Full Year 2025 Financial Results Highlights
Revenue: $47.3 million, up 40% from $33.9 million in 2024
Bitcoin Mined: 344 bitcoin with an ending balance of 342 bitcoin
Hashrate: average 1.70 EH/s with fleet efficiency of 22.7 J/TH versus 2024 average of 0.96 EH/s with fleet efficiency of 26.7 J/TH
Cash Flow from Operations: $16.2 million in 2025, up 97% from $8.2 million in 2024
Cash, Short-term Investments and Digital Assets: $65.2 million at year-end, up 81% from $36.0 million at year-end 2024
Total Assets: $132.0 million at year-end, up 27% from $103.9 million at year-end 2024
Net Income: -$10.3 million or -$0.05 per share versus -$5.2 million or -$0.03 per share in 2024
Comprehensive Income: $11.3 million vs $5.1 million in 2024
DMG's CEO, Sheldon Bennett, commented: "In 2025, we positioned the Company to enter the high-value Artificial Intelligence (AI) infrastructure market and grow our digital asset financial services offerings. We cultivated relationships with the Canadian government, enterprises and Indigenous communities to capture unique sovereign AI opportunities with a strategic focus on a colocation business model. In addition, our digital asset custody subsidiary achieved qualified custodian status as well as SOC 2 Type II certification, positioning it for revenue growth in the calendar 2026. We believe our strong balance sheet can help us weather the current crypto market downturn while we remain focused on long-term growth and cash generation."
Full Year 2025 Financial Results Review
Revenue increased by $13,436,987 to $47,337,070 for the year ended September 30, 2025 from $33,900,083 for the year ended September 30, 2024. The increase in revenue is attributable to increases in digital currency mining revenues of $12,202,250. This increase is the result of a higher average bitcoin price and the Company's expansion of its mining operations, which increased the Company's mining performance relative to the upward difficulty adjustment of the Bitcoin network during the same period in the prior year. Hosting service revenue decreased to $574,343 in the year ended September 30, 2025 from $1,180,573 in the prior period.
Operating and maintenance expenses for the year ended September 30, 2025 was $27,663,713, compared to $19,733,886 in the previous year ended September 30, 2024. This increase is primarily due to a $6,299,161 rise in utilities expenses driven by additional mining capacity added to the Company's Christina Lake facility during the year. Furthermore, hosting fees paid to third parties, totaling $2,074,467, also contributed to the increase over the prior period.
Research costs for the year ended September 30, 2025 increased by $183,225 over the prior period as the company executed on its Digital Asset Software and Services efforts for Systemic Trust, Terra Pool, Helm, Reactor and Blockseer Explorer. General and administrative costs for the year ended September 30, 2025 were $6,191,937 in comparison to $5,860,448 for the year ended September 30, 2024. General and administrative costs consist mostly of wages, professional fees, consulting fees and financing costs. The increase is attributable mainly to an increase of $508,786 in financing costs related to the Company's credit facility with Sygnum Bank and an increase in insurance costs of $109,783 resulting from additional coverage required for Systemic Trust. These increases were offset by a decrease of $347,116 from professional fees and consulting expenses over the prior year.
Net loss of $10,267,969 for the ...
