Galaxy Digital reported a narrowed loss in the first quarter, driven by a change in its business mix and enhanced financial management, which offset the impact of declining cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, surpassing analyst estimates of 59 cents. Revenue declined to $10.2 billion from $12.9 billion in the same quarter last 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 stated, "The stability of our adjusted gross profit reflects the shift in our business mix, with recurring fee revenue and transaction income continuing to grow and provide greater resilience in challenging market conditions." The company's disciplined expense management contributed to a reduced adjusted EBITDA loss, highlighting its emphasis 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 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.