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Galaxy Digital shares fall after mixed second-quarter results
The company reported Helios data-center revenue for the first time, with Phase I expected to generate about $80 million per quarter starting in Q3.
Galaxy Digital shares dropped about 5% in premarket after the firm posted mixed second-quarter results, including a narrower loss of $0.09 per share compared with forecasts of $0.28.
Revenue came in at $8.8 billion versus estimates of $9 billion, while net loss narrowed to $85 million from $216 million in the first quarter.
CoinDesk reports Galaxy’s data-center business began contributing to results as Helios Phase I was completed in West Texas, generating $20 million in adjusted gross profit and $11 million in adjusted EBITDA, reversing an adjusted EBITDA loss in the prior quarter.
The Helios campus delivered 200 megawatts of gross power, including 133 megawatts of critical IT capacity, to CoreWeave under a 15-year lease, and Galaxy said it expects Phase I to generate about $80 million per quarter starting in Q3. Galaxy also said it is in discussions with prospective tenants for another 830 megawatts of approved capacity, and noted it issued $3.5 billion of senior secured notes due 2031 on July 28 to fund Helios Phase II, pushing total debt to more than $6 billion.