Galaxy Digital reported a narrowed loss in the first quarter, driven by a change in its business mix and improved financial management, which offset the impact of declining cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, beating the estimated loss of 59 cents per share. Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year. This month, Galaxy Digital delivered its first data hall at the Helios campus in Texas to CoreWeave, marking the beginning of revenue generation under a long-term lease agreement focused on artificial intelligence workloads.
According to the company, 'adjusted gross profit remained relatively stable due to a shift in the business mix, with recurring fee revenue and transaction income driving growth and providing greater resilience in challenging market conditions.' The company also emphasized its focus on disciplined expense management, which helped reduce the adjusted EBITDA loss. The Helios facility is expected to provide 133 megawatts of computing power by the end of the second quarter, with a total capacity of over 1.6 gigawatts following the approval of an additional 830 megawatts of power.
Galaxy Digital's shares fell for the second consecutive day, down 0.84% to $24.84.