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 noted 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. Galaxy Digital also highlighted its disciplined expense management, which helped narrow its adjusted EBITDA loss. 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 after securing approval for an additional 830 megawatts of power. Despite this, GLXY shares fell for the second consecutive day, down 0.84% at $24.84.