Galaxy Digital posted a first-quarter loss of $216 million, or 49 cents per share, beating analyst estimates of 59 cents. The company's revenue declined to $10.2 billion from $12.9 billion in the same quarter last year. However, Galaxy Digital is shifting its focus towards 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 for artificial intelligence workloads.
The company stated that its adjusted gross profit remained stable due to a shift in business mix, with recurring fee revenue and transaction income providing greater resilience in challenging market conditions. Galaxy Digital also secured approval to increase the power capacity at the Helios facility, which 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.