TLDR
- Galaxy Digital posted a Q1 net loss of $216 million, or $0.49 per share, beating analyst estimates of $0.59
- Revenue fell to $10.2 billion from $12.9 billion a year earlier
- The company delivered its first data hall at the Helios campus in Texas to CoreWeave (CRWV)
- Helios capacity was approved to more than double, reaching over 1.6 gigawatts
- Preliminary Q2 figures point to an estimated $90 million in adjusted EBITDA
Galaxy Digital reported a net loss of $216 million in the first quarter of 2026, but still managed to beat Wall Street estimates as the company leans harder into AI infrastructure.
$GLXY (Galaxy Digital) #earnings are out: pic.twitter.com/q1NwuCRa0D
— The Earnings Correspondent (@earnings_guy) April 28, 2026
Analysts had expected a loss of $0.59 per share. Galaxy came in at $0.49. Not a great quarter, but better than feared.
Revenue dropped to $10.2 billion from $12.9 billion in Q1 2025. Total assets fell to $10 billion by quarter-end, down from $11 billion at year-end 2025. Net digital asset holdings dropped 19% quarter-over-quarter to $1.4 billion.
The broader crypto market didn’t help. Total crypto market cap fell roughly 20% during the quarter, dragging on Galaxy’s digital asset portfolio.
Cash and stablecoin balances held flat at $2.6 billion. Operating expenses came in at $147 million, down 7% from the prior quarter. The company also bought back 3.2 million shares for $65 million under a $200 million authorization.
Helios Data Center Delivery
The bigger story this quarter may not be the loss — it’s what happened after it closed. Galaxy handed over its first data hall at the Helios campus in West Texas to CoreWeave, marking the start of revenue under a long-term AI workload lease.
The Helios facility is expected to deliver 133 megawatts of computing power by the end of Q2. Galaxy also secured regulatory approval for an additional 830 megawatts at the site, pushing total planned capacity past 1.6 gigawatts.
That’s a big jump. The company had previously been approved for around 800 megawatts. Doubling that puts Helios in a different league for AI infrastructure.
CEO Mike Novogratz pointed to the data center build-out and the GalaxyOne platform as the company’s key growth levers going forward.
Q2 Early Signs
Preliminary Q2 figures look better. Galaxy is guiding for roughly $90 million in adjusted EBITDA, a clear improvement from Q1’s adjusted EBITDA loss.
Management cited stronger digital asset prices and increased market activity as the drivers. Bitcoin and broader crypto markets have recovered ground since the Q1 lows.
Adjusted gross profit held broadly flat in Q1, which the company attributed to a shift toward recurring fee revenue and transaction income — business lines that hold up better when crypto prices slide.
“Disciplined expense management during the quarter helped narrow the adjusted EBITDA loss,” the company said in its statement.
GLXY fell 0.84% to $24.84 on Monday. The stock had dropped 1.76% in premarket trading following the earnings release before partially recovering.
Over the past six months, GLXY is down around 37%. Over the past year, it’s up roughly 90%. With a beta of 3.64, it moves hard in both directions.
Galaxy’s digital asset segment generated $49 million in adjusted gross profit in Q1, flat from Q4 2025, despite the market downturn.
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