Galaxy Digital (GLXY) has reported a narrowed loss for the first quarter, driven by a change in its business mix and improved financial management, which offset the impact of declining cryptocurrency prices. The company's loss was $216 million, or 49 cents per share, which was less than the estimated 59 cents by analysts.
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 generation under a long-term lease tied to artificial intelligence workloads. According to the company, 'adjusted gross profit remained relatively stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to grow and provide greater resilience in challenging market conditions.' The company also stated that 'disciplined expense management during the quarter helped narrow the adjusted EBITDA loss, underscoring a focus on operating efficiency in more challenging environments.' The Helios facility is expected to deliver 133 megawatts of computing power by the end of the second quarter, and the company has secured approval for an additional 830 megawatts of power, bringing the total capacity to over 1.6 gigawatts. GLXY shares fell for the second day, down 0.84% at $24.84.