Ionic Digital Forecasts up to $195M in 2026 Revenue Ahead of Nasdaq Debut

Ionic Digital said it expects as much as $195 million in revenue this year, offering investors a first financial outlook days before the bitcoin miner-turned-digital infrastructure company is set to begin trading on Nasdaq.

The company said on July 21 that it expects second-quarter revenue of $47.5 million to $48.5 million and adjusted EBITDA of $36 million to $37 million. For the full year ending Dec. 31, 2026, Ionic forecast revenue of $190 million to $195 million and adjusted EBITDA of $137.5 million to $142.5 million. It said roughly 90% to 92% of revenue in both periods is expected to come from digital infrastructure leasing.

The company also projected second-quarter capital expenditures of $5.5 million to $6.5 million and full-year spending of $45 million to $60 million, excluding potential outlays for new site acquisitions. A reconciliation included in the outlook pointed to a preliminary second-quarter net loss of about $34 million to $35 million, largely reflecting non-cash items including changes in the fair value of cryptocurrency.

The outlook underscores Ionic’s shift away from pure bitcoin mining toward leasing powered capacity for artificial intelligence and high-performance computing workloads. In its registration statement, the company said it generated $44 million of digital infrastructure leasing revenue in the first quarter from its Ward County, Texas facility, while cryptocurrency mining revenue fell about 82% from a year earlier to $7.4 million.

Ionic was formed in January 2024 to acquire Celsius Mining assets through the bankruptcy reorganization of Celsius Network. The company said this week that its registration statement had been declared effective by the US Securities and Exchange Commission and that its shares are expected to begin trading on the Nasdaq Global Select Market under the ticker IOND on July 28, 2026. The direct listing will not raise proceeds for the company. Last month, Ionic separately raised $400 million in a private placement to fund growth.