Ionic Digital reported third-quarter revenue of $48.9 million, up 32% year over year, as its shift from Bitcoin mining toward AI data-center leasing gained traction. Digital infrastructure leasing contributed approximately $43.9 million, nearly 90% of total revenue, while crypto mining revenue plunged 86% to roughly $5.1 million from $37.1 million a year earlier. Adjusted EBITDA rose to approximately $35 million from $154,000. Cash rent received, however, was only about $7 million despite the leasing revenue booked. Ionic reiterated its full-year 2026 revenue guidance of $190 million to $195 million and is seeking tenants for nearly 500 megawatts of additional power capacity across its Texas facilities.