My name is Pat McKeon. I'm an analyst here with Noble Capital Markets, and today I have the pleasure of introducing Edward Karr with Digi Power X. Before we get started, let me just make sure everyone is aware that we will have Q&A at the end, so i f you have any questions as we go along, feel free to enter those into the Q&A at the bottom of your screen, and we'll get to those at the end. With that, I will hand the floor over to you, Edward. Thank you, Pat. Thanks so much for the introduction. Thanks for having us at the Noble Conference. It's great to be here to present to everyone. I'm going to walk you through our presentation that I have up here on the screen, to give you a little general introduction to the company. This is pretty recent. We just put this together, Digi Power X. During my presentation, I certainly will be making some forward-looking statements and call everyone's attention to that slide. Digi Power, at a glance, who are we and what do we do? We're an energy infrastructure company. We've got this real robust portfolio of assets. We own our own power plant, combined cycle power plant. We've got a bunch of Bitcoin mining operations. We call those Tier 1 data centers, and we are rapidly converting one of those over to a Tier 3 high-performance computing data center. Really, really exciting time for us. You look over on the right-hand side of the slide, we're traded both on the NASDAQ and up in Canada on the TSX Venture. On the NASDAQ it's DGXX, probably where more of the people trade the stock at this conference. We've got just over 44 million, about 44.7 million shares of common outstanding currently. I think the stock price last I looked was around $2.70 or so. We're hovering around $120 million U.S. dollar market cap today. We have no debt in the company. I think that's pretty important. Currently, we have about $30 million of cash, Bitcoin, and Ethereum on the balance sheet. Bitcoin and Ethereum, all the cryptos have been doing quite well here recently. That is nice. We've got about 20% inside ownership in the company, predominantly made up of our founder and CEO. That gentleman is named Michel Amar. What do we do at Digi Power? We've got some predictable revenues that come through on our power generation assets. In addition, we generate nice revenues through our Bitcoin mining operations, and we are building out Tier 3 infrastructure, both data centers and a brand new business line that we're extremely excited about. These different business segments kind of lead to all the different revenues of the company. The whole push recently has been on these Tier 3 data centers, and this is definitely the focus of the company right now. You know, there's probably not a day, maybe not even an hour that goes by in this industry where you can't look at CNBC, Bloomberg, The Wall Street Journal, and see an article about artificial intelligence data centers. Whether, you know, just the other day, OpenAI announced this big deal with AMD. They're going to be buying their chips. They got another deal with NVIDIA. We got Oracle and the Stargate. It's really, really exciting time. It's this mad rush for infrastructure, computing power, because this trend is really looking to accelerate. No end in sight, and we are smack dab in the middle of it here at Digi Power X. When you look at the company today, we put together just a little universe. I want to be very quick on this slide, but way over on the right, you look at kind of our market cap compared to the amount of megawatts we have energized today. In Digi Power X, we've got about 100 MW. You see down on the bottom right with our market cap, we're trading at about $1.20 a megawatt today, where our little group of peers are trading about $6.77 a megawatt. A big valuation disparity there. If we could just bubble up and be in a sort of apples for apples basis, it could be like a five times rise from these levels. We think we're quite undervalued. Let's look at the company and what we have. We have three main assets in the company today. In Alabama, this is our facility that we are currently converting to a Tier 3 data center. Very exciting time. This was a Bitcoin mining operation of 22 MW. We've got all the infrastructure down there. We are very rapidly moving this towards a Tier 3 HPC data center. You can look at our press releases, give you a lot of progress, a lot of updates on it. I'm going to talk more about that. Center column, North Tonawanda, we own our own power plant. It's a 60 MW peaker power plant. This is behind the grid, nat gas steam generated turbine power plant. We generate our own electricity here. We also get payments from the grid, very valuable asset, and we do colocation Bitcoin mining there. On the right, Buffalo, New York, we've got an industrial site, 19 MW, powered by clean green hydropower coming off Niagara Falls. That's a nice little operation too, to be mining Bitcoin. We've got a very valuable piece of development property in North Carolina. We are located literally right next door to a Duke's switch yard. We are right next door to a Google state-of-the-art 200 MW data center. We think this is a very, very valuable property, has a lot of infrastructure. It is still brownfields right now, but maybe if Google wanted to come over and expand, they might want to just take that or a lot of development potential for that in the future. Let's talk a little bit about our power plant a little more in North Tonawanda. This is just outside of Buffalo. If anyone wanted to come into a site visit, you fly into Buffalo Airport, we could pick you up literally in 15 minutes. You could drive down the road, and if you see this photo on the screen, you take a left up our driveway, go past our nice Christmas trees, and then you see on our front lawn here all of these Bitcoin mining containers. We are mining Bitcoin here, generating power from this power plant. Our cost of electricity here is about $0.04 per kilowatt, so quite competitive. This is a nat gas steam generated turbine power plant, currently pushing out 60 MW. This facility can actually do 120 MW, and we are undergoing a load study right now to increase this from 60 MW- 120 MW. That will be a big catalyst when that happens, can basically double our revenues through this facility. This is a great asset. We own this power plant outright, and we generate revenues in three distinct ways here. Number one, we get annual capacity payments from the New York grid, just to be on standby, to provide extra electricity to the grid in times of need. Number two, when the New York grid gets really stressed, and think about it, this happens up in Buffalo usually two times a year. Number one is the winter, February, you get one of these Canadian Arctic, very cold, high-pressure systems, descends over Buffalo, it goes to negative 20, and everyone turns up their heat. That stresses the grid a lot. When that happens, they will call on us on the power plant to sell electricity back into the grid. Usually, when that happens as well, the electrical prices in the spot market spike because there is a lot of demand for electricity. We can produce power at $0.04, sometimes sell back into the grid at $0.11, $0.12 a kilowatt, make a really nice margin. If you look at our February of this year press release, we made some nice revenues selling energy. The second time of year this can happen is like August, you get one of those big Mississippi hazy, hot, humid systems that come up, goes to 100 degrees, and everyone turns up the air conditioning. Same thing, grid gets stressed. We make revenues there. The other, let's say, 10 months of the year when things are going well and normal, we are using that power to mine Bitcoin. You see these containers on our front lawn, those are in partnership, those are colocation with a big technology company where we run it, and it's a revenue share with it. Real, real valuable asset for us. Catalyst here, watch for that load study to be approved in the near future. We've also announced in the past a strategic collaboration with Nano Nuclear. If you know their stock, NNE, on the NASDAQ, they are developing some proprietary small modular reactor technology. These are going to be state-of-the-art small nuclear reactors they will be able to deploy. We would love in the future to bring one of these deployed reactors to our facility in New York. Obviously, this will take time. They're still in a prototype phase, not even commercial deployment yet. Once we get there, this could provide baseload 24/7 clean green power. I think it'd be a fantastic collaboration with Digi Power for a future potential Tier 3 data center. When we talk about Tier 3 data centers and this pivot, all the talk going on now in the industry, if you want to go out and create your own Tier 3 data center from scratch, it takes a lot of work. You can't just go get a piece of land and think you're going to build one. First, you got to get the right land. Is it the right location? You don't want to be in an earthquake zone or a tornado alley or a flood zone or anything like that. It's got to be geologically stable. You also need to have access, access to power, access to a utility, to fiber, etc., close to a switch yard. You want to be close to a metropolitan area. You don't want to have your data center way up in the Yukon or something, close to where people can use it. You'll need a regulatory approval. That'll certainly vary state by state. We're transitioning our Bitcoin mining operation in Alabama. That's a very regulatory-friendly state. It moves pretty quickly. Some of the other states like California can take time. That varies. You have to get your energy and your infrastructure built out for your Tier 3 data center. If you pick up the phone right now and call Siemens and try and buy a transformer, they will gladly sell you one. The pipeline is as dry as the Sahara Desert. It might take 24 months to actually get one because the supplies are that tight. Ultimately, you have to find a customer. That's where the real value comes. When you can announce the tenant, you announce a credible customer. The Mag 7 have been hoovering up all of the infrastructure out there. Now smaller companies are getting in on the game because AI is really going to change our life. We are starting with our first facility in Alabama. Tremendous amount of value here. It's a 55 MW rated facility. We are converting this to a Tier 3 data center. You can go look at our press releases. We got all the infrastructure in place. It gives us a massive leg up on timelines and the competition. The reason we're doing this is there's a huge valuation re-rate. Tier 3 data centers, once you announce a credible tenant, most of these stocks that have converted Bitcoin mining operations to Tier 3, they get a real, real valuation re-rate because you've got predictable revenues, predictable cash flows. We think that we're going to have our facility online by early part of next year. You can see a little rendering what it's going to look like. We are very, very excited about this because we've announced a strategic collaboration with Supermicro. Supermicro, everyone knows, a big, big, big computer company. They are really at the forefront of this AI revolution. They are helping us with retrofitting our Alabama facility. We have a new product that we're very excited about called our ARMS. That is AI Ready Modular Solution. This is going to provide modular scale to future data centers. Almost think of it like Legos and Plug and Play. We can start off small, maybe even at a megawatt, and then scale up from there. Some of these big, huge data centers you hear about in the news, like OpenAI with Stargate and Oracle, these are massive build-outs. xAI with their Colossus facility in Memphis, you're talking $20 billion, $50 billion, $100 billion of CapEx to build out these massive facilities. We can start a lot smaller, 1 MW, and scale up from there. This is a really, really exciting time and brand new product line for us. We have started a new subsidiary called U.S. Data Centers. We are making this a pure play Tier 3 data center company, and we are bringing our ARMS 200 solution into U.S. Data Centers. We just recently got our certification. This was very exciting. Our ARMS 200 platform now, this is certified. This is the EPI certification for Tier 3 under the ANSI/TIA- 942. I know that sounds pretty technical, but basically what it means is this is the top of the pops gold standard for Tier 3 data centers. It just shows that these are very, very viable. In addition, we have filed a provisional patent for this technology because we think these pods are extremely valuable. We view this as a brand new business segment for our company. Not only can we build our own AI infrastructure, we can turn around and sell these pods to other companies. We are literally building the foundation of the next generation of AI infrastructure. These Tier 3 ARMS 200s, combined with that provisional patent and our NeoCloud engineering, this is a defining milestone. It's going to position us to capture, we believe, a meaningful market share as AI compute demand scales globally. Really, really exciting time for the company. As we move forward, watch these catalysts very closely as we build out our Alabama facility, as we ultimately announce a tenant that comes in here. I think that's the catalyst for a real valuation re-rate on the company and then continuing to build this business globally, selling these ARMS 200, 300 pods going forward. Real exciting time. If we can pull this off, there's a big valuation re-rate between Bitcoin mining companies and high-performance computing. We think we're heading in the right direction and we're going to be able to capitalize on that trend. Ultimately, today where we're going, we got about 100 MW organically in the company energized today. We think we're going to move to about 220 MW. That's without any acquisitions. Our CEO and founder, Michel Amar, he's been managing this company. He's been very, very successful in acquisitions in the past. There could be some more. Keep an eye on that in the future. This just shows you where we're going. Alabama going to 55 MW, North Tonawanda going to 120 MW with that load study, Buffalo staying at 19 MW, and then we want to bring on 20 MW in North Carolina. If we're successful on doing all this, how's the value kind of break down? Very forward-looking projection, but we think we could have 22 MW of Tier 3 data center by early part of next year, announce a tenant in there. If we are successful, that valuation could bring in like a potential $375 million valuation for the company. Very exciting, again, considering we're only a $120 million valuation today, no debt with about a $30 million cash balance. Just showing on this slide how our revenues broke down there in 2024 last year, about 1/3 of our revenue through crypto mining, 1/3 through energy sales, and a little more than 1/3 through colocation services. If you look at our revenues and our monthly updates, we are definitely on a run rate higher than 2024 here in 2025. We're excited about that. Obviously, the whole industry is excited about these Bitcoin prices, and we're quite bullish thinking those are going to go higher. I talked about our President and CEO, Michel Amar. His son, Alec, is our President. A lot of experience. They've been running this company heads down, really, really focused on that Alabama Tier 3 transition, which is going to be the big value proposition going forward. Continue to watch the news. I know our time's limited, but really appreciate the opportunity to be here at Noble with the whole group and look forward to any questions you guys might have. Thanks, Edward. First question, are you going to rely on the power grid in Alabama or will there be on-site power generation? Could you give a little overview of that? Yeah, great question, Pat. Thanks for that. We are definitely relying on the power grid there. We've got a load study approved in Alabama for 55 MW of power. That power will provide about 32 MW of actual high-performance computing. That'll be a real valuable asset. I did touch on a little bit about the strategic collaboration we have with Nano Nuclear, but that is many years down the road. You know, could we deploy maybe an SMR in the future to have nice 24/7 baseload nuclear energy? That is a potential, but for the time being, we are relying on the grid. Excellent. Could you just do a, make a comparison between, let's just take the Alabama facility and maybe do a hypothetical comparison between just the revenue cost profile between a Bitcoin mining facility versus a Tier 3 data center and just kind of apples to apples. How, you know, what would be a good way for investors to think about the differences between those two assets? Yeah, it's really interesting, Pat, when you look at this industry right now and why all the Bitcoin mining publicly traded and private companies are trying to transition some of their Bitcoin mining facilities to Tier 3 data centers is because of this massive valuation re-rate. Currently, right now, Bitcoin miners are trading at around $500,000 per megawatt of market value. Let's just take our Alabama facility. You know, that's a 22 MW Bitcoin mining operation. That gives the company like a potential $11 million of market cap. That's not too exciting. All these big Bitcoin miners, the Riotts, the MARAs, they have gigawatts of facilities, and t hat's why their market caps are so high because they have so much infrastructure. On the Tier 3 side, the valuations are much, much different. They are trading currently at about $15 million per megawatt. It becomes huge. If we can actually transition the 22 MW, which we are very successfully doing right now, to Tier 3, that asset could potentially go from $11 million on Bitcoin worth to more like $300 million on a Tier 3 data center. Now, why such a valuation differential? Number one, Bitcoin mining, as you know, takes tremendous amounts of electricity, tremendous amounts of CapEx, OpEx. You need brand new computers just about every year. Then they depreciate down to zero and you have to replace those. It's a very capital-intensive business. On the Tier 3 data centers, once you lock in those clients, those leases tend to be five to 10 years. They're extremely sticky. The revenues and margins, you get software-style margins, you know, on those facilities. That's why they carry such a premium valuation. If we're successful in converting our Alabama asset, then we've got this pipeline to show the market. We will be able to convert North Tonawanda, North Carolina, et cetera, and make this a real formidable Tier 3 operation. Excellent. Could you talk a little bit about the talks in terms of customers or clients for the Alabama facility and where you are in terms of the pipeline of future clients as you transition that site? Yeah, absolutely. Those discussions are ongoing right now. Our CEO, Michel Amar, is literally on the telephone every single day talking to prospective clients. When we look at the industry, Pat, now, the last couple of years, we've seen the Mag 7 just hoover up all the different capacity out there. Companies like Microsoft are even going to the formal Three Mile Island and doing a deal with Constellation to lock up power years into the future at $120 a megawatt. They are really going for all the big data centers. Now we're starting to see other companies, could be a mid-tier, hey, maybe even a company like Noble might say, you know, we need some Tier 3 data center, some AI capacity going forward because we want to do more sales and marketing. We want to be able to reach out to our clients and show them good ideas. We want to automate all that instead of hiring a bunch of, you know, back office guys or brokers. We can do a lot of this through technology. You see, even the other day, Pat, I'm sure you saw Jamie Dimon at JP Morgan said, for the first time now, JP Morgan, they've spent about $2 billion in AI, and they've actually got the cost savings. They've cut about $2 billion worth of employee expenses to date, and they got about $2 billion worth of CapEx. It's really starting to become a positive return on investment. We're seeing that, especially with our ARMS 200 pods, our small modular pods. We think this gives us such a leg up because we can start very small. Maybe it's something like in Alabama, you have a small chiropractic clinic of 30 doctors that wants to incorporate AI into their practice for client outreach, let people know when their appointments are, follow up with them, populate the calendar, et cetera, w e can understand the potential of the technology, and they could start off small with only one megawatt, come in, rent a facility like us. We got GPU as a service in our NeoCloud architecture. We are so excited about the potential out there, and the demand is just insatiable right now. Excellent. You mentioned the balance sheet, the clean balance sheet. I was wondering if you could talk about the capital outlay requirements when it comes to these, you know, something like the Alabama facility and just where you are in terms of, you know, having the funding you need to make these transitions and so forth. Yeah, building out these Tier 3 data centers is definitely expensive. These cost a lot of money. If you have the infrastructure in place, like we do at Digi Power, transitioning a Bitcoin mining to a Tier 3 data center, you already have the transformers, you already have the power, you already have the cables and the hookup and the gen sets, et cetera, t hat can make the cost less. We're still looking somewhere in the range of maybe $6- $8 million per megawatt of build-out. This costs a lot of money. I showed on our slide, we have that 200 MW reserved in North Carolina. If we wanted to go and build that to a Tier 3 data center tomorrow, a 200 MW Tier 3 data center, we would need at least $1 billion to do that. We don't have $1 billion today. We have $30 million in cash, but o ur partner, Supermicro, they definitely have $1 billion, and they have $1 billion of pretty inexpensive bank debt financing. Don't forget our pods, our ARMS 200 pods use NVIDIA state-of-the-art Blackwell 200 chips. NVIDIA has $1 billion, and we're seeing all these deals where NVIDIA is financing companies like OpenAI so they can get the revenues because OpenAI buys the NVIDIA chips. It's kind of this circular financing in the industry. We would love to tap into that in the future for our North Carolina. We think with our pods themselves, if we're only starting with one megawatt, $6- $8 million, we could easily build out of cash. Even 5 MW going up to $30+ million. We've got the cash on the balance sheet today. We see a real clear pathway to building these up, then getting a tenant, starting to get revenues in, becoming cash flow positive, and tapping into our relationships with both Supermicro, even NVIDIA, to potentially build out a place like North Carolina in the future. Edward, if you don't mind playing devil's advocate, what would be the biggest execution risks for the Alabama facility in getting that ready to go on time? Look, there's always risks. I mean, one of the biggest risks is getting qualified labor personnel in a construction project. These are pretty big EPC projects. We've done a state-of-the-art engineering and feasibility study. We know the cost, we know the timelines. At the end of the day, it's a construction project. Can you come in on time and on budget? Alabama is a very regulatory-friendly state. We've got the load study, we've got the power allocations, we've got the infrastructure there. Now we got to build it on time, on budget, prove to the market that we can do it, and then go out, find, and announce a tenant. Most of these stocks, Pat, they tend to get that valuation re-rate when you announce the tenant. When you get a credible tenant that comes in, that signs a multi-year lease, and analysts can then predict those cash flows, that's when the stock can double or triple in a valuation standpoint. A lot of execution out there, but continue to watch the news closely over the next two quarters for DigiPower, and we're quite confident that we're going to be able to execute on time and on budget. Does the partnership with Supermicro improve your, I would imagine, your credibility when it comes to getting customers? How does that help you compete with the larger incumbents in the space? Yeah, it certainly does help when you're partnered up with a $40 billion company and you're a $120 million market cap, you know, so that helps. Can definitely help on potential future debt financing and getting some of the introductions. You know, if Supermicro picks up the phone and calls a Citadel, they will take their phone call. DigiPower, I'm not so sure Ken Griffin's going to be on standby for my call, you know. That really does help, and then having that credibility. The certification that we received at the end of August that I mentioned, the EPI certification, that's extremely valuable too. Now we filed a provisional patent on our ARMS 200. You know, being in bed with both NVIDIA on the chip side, Supermicro building out the racks and the interior guts, I think is a very, very powerful partnership for DigiPower. Great. We are kind of running up on time here, Edward, but I really appreciate you making such a great presentation today. It was very informative. Thanks, Pat. We appreciate the time. Thanks for having us at Noble Capital.