GLXY · Galaxy Digital

Galaxy Digital reported a net loss of $216 million for Q1 2026, with diluted EPS of $(0.49), driven primarily by the depreciation of digital asset prices as total crypto market capitalization decreased by approximately 20% in the quarter. Adjusted gross loss was $88 million and adjusted EBITDA loss was $188 million, both improving from Q4 2025 losses of $398 million and $518 million respectively, reflecting disciplined expense management and a shift in business mix toward recurring fee revenue. The Digital Assets segment generated adjusted gross profit of $49 million, with Global Markets contributing $31 million (flat trading volumes despite industry decline) and Asset Management & Infrastructure Solutions contributing $18 million ($69 million net inflows). Data Centers reported minimal adjusted gross profit of $3.1 million, but the delivery of the first data hall to CoreWeave in April 2026 marks the start of revenue recognition, with expectations for ramping adjusted gross profit and EBITDA in Q2 2026. Treasury & Corporate segment posted an adjusted gross loss of $140 million and adjusted EBITDA loss of $167 million, driven by unrealized losses on digital assets and investments. Balance sheet remains strong with $2.8 billion in equity and $2.6 billion in cash and stablecoins. The company repurchased 3.2 million shares for $65 million during the quarter. Management highlighted the Helios campus expansion with ERCOT approval for an additional 830 MW, bringing total approved capacity to over 1.6 GW, and noted that Phase I data hall deliveries remain on budget and on schedule for completion by end of Q2 2026.