Ionic Digital Inc. (IOND) reported its first quarterly results as a public company for the quarter ended June 30, 2026, highlighting a rapid shift from bitcoin mining to digital infrastructure leasing. Total revenue was $48.6 million, up 31% year‑over‑year, with 90% from digital infrastructure leasing. Gross profit rose to $40.5 million from a loss in the prior‑year quarter, and Adjusted EBITDA increased to $37.6 million from $3.8 million.
The company recorded a net loss of $35.3 million, compared with net income of $31.9 million a year earlier, driven largely by a $28.2 million non‑cash loss on the fair value of cryptocurrency and a $27.2 million tax provision. At its Ward County campus, 234 MW of operating capacity is contracted, with plans to expand to 700 MW by the end of 2027, subject to ERCOT approval and completion of utility projects.
Liquidity is strong, with $415.7 million in cash and cash equivalents and 2,882 bitcoin valued at $168.7 million as of June 30, 2026, and no outstanding borrowings. Ionic Digital reaffirmed its 2026 outlook, guiding full‑year revenue of $190–$195 million, Adjusted EBITDA of $137.5–$142.5 million, and capital expenditures of $45–$60 million.
Ionic Digital Inc. reported preliminary financial expectations for the quarter ended June 30, 2026 and issued full-year 2026 guidance. For the second quarter, the company expects total revenue of $47.5–$48.5 million, with 90%–92% of revenue from digital infrastructure leasing, and Adjusted EBITDA of $36.0–$37.0 million on capital expenditures of $5.5–$6.5 million.
For full-year 2026, Ionic Digital projects total revenue of $190–$195 million, with digital infrastructure leasing again at 90%–92% of revenue, Adjusted EBITDA of $137.5–$142.5 million, and capital expenditures of $45–$60 million. A reconciliation for the second quarter guidance indicates a preliminary net loss of $34.0–$35.0 million, adjusted for items including share-based compensation, cryptocurrency fair value changes, and non-recurring legal expenses to arrive at Adjusted EBITDA. The company emphasizes Adjusted EBITDA as a non-GAAP performance measure used to evaluate its transition from Bitcoin mining to digital infrastructure leasing, while cautioning that it has limitations and differs from GAAP net income.