Ionic Digital reported third-quarter revenue of $48.9 million, a 32% year-over-year increase, as its pivot from Bitcoin mining to AI data center leasing gained traction. Digital infrastructure leasing generated approximately $43.9 million, accounting for nearly 90% of total revenue, while crypto mining revenue plummeted 86% to roughly $5.1 million from $37.1 million in the same period last year. Adjusted EBITDA surged to approximately $35 million, compared with just $154,000 a year earlier. However, actual cash rent received stood at only about $7 million despite the $43.9 million in leasing revenue booked. The company reiterated its full-year 2026 guidance of $190–$195 million in total revenue and is actively seeking tenants for nearly 500 megawatts of additional power capacity across its Texas facilities.