Galaxy Digital reported a narrowed loss for the first quarter, driven by a change in its business mix and improved financial discipline, which offset the impact of declining cryptocurrency prices. The company posted a loss of $216 million, or 49 cents per share, beating analysts' estimates of 59 cents.
Revenue declined to $10.2 billion from $12.9 billion in the same quarter last year. Galaxy Digital is increasingly focused on meeting 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. 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 providing greater resilience in challenging market conditions." The company also noted that "disciplined expense management during the quarter helped reduce the adjusted EBITDA loss, highlighting a focus on operating efficiency in more difficult environments." 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 following approval for an additional 830 megawatts of power. Galaxy Digital's shares fell for the second consecutive day, down 0.84% to $24.84.