Galaxy Digital posted a reduced 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 net loss stood at $216 million, or 49 cents per share, beating analyst estimates of 59 cents.
Revenue decreased to $10.2 billion from $12.9 billion in the same quarter of the previous year. Galaxy Digital has been shifting its focus towards the growing demand for data centers and has delivered the first data hall at its Helios campus in Texas to CoreWeave, marking the beginning of revenue generation under a long-term lease agreement for artificial intelligence workloads. The company stated that its adjusted gross profit remained relatively stable due to the growth of recurring fee revenue and transaction income, which provided greater resilience during softer market conditions. The company's disciplined expense management also helped narrow the adjusted EBITDA loss, highlighting its 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. Galaxy Digital's shares fell for the second consecutive day, down 0.84% at $24.84.