Galaxy Digital reported a reduced loss in the first quarter, driven by a change in its business operations and improved financial management, which offset the impact of declining cryptocurrency prices. The company's loss totaled $216 million, or 49 cents per share, surpassing analyst estimates of 59 cents. Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year. Galaxy Digital is increasingly focusing on the rising 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.
According to the company, "the stability of adjusted gross profit reflects a shift in the business mix, with recurring fee revenue and transaction income continuing to grow and provide greater resilience in challenging market conditions." The company also noted that disciplined expense management helped reduce the adjusted EBITDA loss, highlighting a focus on operational 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. Following the announcement, GLXY shares fell for the second consecutive day, down 0.84% to $24.84.