Ionic Digital Q3 Revenue Up 32% as AI Data Center Leasing Dominates

The revenue mix tells the story: a bitcoin miner now earns nearly all its income from leasing infrastructure, with mining collapsing to a residual line. That pivot explains the EBITDA jump, but the gap between adjusted EBITDA and cash rent actually received is the detail that matters for assessing earnings quality. The open question is whether cash collections converge toward reported figures as the leasing book matures, or whether the headline profitability remains largely non-cash.