Galaxy Digital reported a narrowed loss in 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 stood at $216 million, or 49 cents per share, which was lower than the estimated loss of 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, marking the beginning of revenue generation under a long-term lease tied to artificial intelligence workloads. The company stated that its adjusted gross profit remained relatively stable due to the shift in its 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 during the quarter helped reduce the adjusted EBITDA loss, highlighting its focus on operating efficiency. 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.
Shares of Galaxy Digital fell for the second consecutive day, decreasing by 0.84% to $24.84.