Operational efficiency is severely compromised, as demonstrated by a 2026Q1 free cash flow deficit of -$21.6B and a CapEx/Revenue ratio of 2265.5%.
| Cash from Operations | -6.41B | -25.54M | -17.53M | 5.69M | -3.28M | -8.86M | -2.25M | -368.17K | -11.07M |
| Operating CF Margin % | - | -74.69% | -47.38% | 21.8% | -13.54% | -35.51% | -63.32% | -4.25% | -428.36% |
| Operating CF Growth % | -63484.88% | -45.65% | -408.02% | 273.76% | 63.03% | -293.78% | -511.09% | 96.67% | - |
| Net Income | -31.26M | -28.36M | -6.8M | -21.89M | 4.16M | 289.35K | -5.19M | -269.97K | -21.85M |
| Depreciation & Amortization | 1.45B | 6.98M | 15.69M | 15.04M | 10.37M | 3.28M | 3.39M | 1.68M | 1.65M |
| Stock-Based Compensation | 1.36B | 8.03M | 1.75M | 1.62M | 0 | 7.8M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -1.48M | 2.3M | -635.81K | 0 | 0 |
| Other Non-Cash Items | -4.55B | -10.18M | -31.33M | 11.26M | -15.19M | -23.56M | -296.64K | -1.68M | 14.76M |
| Working Capital Changes | 237.57K | -2.02M | 3.16M | -344.93K | -1.13M | 1.03M | 486.27K | -98.21K | -2.37M |
| Change in Receivables | -748.85K | -1.86M | 823.49K | -1.27M | 0 | -1.6M | -275.29K | 377.06K | -402.48K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 1.6M | 0 | -3.11M | 0 |
| Change in Payables | 986.36K | -152.18K | 1.62M | 1.98M | 69.46K | 842.58K | 761.56K | 249.38K | 432.05K |
| Cash from Investing | -16.19B | -12.2M | 14.72M | -7.26M | -13.94M | -34.72M | -1.27M | -2.43M | -13.78M |
| Capital Expenditures | -15.19B | -17.3M | -3.79M | -3.01M | -14.1M | -33.92M | -1.15M | 0 | -12.48M |
| CapEx % of Revenue | 48053.14% | 50.6% | 10.24% | 11.52% | 58.3% | 135.96% | 32.48% | - | 482.94% |
| Acquisitions | 0 | 0 | 0 | -4.75M | 763.5K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -1B | 280K | 0 | 499.95K | 0 | -800K | -113.92K | -2.43M | -1.25M |
| Cash from Financing | 2.01B | 114.51M | 4.18M | 56.11K | 18.11M | 44.47M | 2.25M | 4.1M | 24.92M |
| Debt Issued (Net) | -20K | -113.13K | -828.04K | -1.02M | 9.48M | -5.15M | 2.28M | 0 | 0 |
| Equity Issued (Net) | 100.27M | 115.63M | 4.01M | 1.07M | 8.73M | 49.62M | -39.31K | 0 | 23.91M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -245.4K | -600K | -39.34K | 0 | 0 |
| Other Financing | 1.91B | -1M | 1M | 0 | -92.2K | 0 | -40 | 4.1M | 1.01M |
| Net Change in Cash | -20.59B | 76.77M | 1.36M | -1.51M | 935.31K | 884.47K | -1.27M | 814.86K | -15.7K |
| Free Cash Flow | -21.6B | -42.83M | -21.32M | 2.68M | -17.38M | -42.78M | -3.4M | -368.17K | -23.55M |
| FCF Margin % | -68341.15% | -125.28% | -57.63% | 10.28% | -71.84% | -171.46% | -95.8% | -4.25% | -911.3% |
| FCF Growth % | -63988.69% | -100.87% | -894.38% | 115.45% | 59.38% | -1156.84% | -824.59% | 98.44% | - |
| FCF per Share | -310.21 | -0.96 | -0.69 | 0.09 | -0.64 | -1.96 | -0.29 | -0.03 | -0.09 |
| FCF Conversion (FCF/Net Income) | 691.14x | 0.90x | 2.58x | -0.26x | -0.76x | 2.83x | 0.43x | 1.36x | 0.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 18.11K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to the provided cash flow statements, DGXX exhibits a severe disconnect between net income and operating cash flow, highlighted by a 2026Q1 OCF/NI ratio of 1394.40, which suggests that reported accounting figures are failing to capture the underlying cash burn of the core business.
The extreme variance between net income and operating cash flow indicates that non-cash charges and accruals are masking the true economic cost of operations. Investors should monitor whether this divergence is driven by aggressive capitalization of expenses or simply the inability of the current mining fleet to generate positive cash flow.
As reported in financial statements, DGXX's free cash flow trajectory remains deeply negative, culminating in a staggering -$21.6B outflow in 2026Q1, which underscores the company's inability to achieve self-sustaining operations despite its stated focus on energy infrastructure and data center capacity.
The consistent negative FCF margins across the last ten quarters suggest that the company is trapped in a cycle of capital-intensive reinvestment that fails to yield positive returns. This trend warrants further investigation into whether the current capital allocation strategy is fundamentally flawed or merely suffering from temporary market-driven headwinds.
Based on DGXX's reported figures, the company's capital expenditure intensity is alarmingly high, with a 2026Q1 CapEx/Revenue ratio of 2265.5%, indicating that the firm is aggressively deploying capital into hardware or infrastructure that is not currently translating into meaningful top-line revenue generation.
This level of capital intensity suggests that the company is either attempting a massive fleet overhaul or is burdened by inefficient, high-cost infrastructure projects. The lack of a clear correlation between these heavy investments and revenue growth implies that the company may be over-capitalizing on assets that are rapidly losing their competitive edge.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $4.3M in 2025Q4, is consistently adding back to the cash flow reconciliation, potentially obscuring the true extent of the company's operational cash burn and the dilution risk faced by existing shareholders.
The reliance on non-cash adjustments to reconcile operating cash flow suggests that the company's reported cash position may be more fragile than it appears on the surface. Investors should be wary of the extent to which these adjustments are used to bridge the gap between operational losses and the company's stated liquidity goals.
Quick answers to the most common questions about buying DGXX stock.
Digi Power X Inc. (DGXX) generated $-25.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Digi Power X Inc. (DGXX) reported negative free cash flow of $42.8M in 2025, indicating capital requirements exceeded cash from operations.
Digi Power X Inc. (DGXX) spent $17.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.