We're pleased to be in conversation with Ed Karr of DigiPower X, listed on the NASDAQ and TSX Venture Exchange as ticker DGXX and ticker TGX. During the presentation, please feel welcome to submit questions using the Zoom Q&A interface at the bottom of your screen. After the presentation, we'll open to your questions. With that, Ed, I'll turn it over to you. Thanks, Alex. Thanks so much for that warm introduction. Real pleasure to be here. Thank you, everyone, for attending this virtual presentation. Great to be at another Sidoti Conference, and great conference so far. Yeah, we're really excited to have the opportunity today to tell you a little bit more about the DigiPower X story. Very excited about the current state of the company and the evolution. I'm going to walk you through this presentation. This presentation is available on our website. If after this, you want to go there and download it, please feel free to. I'm not going to read every single slide, just try and hit on some of the highlights of the company. As Alex did mention, we are listed on both the NASDAQ and up in Canada on the TSX Venture Exchange. You can see our symbols there down below. I will, during my presentation, certainly be making some forward-looking statements. I would like to draw everyone's attention to this slide. The company, DigiPower X, where are we and what are we? DigiPower X, we like to call ourselves an energy infrastructure company. We have a very, very robust portfolio of assets, which include a wholly owned and operated combined cycle power plant. Yep, we own our own power plant, plus a bunch of other facilities. The company specializes in acquiring, building, and managing infrastructure. Infrastructure specifically for what we call tier one facilities. These are Bitcoin mining operations, both co-location and self-mining. We are transitioning towards Tier-3. Tier-3, you hear a lot about, that is artificial intelligence, high-performance computing, data centers. You know, not an hour goes by that I can't see an article on my Bloomberg talking about artificial intelligence and data centers. If we look at the capitalization of the company over in that box on the right, so today we have about $36.3 million shares outstanding. Recent stock price, when I looked, is about $1.57 a share. That gives DigiPower X a market cap currently in real time of about $57 million US dollars. Nicely, we have over $10 million in cash and cash equivalents today on the balance sheet. So that's a combination of cash and Bitcoin. And we have no debt in the company. We think that makes us quite unique in this small Bitcoin mining universe in that a lot of our peers and competition go out and take on a lot of debt. Our current President, CEO, founder, his name is Michel Amar. Michel has been very, very conservative. You can see that inside ownership of 20%. That is Michel. He's got a lot of his money in the company. He founded originally Digihost, now DigiPower X. He kind of really is conservative, running this as more of a, I say, family office than a publicly traded company with a lot of promotion. Conservative on the debt and the development going forward. When you look at our down below, the key investment highlights, multiple different revenue streams in the company that we're excited about through both energy generation, Bitcoin mining, and colocation and self-mining. I'm going to talk more about that. Certainly, our transition towards Tier-3 data centers. A little evolution on this slide of the company. Founded back in 2021, listed up in Canada, brought in a couple of the initial Bitcoin mining operations. In 2021, 2022, Bitcoin had a nice move to the upside. A lot of these stocks did extremely well, including at the time Digihost. Michel had the foresight to raise a bunch of money. He used that capital, you see here, about $78 million of equity offerings. He used that to put all into infrastructure. Bought that power plant in North Tonawanda just outside of Buffalo. You extend all the way over towards today, and we are very rapidly transitioning some of our existing facilities towards Tier-3 Artificial Intelligence that we think has the potential to create some really nice upside in the company. Business strategy, we've got multiple different revenue lines. We're driving consistent revenue through our power plant and our wholly owned utility assets. We own and operate a FERC, PSC approved. It's a combined cycle natural gas power plant. That is currently 60 MW. We are undergoing a load study there, hopefully approve it very soon to 120 MW. We have other facilities that are Bitcoin mining operations, both self-mining and co-location. We provide them with consistent power. We are rapidly moving into using our operational capabilities and experience to transition some of these Tier-1 Bitcoin mining operations into Tier-3 data centers. When you look at this opportunity in AI and data centers, just a slide here to show everyone, this market is growing tremendously. You continue to look, and you look at these deals. The current administration is certainly very much in favor of this. Our President was just over in the Middle East doing lots of deals and bringing lots of money and commitments back to the United States for big artificial intelligence data center operations. Really, really fast-growing sector right now. In addition, we really like the co-location mining aspect of the Bitcoin mining market. A lot of big companies do that. We like it. We think this is a growing sector, and we are well positioned to capitalize on that. When you look at the company today, DigiPower X, you know, in our existing facilities that we have, we believe we're very undervalued. And we're very appreciative of having the opportunity to come here to Sidoti, talk to all you, have great analysts like Alex that knows the company. You look at this valuation disconnect. We're small today in the market with only a $57 million market cap. If you look down the bottom right of the screen, I like to look at, like, what's your enterprise value by MW? We put together a little universe of some of our publicly traded competitors up above. You know, their average is they have currently energized in Bitcoin mining operations on average about 582 MW, trading at about $5.64 enterprise value per MW. Digihos t today, we have 100 MW of mining facilities. In our current market cap, we're trading at about $0.57. You see about a 10 x valuation disconnect. We think we've got some good potential upside as we could grow into our market cap of our larger competitors. When you look at our power portfolio distribution, where we are today to where we believe we're going to go, you know, this power market infrastructure assets are very much in demand. We are very well positioned in this, and especially for this Tier-3 sector that we are going to transition into. Let's look at the operational footprint, the assets in the company today. Very quickly on this side, you know, we have three major assets in the company today, mining Bitcoin. On the left-hand side of your screen, you can see our Alabama facility. That's currently 22 MW. Importantly to point out, we have a load study complete for up to 55 MW there. That's both co-location and self-mining. This is going to be the first facility that we transition towards a Tier-3 data center. Talk more about that later. In the center column, North Tonawanda, New York, this is our power plant, one of our flagship assets. Currently, it is a natural gas steam-generated turbine. We are rated for 60 MW. We're undergoing a load study there. That's been ongoing some time, and we expect that load study to be approved in the very near future. That will increase the power plant up to 120 MW. Basically, be able to double the output. Very, very interesting. That power plant generates revenues in three specific ways. Number one, we get standby capacity payments each year. Number two, when called upon, we can sell electricity back to the New York grid. Number three, we have co-location for Bitcoin mining. When we're not selling electricity to the grid, we're using that electricity to power our own Bitcoin mining containers. You see the facility in Buffalo, New York on the right, 19 MW. That is hydroelectric. Nice cost of green energy there. Finally, on the far right, we have a site in North Carolina, very, very strategic in that the location is right next door to a Duke Switchyard. We have all of the infrastructure there. We're also very close by to a brand new state-of-the-art Google Tier-3 data center. They spent $1.2 billion building out that 200 MW facility. It is a real, real strategic asset. We think we can develop that into a potential Tier-3 data center in the future. We do have a 200 MW load study approved. Going to talk a little bit about North Tonawanda, our power plant. Again, a natural gas colocation power plant. Really interesting here because we get these upfront payments, as I mentioned, from the grid, approximately $3 million-$5 million per year. That was last year in 2024. Could be even more this year. If you look at our press releases, you will see in February that we actually generated a lot of money selling power back to the grid. This tends to happen in Buffalo, New York, twice a year. In winter, like February, we had this big Canadian Arctic high pressure system come over, went to 20 degrees below zero, and everyone turned up the heat. The grid gets stressed, demand for electricity spikes. The grid calls on DigiPower X to sell electricity back to the grid. What's nice when that happens is usually the spot price of electricity spikes up because of the demand. You can see here, we can produce electricity for $0.04. If you're selling it back to the grid, maybe at $0.12, that's a really healthy margin. The other time of year that the grid tends to be stressed is, yep, you guessed it, August, when it's very hot. Everyone turns up the air conditioner. Those two times a year. The other times a year when the grid is not stressed, everything's working normally. You can see in the picture right on our front lawn, we have these Bitcoin mining containers. This is a co-location. Another big technology company owns those. We manage the computers, the whole operation, and basically have a revenue-sharing agreement with them. It works out very well both for them and for us. Importantly, the catalyst here is this load study that we currently have underway. We've had that underway for a while. We do expect approval to be able to increase capacity from the existing 60 MW up to 120 MW. That will allow DigiPower X to potentially double its Bitcoin mining colocation revenue. Watch for that in the next couple of weeks, maybe months, near future. We expect this load study to come through. Tier-3 data centers are really a big theme here for DigiPower X now and transitioning, specifically our Alabama facility. We just put a slide in here to illustrate how much time it could take if you wanted to build a brand new state-of-the-art artificial intelligence data center. You'd have to go out, you'd have to find the land, you'd have to get all the regulatory approvals, and then you'd have to get the actual energy infrastructure. You'd have to buy not just power, but things like transformers and substations and high voltage feed and generators. There is so much demand for data centers and artificial intelligence right now that you just can't get transformers out there. DigiPower X actually already owns them, already has them. We think that'll give us a real leg up on the competition. Our idea is we're going to transition our Alabama site. It's currently 22 MW of Bitcoin mining. We're going to transition this into a Tier-3 data center. DigiPower X already has a feasibility level study. It's a very comprehensive economic and engineering study. Outlines all of the costs, all of the timelines that we need to do. We will go out and we will build the building itself for the Tier-3 data center. That becomes a concrete slab, basically like a Costco Distribution Center. The real value comes on the inside because you've got redundancy of power. You've got the cooling, you've got the security, you've got then the tenant brings in those very, very valuable NVIDIA AI chips to actually run the computers. If we're successful in doing this, the valuation differential can be extreme because Bitcoin mining operations are pretty modestly valued right now. Tier-3 data centers have a much higher valuation. Tier-3 data centers can be valued up to about 15x per MW, 15x per MW. This 22 MW facility could be worth approximately $330 million of market cap to DigiPower X once we fully transition it to a Tier-3 data center. Continue to watch this. We are full speed ahead on this. We have actually announced already. We have created a new subsidiary under DigiPower X called US Data Centers. Alabama is going to go into the US Data Centers subsidiary. We are going to make that a pure play subsidiary for Tier-3 data centers. One of the reasons is because a lot of institutions out there, even though the current administration is very friendly towards crypto, a lot of institutions are still limited. Some cannot invest in Bitcoin mining or cryptocurrencies, but they can invest in infrastructure Tier-3 data centers. We have got a brand new subsidiary, US Data Centers. We have already set up a website. We have got a presentation online. I'd invite everyone to go out and take a look at that. We're going to build that up to a pure play Tier-3 data center starting in Alabama. We believe that'll allow us to access big debt capital in the future. A lot of the major, major institutional players already have infrastructure debt lending funds, groups like Apollo, like Blackstone, BlackRock, Brookfield, Citadel. They've got these major, major debt lending funds for infrastructure. We believe we'll be able to tap into and build a lot of value here. Very exciting time. Moving forward, some of our milestones to watch out for. I mentioned the load study up at North Tonawanda. Watch for that as we can literally double our power output. That'll be very, very exciting. Then transitioning this Alabama asset from a current Bitcoin mining operation to a Tier-3 data center. We think these are the big milestones in the near future to really build a lot of value. As we move into this Tier-3 data center, you get much higher multiples. And why? Because the price of Bitcoin can be very volatile. The price of energy, you know, can be volatile. Also, the algorithm tends to increase in mathematical complexity. You move through the halving, you need the latest and greatest state-of-the-art computers. So because of that, the valuations can be down. But on Tier-3 data centers, you have real consistency of revenues and cash flows. Once you can announce a major credible tenant for your facility, we think we'll be able to do this hopefully in the second half of 2025 in Alabama, that's when you get the real valuation re-rate. Continue to watch the news on that side. You look at the sum of the parts, bottom line for the company currently today, that top line, we are at 100 MW of power in our facilities. We think in the next 24 months, we are moving to 220 MW. Now that's just organically. Don't forget, Michel Amar has built this company through acquisitions. And Michel always has his eyes on the prize. He's looking for new assets, new facilities that could be very accretive. So I don't think he's going to be happy in 24 months with just 220 MW. We'd really like to be higher than that. But that's a significant upside from where we are today. So a lot of value. If we can execute, how does this sum of the parts all look? You look down the bottom right, 220 MW. If about 90% of it is Bitcoin mining, 10% of it artificial intelligence Tier-3 data center, it could potentially be worth up to about $375 million of market cap. That is significantly higher than our $57 million valuation today. A lot of upside. We do know we need to execute. We have got a real robust plan ahead of us over the next 12-24 months. It is an exciting time in the evolution of the company. You can just see here a very quick breakdown for last year, 2024, some of those revenues and revenue segments. Nicely, the company generates revenues through three different silos: cryptocurrency mining, that is our own self-mining; energy sales from North Tonawanda selling back into the grid; and then co-location services generate a lot of revenues as well. Obviously, with the price of Bitcoin today at $106,500, very robust. If Bitcoin can hold here or go higher, we could fully anticipate 2025 revenues significantly higher than that number, especially with that new load study coming on, new power being energized for us here at DigiPower X. You look at the company and the board. I mentioned Michel and his son, Alec, real key founders of the company, major shareholders of the company, visionaries and drivers. Great board with a tremendous amount of experience. That's pretty much the overview. Alex, I want to leave plenty of time for you to open it up for questions. I'm going to conclude here. Great. Ed, thank you very much for sharing the story with us. I'd like to remind folks, if they have questions, they can submit them using the Zoom Q&A interface at the bottom of the screen. Maybe just to start us off, Ed, I thought slide 11, the data center backgrounder, was a very interesting slide. Can you talk a little bit more about that capacity for expansion, especially in terms of, you know, co-location and other sorts of data center revenues? Sure, I'd be happy to. Let me just switch back to it so we can pull it up, refer to it, Alex. Here we are. Is this the one you were talking about, it? Yes. Yeah, great. This is, I think, one of DigiPower's real competitive advantage, Alex, in that right now we all know there's so much demand for Tier-3 data centers, artificial intelligence. The administration is trying to build a lot of these facilities in America, bring capital from President Trump's recent trip to the Gulf and the Middle East back into America to invest in these facilities. Okay, great. The demand is there, the capital's there. Now, how do you do it? How do you execute? Let's say, Alex, you and I decided we just found a nice piece of land in upstate New York. We're going to go do it ourselves, you know, Ed and Alex incorporated. You get land, yeah, that's fine. You have to look at the land. Is it close to power? Is it close to a switchyard? What does it look like geologically? Do you have tornadoes? Do you have earthquakes? Do you have floodplains? All this sort of stuff that you have to look at on the study. You got to get the regulatory approvals. That varies tremendously state by state. Alex, you know, in a state like New York, that's what I call a little more regulatory heavy than a state like Alabama. If you're in California, if you're in Massachusetts, those states can take a long time. They really can. You got to do a load study. You got to assess it. That could take our load study, Alex, in North Tonawanda has been going on for 18 months, just to give you an idea, to increase that capacity, 60 to 120 MW. These take time. You got to go out. You actually got to get the infrastructure to build out that Tier-3 data center. Right now, if you get on the phone and you call Siemens and say, "Hey, Siemens, I'd like to buy 10 new transformers," Siemens will be like, "Oh, great, Alex, we'll take your order. We'll deliver those in 2027 because our pipeline is so sold out. You know, it just dries the Sahara Desert." That takes time. The key in all of this is that DigiPower X, we have all of these things already in place. This is kind of like, you know, it was like the space race between when Sputnik first went up and then President Kennedy says, "No way, we're not going to let the Russians beat America to the moon. I want a guy on the moon by the end of the century." That's what's happening with the AI race right now, you know? Everyone is rushing who can be the first person out there. DigiPower X, we can execute by repositioning our facility in Alabama. You know, you look at this picture of Alabama, we have a Bitcoin mining operation there right now. We have transformers. We have power. We have generators. We have fiber. We have the load study. We have everything in place. All we have to do is follow our engineering study, build the shell, position it out, and ultimately transition this to a Tier-3. We are going to save a tremendous amount of time. We think we can do this in 6-12 months as opposed to 24-36 months. That gives us a massive leg up on the competition. I hope that answered your question. Yeah, absolutely. I think, you know, the supply chain and regulatory element is important. Just wanted to emphasize that. You started touching on another question I had and something the audience is asking about, which is the new administration has, you know, had a meaningful change in stance on cryptocurrencies and some of the underlying digital infrastructure. Could you talk a little bit about, you know, how that has already affected DigiPower and, you know, some of the effects that you might anticipate? Yeah, very much. You know, we saw when President Trump actually received the nomination last November, Bitcoin went from $60,000 to, you know, his inauguration, $100,000. I call that the Trump bump. You know, we've had this real nice run in Bitcoin. Obviously, a company like DigiPower X, that's very, very welcome. We become a direct beneficiary because, you know, the higher the price of Bitcoin goes, the more profitable potentially the company becomes. I'm very bullish, as I think most of us in this industry, we wouldn't be in this industry if we weren't bullish on the cryptocurrency industry in general. Not only is President Trump and his administration, I'm sure, as you know, Alex, wildly bullish on this industry, but his sons, you know, Eric Trump, Donald Trump Jr., they are extremely bullish. They have several new ventures within this segment. They're really pushing forward. There's a big conference happening next week in Las Vegas, Nevada. I believe Vice President JD Vance is going to be the keynote speaker there. Both Eric and Donald Trump Jr. will be there. The industry has a lot of momentum right now. There is a lot of capital that is coming in. I think finally we're starting to see the merger between Wall Street, the big money center banks, and blockchain, cryptocurrency payment systems, that it's all really starting to mesh and come together. We need a friendly regulatory environment for that. You can't have the SEC, the CFTC, Washington cracking down on people because then entrepreneurs become quite scared. Oh my God, I'm going to get sued or they'll put me in jail because they say my security is a token and what's happening. It's really, really welcome to have some more, you know, visibility and let the entrepreneurs unleash. You know, the entrepreneurs are what built America, what built capitalism. This is a very, very exciting time, a very, very exciting field. I think you're going to see a tremendous amount of innovation over the next three and a half years. That's great context. Yeah, thank you very much for sharing. We have a question from the audience around, you know, would you consider spinning out U.S. data as a separate public company? Or can you talk a little bit more about, you know, why that makes sense to leave in-house? Yeah, love to. I appreciate that question. That's been the vision of the company since we created the subsidiary. We have DigiPower X, the mothership, holding the infrastructure, still focused on Bitcoin, colocation, self-mining, and energy sales. Then U.S. data centers as a fully owned subsidiary will be a pure play artificial intelligence tier three data center company. We're going to start with Alabama. We are putting that into U.S. Data Centers, into the subsidiary. Our hope, goal, and vision is that becomes wildly successful as we can execute on this Alabama transition, builds up a lot of valuation. We could spin that off. We would hope for its own NASDAQ listing on a future initial public offering. All of the shareholders of DigiPower will become shareholders in that subsidiary. That could, depending on how well we can execute, become a multi-billion dollar company just because of the upside in this field. It is a real exciting time. One of the reasons, Alex, that we were making it a new subsidiary is that there are still a lot of institutions that cannot invest in crypto. They are constrained from their investment policy statements. They cannot go anywhere near crypto. They cannot buy Bitcoin. They say, "Nope." Maybe they're a big, you know, government pension plan like a CalPERS or something, and they just can't go into it yet. I think those rules will change, but they can definitely invest in artificial intelligence, in infrastructure, in a data center. We believe that will allow us to attract a lot more capital, especially on the debt side. It could be potentially very, very successful. I think that's a great way to end it because, you know, I look at the possibility for investors to see opportunities in Bitcoin mining, in AI and high-performance computing, or Bitcoin ETFs. I think you just, you know, touched on why it would make sense to invest in DigiPower. Maybe just I'll give you the last words on, you know, again, investors looking across opportunities, why the value prop for DigiPower makes sense. Then we'll wrap up, Ed. Great. Yeah, it's a look, it's a really exciting time for the company right now in the history and the evolution of the company. I mean, certainly, I think the wind is in our sails in this industry. From a macro standpoint, Bitcoin today at $106,500, I think it's going to be higher by the end of this year. That's great. This whole transition towards Tier-3 data centers and artificial intelligence is probably first inning of a nine-inning ballgame. It's just getting started. We are very well positioned to capitalize on that trend. All of the infrastructure, you know, you look at what we have in the company. We own power plants. We have infrastructure. The macro environment that we're in, President Trump and his administration wants to make America great again, wants manufacturing. Manufacturing needs power. Whether it's a Tier-3 data center or a steel plant, you need power. We have power. These assets are going to be worth, I believe, considerably more than we paid for them. And, you know, Michel is always on the hunt for new acquisitions, looking for, you know, new power at a great price. As we execute, as we go forward, once, Alex, we're able to announce our first tenant in that Tier-3 data center, I think that's when you're going to start to see a real valuation rerate in this company. Very exciting. With that, we are at time. I'd like to thank you, Ed, for sharing the DigiPower X story with us. I also thank everybody listening for spending time with us today. Thanks, Alex. Really appreciate it. Thanks so much for giving us the opportunity to be here at the Sudoku Conference. Thanks to you and the Sidoti team and everyone for tuning in.