Galaxy Digital posted a narrowed loss for the first quarter, driven by a change in its business mix and improved financial controls, which offset the impact of declining cryptocurrency prices. The company's loss stood at $216 million, or 49 cents per share, beating analyst estimates of 59 cents. Revenue declined to $10.2 billion from $12.9 billion in the same period last year. Galaxy Digital is increasingly focused on meeting the rising demand for data centers and has delivered its first data hall at the Helios campus in Texas to CoreWeave, marking the beginning of revenue generation under a long-term lease for artificial intelligence workloads.
According to the company, 'adjusted gross profit remained relatively stable due to a shift in the business mix, with recurring fee revenue and transaction income continuing to grow and provide greater resilience in softer market conditions.' The company also noted that 'disciplined expense management during the quarter helped narrow the adjusted EBITDA loss, highlighting a focus on operating efficiency in more challenging environments.' 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 fell for the second consecutive day, down 0.84% at $24.84.