Galaxy Digital 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 posted a loss of $216 million, or 49 cents per share, beating analyst estimates of 59 cents.
Revenue fell 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 stable due to a shift in its business mix, with recurring fee revenue and transaction income providing greater resilience in challenging market conditions. Disciplined expense management helped reduce the adjusted EBITDA loss, highlighting the company's focus on operating 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 of power 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.