Ionic Digital Inc. · NASDAQ:IOND
Ionic Digital — Investor Day (July 2026)
37 slides from Ionic Digital's investor day presentation, July 2026
Slide 1: Investor Day July 2026
IONIC Digital Investor Day July 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 shall not constitute or form any part of an offer to purchase, sell or exchange any security, a solicitation of any
Slide 3: Investor Day Agenda
Investor Day Agenda Introductions 4 Company Overview 5 Growth Opportunity 16 Governance 25 Financial Overview 27 Key Investment Highlights 33 3
Slide 4: 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 5: Company Overview
Company Overview 5
Slide 6: Delivering Power Now
Delivering Power Now Positioned to capitalize on the next Monetizing energized sites for HPC / AI1 demand wave of AI Inference Digital Pivoted to digital infrastructure mid-2025, signing 10Y lease with Nscale within months, with a infrastructure contracted value now at $2.6B provider monetizing Data
Slide 7: 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 MW1 2 Long-term recur
Slide 8: Our Journey To Powering The AI Future
Our Journey To Powering The AI Future 2024 2025 2026 Operating Launch Strategic Shift to HPC / AI Sector Positioned For Scale • Formed to acquire all mining • July 2025 – Initiated leasing outreach • February 2026 - Expanded Nscale assets of Celsius Mining following lease (323 MW) its Ch. 11 bankrup
Slide 9: Power Is The Backbone Of The AI Revolution
Power Is The Backbone Of The AI Revolution 66 GW ~50% 241 GW 1.4% U.S. data center power Projected power demand Total U.S. data center North America Primary demand by 20271 excess to supply2 development pipeline3 Market Vacancy in 20254 AI Is Driving Growth, While Power Is Defining Winners HPC / AI
Slide 10: Large West Texas Developments Suggest Strong Demand Landscape
Large West Texas Developments Suggest Strong Demand Landscape Concentrated hyperscale and HPC / AI campus investment across West Texas signals durable, multi-GW demand for power-ready data centers Key West Texas Differentiators 6 Low-cost Abundant Time to Established Power Access Land Power Ecosyste
Slide 11: 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 RT4 234 MW Aug-26 ~23 miles - 0.44ms RT4 Energized Ca
Slide 12: Total Secured Utility Power (In MWs)
Total Secured Utility Power (In MWs) Large pipeline of secured utility power with clear growth trajectory Contracted Base Embedded Growth Agentic Frontier $183M $68M Available To Lease For HPC / AI Data Annual Annual Center Tenancy Contracted Revenue1 Contracted Revenue2 112 10 822 Positioned for 37
Slide 13: Nscale Is A Full-Stack AI Infrastructure Provider
Nscale Is A Full-Stack AI Infrastructure Provider Vertically integrated platform enabling cost-efficient, full-stack AI infrastructure at a global scale Nscale Overview Highlights and Value Proposition • Full-stack, vertically integrated AI hyperscaler developing ✓ Full-stack model delivers cost-eff
Slide 14: Ward County Lease Overview
Ward County Lease Overview Execution of long-term contract with Nscale validates strategic pivot to serving HPC / AI data center sector Key Lease Terms • Contracted Capacity: 323 MW total: 234 MW energized today + 89 MW expansion energizing H2’27 • Monthly Cash Rent Commencement: August 1, 2026 ~$2.
Slide 15: 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 16: Growth Opportunities
IONIC Digital Growth Opportunities
Slide 17: Our Growth Is Centered On Three Pillars
Our Growth Is Centered On Three Pillars ▪ Develop <100 MW sites in ▪ Ward County reaches major metro areas 700 MW (Nscale ROFR) ▪ Serving agentic AI for the ▪ Incremental 89 MW at enterprise ▪ Midland conversion – Ward by H2 2027 active conversations with ▪ Nscale lease expands to multiple parties $
Slide 18: 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 19: 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 20: Ward County Status & Expansion Opportunity
Ward County Status & Expansion Opportunity Consistent progress towards realizing the potential embedded at our Ward County site 1 Data Hall Cluster 1 2 Ionic Substation 2 3 TNMP1 Transmission Substation 3 377 MW Expansion Expected To Come To Market $64M Illustrative renderings of phase 2 at Ward Cou
Slide 21: Ward County Expansion
Currently Energized Ward County Expansion H2 ’27 Contracted Expansion Significant runway of capital efficient growth Remaining Expansion (Illustrative) Illustrative only; not a forecast 700 MW 377 MW $130/kW monthly NNN lease1 $24M $65/kW monthly NNN lease @ 700 MW online 89 MW $40M 234 MW $68M $183
Slide 22: 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 23: Key Milestones For Embedded Expansion
Key Milestones For Embedded Expansion Ward County Expansion Midland Conversion ERCOT1 Energization Process Request & Qualification +89 MW +377 MW +112 MW 1 Submit the request to connect power load to grid via the TSP2 and elect into ERCOT’s Batch Zero process Expansion 1 Expansion 2 HPC / AI Convers
Slide 24: Well Positioned To Pursue Acquisition Opportunities To Power Agentic AI
Well Positioned To Pursue Acquisition Opportunities To Power Agentic AI Disciplined acquisition criteria and a proven four-step process to source, underwrite, and scale power-rich sites for major metros and surrounding areas Acquisition criteria — What we look for in every opportunity Location Power
Slide 25: Governance
IONIC Digital Governance
Slide 26: Strong Governance With Shareholder-Aligned Safeguards
Strong Governance With Shareholder-Aligned Safeguards 6 of 7 100% 1 Independent Audit, Comp, and Nom/Gov Directors are independent Vote per share committees LEADERSHIP STRUCTURE VOTING RIGHTS SHAREHOLDER ENGAGEMENT PUBLIC READINESS Chair / CEO split One share, one vote Responsive to investors Strong
Slide 27: Financial Overview
IONIC Digital Financial Overview
Slide 28: Financial Highlights
Financial Highlights Long-term Recurring Cash Flows $251M annual contracted revenue1 once capacity reaches 323 MW Robust contracted site-level margin → EBITDA margins expand with scale Best-in-Class Economics <1 Year payback period on capex under Nscale contract Debt-free Strong Balance Sheet Flexib
Slide 29: Historical Financial Overview
Historical Financial Overview Total Revenue ▪ Revenue mix transitioned to 85% Digital Infrastructure Leasing $206 digital-infrastructure lease revenue 30 Bitcoin Mining $141 as revenue recognition from the Nscale lease began 176 136 ▪ Digital infrastructure revenue is 6 recognized straight-line at ~
Slide 30: Equity Investment Transaction Overview
Equity Investment Transaction Overview Investors KEY TRANSACTION TERMS Close Date June 26, 2026 Invested Capital $400M ■ Blue Chip Anchors — Tier-1 investors signal broad conviction Equity Valuation $2.4B ($53.00 / share) in the Ionic story (Post-Money) 16.7% implied pro-forma ownership ■ Long-term
Slide 31: Annual Contracted Revenue
Based on $65/kW monthly HPC / AI Data Center Conversion Benefits NNN lease @ 700 MW online Based on $130/kW monthly Total Utility Power (822 MW) provides material upside revenue potential NNN lease1 Illustrative only; not a forecast. Fully Contracted to Nscale Illustrative Potential of Existing Site
Slide 32: Outlook & Capital Allocation Framework
Outlook & Capital Allocation Framework Key Metrics Capital Allocation Strategy Capital Investment Priorities Annual Contracted Revenue1 $170M – $175M ▪ Expansion of Ward County ▪ HPC / AI conversion of Midland ▪ Acquisition and development of agentic inference-focused data Contracted Site-Level Marg
Slide 33: Key Investment Highlights
Key Investment Highlights 1 Positioned within significant HPC / AI hosting cycle with immediate energized capacity 2 323 MW contracted (~$2.6B1 NNN lease) with Nscale, supported by Nvidia guarantee Contracted capacity scaling to ~700 MW (+89 MW amendment, +377 MW ROFR) plus efforts to 3 convert Midl
Slide 34: Appendix
IONIC Digi Appendix igital
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q1’26 FY2025 Q1 2026 Annualized1 Total revenue $141,398 $51,440 $205,760 Cost of revenue, excluding depreciation (87,998) (6,068) (24,272) Depreciation (66,702) (5,576) (22,304) Gross Profit ($13,302) $39,796 $159,184 Depreciation 66,702 5,576 22,304 Adjusted gross profit $5
Slide 36: Non-GAAP Reconciliations (Continued)
Non-GAAP Reconciliations (Continued) Q1’26 FY2025 Q1 2026 Annualized1 Net income (loss) ($247,723) ($12,984) ($51,936) Interest (income) expense (1,215) (327) (1,308) Provision (benefit) for income taxes (66,061) (16,341) (65,364) Depreciation 66,702 5,576 22,305 Amortization 21 5 21 Share-based com
Slide 37: Aap
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