Galaxy Digital reported a narrowed loss for the first quarter, driven by a shift in its business mix and improved financial management, which offset the impact of declining cryptocurrency prices. The company's loss was $216 million, or 49 cents per share, which was lower than the estimated 59 cents per share by analysts. Revenue declined to $10.2 billion from $12.9 billion in the previous year's quarter.
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 beginning of revenue generation under a long-term lease tied to 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 in challenging market conditions.
The company's disciplined expense management during the quarter contributed to a narrowed adjusted EBITDA loss, highlighting its focus on operating 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% to $24.84.