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 decline in cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, beating analysts' estimates of 59 cents. Revenue declined to $10.2 billion from $12.9 billion in the same quarter last year. Galaxy Digital has been 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 AI workloads.
The company stated that its adjusted gross profit remained stable due to the scaling of recurring fee revenue and transaction income, which provided greater resilience in softer market conditions. Disciplined expense management helped narrow the adjusted EBITDA loss, demonstrating a 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.