Galaxy Digital reported a reduced loss in the first quarter, driven by a strategic shift in its business operations and enhanced financial discipline, despite the impact of declining cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, which was less than the anticipated 59 cents per share. Revenue declined to $10.2 billion from $12.9 billion in the same quarter of the previous year.
Galaxy Digital has been focusing on meeting the increasing demand for data centers and has delivered its first data hall at the Helios campus in Texas to CoreWeave, under a long-term lease agreement focused on artificial intelligence workloads. The company noted that its adjusted gross profit remained relatively stable due to the growth of recurring fee revenue and transaction income, which provided greater resilience during softer market conditions.
The company's disciplined approach to expense management also contributed to narrowing the adjusted EBITDA loss, highlighting its focus on operational efficiency. The Helios facility is expected to deliver 133 megawatts of computing power by the end of the second quarter, with an additional 830 megawatts of power approved, bringing the total capacity to over 1.6 gigawatts. Shares of GLXY declined for the second consecutive day, falling 0.84% to $24.84.