Galaxy Digital narrows Q1 loss while expanding data center operations
- Galaxy Digital (GLXY) reported a loss of $216 million, or 49 cents per share, better than the analyst estimate of a loss of 59 cents.
- Revenue decreased to $10.2 billion from $12.9 billion in the same quarter last year.
- The company delivered its first data hall at the Helios campus in Texas to CoreWeave (CRWV), starting revenue under a long-term lease.
- The Helios facility is expected to provide up to 133 megawatts of computing power by the end of Q2.
- Galaxy Digital secured approval for an additional capacity of up to 830 megawatts at the site, totaling over 1.6 gigawatts.
The company’s focus on data centers aligns with growing demand in artificial intelligence workloads, reflecting a strategic shift amidst declining cryptocurrency prices and tighter financial management.
Despite narrowing its adjusted EBITDA loss through disciplined expense management, GLXY shares fell by approximately 0.84% to $24.84.
