Galaxy Digital (GLXY) has posted a narrower loss for the first quarter, driven by a strategic shift in its business mix and improved financial management, which offset the impact of declining cryptocurrency prices. The company reported a loss of $216 million, or 49 cents per share, beating analysts' estimates of 59 cents per share.
Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year. Galaxy Digital is increasingly focusing on the growing 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 tied to artificial intelligence workloads.
The company noted that its adjusted gross profit remained stable due to a shift in its business mix, with recurring fee revenue and transaction income providing greater resilience in challenging market conditions. Disciplined expense management during the quarter helped reduce the adjusted EBITDA loss, highlighting the company's focus on operating 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.
Despite this, GLXY shares fell for the second consecutive day, down 0.84% at $24.84.