Bitcoin miner Ionic gets 90% of revenue from AI lease as BTC drives $35M loss
Ionic Digital, a Bitcoin miner repositioning its energy websites for AI infrastructure, generated 90% of its second-quarter revenue from leasing. Its Q2 accounts present an uneven transition: working revenue has shifted away from mining quicker 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 revenue, whereas mining contributed $4.8 million, in response to the corporate’s second-quarter filing. Ionic acknowledged that lease revenue on a straight-line foundation regardless that recurring base hire started after the quarter, making money assortment the subsequent measure of the shift.
However, Bitcoin nonetheless formed all the quarter. Ionic recorded a $28.2 million noncash truthful worth loss on its Bitcoin holdings, contributing to a GAAP web loss 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 firm additionally modified the non-GAAP measure this quarter to exclude realized and unrealized crypto features and losses and recast prior intervals. The measure displays administration’s view of working efficiency, whereas GAAP earnings stay delicate to Bitcoin costs
Recurring hire begins beneath lease revenue
Ionic’s registration statement says the Ward County working lease started Dec. 19, 2025, with revenue acknowledged on a straight-line foundation. Nscale paid a $45.6 million advance fee in November 2025, whereas scheduled base hire started Aug. 1, after Q2 ended. The advance fee and later hire schedule imply Q2 lease revenue doesn’t instantly 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 total required-capacity fee. A separate 89-megawatt enlargement remained unavailable in Q2; its extra $5.8 million month-to-month hire begins when Ionic gives that capability.
The filings present the timing distinction with out detailing the total Q2 cash-revenue reconciliation. Deferred digital infrastructure leasing revenue fell by $39.8 million throughout the first half, whereas present different receivables reached $49.0 million on the finish of June and not using a class breakdown.
Financing accounted for many of Ionic’s enhance in money. The firm began the yr with $43.5 million, acquired $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 distinction is essential as miners flip power-rich websites into AI infrastructure. Recent miner lease agreements present why reported revenue needs to be assessed alongside financing and supply schedules.
Ionic’s working revenue 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.
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