Galaxy Digital ( GLXY ) narrowed its first-quarter losses as a shift 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 were estimating. Revenue fell to $10.2 billion from $12.9 billion in the previous quarter.
Increasingly focused on the growing demand for data centers, the company this month delivered its first data hall 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 shift in business mix as recurring fee income and transaction income continue to scale and provide greater resilience in softer market conditions,” the company said in a statement. “Disciplined cost management during the quarter helped narrow the adjusted EBITDA loss, underscoring the focus on operating efficiency in more challenging environments.”
The Helios facility should deliver 133 megawatts of computing power by the end of the second quarter. The company also secured approval for an additional 830 megawatts of power at the site, bringing total capacity to more than 1.6 gigawatts.
GLXY stock fell for a second day and was recently 0.84% lower at $24.84.
