Q2 2026 Galaxy Digital Inc Earnings Call Transcript
Key Points
- Galaxy Digital Inc (GLXY) successfully delivered Phase 1 of the Helios data center on schedule and on budget, generating cash flow and demonstrating execution capability.
- The company expanded its data center development pipeline to over 5.7 gigawatts of potential power capacity through the acquisition of three new sites in Texas, positioning it as a major player in the industry.
- Galaxy Digital Inc (GLXY) completed a $3.5 billion high-yield financing for Phase 2 of Helios, fully funding the project and ensuring capital for future development.
- The digital assets segment showed resilience, with adjusted gross profit up 34% quarter-over-quarter despite lower crypto prices, driven by market share gains and new product launches like GOFR and Galaxy Curator.
- Galaxy Digital Inc (GLXY) signed a multi-year agreement with Bank of New York to develop digital asset infrastructure, marking a significant milestone in institutional partnerships and monetizing its engineering talent.
- Galaxy Digital Inc (GLXY) reported a GAAP net loss of $85 million and negative firmwide adjusted EBITDA of $77 million, driven by depreciation in digital asset prices.
- The company's treasury and corporate segment posted an adjusted gross loss of $42 million due to crypto market weakness, highlighting ongoing volatility in digital asset holdings.
- The delay in passing crypto clarity legislation in the U.S. creates regulatory uncertainty, potentially hindering growth in the digital assets business.
- Data center operating expenses increased by $25 million quarter-over-quarter, reflecting higher depreciation and interest costs as projects come online, pressuring near-term profitability.
- The Helios II 830 megawatts of approved capacity remains unleased, with tenant conversations still in early stages and timing dependent on market conditions and customer planning cycles.
Good morning, and welcome to the Galaxy Digital second-quarter 2026 earnings call. Today's call is being recorded. To ask a question, you may press star then 1 on your touch-tone phone. And to withdraw your question, please press star then 2. At this time, I would like to turn the conference over to Mr. Jonathan Goldowski, Head of Investor Relations. Please go ahead.
Good morning, and welcome to Galaxy's second-quarter 2026 earnings call. Before we begin, please note that our remarks, including answers to your questions, may include forward-looking statements. Actual results could differ materially from those described in these statements as a result of various factors, including those identified in the disclaimers in our earnings release or other filings which have been filed with the U.S. Securities and Exchange Commission and on SEDAR+.
Forward-looking statements speak only as of today and will not be updated.
Additionally, we may discuss references to non-GAAP metrics,
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