$IOND

Ionic Digital Inc.

CIK:0002007691|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total Revenue	$ 48,647	$ 37,192	$ 100,087	$ 78,273
Operating expenses
Depreciation	4,903	16,917	10,479	33,374
General and administrative expenses	19,465	10,796	35,706	17,907
(Gain) loss on fair value of cryptocurrency	28,204	(46,780)	81,527	(1,332)
Realized gain on sale of cryptocurrency assets	0	(14,796)	0	(32,410)
Loss (gain) on sale of property and equipment	847	(2)	544	(21)
Other operating expenses, net	195	250	382	500
Total operating expenses	56,883	(11,359)	137,975	65,487
Operating income (loss)	(8,236)	48,551	(37,888)	12,786
Other income
Interest income	179	359	506	700
Realized loss on cryptocurrencies derivatives	0	(130)	0	(130)
Loss on litigation settlement	0	(8,079)	0	(8,079)
Other income (expense)	179	(7,850)	506	(7,509)
Income (loss) before provision for income taxes	(8,057)	40,701	(37,382)	5,277
Benefit for income taxes	27,248	8,787	10,907	1,394
Net income (loss)	$ (35,305)	$ 31,914	$ (48,289)	$ 3,883
Basic net loss per share (in dollars per share)	$ (0.94)	$ 0.85	$ (1.29)	$ 0.10
Diluted net loss per share (in dollars per share)	$ (0.94)	$ 0.85	$ (1.29)	$ 0.10
Weighted-average number of shares used in computing net loss per share, basic (in shares)	37,374,261	37,374,261	37,374,261	37,374,261
Weighted-average number of shares used in computing net loss per share, diluted (in shares)	37,374,261	37,374,261	37,374,261	37,374,261
Cryptocurrency mining
Total Revenue	$ 4,798	$ 37,192	$ 12,199	$ 78,273
Operating expenses
Cost of revenue	3,060	22,256	8,663	47,469
Digital infrastructure leasing
Total Revenue	43,849	0	87,888	0
Operating expenses
Cost of revenue	$ 209	$ 0	$ 674	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (48,289)	$ 3,883
Adjustments to reconcile net loss to net cash used in operating activities
Mining revenue received in bitcoin	(12,199)	(78,273)
Hosting costs paid in bitcoin	0	592
Depreciation and amortization	10,489	33,384
Loss (gain) on the fair value of cryptocurrency assets	81,527	(1,332)
Realized gain on sale of cryptocurrency assets	0	(32,410)
Loss (gain) on sale of property and equipment	544	(21)
Deferred initial direct leasing costs	337	0
Non-cash lease expense	31	38
Stock compensation expense	15,438	0
Deferred income taxes, net	10,813	1,120
Changes in assets and liabilities
Other receivables	(38,593)	(797)
Prepaid expenses and other current assets	4,461	(7,501)
Deferred digital infrastructure leasing revenue	(39,793)	0
Accounts payable and other accrued liabilities	(10,785)	9,827
Non-current liabilities	84	235
Net cash used in operating activities	(25,935)	(71,255)
Cash flows from investing activities
Purchases of property and equipment	(5,827)	(4,152)
Proceeds from the sale of mining equipment	659	21
Proceeds from assets held for sale	3,331	0
Proceeds from sale of cryptocurrency assets	0	64,238
Net cash provided by (used in) investing activities	(1,837)	60,107
Cash flows from financing activities
Proceeds from issuance of warrants	34,061	0
Proceeds from issuance of Series A preferred stock	365,939	0
Net cash provided by financing activities	400,000	0
Net increase (decrease) in cash and cash equivalents	372,228	(11,148)
Cash and cash equivalents at the beginning of the period	43,510	48,393
Cash and cash equivalents at the end of the period	415,738	37,245
Supplemental schedule of non-cash financing and investing activities
Assumption of liability for the acquisition of PPE	876	2,347
Private Placement Issuance Costs in accounts payable and accruals	$ 16,800	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 415,738	$ 43,510
Cryptocurrency assets	168,680	237,947
Other receivables, current (net of $0.0 million and $5.1 million allowance for credit losses as of June 30, 2026 and December 31, 2025, respectively)	48,994	10,460
Prepaid expenses and other current assets	6,966	11,427
Assets held for sale	2,187	0
Total current assets	642,565	303,344
Non-current assets
Property and equipment, net	65,641	76,156
Deferred initial direct leasing costs	6,466	6,803
Other receivables, non-current (net of $3.3 million allowance for credit losses as of June 30, 2026 and December 31, 2025)	370	370
Deposits and other non-current assets	2,211	2,253
Goodwill	161,608	161,608
Deferred tax assets, net	43,657	54,470
Total non-current assets	279,953	301,660
TOTAL ASSETS	922,518	605,004
Current liabilities
Deferred digital infrastructure leasing revenue	0	39,793
Accounts payable	1,178	1,720
Accrued expenses and other current liabilities	25,167	19,159
Total current liabilities	26,345	60,672
Non-current liabilities
Non-current portion of lease liability	138	170
Warrant liability	34,061	0
Other non-current liabilities	871	755
Total non-current liabilities	35,070	925
TOTAL LIABILITIES	61,415	61,597
Commitments and contingencies (Note 15)
Mezzanine Capital
Series A convertible preferred stock, $0.00001 par value, 7,547,166 and zero shares authorized, 7,547,166 and zero issued and outstanding as of June 30, 2026 and December 31, 2025; aggregate liquidation preference of $600.0 million and $0.0 million as of June 30, 2026 and December 31, 2025, respectively	350,547	0
Stockholders’ Equity
Class A common stock, $0.00001 par value, 1,000,000,000 shares authorized, 37,374,261 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	766,423	750,985
Accumulated deficit	(255,867)	(207,578)
TOTAL STOCKHOLDERS' EQUITY	510,556	543,407
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY	922,518	605,004
Series Z Preferred Stock
Stockholders’ Equity
Preferred stock, $0.00001 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Series Z Preferred Stock
Stockholders’ Equity
Preferred stock, $0.00001 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	$ 0	$ 0