Monitor the Ward County expansion progress and ERCOT approval timeline, as successful expansion to 700 MW could significantly boost future leasing revenue. The company's transition from bitcoin mining to HPC/AI infrastructure leasing is the key narrative; watch for any updates on metro-scale site acquisitions or new customer contracts.
Price Chart
Executive Summary
Ionic Digital reported Q2 2026 revenue of $48.6M (+31% YoY), driven by a shift to digital infrastructure leasing (90% of revenue). The company posted a net loss of $35.3M due to non-cash crypto fair value losses and income taxes, but generated $37.6M in Adjusted EBITDA. Guidance for full-year 2026 revenue of $190-195M and Adjusted EBITDA of $137.5-142.5M was reaffirmed, with no consensus estimates available for comparison. The stock may react to the transition to HPC/AI infrastructure and the Ward County expansion plan, though the net loss and lack of EPS consensus limit the earnings surprise signal.
Key Financial Metrics
Key Facts
- Q2 2026 total revenue of $48.6M, up 31% YoY from $37.2M.
- Digital infrastructure leasing revenue was $43.8M, representing 90% of total revenue, versus zero in the prior-year period.
- Net loss of $35.3M, including $28.2M non-cash loss on fair value of cryptocurrency and $27.2M provision for income taxes.
- Adjusted EBITDA of $37.6M, up from $3.8M in Q2 2025.
- Cash and cash equivalents of $415.7M with no outstanding borrowings as of June 30, 2026.
- Full-year 2026 outlook reaffirmed: total revenue $190-195M, Adjusted EBITDA $137.5-142.5M, capital expenditures $45-60M.
- Ward County campus expansion to 700 MW targeted by end of 2027, subject to ERCOT approval.
Financial Impact
Revenue of $48.6M, up 31% YoY; Adjusted EBITDA of $37.6M vs $3.8M prior year; net loss of $35.3M.
Risk Factors
- ERCOT approval and utility infrastructure projects may delay Ward County expansion beyond end-2027.
- Net loss driven by non-cash crypto fair value losses and income taxes; volatility in bitcoin prices could impact reported earnings.
- No analyst consensus available for EPS or revenue, making it difficult to gauge market expectations.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3347984 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | SC 13D | $66.72 $64.03 | ▼ −4.03% | ▼ −2.85% | $66.42 (−0.45%) |
Oct 9, 2026 16d ago | SC 13G/A | $75.71 $75.59 | ▼ −0.16% | ▼ −0.15% | $66.42 (−12.27%) |
Sep 10, 2026 6w ago | Press Release | $79.88 $83.39 | ▲ +4.39% | ▲ +3.54% | $66.42 (−16.85%) |
Aug 19, 2026 9w ago | Press Release | $68.88 $68.73 | ▼ −0.22% | ▼ −0.63% | $66.42 (−3.57%) |
US Market Status
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