Ionic Digital Announces Third Quarter 2026 Results
Key Highlights
- ➤Q3 revenue $49 million, up 32% year-over-year
- ➤Adjusted EBITDA $35 million, versus less than $1 million prior year
- ➤Digital infrastructure leasing represented approximately 90% of total revenue
- ➤466 gross MW Ward County request received provisional ERCOT Batch Zero classification
- ➤2026 outlook reaffirmed: total revenue $190 million to $195 million
Expert Statements
Andy Stewart, Chief Executive Officer of Ionic Digital
“In the third quarter, we made steady progress toward our priority of leasing the remaining capacity across our Ward County and Midland sites.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“Customer interest built across our portfolio during the quarter, reflecting the value the market places on near-term power at a time when many projects face uncertainty.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“Our 466 MW large-load request at Ward County received provisional Batch Zero Baseload Pathway (b) classification, which ERCOT reserves for projects that are not considered new because they have already achieved initial energization.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“We continue to expect energization in late 2027 as ERCOT completes its final classification process in December.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“We look forward to working with the new administration in Texas and continue to support responsible data center development that protects ratepayers and benefits our local communities.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“We believe our ability to offer significant grid power, together with our team’s experience developing, constructing, and contracting data centers, provides us a compelling opportunity to generate attractive risk-adjusted returns.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“As we evaluate potential leases, whether turnkey or powered shell, we are prioritizing high-quality counterparties and terms that support a prudent capital structure.”
Andy Stewart, Chief Executive Officer of Ionic Digital
“Looking ahead, I am excited about the opportunity for Ionic Digital to deliver long-term value as data center customers place a greater premium on power certainty, execution capability, and financial strength.”
Chris Hickman, Chief Financial Officer of Ionic Digital
“Our third quarter results were in line with our expectations, including $44 million of digital infrastructure leasing revenue, or $7 million on a cash basis, with cash rent continuing to ramp through February 2028.”
Chris Hickman, Chief Financial Officer of Ionic Digital
“We ended the quarter with approximately $630 million of liquidity and no debt.”
Chris Hickman, Chief Financial Officer of Ionic Digital
“Since the end of the quarter, we have sold approximately 25% of our bitcoin for approximately $62 million in cash, ahead of our expected development ramp next year.”
Chris Hickman, Chief Financial Officer of Ionic Digital
“Given the capital needs to develop AI infrastructure and data centers, we believe we are well positioned with our Nscale lease supported by Microsoft demand and a guarantee from Nvidia, and a strong balance sheet that gives us clear visibility to funding the development of our existing sites.”
Received provisional Batch Zero Baseload Pathway (b) classification from ERCOT in September 2026 for 466 gross MW large-load request
Management team with extensive data center experience, focused on monetizing remaining ~500(1) gross MW near-term power pipeline
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