Ionic Digital (IOND) Q2 2026 earnings summary

Executive summary

• Transitioned from bitcoin mining to a data center-first company focused on HPC/AI infrastructure, completing a direct listing in July 2026 and energizing the first data center at Ward County.

• Controls 822 MW of power pipeline, with 323 MW contracted and $2.6B in contracted revenue, and maintains a debt-free balance sheet with strong liquidity.

• Pivoted to stable, contracted cash flows, reducing exposure to bitcoin price volatility and positioning for significant AI-driven demand.

• Completed a $400M capital raise and private placement, supporting expansion and liquidity.

• Data center-first team with deep experience in digital infrastructure and capital discipline.

Financial highlights

• Q2 2026 total revenue was $48.6M, up 31% year-over-year, with 90% from digital infrastructure leasing and $43.8M from that segment.

• Adjusted EBITDA for Q2 2026 was $37.6M, representing a 77% margin.

• Adjusted gross margin rose to 93% from 40% year-over-year; digital infrastructure segment achieved 99% margin.

• Net loss for Q2 2026 was $35.3M, driven by a $28.2M non-cash Bitcoin loss and a $27.2M tax provision.

• Ended Q2 with $415.7M in cash and 2,882 bitcoin valued at $168.7M; no outstanding borrowings.

Outlook and guidance

• Reaffirmed 2026 outlook: total revenue of $190M–$195M, with 90–92% from digital infrastructure leasing.

• Adjusted EBITDA expected at $137.5M–$142.5M; capital expenditures of $45M–$60M, mainly for Ward County and Midland expansion.

• Cash rent expected to ramp from $23M in Q4 2026 to $183M annualized by end of 2028, with further increases as additional capacity energizes.