Ionic Digital's pivot to AI infrastructure is now the story of its income statement. The Bitcoin miner brought in $43.8 million from its Ward County lease with Nscale in the second quarter, versus $4.8 million from mining itself — meaning AI hosting made up about 90% of revenue. But a $28.2 million noncash markdown on its Bitcoin holdings pushed the company to a $35.3 million GAAP net loss.
AI leasing carries the top line
The numbers are stark. Revenue from the Nscale lease hit $43.8 million, dwarfing the $4.8 million from mining. The lease, which began Dec. 19, 2025, is recognized on a straight-line basis, but the recurring base rent didn't actually start until Aug. 1 — after the quarter closed. So that Q2 figure mostly reflects the amortization of Nscale's $45.6 million advance payment, made back in November.
That timing matters. The base rent for August and September is set at $3.25 million per month, then jumps to $9.75 million by December and January. There's also an additional 89-megawatt expansion on the table, but it wasn't available in Q2. Once Ionic delivers that capacity, it starts collecting another $5.8 million a month.
Bitcoin loss and the adjusted picture
The crypto side of the ledger is messier. Ionic recorded a $28.2 million noncash fair value loss on its Bitcoin holdings, which helped push the company to a $35.3 million net loss for the quarter. It held 2,882 BTC, valued at $168.7 million as of June 30.
Management tried to smooth the optics by changing its non-GAAP measure. The new adjusted EBITDA of $37.6 million excludes realized and unrealized crypto gains and losses, and the company recast prior periods to match. That's a real shift in how they're presenting performance, and it makes the AI leasing business look a lot healthier than the GAAP bottom line.
Cash position and the Nscale schedule
Ionic's balance sheet is in decent shape. It started the year with $43.5 million in cash, raised $400 million in financing, and after $25.9 million in operating outflows and $1.8 million in investing, ended June with $415.7 million on hand. No outstanding borrowings. The company also saw deferred digital infrastructure leasing revenue drop by $39.8 million in the first half, while current other receivables climbed to $49.0 million.
The Nscale deal is structured to accelerate. Base rent climbs from $3.25 million a month in August and September to $9.75 million by December and January. The 89-megawatt expansion is still the near-term trigger — once that capacity is live, it adds $5.8 million a month on top.
Miners keep courting AI tenants
Ionic isn't alone. The broader trend of Bitcoin miners repurposing power-rich sites for AI infrastructure keeps picking up speed, and Fidelity has noted that AI demand could flatten hash-rate growth in 2026. For miners with the right locations and power contracts, AI hosting is becoming a steadier revenue stream than the volatile block reward.
The next thing to watch is that 89-megawatt expansion. When Ionic delivers it, the monthly rent from Nscale jumps by $5.8 million. Until then, the base rent on the existing site is set to climb from $3.25 million in August to $9.75 million by December.
