Galaxy Digital reported a narrower loss in the first quarter, driven by improved business operations and cost management, despite a decline in cryptocurrency prices. The company's loss was $216 million, or 49 cents per share, surpassing analyst expectations of 59 cents.
Revenue declined to $10.2 billion from $12.9 billion in the previous 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 artificial intelligence workloads. The company noted that its adjusted gross profit remained stable due to the growth of recurring fee revenue and transaction income. Galaxy Digital also secured approval to increase the Helios facility's power capacity to over 1.6 gigawatts, with 133 megawatts of computing power expected to be delivered by the end of the second quarter.
Despite this, GLXY shares fell for the second consecutive day, down 0.84% to $24.84.