Ionic Digital (IOND) Q2 2026 earnings summary

Executive summary

• Completed direct listing on Nasdaq in July 2026 and energized the first data center at Ward County, marking a transition to a data center-first company focused on HPC/AI infrastructure.

• Controls 822 MW of power pipeline, with 323 MW currently contracted and $2.6B in contracted revenue.

• Pivoted from bitcoin mining to digital infrastructure, with 90% of Q2 2026 revenue from leasing.

• Maintains a debt-free balance sheet and nearly $600 million in liquidity, positioning for further expansion.

• Positioned for significant demand from AI and agentic workloads, with flexible contract models and strong liquidity.

Financial highlights

• Q2 2026 total revenue was $48.6 million, up 31% year-over-year, with 90% from digital infrastructure leasing.

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

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

• Ended the quarter with $415.7 million in cash and 2,882 Bitcoin valued at $168.7 million.

• Capital expenditures were $5.8 million, mainly for Ward County substation expansion.

Outlook and guidance

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

• Adjusted EBITDA expected at $137.5–$142.5 million; capital expenditures of $45–$60 million, with $40–$50 million for Ward County and $5–$10 million for Midland.

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