Ionic Digital Inc. · NASDAQ:IOND
Ionic Digital — Q2 2026 Earnings Presentation
20 slides from Ionic Digital's earnings presentation, Aug 19, 2026
Slide 1: Investor Update
Investor Update August 19, 2026
Slide 2: Disclaimer
Disclaimer This presentation, together with the accompanying materials and any oral statements made in connection herewith (this “Presentation”), is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offer or sale of secu
Slide 3: Ionic Digital At A Glance
Ionic Digital At A Glance • Ionic Digital controls market-ready assets with 822 MW of power pipeline to deliver capacity for AI workloads • Demonstrated execution capability, since pivot to HPC / AI infrastructure strategy 1 Positioned for significant HPC / AI demand 323 MW 822 MW 2 Long-term recurr
Slide 4: 2Q 2026 Key Earnings Results
2Q 2026 Key Earnings Results Total Revenue1 $48.6M % Digital infrastructure leasing revenue 90% $48.6M 2Q 2026 revenue1 Adj. EBITDA2 $37.6M 90% Digital infrastructure Adj. EBITDA Margin2 77% leasing Capex $5.8M Digital Digitalinfrastructure leasing infrastructure leasing Cryptocurrency mining Crypto
Slide 5: Satisfying the Criteria to Qualify as Base Load in ERCOT's Batch Zero Process
Satisfying the Criteria to Qualify as Base Load in ERCOT’s Batch Zero Process Satisfying Criteria for Base Load 700 MW Facility Extension Agreement Executed in 2021 under ERCOT Planning Guide §9.2.1.1(1)(b) Jun 2021 Texas New Mexico Power (TNMP) study agreement for a 700 MW facility at Ward County
Slide 6: Data Center-First Team Experienced In "Power Now" Solutions
Data Center-First Team Experienced In "Power Now" Solutions Andy Stewart Chris Hickman Antonio Piraino Mark Lambourne Richard Carson Chief Executive Officer Chief Financial Officer Chief Strategy Officer Chief Development Officer General Counsel ● 30+ years: Leading data ● 20+ years: Overseeing ● 20
Slide 7: Our Data Center Sites
Our Data Center Sites 8221 MW of total utility capacity all in the high-demand West Texas market Our Flagship Data Center Property Our Immediate Midland Expansion Potential Ward County Rebel Garden City Glasscock Midland County ~54 miles - 0.68ms RT5 234 MW Aug-26 ~23 miles - 0.44ms RT5 Energized Ca
Slide 8: 822 MW Pipeline of Utility Power
822 MW Pipeline of Utility Power Values in MW Contracted Base Embedded Growth Agentic Frontier Annual Contracted Revenue $183M1 $68M2 112 10 822 Positioned for 377 700 What’s Next Expected conversion for HPC / AI data centers Following Demand: Agentic AI growing rapidly, requiring different soluti
Slide 9: Annual Contracted Revenue
Significant Upside Potential for 822 MW Pipeline of Utility Power 323 MW Fully Contracted to Nscale Illustrative Potential of Existing Sites Potential revenue upside depends on Annual Contracted Revenue turnkey development and/or increased demand for power Assumes $65/kW monthly rate contracted in N
Slide 10: Our Growth Is Centered On Three Pillars
Our Growth Is Centered On Three Pillars Develop <100 MW sites in major metro areas Scaling Ward County to 700 MW Serving agentic AI for the Incremental 89 MW at Ward enterprise expected by H2 2027 Midland conversion – active conversations with multiple Nscale lease expands to parties $25
Slide 11: 2026 Outlook
2026 Outlook Total Revenue1 $190M – $195M % Digital infrastructure leasing revenue 90% – 92% Adj. EBITDA2 $137.5M – $142.5M Adj. EBITDA Margin2 72% – 73% Capex3 $45M – $60M Ward County Capex3 $40M – $50M Midland Capex3 $5M – $10M 1) Accrual basis. Nscale lease contracted cash payments commenced in A
Slide 12: Key Investment Highlights
Key Investment Highlights 1 Positioned for HPC / AI demand with immediate energized capacity 2 Ward County: 323 MW contracted | ~$2.6B NNN lease | $251M1 Annual Contracted Revenue 3 Scaling Ward County to ~700 MW | Efforts underway to convert Midland 4 Tailoring solutions (powered shell or turnkey)
Slide 13: Appendix
IONIC Digi Appendix igital
Slide 14: Shift To Inference and Agentic AI Is Reshaping Data Center Demand
Shift To Inference and Agentic AI Is Reshaping Data Center Demand AI’s evolution is shifting capacity from centralized training campuses to distributed inference and agentic compute, multiplying token throughput Data Centers Evolve With Use Cases Global Data Center Monthly Token Usage for Demand by
Slide 15: Agentic AI Is The Next Frontier For Data Center Growth
Agentic AI Is The Next Frontier For Data Center Growth The Data Center Market Evolved To Massive Scale The Next Demand Wave Will Come From Agentic AI The Foundation The Cloud Era The Training Peak The Agentic Frontier (1990s – 2010) (2010 – 2022) (2022 – Present) (Future) Standard Colocation Hyper
Slide 16: We Focus On High Certainty & Return On Capital Leasing Models
We Focus On High Certainty & Return On Capital Leasing Models Our model provides maximum flexibility for the best risk-adjusted returns Powered Shell Built-to-Suit / Turnkey Colocation Tenant controls full stack Landlord owns & Asset ownership Tenant leases rack space only (IT, power, cooling) opera
Slide 17: Ward County Lease Overview
Ward County Lease Overview • Contracted Capacity: 323 MW total: 234 MW energized today + 89 MW expansion energizing H2’27 • Monthly Cash Rent Commencement: August 1, 2026 • Term: 126 months, with 10-year extension at market rate ~$2.6B ~$860M Contracted Revenue Nvidia Guarantee • Base Rent: $65/kW/m
Slide 18: Midland Capacity Spans 60 Acres Across 4 Proximal Sites
Midland Capacity Spans 60 Acres Across 4 Proximal Sites Midland provides current cash flow with embedded AI conversion potential with 112 MW energized today and 122 MW total pipeline Rebel, Garden City, Glasscock County Glasscock County TODAY | Midland drives Ionic’s current self-mining operations F
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) to supplement our condensed consolidated financial statements. These non-GAAP financial measures provide
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Three Months Ended June 30, 2026 Net income (loss) ($35,305) Interest (income) expense (179) Provision (benefit) for income taxes 27,248 Depreciation 4,903 Amortization 5 Stock-based compensation expense1 8,990 Loss (gain) on fair value of cryptocurrency 28,204 Realized loss