Ionic Digital reported that 90% of its second-quarter 2026 revenue came from leasing its Ward County power site to AI infrastructure provider Nscale, generating $43.8 million in lease income against a $35.3 million GAAP net loss driven by Bitcoin price volatility.
The Bitcoin miner’s total operating revenue for Q2 reached $48.6 million, with mining operations contributing just $4.8 million. Ionic recorded a $28.2 million noncash loss on the remeasurement of its Bitcoin holdings, which totaled 2,882 BTC valued at $168.7 million as of June 30, 2026.
Lease Structure and Timing
Nscale paid a $45.6 million advance payment in November 2025, ahead of the Ward County operating lease commencement on December 19, 2025. The company recognized lease revenue on a straight-line basis during Q2, even though recurring base rent was scheduled to begin on August 1, 2026, after the quarter closed.
The lease structure includes tiered monthly rents: $3.25 million for August and September, $6.5 million for October and November, and $9.75 million for December and January. An additional 89 megawatts of expansion capacity was unavailable during Q2, which would command $5.8 million in monthly rent once operational.
Cash Position and Financing
Ionic ended June with $415.7 million in cash, up from $43.5 million at the start of 2026. The company received $400 million in financing proceeds during the first half, offset by $25.9 million in operating cash outflows and $1.8 million in investing activities. Ionic did not specify the source of the financing.
Revenue Recognition and Receivables
The timing difference between straight-line revenue recognition and actual rent collection created working capital dynamics. Deferred digital infrastructure leasing revenue fell $39.8 million during the first half, while current other receivables reached $49.0 million at June 30. Ionic did not detail the full breakdown of the receivables balance.
Adjusted Performance Metrics
Adjusted EBITDA for Q2 reached $37.6 million, excluding realized and unrealized cryptocurrency gains and losses. The company recast prior periods under this revised non-GAAP measure but did not provide comparative adjusted EBITDA figures for earlier quarters under the new methodology.
The Ward County site operates at 234 megawatts of existing capacity. Ionic’s shift toward AI infrastructure leasing reflects the divergence between mining revenue, which declined to less than 10% of total revenue, and the higher-margin lease business with Nscale.
