Galaxy Digital (GLXY) has reported a reduced loss for the first quarter, driven by a change in its business mix and improved financial management, despite a decline in cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, which was less than the expected 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 (CRWV), marking the beginning of revenue under a long-term lease for artificial intelligence workloads. According to the company, "adjusted gross profit remained relatively stable due to the shift in business mix, with recurring fee revenue and transaction income continuing to grow and provide greater resilience in challenging market conditions." The company also emphasized its focus on operating efficiency, stating that "disciplined expense management during the quarter helped narrow the adjusted EBITDA loss." 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.
GLXY shares have fallen for the second consecutive day, recently trading 0.84% lower at $24.84.