Galaxy Digital reported a narrowed loss for the first quarter, driven by improved business operations and cost management, despite a decline in cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, surpassing analyst estimates of 59 cents.
Revenue fell to $10.2 billion from $12.9 billion in the same period last year. Galaxy Digital is increasingly focusing on data center demand 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 AI workloads.
The company noted that its adjusted gross profit remained stable due to a shift in business mix, with recurring fee revenue and transaction income providing greater resilience. Disciplined expense management also contributed to a reduced adjusted EBITDA loss, highlighting the company's focus on operational efficiency. The Helios facility is expected to deliver 133 megawatts of computing power by the end of the second quarter, with total capacity set to exceed 1.6 gigawatts following approval for an additional 830 megawatts of power.
Galaxy Digital's shares declined for the second consecutive day, falling 0.84% to $24.84.