Ionic Digital Q2 revenue up 31% YoY, AI leasing replaces Bitcoin mining as main business

PANews reported on August 20, according to The Energy Mag, Ionic Digital, a Bitcoin mining company transitioning to AI infrastructure, released its first post-listing financial report, with second-quarter revenue up 31% year-over-year to $48.6 million, of which AI infrastructure leasing contributed $43.8 million (accounting for 90%), while Bitcoin mining revenue fell from $37.2 million to $4.8 million. Adjusted EBITDA rose from $3.8 million to $37.6 million.

The company posted a net loss of $35.3 million, mainly due to a $28.2 million non-cash loss from changes in the fair value of crypto assets. Ionic held $415.7 million in cash and 2,882 bitcoins (worth $168.7 million) at quarter-end, with no outstanding borrowings. Ionic directly listed on Nasdaq on July 28.