Galaxy Posts $216M Q1 Loss as Helios Expansion Advances

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

Galaxy Digital (GLXY) reported first-quarter earnings Tuesday of a loss of $0.49 per diluted share, compared with a loss of $0.86 in Q1 2025. The earnings came in ahead of expectations, according to MarketBeat analysts, who had expected a loss of $0.59 per share.

Gross revenue for the quarter ended March 31 was $10.2 billion, compared with $10.2 billion in Q4 2025 and $12.9 billion in the same period a year earlier.

Source: Galaxy Digital

For the full-year 2025, Galaxy reported a net loss of $241 million and gross revenue of $61.4 billion.

Galaxy said it expects growth in its data center business to start in the second quarter of 2026 after it begins recognizing revenue from its Helios campus, its large-scale data center project in Texas.

The quarter underscored Galaxy’s transition from a crypto-market-driven business to one that will increasingly depend on Helios and AI-linked data center revenue for growth.

Weaker crypto prices weighed on results

Galaxy said the quarterly loss was driven largely by weaker digital asset prices, which reduced the value of its holdings and investment positions.

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

Source: Galaxy Digital

Digital Assets generated $49 million in adjusted gross profit, while losses were heaviest in Galaxy’s Treasury and corporate segment, which posted a $167 million adjusted EBITDA loss amid market volatility.

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“Despite the pullback in digital asset prices and activity, adjusted gross profit remained broadly stable, reflecting a shift in the business mix as recurring fee revenue and transaction income continue to scale and provide greater resilience in softer market conditions,” the company added.

Data centers seen as long-term growth driver

Galaxy expects its data center business to start contributing to earnings in the second quarter of 2026 after it begins recognizing revenue from its Helios campus in Texas.

Since acquiring the facility in December 2022, Galaxy has been expanding and converting the Helios site in Texas into a large-scale data center campus focused on high-performance computing and AI workloads.

Galaxy’s Helios data center campus under construction for Phase I, April 2026. Source: Galaxy Digital

Galaxy said it delivered the first data hall to CoreWeave and remains on budget and on schedule to deliver substantially all 133 megawatts of critical IT load under the Phase I lease agreement by the end of Q2 2026.

As of March 31, 2026, Galaxy reported $2.8 billion in equity capital, up 46% year over year. The company said equity was split across digital assets at 33%, data centers at 28% and treasury and corporate holdings at 39%.

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