Galaxy Digital reported a narrower loss in 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 estimated 59 cents per share by analysts. Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year.
Galaxy Digital is increasingly focusing on the growing demand for data centers and has delivered its first data hall at the Helios campus in Texas to CoreWeave, marking the start of revenue under a long-term lease. The company's adjusted gross profit remained stable due to a shift in its business mix, with recurring fee revenue and transaction income providing greater resilience in softer market conditions. Disciplined expense management helped narrow the adjusted EBITDA loss, highlighting the company's focus on operating efficiency. 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 receiving approval for an additional 830 megawatts of power.