowing it to generate income even during periods of voluntary load curtailment (reducing power usage) when energy prices spike. The split is a near-even mix, which reduces reliance on volatile Bitcoin prices.

The company is also aggressively pursuing a third, high-margin revenue stream: Tier 3 High-Performance Computing (HPC) colocation, which is expected to see significant growth through 2026.

Business Economics

Digihost Technology Inc.'s economic engine is built on owning and operating its own power infrastructure, which is a massive advantage over miners who only lease power. This 'behind-the-meter generation' (BTMG) strategy means they control their largest cost-energy-and can turn it into a profit center.

Here's the quick math on their dual-revenue model:

• Mining Revenue: They produce Bitcoin (BTC), approximately 30 BTC in February 2025, which they sell or hold.
• Energy Arbitrage: The company can choose to use its power for mining or sell it back to the grid for a profit when energy prices are high. This is called load curtailment. In February 2025, this resulted in a net profit from energy sales of approximately $690,000.
• Colocation/HPC: They provide hosting services to other miners and are converting infrastructure for Tier 3 data centers for AI clients, which offers higher margins and more predictable, recurring revenue than self-mining.

The net profit from energy sales is crucial because it's used to fund operations and capital expenditures (CapEx), effectively insulating the core business from some of the volatility of the crypto market.

Digihost Technology Inc.'s Financial Performance

The company's financial health has improved dramatically in 2025, reflecting the success of its strategic pivot and energy revenue growth. The recent Q3 2025 results show a significant turnaround, moving from a loss to profitability.

• Net Income Turnaround: For Q3 2025, Digihost Technology Inc. reported a positive net income of $300,000, reversing a $6.4 million loss from the previous year.
• Energy Revenue Surge: Energy revenue for Q3 2025 increased by a massive 112% year-over-year, reaching $8.7 million. This growth trend is a clear indicator of the value of their owned power assets.
• Liquidity and Debt: Working capital increased from $500,000 to a robust $15 million in Q3 2025, and the company maintains zero long-term debt.
• Profitability Metrics: The company achieved a positive EBITDA of $1.9 million and a positive Adjusted EBITDA of $0.8 million in Q3 2025, signaling improved operational efficiency.

The strategic shift toward Tier 3 AI data centers is a high-conviction move. They are deploying capital, with CapEx totaling $9.5 million year-to-date in 2025, primarily focused on this conversion. If you want a deeper dive into the numbers, check out Breaking Down Digihost Technology Inc. (DGHI) Financial Health: Key Insights for Investors.

Digihost Technology Inc. (DGHI) Market Position & Future Outlook

Digihost Technology Inc. is positioned as a small-cap, diversified energy infrastructure and Bitcoin mining company, strategically pivoting to high-performance computing (HPC) and energy sales to manage post-halving margin pressure. With a market capitalization of approximately $59.94 million as of November 2025, the company's future trajectory hinges on successfully executing its shift toward higher-margin data center services and leveraging its owned power assets.

Competitive Landscape

In the highly competitive Bitcoin mining sector, Digihost Technology Inc. is a smaller player, differentiating itself by owning a power plant and diversifying revenue, rather than competing on sheer hashrate scale. Here's how the company stacks up against the North American giants, using operational hashrate as a proxy for market share of the total Bitcoin network hashrate of approximately 1078 EH/s as of November 2025.

Opportunities & Challenges

The market is rapidly evolving, so you need to map out the near-term opportunities against the structural risks. Digihost Technology Inc.'s dual-revenue model gives it an edge, but the capital requirements for its new direction are significant.

Industry Position

Digihost Technology Inc. is a niche player in the North American digital infrastructure space, distinguishing itself as an energy infrastructure company that also mines Bitcoin, rather than a pure-play miner. The company is defintely smaller, but its strategy is smart because it controls its power costs and has a clear path to higher-margin revenue.

• Energy-First Model: The company owns and operates a combined cycle power plant, which allows it to generate substantial revenue from energy sales, totaling $2.2 million in February 2025 alone.
• AI/HPC Pivot: The move to develop a Tier 3 data center in Alabama, with Phase I expected to be 22MW, is a direct response to the industry trend of monetizing power assets for AI workloads, which command a higher revenue per megawatt than mining.
• Balance Sheet Discipline: Digihost Technology Inc. maintains a clean balance sheet with zero long-term debt, prioritizing self-funding for its capital expenditures to minimize equity dilution. This is a huge advantage over peers who carry billions in debt.
• Scale vs. Efficiency: While its hashrate is small, its focus is on maximizing the efficiency of its existing 100MW available power capacity and securing future low-cost power through innovative partnerships like the one with NANO Nuclear Energy.

To understand the foundation of this strategy, you should review the company's guiding principles: Mission Statement, Vision, & Core Values of Digihost Technology Inc. (DGHI).

Your clear action is to monitor the progress of the Alabama Tier 3 data center build-out and the NANO Nuclear Energy partnership; these are the two concrete catalysts that will drive the stock's re-rating from a small miner to a diversified digital infrastructure play.