Galaxy Digital posted a first-quarter loss of $216 million, or 49 cents per share, beating analyst estimates of 59 cents. Revenue decreased to $10.2 billion from $12.9 billion in the same period last year. However, the company is shifting its focus towards 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 for artificial intelligence workloads.
The company noted that its adjusted gross profit remained stable due to a change in its business mix, with recurring fee revenue and transaction income providing greater resilience in softer market conditions. The company's disciplined expense management during the quarter also helped narrow the adjusted EBITDA loss, highlighting its focus on operational 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. Galaxy Digital's shares fell for the second consecutive day, down 0.84% to $24.84.