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 from Q4 2025.

• Operates two main businesses: digital assets (trading, lending, brokerage, investment banking, asset management, blockchain infrastructure) and data centers (high-performance computing infrastructure).

• Delivered first data hall at Helios campus, initiating revenue generation for Data Centers segment and marking a major operational milestone.

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

• Major strategic focus on expanding AI/HPC data center business, with Helios campus receiving ERCOT approval for over 1.6 GW of power capacity.

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) were $147 million, down 7% sequentially.

• Total assets at quarter-end were $10 billion, down from $11 billion at year-end; total equity capital was $2.8 billion.

• Cash and stablecoin balances remained stable at $2.6 billion.

• Repurchased 3.2 million shares for $65 million, offsetting equity-based compensation dilution.

Outlook and guidance

• Data Centers segment expected to ramp up adjusted gross profit and EBITDA in Q2 2026 as revenue recognition begins, with Phase II under construction and deliveries expected in H1 2027.

• Q2 to date shows improved digital asset prices and activity, with estimated adjusted EBITDA of $90 million through last Friday.

• Ongoing focus on diversifying revenue streams and reducing correlation to crypto prices.

• BlackRock selected as validator for iShares Staked Ethereum Trust ETF post-quarter.

• Launch of a new Fintech-focused hedge fund expected May 2026.