Galaxy Digital reported a reduced loss in the first quarter, driven by a strategic shift in its business operations and improved financial management, despite a decline in cryptocurrency prices. The company's loss of $216 million, or 49 cents per share, was lower than the anticipated 59 cents per share. Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year.
Galaxy Digital has been 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 beginning of revenue generation under a long-term lease 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 provides greater resilience in challenging market conditions. Disciplined expense management also contributed to the narrowed adjusted EBITDA loss, highlighting the company's emphasis on operational efficiency. 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.