Mr. Michel Amar reports

DIGI POWER X SIGNS FIRST AI REVENUE CONTRACT - $19.6 MILLION, 24-MONTH SUBQ AI AGREEMENT, VALIDATING OPERATIONAL LAUNCH OF AI FACTORY

Digi Power X Inc. has entered into a bare metal GPU rental agreement with SubQ AI, a next-generation artificial intelligence company. The 24-month contract carries an expected total contract value of approximately $19.6-million and becomes effective May 15, 2026.

Under the term of the agreement, Digi Power X will deliver exclusive, dedicated access to a fleet of the latest generation of Nvidia Blackwell GPUs. These systems will be operated on a bare metal basis through NeoCloudz, Digi Power X's GPU-as-a-service platform, at the company's AI data centre. The deployment follows Nvidia reference architecture, and the facility is engineered to Rated 3 standards, with redundant utility feeds, N+1 UPS, and a CDU- and chiller-based two-loop cooling architecture purpose built for high-density accelerated compute.

Management statement

"This agreement with SubQ AI represents a major milestone for Digi Power X -- our first contracted AI revenue and the official commercial launch of our NeoCloudz bare metal GPU-as-a-service platform. We've built scalable, vertically integrated infrastructure, and we're moving at full speed. This deal is just the beginning. We intend to rapidly scale our relationship with SubQ AI and welcome additional high-growth AI customers onto our dedicated Blackwell fleet. We continue to advance discussions with additional hyperscale and frontier AI customers, and expect to provide further operational updates in the coming weeks," said Alec Amar, president, Digi Power X.

"This initial deployment is the first step in what we expect to be a much larger, long-term relationship with Digi Power X," said Justin Dangel, chief executive officer of SubQ AI. "Our road map calls for scaling to several thousand GPUs over the next few quarters as we advance our proprietary architecture and the combination of NeoCloudz's bare metal platform, the newest Nvidia Blackwell silicon, and Digi Power X's owned power and data centre capacity gives us a credible runway to grow into that footprint with a single, trusted infrastructure partner."

"Bringing our first GPU cluster on-line moves Digi Power X from building infrastructure to generating AI revenue. We're evaluating a Silicon Valley presence to accelerate our AI infrastructure road map and hire senior AI engineers. This deployment is the foundation for scaling NeoCloudz into a leading GPU-as-a-service platform," said Jagan Jeyapaul, chief technology officer, Digi Power X.

Investor highlights:

• First contracted artificial intelligence revenue for Digi Power X; marks operational commissioning of the company's AI factory and concrete commercial validation of the company's pivot to AI infrastructure;
• Contracted, multiyear revenue; approximately $19.6-million TCV over a 24-month term, with a 15-per-cent non-refundable upfront payment (approximately $2.95 million);
• High-quality cash flow profile; monthly invoicing payable Net-15;
• Anchor customer for NeoCloudz; first named, multiyear bare metal deployment on Digi Power X's NeoCloudz GPU-as-a-service platform, validating the commercial thesis of dedicated GPU as a service;
• Growth optionality; Digi Power X has already secured 10 pods of infrastructure capacity -- approximately 4,000 Nvidia Blackwell B300 GPUs -- representing up to approximately $120-million of potential annualized revenue at full deployment and utilization. SubQ's publicly stated road map contemplates expansion to several thousand GPUs, aligned with Digi Power X's capacity ramp;
• Premium silicon; 100-per-cent latest-generation Nvidia Blackwell GPUs with 192 GB HBM3e, on a high-speed InfiniBand/RoCE v2 fabric;
• Vertical integration; deployment sits inside a Digi Power X-owned, Rated 3-engineered facility with redundant utility feeds -- preserving margin through owned power and owned real estate.

The agreement is structured as a fully dedicated, non-virtualized bare metal deployment, giving SubQ root-level control and exclusive use of the contracted GPU fleet and the supporting high-speed InfiniBand/RoCE v2 fabric.

About Digi Power X Inc.

Digi Power X is a Miami-based AI infrastructure company, operating a vertically integrated portfolio of power assets and data centre capacity across Alabama, New York and North Carolina, with approximately 400 megawatts of secured power across its sites. The company's NeoCloudz platform delivers GPU as a service on dedicated, bare metal Nvidia infrastructure.

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