Galaxy Digital posted a first-quarter loss of $216 million, or 49 cents per share, which was less than the anticipated 59 cents per share. This decrease was attributed to a change in the company's business mix and improved financial management, despite a decline in cryptocurrency prices. Revenue for the quarter decreased to $10.2 billion from $12.9 billion in the same period 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 noted that its adjusted gross profit remained relatively stable due to the growth of recurring fee revenue and transaction income, providing greater resilience in challenging market conditions.
Additionally, disciplined expense management during the quarter helped reduce the adjusted EBITDA loss, highlighting the company's focus on operational efficiency. The Helios facility is expected to deliver 133 megawatts of computing power by the end of the second quarter, with a total capacity of over 1.6 gigawatts following approval for an additional 830 megawatts of power.
Galaxy Digital's shares fell for the second consecutive day, down 0.84% at $24.84.