Galaxy Announces First Quarter 2026 Financial Results

• Financial Results: Galaxy Digital reported Q1 2026 net loss of $216 million (diluted EPS $(0.49)), an improvement from Q4 2025's $482 million loss, primarily driven by depreciation in digital asset prices. Adjusted EBITDA was $(188) million.
• Operational Milestone: The company delivered its first data hall to CoreWeave at the Helios campus, transitioning the segment to revenue-generating operations. Revenue recognition began in April 2026.
• Capacity Expansion: Received ERCOT approval for an additional 830 MW of power capacity at Helios, bringing total approved capacity to over 1.6 GW. Phase II (260 MW) development is underway with deliveries expected H1 2027.
• Capital Allocation: Repurchased 3.2 million shares for $65 million under the existing program. Completed voluntary delisting from TSX to consolidate listing on Nasdaq.
• Liquidity: Held $2.6 billion in cash and stablecoins as of March 31, 2026 ($911M cash/equivalents + $1.69B stablecoins). Total equity stood at $2.8 billion.

• Confirmation of Guidance: The delivery of the first CoreWeave data hall was explicitly guided for Q1 2026 in previous earnings calls (Feb 2026 transcript). Confirming this execution validates the Helios project timeline but does not exceed market expectations, categorizing it as routine positive.
• Financial Drag: While operational progress is positive, the $216 million net loss highlights continued reliance on treasury holdings for valuation swings. The business remains unprofitable on a GAAP basis due to unrealized losses on digital asset positions, which offsets operating gains from data centers and trading.
• Structural Change: The TSX delisting simplifies capital structure and reduces administrative costs associated with dual-listing, which is a minor positive for long-term efficiency but not immediately market-moving.
• Revenue Transition: The shift to revenue-generating operations for the Helios campus is a critical inflection point. However, initial revenue ($3.1 million adjusted gross profit) is negligible compared to the company's overall scale and treasury volatility.

• Overview: Galaxy Digital operates as a diversified financial services firm focused on digital assets, including trading, asset management, lending, and infrastructure development.
• Flagship Project: Helios Data Center Campus (Texas). A hyperscale AI/HPC data center facility developed in partnership with CoreWeave.
  • Status: Phase I construction substantially complete; first hall delivered Q1 2026.
  • Capacity: Total approved power >1.6 GW (ERCOT). Phase I targets 133 MW critical IT load by end of Q2 2026.
  • Strategy: Transitioning from a pure trading/treasury firm to an infrastructure operator with recurring revenue streams.