Galaxy Digital (GLXY) Q1 2026 earnings summary

Executive summary

• Q1 2026 net loss narrowed to $216 million, mainly due to a 20–25% decline in digital asset prices, with adjusted EBITDA at $(188) million, both improved sequentially and year-over-year.

• Operates two main businesses: digital assets (trading, lending, brokerage, investment banking, asset management, blockchain infrastructure) and data centers (high-performance computing infrastructure), with a strategic focus on expanding AI/HPC data center operations.

• Delivered first data hall at Helios campus to CoreWeave, marking the transition from mining to operational AI data centers and initiating revenue generation.

• Publicly listed since 2018, with a market cap of $10 billion as of April 27, 2026, and $9 billion in assets on platform as of March 31, 2026.

• Leadership team includes experienced executives across capital markets, asset management, technology, and data center operations.

Financial highlights

• GAAP net loss of $216 million ($0.49 per share) for Q1 2026, primarily due to unrealized mark-to-market losses on digital asset holdings.

• Adjusted EBITDA was negative $188 million; operating expenses (excluding certain costs) fell 7% quarter-over-quarter to $147 million.

• Total revenues declined 23% year-over-year to $10.0 billion, mainly from lower digital asset sales and prices.

• Digital asset segment generated $49 million in adjusted gross profit, stable despite market weakness.

• Asset management ended Q1 with $5.0 billion in AUM and $18 million adjusted gross profit, with $69 million net inflows.

Outlook and guidance

• Data Centers segment expected to ramp up adjusted gross profit and EBITDA in Q2 2026 as revenue recognition begins from CoreWeave lease.

• Phase II of Helios campus under construction, with deliveries expected in H1 2027.

• Ongoing focus on expanding institutional adoption, infrastructure productization, and digital asset platform expansion.

• Management expects operating expenses to rise as business grows, but liquidity and capital resources are deemed sufficient for at least the next 12 months.