Ionic Digital Inc. reported second-quarter 2026 revenue of $48.6 million, a 30.6% increase from $37.2 million in the same period of 2025, as digital infrastructure leasing revenue surged to $43.8 million, accounting for 90% of total revenue. Adjusted gross margin expanded to 93%, up from 40% in Q2 2025, with the digital infrastructure segment achieving a 99% gross margin under its triple-net lease structure with Nscale.
Adjusted EBITDA for the quarter reached $37.6 million, while the company reported a GAAP net loss of $35.3 million, primarily due to a $28.2 million non-cash loss on Bitcoin fair value and a $27.2 million income tax provision. General and administrative expenses totaled $19.5 million, including $9.0 million in stock-based compensation and $2.9 million in transaction costs related to its direct listing and private placement.
Ionic Digital maintained a debt-free balance sheet with over $400 million in cash, holding 2,882 Bitcoin valued at approximately $169 million, and total liquidity of nearly $600 million. The company’s trailing twelve-month adjusted G&A expenses, excluding stock-based compensation and one-time costs, stood at $7.6 million.
Revenue guidance for full-year 2026 was set between $190 million and $195 million, with adjusted EBITDA projected at $137.5 million to $142.5 million. Capital expenditures for 2026 were guided at $45 million to $60 million, excluding new site acquisitions. Cash revenue is expected to reach about $29 million for the full year, with Q4 2026 projected at roughly $23 million.
The company’s Bitcoin treasury is viewed as a liquid asset, with management indicating plans to deploy it for near-term development and site acquisitions. CEO Andy Stewart highlighted growing demand for AI inference and agentic computing, emphasizing the need for lower-latency, proximity-based infrastructure rather than remote training campuses.
Shares of Ionic Digital closed the regular session at $67.30, up 2.75% from the prior close of $65.50, before declining 2.58% to $65.56 in after-hours trading. The stock has traded in a 52-week range of $50.00 to $71.90.
