Ionic's Q2 Revenue Heavily Influenced by Leased Power Site

Bitcoin miner Ionic Digital's second-quarter revenue was heavily influenced by leasing its power site to AI infrastructure provider Nscale. The company generated $43.8 million, or 90% of its Q2 revenue, from this lease, while mining contributed just $4.8 million. This shift in revenue is part of Ionic's plan to reposition its power sites for AI infrastructure.

The Ward County lease with Nscale began on December 19, 2025, and the company recognized the lease revenue on a straight-line basis, even though recurring base rent did not start until after Q2. This means that cash collection will be an important measure of the shift in Ionic's business model.

However, Bitcoin still had a significant impact on Ionic's earnings during the quarter. The company recorded a $28.2 million noncash fair value loss on its Bitcoin holdings, contributing to a GAAP net loss of $35.3 million. Adjusted EBITDA reached $37.6 million after Ionic added back various costs and expenses.