Galaxy Digital reported a narrowed loss for 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 stood at $216 million, or 49 cents per share, which was lower than the estimated 59 cents per share. Revenue decreased to $10.2 billion from $12.9 billion in the previous year's quarter.
The company has been focusing 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 for artificial intelligence workloads. According to the company, 'adjusted gross profit remained relatively stable due to the shift in business mix, with recurring fee revenue and transaction income continuing to grow and provide greater resilience in challenging market conditions.' The company also emphasized its focus on disciplined expense management, which contributed to narrowing the adjusted EBITDA loss. 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 the approval for an additional 830 megawatts of power. Galaxy Digital's shares fell for the second consecutive day, down 0.84% to $24.84.