Galaxy Digital reported a second quarter 2026 net loss of $85 million, or an adjusted loss of $0.09 per share, which was better than analyst expectations. The results were driven by the successful launch of its Data Centers business, which began generating revenue, while the firm's assets under management were negatively impacted by the depreciation of digital asset prices during the quarter.
Key Highlights
- Net Loss: The company posted a Q2 net loss of $85 million, an improvement from a $216 million loss in the prior quarter, driven primarily by unrealized losses on digital assets.
- Data Centers Launch: The Data Centers segment generated its first revenue, reporting $20 million in adjusted gross profit and $11 million in adjusted EBITDA. With the first phase fully delivered, Galaxy expects the project to generate approximately $80 million in quarterly leasing revenue starting in Q3 2026.
- AUM Declines: Combined Assets Under Management and Assets Under Stake fell 12% sequentially to $7.1 billion, which the company attributed to the depreciation of digital asset prices.
- Strategic Expansion: Subsequent to the quarter, Galaxy significantly expanded its AI data center pipeline to over 5.7 GW through the acquisition of three new sites in Texas.