Galaxy Digital reports $85 million loss, expects $80 million AI revenue

Galaxy Digital closed Q2 with an $85 million net loss, attributed to lower digital-asset prices. Diluted earnings per share were negative 0.09, with adjusted EPS also at negative 0.09. The company reported $43 million in adjusted gross profit and a $77 million adjusted EBITDA loss. The AI infrastructure pivot generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA, while the Treasury and Corporate segment recorded a $42 million adjusted gross loss and a $78 million adjusted EBITDA loss due to unrealized losses on digital assets. All 133 MW of critical IT load under the 15-year CoreWeave Phase I lease was operational by quarter-end. Galaxy Digital anticipates about $80 million in quarterly leasing revenue and a project-level adjusted EBITDA margin above 90% starting in Q3. The $85 million loss contrasts with the expected $80 million in revenue. The 260 MW Phase II expansion involves a $3.507 billion offering of 9.875% senior secured notes due 2031, with project assets securing the notes. The performance of CoreWeave will be crucial for future revenue.

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