Galaxy Digital (GLXY) narrowed its first-quarter loss as a change in business mix and tighter financial management offset a drop in cryptocurrency prices.
The company lost $216 million, or 49 cents a share, less than the 59 cents analysts estimated. Revenue fell to $10.2 billion from $12.9 billion in the prior-year quarter.
The company is increasingly focusing on growing demand for data centers and this month handed over its first data room at the Helios campus in Texas to CoreWeave (CRWV), marking the start of revenue under a long-term lease tied to AI workloads.
“Adjusted gross profit was broadly flat, reflecting a change in business mix as recurring fee income and transaction revenue continue to increase and provide greater resilience in weaker market conditions,” the company said in a statement. “Disciplined expense management during the quarter helped reduce the adjusted EBITDA loss, underscoring a focus on operational efficiency in more challenging environments.”
The Helios facility is expected to provide 133 megawatts of computing power by the end of the second quarter. The company also gained approval for an additional 830 megawatts of power at the site, bringing total capacity to more than 1.6 gigawatts.
GLXY shares fell for a second day and were recently down 0.84% at $24.84.
