Galaxy Digital (GLXY) narrowed its first-quarter loss as a change in business mix and tighter financial management offset falling cryptocurrency prices.
The company lost $216 million, or 49 cents per share, less than the 59 cents estimated by analysts. Revenue fell to $10.2 billion from $12.9 billion in the previous quarter.
The company is increasingly focused on growing data center demand and this month delivered 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 artificial intelligence workloads.
“Adjusted gross profit remained broadly stable, reflecting a change in business mix as recurring fee and transaction revenues continue to increase and provide greater resilience in softer market conditions,” the company said in a statement. “Disciplined expense management during the quarter helped reduce the adjusted EBITDA loss, underscoring the 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 won approval for an additional 830 megawatts of power at the site, bringing the total capacity to more than 1.6 gigawatts.
GLXY shares fell for a second day and were most recently down 0.84% at $24.84.
