Ionic Digital Posts First Quarterly Earnings with Significant Leasing Revenue Growth

Ionic Digital has released its first quarterly earnings report as a public company. The company posted revenue of $48.6 million for Q2, a 31% year-over-year increase. The majority of this revenue comes from leasing data center capacity to AI and HPC customers, accounting for 90% of the total.

This shift in focus is a significant departure from the company's previous reliance on Bitcoin mining, which accounted for none of its revenue in Q2 last year. Ionic Digital had signaled this change in its Nasdaq direct listing guidance in July.

The company reported a net loss of $35.3 million, largely due to a non-cash loss on the fair value of its Bitcoin holdings and a provision for income taxes. However, on an operating basis, Adjusted EBITDA was $37.6 million, up from $3.8 million a year earlier.

Ionic Digital's leasing revenue comes from its Ward County campus in Texas, where 234 megawatts of capacity are currently under contract and generating revenue. The company plans to expand this site to 700 megawatts by the end of 2027, pending approval and infrastructure completion.