Galaxy Posts $216M Q1 Loss as Helios Expansion Advances

Mike Novogratz’s digital asset firm Galaxy Digital posted a $216 million loss within the first quarter of 2026, extending losses from the prior yr.

Galaxy Digital (GLXY) reported first-quarter earnings Tuesday of a lack of $0.49 per diluted share, in contrast with a lack of $0.86 in Q1 2025. The earnings got here in forward of expectations, in keeping with MarketBeat analysts, who had anticipated a lack of $0.59 per share.

Gross income for the quarter ended March 31 was $10.2 billion, in contrast with $10.2 billion in This autumn 2025 and $12.9 billion in the identical interval a yr earlier.

Supply: Galaxy Digital

For the full-year 2025, Galaxy reported a web lack of $241 million and gross income of $61.4 billion.

Galaxy stated it expects progress in its knowledge middle enterprise to begin within the second quarter of 2026 after it begins recognizing income from its Helios campus, its large-scale knowledge middle mission in Texas.

The quarter underscored Galaxy’s transition from a crypto-market-driven enterprise to 1 that may more and more rely on Helios and AI-linked knowledge middle income for progress.

Weaker crypto costs weighed on outcomes

Galaxy stated the quarterly loss was pushed largely by weaker digital asset costs, which lowered the worth of its holdings and funding positions.

The corporate stated crypto market capitalization fell roughly 20% over the quarter, contributing to weaker asset valuations.

Supply: Galaxy Digital

Digital Belongings generated $49 million in adjusted gross revenue, whereas losses had been heaviest in Galaxy’s Treasury and company phase, which posted a $167 million adjusted EBITDA loss amid market volatility.

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“Regardless of the pullback in digital asset costs and exercise, adjusted gross revenue remained broadly secure, reflecting a shift within the enterprise combine as recurring payment income and transaction revenue proceed to scale and supply better resilience in softer market circumstances,” the corporate added.

Information facilities seen as long-term progress driver

Galaxy expects its knowledge middle enterprise to begin contributing to earnings within the second quarter of 2026 after it begins recognizing income from its Helios campus in Texas.

Since buying the ability in December 2022, Galaxy has been increasing and changing the Helios web site in Texas right into a large-scale knowledge middle campus targeted on high-performance computing and AI workloads.

Galaxy’s Helios knowledge middle campus underneath building for Section I, April 2026. Supply: Galaxy Digital

Galaxy stated it delivered the primary knowledge corridor to CoreWeave and stays on funds and on schedule to ship considerably all 133 megawatts of essential IT load underneath the Section I lease settlement by the top of Q2 2026.

As of March 31, 2026, Galaxy reported $2.8 billion in fairness capital, up 46% yr over yr. The corporate stated fairness was cut up throughout digital belongings at 33%, knowledge facilities at 28% and treasury and company holdings at 39%.

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