Ionic Digital Inc. (IOND)

Price$79.88Cached quoteAs of 2026-09-11 10:27 UTC

AI: Overvalued

Price checkCurrent valuation assumes rapid growth beyond today's contracted capacity and leaves limited room for disappointment.

Using about 44.9 million common shares after the July preferred conversion, Ionic Digital's equity value is roughly $3.36 billion. If June 30 cash of $415.7 million and bitcoin worth $168.7 million are fully credited, about $2.77 billion remains for the operating business. That equals roughly 20 times the midpoint of 2026 adjusted earnings before interest, taxes, depreciation and amortization guidance and about 14 times guided revenue. Those multiples look demanding while expansion approvals remain incomplete and cash generation is still being proven.

Big pictureLeasing improved reported earnings sharply, but operating cash flow has not yet turned consistently positive.

Second-quarter revenue was $48.6 million, up 31% from a year earlier, and digital infrastructure leasing supplied 90% of revenue. Adjusted earnings before interest, taxes, depreciation and amortization reached $37.6 million, versus $3.8 million a year earlier. However, operating cash flow was negative $25.9 million for the first half of 2026, after negative $135.6 million in 2025. Fixed lease cash payments only began in August, so the new model has not yet shown a full quarter of mature cash conversion.

Business strengthLarge liquidity and long contracted rent support resilience, but one customer still dominates revenue.

At June 30, Ionic Digital held $415.7 million of cash and $168.7 million of bitcoin with no outstanding borrowings. Its 126-month infrastructure lease represents about $1.9 billion of contracted revenue, and an additional 89 megawatts could raise that total toward $2.6 billion if capacity becomes available. The weakness is concentration: one customer produced 90.1% of second-quarter revenue. That makes the balance sheet strong, but the operating business remains highly dependent on one relationship and successful delivery of promised capacity.

What could change the storyApproved power expansion could unlock major upside, while warrants and execution delays could dilute that upside.

Ionic Digital is working to expand its Ward County campus from 234 megawatts toward 700 megawatts and convert another 112 megawatts for data-center use. Approval and infrastructure completion are still required for the larger expansion. Capital allocation also matters: 7.55 million preferred shares converted into common stock at the listing, increasing the common base by about one-fifth, and three warrant tranches could add about 3.0 million more shares. Successful expansion would spread fixed assets over more contracted revenue; delays or dilution would weaken that payoff.

AI: News

Private placement funds growthJune financing strengthened liquidity for expansion but materially increased the potential common share count.

On June 26, Ionic Digital announced a $400 million equity private placement that valued the company at $2.0 billion before the new investment. The financing included 7.55 million convertible preferred shares and warrants covering about 3.02 million additional common shares. The cash materially strengthened funding capacity for development, while the securities created meaningful dilution. Because IOND had not yet begun public trading, there was no same-day public stock reaction to measure.

Public listing beginsPublic trading began in July, creating liquidity and immediately revealing strong demand for the shares.

On July 28, Ionic Digital completed its direct listing and IOND began public trading. The shares finished the first session about 26% above their opening level, showing strong initial demand without proving what drove every trade. The listing also triggered conversion of all 7.55 million preferred shares into common stock, bringing the common share base to about 44.9 million. This event established public price discovery while making the June financing dilution visible in the traded share count.

First public quarter reportedAugust results confirmed leasing now drives revenue, while management kept its full-year targets unchanged.

On August 19, Ionic Digital reported second-quarter revenue of $48.6 million, up 31% year over year, with leasing representing 90% of the total. Adjusted earnings before interest, taxes, depreciation and amortization were $37.6 million, compared with $3.8 million a year earlier. Management reaffirmed 2026 revenue guidance of $190 million to $195 million and adjusted earnings guidance of $137.5 million to $142.5 million. The shares closed about 2% higher the next session, though that timing alone does not establish causation.

Loading local price history

Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$141.4M	$138.4M	$115.4M	$146.7M	$150.1M
Operating expenses	$116.7M	—	$114.9M	$94.7M	$25.5M
Operating income	−$63.3M	—	−$73.8M	−$16.4M	$98.5M
Operating margin	−44.79%	—	−63.89%	−11.17%	65.64%
EBITDA	$3.4M	—	−$103.9M	−$339.1M	$109.3M
EBITDA margin	2.40%	—	−90.03%	−231.17%	72.82%
Net income	−$247.7M	$40.1M	−$170.4M	−$436.1M	$57.0M
Net profit margin	−175.20%	29.00%	−147.63%	−297.34%	37.97%
Basic EPSper basic share	-$6.63	—	—	-$9.71	$1.52
Diluted EPSper diluted share	$37,374,261.00	$37,374,261.00	—	-$9.71	$1.52

Review official source filings ↗

Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about IOND yet. Start the conversation.

Write the first post

Ionic Digital Inc. (IOND)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.