Ionic Digital reported its first quarterly results as a public company on August 19, posting second-quarter revenue of $48.6 million, up 31% year-over-year, with digital infrastructure leasing accounting for 90% of that total compared with none in the same quarter last year.
The shift confirms in actual revenue what the company had signaled as guidance around its Nasdaq direct listing in July: Ionic is now generating most of its money from leasing data center capacity to AI and HPC customers rather than from bitcoin mining.
The company reported a net loss of $35.3 million, but that figure is not a reflection of the underlying business. It includes a $28.2 million non-cash loss on the fair value of Ionic's bitcoin holdings and a $27.2 million provision for income taxes. Bitcoin fell from about $68,200 at the end of March to roughly $58,500 by June 30, a decline of about 14% over the quarter, which drove the mark-to-market hit on the company's treasury. On an operating basis, Adjusted EBITDA was $37.6 million, up from $3.8 million a year earlier, and adjusted gross profit rose to $45.4 million from $14.9 million.
The leasing revenue comes from Ionic's Ward County campus in Texas, where the company said 234 megawatts of capacity is now under contract and generating revenue following the first data center's energization. Ionic is pursuing expansion of that site to 700 megawatts by the end of 2027, pending approval from the Electric Reliability Council of Texas and completion of two utility infrastructure projects. Separately, the company is converting 112 megawatts at its Midland site into AI-focused data centers while continuing to mine bitcoin profitably there in the meantime.
Ionic ended the quarter with $415.7 million in cash and 2,882 bitcoin valued at $168.7 million, and no outstanding debt. The company reaffirmed its full-year 2026 outlook of $190 million to $195 million in revenue and $137.5 million to $142.5 million in Adjusted EBITDA.
Shares, which opened at a $50 reference price at Ionic's July 28 direct listing and had climbed to roughly $65 to $68 by the day of the earnings release, slipped about 3% in after-hours trading following the report. The reaction suggests investors are still weighing the mark-to-market net loss against an operating story that, for the first time, has actual leasing revenue behind it rather than a forecast.