Ionic Digital Inc. (IOND) AI Stock Analysis
IOND AI stock analysis summary
AI ResearchIonic Digital Inc. (IOND) is a digital infrastructure and cryptocurrency mining firm with a market capitalization of $2.83B. While revenue rebounded 22.5% in FY2025 to $141.4M, the company generated net income of -$247.7M and free cash flow of -$107.6M. The balance sheet maintains a strong net cash position of $415.6M as of June 30, 2026.
- Market cap
- $2.83B
- Revenue (TTM)
- $163.2M
- P/E
- —
- 1Y return
- — S&P 500 16.8%
- Avg. target
- $85.00 35.3% vs last close
Bull case
- Analysts project strong profitability turning positive with a fiscal 2026 EPS estimate of $0.69 and next fiscal year EPS of $2.35.
- The company maintains a debt-to-equity ratio of 0.00 with $415.6M in net cash as of June 30, 2026.
- Trailing quarterly revenue growth reached 30.8% year-over-year in the period ended June 30, 2026.
Bear case
- Free cash flow remained negative in FY2025 at -$107.6M, continuing an ongoing annual cash drain.
- The stock trades at an EV-to-EBITDA multiple of 72.4x, well above the US-listed Financial Services peer median of 11.7x.
- Net income remained negative at -$247.7M in FY2025, alongside a trailing twelve-month profit margin of -183.8%.
What Ionic Digital does
Ionic Digital Inc. operates as a digital infrastructure solutions and cryptocurrency mining company. It leases digital infrastructure assets to hyperscalers, enterprise customers, and other businesses for high-performance computing and artificial intelligence cloud infrastructure. Incorporated in 2024 and based in Washington, District Of Columbia, the company employs 15 people and trades on the NASDAQ under the ticker IOND.
Growth and profitability
Revenue fell from $150.1M in FY2021 to $146.7M in FY2022 and $115.4M in FY2023, before rebounding 22.5% to $141.4M in FY2025. This yields a 3-year revenue CAGR of -2.0% from FY2021 to FY2025. Gross margin contracted from 82.6% in FY2021 to 37.8% in FY2025, while operating margin shifted from 65.6% to -44.8%. Net income was -$247.7M in FY2025 compared to a net profit of $57.0M in FY2021. For the trailing twelve months ended June 30, 2026, revenue stood at $163.2M with quarterly revenue growth of 30.8% year-over-year, an operating margin of 42.8%, and an EPS of -$6.68.
Balance sheet and cash flow
As of June 30, 2026, Ionic Digital held $415.7M in cash and short-term investments and total debt of $138,000, creating net cash of $415.6M. Total assets stood at $922.5M alongside shareholders' equity of $510.6M. The company shows a debt-to-equity ratio of 0.00 and a current ratio of 24.39. In FY2025, operating cash flow was -$96.5M and capital expenditures were $11.1M, leading to free cash flow of -$107.6M.
Valuation and performance
Ionic Digital trades at an enterprise value of $3.31B and a market capitalization of $2.83B. Its valuation multiples include a price-to-sales ratio of 17.3x and an EV-to-EBITDA ratio of 72.4x, well above the median of its US-listed Financial Services peers at 3.2x price-to-sales and 11.7x EV-to-EBITDA. Its price-to-book ratio is 7.6x. At the last close of $62.81 on October 16, 2026, the stock traded between its 52-week low of $50.00 and 52-week high of $89.36, while the S&P 500 returned 16.8% over one year.
What analysts expect
Consensus ratings from 2 analysts consist of 2 Strong Buy ratings, with zero Buy, Hold, Sell, or Strong Sell ratings. The mean price target is $85.00, representing upside of 35.3% over the last close of $62.81. For the fiscal year ending December 31, 2026, analysts forecast revenue of $193.4M and an EPS of $0.69. For the next fiscal year, estimates project revenue of $226.9M, representing 17.3% growth, and EPS of $2.35, representing 238.1% growth. The next earnings date is November 4, 2026.
Key risks and what to watch
- Annual free cash flow has been negative across all reported years, including -$107.6M in FY2025.
- Valuation multiples are elevated relative to the US-listed Financial Services peer median price-to-sales of 3.2x versus IOND's 17.3x.
- Revenue CAGR between FY2021 and FY2025 is -2.0%, showing an overall multi-year top-line decline despite recent quarterly growth.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this IOND AI stock analysis
This page is an AI-written research summary of Ionic Digital Inc. (IOND). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: IOND income statement, IOND balance sheet, IOND key metrics, IOND analyst forecast, IOND chart. See the IOND stock overview for the latest quote and news.
IOND AI stock analysis FAQ
Does Ionic Digital pay a dividend?
No, Ionic Digital does not pay a dividend.
What are analysts' price targets for IOND?
Two analysts follow IOND with a mean price target of $85.00, which is 35.3% above the last closing price of $62.81.
How much cash and debt does Ionic Digital have?
As of June 30, 2026, Ionic Digital held $415.7M in cash and short-term investments against $138,000 in total debt, resulting in a net cash position of $415.6M.
When is Ionic Digital's next earnings report?
Ionic Digital's next earnings report is scheduled for November 4, 2026.