Ionic Digital is no longer a bitcoin miner that happens to own Texas power. It is a landlord that has already put its flagship West Texas campus under a long triple-net lease to Nscale, the AI-cloud operator filling the site for a Microsoft-backed GPU deployment. Chief Executive Officer Andy Stewart used the first public-company print to say the mix has flipped. Digital infrastructure leasing supplied nine tenths of June-quarter sales, against none a year earlier.
The income statement already books that lease on a straight-line basis. Cash rent only started in August, after the quarter closed, and ramps in steps through year-end. That gap is the entire near-term story. Reported leasing profit is real accounting. It is not yet a matching cash coupon.
June-quarter revenue reached $48.6 million. Adjusted EBITDA, meaning earnings before interest, taxes, depreciation, amortization, and the extra add-backs, was $37.6 million. GAAP still printed a loss because bitcoin marks and a tax provision swamped the operating line. The question the next year resolves is whether cash rent, the extra contracted megawatts, and grid permission arrive on the schedule the equity already capitalizes.