Revenue from Bitcoin (BTC) mining at Ionic Digital Inc. fell to $5.1 million in the third quarter, while leasing lifted total revenue 32% to $49 million and changed the balance of the company’s business.
Digital infrastructure leasing generated $43.884 million, compared with $5.082 million from mining, according to the company’s results. Mining revenue was $37.096 million in the same quarter a year earlier, a decline of about 86%. Leasing accounted for nearly 90% of quarterly revenue.
Ionic reported net income of $17.438 million and adjusted EBITDA of $34.988 million. Adjusted EBITDA is a measure the company reports outside generally accepted accounting rules. The company said net income included an approximately $73 million noncash gain tied to cryptocurrency valuations and a roughly $66 million noncash charge related to warrant values. Those items affected reported earnings but were not cash revenue from leases or mining.
Cash rent received from tenants totaled about $7 million in the quarter, compared with $43.884 million recorded as leasing revenue. Chief Financial Officer Chris Hickman said cash rent is expected to increase through February 2028.
Ionic described a development pipeline at its Ward County site in Texas. A 466 gross MW large-load request received provisional classification, and 377 gross MW are expected to be energized in late 2027. The timeline depends on remaining regulatory approvals and utility infrastructure work.
Ionic said customer interest reflects demand for power available in the near term amid uncertainty around other projects. The company says its expansion approach aims to protect ratepayers and benefit local communities. The Electric Reliability Council of Texas (ERCOT) was expected to complete its final classification process in December 2026, a decision point for the power request.
