Galaxy Digital (GLXY) investor relations material

Executive summary

• Q1 2026 saw a GAAP net loss of $216 million ($0.49 per share), mainly due to a 20–25% decline in digital asset prices, with adjusted EBITDA of $(188) million, though losses improved sequentially from Q4 2025.

• Despite market headwinds, operating businesses showed resilience, with digital asset segment adjusted gross profit of $49 million, and the first data hall at Helios delivered to CoreWeave, marking a shift to operational AI data centers and revenue generation.

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

• 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.

• 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.

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

• Global markets business delivered $31 million adjusted gross profit, up 3% sequentially, with trading volumes flat despite a 25% industry-wide decline.

• Asset management ended Q1 with $5 billion in AUM and $18 million adjusted gross profit, with $69 million net inflows.

Outlook and guidance

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

• Data center revenue expected to ramp in Q2 as contracted cash flows from CoreWeave lease begin, diversifying earnings.

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

• Ongoing focus on expanding institutional adoption and infrastructure productization, with a robust pipeline for both digital assets and data centers.

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