Ionic Digital (IOND) disclosed details of its $2.6 billion contracted revenue pipeline for AI infrastructure in its Q2 2026 investor update, alongside financial and operational metrics for the quarter. The presentation, delivered on August 19, 2026, highlighted the company's focus on AI inference and agentic workloads, which CEO Andy Stewart described as requiring processing closer to data sources and consumption points.
The company reported Q2 revenue of $48.6 million, with digital infrastructure leasing contributing 90% of total sales. Adjusted EBITDA reached $37.6 million, representing a 77% margin. The digital infrastructure segment achieved a 99% gross margin, while the legacy mining segment reported a 36% margin. GAAP net loss for the quarter was $35.3 million, driven primarily by a $28.2 million non-cash loss on Bitcoin fair value changes and a $27.2 million income tax provision.
Ionic Digital's liquidity position stood at $585 million as of Q2, comprising $416 million in cash and cash equivalents and $169 million in Bitcoin holdings. The company maintained a debt-free balance sheet and reported $5.8 million in capital expenditures for the quarter, with full-year 2026 guidance ranging from $45 million to $60 million. Total utility power pipeline capacity reached 822 megawatts, including 234 megawatts of energized capacity at its Ward County facility in Texas.
The company outlined a phased expansion plan for its Ward County site, including an 89-megawatt addition expected to energize in the second half of 2027. Annual cash revenue is projected to ramp from approximately $29 million in 2026 to $135 million in 2027 and $251 million by 2028. Ward County's total utility capacity is 700 megawatts, with an additional 466 megawatts planned for expansion. Microsoft holds a right of first refusal on 377 megawatts of additional capacity at the site.
Ionic Digital's capital efficiency strategy emphasizes powered shell deployments, which require approximately $1.5 million per megawatt compared to $9 million to $13 million for built-to-suit facilities. Total capital costs for the Ward County expansion are estimated at $40 million to unlock contracted revenue, with an additional $24 million required to reach full 700-megawatt capacity. The company's expansion plans were filed with ERCOT under the base load pathway in July 2026.
The presentation also included industry projections, with AI inference capacity growth forecast at a 32% compound annual growth rate through 2030. Enterprise agentic AI usage is expanding at 61% annually, while sovereign AI infrastructure is projected to reach a $730 billion market by 2035. Ionic Digital's AI inference sites are designed to be latency-sensitive, sub-100 megawatt facilities located near enterprise data centers, according to Stewart.
CFO Chris Hickman noted the company's Bitcoin holdings are treated similarly to cash and are expected to be used for near-term development and site acquisitions.
