Galaxy Digital posted a first-quarter loss of $216 million, or 49 cents per share, beating analyst estimates of 59 cents. The company's revenue decreased to $10.2 billion from $12.9 billion in the same period last year. Galaxy Digital is shifting its focus towards the increasing 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.
According to the company, "the stability in adjusted gross profit reflects a change in the business mix, driven by the growth of recurring fee revenue and transaction income, which provides greater resilience during softer market conditions." The company also emphasized its disciplined expense management, which helped reduce the adjusted EBITDA loss and demonstrated a focus on operational efficiency in challenging environments. 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 declined for the second consecutive day, recently trading 0.84% lower at $24.84.