Galaxy Digital (GLXY) reported a net loss of $216 million for the first quarter of 2026, or $0.49 per share, narrower than the $0.59 per share loss analysts had estimated. The loss was driven by a roughly 20% decline in digital asset prices, which erased mark-to-market gains across the firm's trading, asset management, and principal investments.
Revenue fell to $10.2 billion from $12.9 billion in the year-earlier quarter. Despite the top-line decline, the company emphasized that adjusted gross profit remained broadly stable, reflecting a shift in business mix toward recurring fee revenue and transaction income, which provide greater resilience in softer market conditions. Disciplined expense management helped narrow the adjusted EBITDA loss.
A key development was the first-time revenue generation from Galaxy's Data Centers division, marking the initial commercialization of its Helios AI campus in West Texas. The company delivered its first data hall at the Helios site to AI cloud provider CoreWeave (CRWV) in April, beginning revenue under a long-term lease tied to artificial intelligence workloads. By the end of the second quarter, the Helios facility is expected to deliver 133 megawatts of computing power, with total approved capacity reaching more than 1.6 gigawatts after securing an additional 830 megawatts.
Galaxy recently closed a $1.4 billion project financing facility to fund the site's initial retrofit and expansion. CEO Mike Novogratz has framed the pivot toward AI-driven infrastructure as a durable earnings engine that is less correlated to bitcoin and altcoin prices, though quarterly results like Q1 still reflect the sector's inherent volatility. The CoreWeave contract alone is expected to generate over $1 billion in annual revenue at full ramp.
GLXY shares fell 0.84% on the day to $24.84, extending a two-day decline.
