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Galaxy Digital shares fell 14% on Wednesday after the crypto and AI infrastructure company reported an $85 million second-quarter net loss. The stock closed at $19.07, down from $22.14, as weaker digital asset prices outweighed progress at its Texas data center business.
Galaxy narrowed its net loss from $216 million in the first quarter. Still, quarterly revenue fell 15% to $8.7 billion from $10.2 billion. The company reported an adjusted diluted loss of $0.09 per share. Adjusted EBITDA reached negative $77 million, while total equity stood at $2.7 billion.
Galaxy linked much of the pressure to falling digital asset prices. Its Treasury and Corporate segment recorded a $42 million adjusted gross loss during the quarter.
Galaxy’s Digital Assets division generated $66 million in adjusted gross profit, up 34% from the previous quarter. Trading volumes still declined 7% as market activity cooled. The division posted an adjusted EBITDA loss of $11 million despite the stronger gross profit.
Together, Digital Assets and Data Centers produced $86 million in adjusted gross profit. Those two businesses also generated $1 million in combined adjusted EBITDA. Yet investors focused on the company’s net loss and continued exposure to crypto price swings.
Galaxy’s Data Centers segment reported revenue for the first time after the company began delivering capacity to CoreWeave. The segment produced $20 million in adjusted gross profit and $11 million in adjusted EBITDA. By quarter-end, Galaxy had delivered all 133 megawatts of critical computing load under the first phase of its 15-year CoreWeave lease. The company expects about $80 million in quarterly revenue from the third quarter.
Galaxy targets a project-level adjusted EBITDA margin above 90% at Helios. Can recurring AI infrastructure revenue reduce the company’s exposure to swings in crypto trading and asset prices? Meanwhile, construction has started on Helios Phase II, which will add 260 megawatts of critical IT capacity. Galaxy expects initial data hall deliveries during the second quarter of 2027.
The company raised $3.5 billion through senior secured notes due in 2031 on July 28. Galaxy plans to direct the proceeds toward Helios I Phase II construction. After the quarter, Galaxy acquired three more Texas development sites. Those purchases lifted its potential power pipeline beyond 5.7 gigawatts.
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Galaxy’s second-quarter results showed a narrower net loss, lower revenue, and continued pressure from digital asset prices. At the same time, Helios began producing revenue, completed its first 133-megawatt delivery, and moved into a larger expansion using $3.5 billion in new debt financing.
