Ionic Digital, a Bitcoin miner repositioning its energy websites for AI infrastructure, generated 90% of its second-quarter income from leasing. Its Q2 accounts present an uneven transition: working income has shifted away from mining sooner than reported earnings have shifted away from Bitcoin.
The Ward County lease with AI infrastructure supplier Nscale produced $43.8 million of Ionic’s $48.6 million in Q2 income, whereas mining contributed $4.8 million, in keeping with the corporate’s second-quarter filing. Ionic acknowledged that lease income on a straight-line foundation despite the fact that recurring base lease started after the quarter, making money assortment the subsequent measure of the shift.
Nevertheless, Bitcoin nonetheless formed your entire quarter. Ionic recorded a $28.2 million noncash honest worth loss on its Bitcoin holdings, contributing to a GAAP web lack of $35.3 million. The cost mirrored remeasurement of its holdings. Ionic reported no realized achieve or loss from crypto gross sales and held 2,882 BTC valued at $168.7 million on June 30.
Adjusted EBITDA reached $37.6 million after Ionic’s reconciliation added again the crypto mark, a $27.2 million tax provision, depreciation, inventory compensation, and different prices. The corporate additionally modified the non-GAAP measure this quarter to exclude realized and unrealized crypto good points and losses and recast prior intervals. The measure displays administration’s view of working efficiency, whereas GAAP earnings stay delicate to Bitcoin costs
Recurring lease begins under lease income
Ionic’s registration statement says the Ward County working lease started Dec. 19, 2025, with income acknowledged on a straight-line foundation. Nscale paid a $45.6 million advance fee in November 2025, whereas scheduled base lease started Aug. 1, after Q2 ended. The advance fee and later lease schedule imply Q2 lease income doesn’t immediately correspond with money collected throughout the quarter.
The lease contract units month-to-month funds for the present 234 megawatts at $3.25 million in August and September, $6.5 million in October and November, and $9.75 million in December and January earlier than reaching the complete required-capacity price. A separate 89-megawatt growth remained unavailable in Q2; its extra $5.8 million month-to-month lease begins when Ionic supplies that capability.
The filings present the timing distinction with out detailing the complete Q2 cash-revenue reconciliation. Deferred digital infrastructure leasing income fell by $39.8 million throughout the first half, whereas present different receivables reached $49.0 million on the finish of June with out a class breakdown.
Financing accounted for many of Ionic’s improve in money. The corporate began the yr with $43.5 million, obtained $400 million in financing proceeds, used $25.9 million in operations and $1.8 million in investing, and ended June with $415.7 million in money and no excellent borrowings.
The excellence is vital as miners flip power-rich websites into AI infrastructure. Latest miner lease agreements present why reported income ought to be assessed alongside financing and supply schedules.
Ionic’s working income now relies upon far much less on mining. Its 2,882-BTC treasury retains reported earnings delicate to Bitcoin costs, whereas recurring money funds from the Ward County lease started after the quarter closed.
