Galaxy Digital (GLXY) has reported a narrowed loss for the first quarter, driven by a change in its business mix and improved financial management, despite a decline in cryptocurrency prices. The company's loss was $216 million, or 49 cents per share, which was less than the 59 cents predicted by analysts.
Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year. Galaxy Digital has been focusing on the increasing demand for data centers and has delivered its first data hall at the Helios campus in Texas to CoreWeave (CRWV), marking the beginning of revenue generation under a long-term lease for artificial intelligence workloads. The company stated that "adjusted gross profit remained relatively stable, reflecting a shift in the business mix, with recurring fee revenue and transaction income continuing to grow and provide greater resilience in softer market conditions." It also noted that "disciplined expense management during the quarter helped reduce the adjusted EBITDA loss, highlighting a focus on operating efficiency in more challenging environments." 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, increasing the total capacity to more than 1.6 gigawatts. GLXY shares have fallen for the second consecutive day, recently down 0.84% at $24.84.