NEW YORK, Aug. 5, 2026 /PRNewswire/ -- Galaxy Digital Inc. (Nasdaq: GLXY) (the "Company" or "GDI") today released financial results for the three and six months ended June 30, 2026. In this press release, a reference to "Galaxy," "we," "our" and similar words refers to GDI, its subsidiaries and affiliates, and, prior to the Reorganization Transactions, refers to Galaxy Digital Holdings LP (the "Partnership" or "GDH LP"), its subsidiaries and affiliates, or any one of them, as the context requires.(1)
-- Financial Highlights
-- Q2 2026 net loss of $(85) million and diluted and adjusted EPS of $(0.09),
driven primarily by the depreciation of digital asset prices in the
quarter.2
-- Q2 2026 adjusted gross profit of $43 million and adjusted EBITDA of $(77)
million.2
-- Total equity of $2.7 billion and cash and stablecoin holdings of $2.5
billion as of June 30, 2026.
-- Corporate Updates
-- Subsequent to quarter-end, Galaxy substantially expanded its data center
footprint with the acquisition of three new sites in Texas for the
development of AI data centers, bringing its total power pipeline to over
5.7 GW.
-- Galaxy executed a development agreement to acquire 500 acres in
the McGregor Industrial Park for its Merlin campus, securing an
initial agreement to support 74 MW of capacity, with the potential
to expand to up to 500 MW.
-- Galaxy acquired two additional sites for development in Texas,
Caspian and Selene, with potential power capacities of
approximately 700 MW and 900 MW, respectively, subject to ERCOT's
interconnection process.
-- Galaxy completed delivery of the first phase of power at its Helios data
center campus in West Texas, delivering 200 MW of gross power -- 133 MW
of critical IT load -- to CoreWeave under the Company's 15-year lease
agreement. Phase I was delivered on schedule, with rent commencement
under the Phase I lease scaling with delivered capacity throughout the
second quarter of 2026.
-- On July 28, Galaxy, through its wholly-owned subsidiary Galaxy Helios
Data Centers II LLC, completed a private offering of $3.5 billion of
senior secured notes due 2031. Proceeds from the offering will be used to
fund construction of Helios I, Phase II.
-- Galaxy entered a multi-year agreement with BNY, which oversees more than
$60 trillion in assets under custody, to further advance its digital
asset infrastructure, including support for staking on BNY's Digital
Asset Custody platform. Galaxy is also serving as a design partner to
support the continued development of BNY's digital asset platform
infrastructure.
SELECT FINANCIAL
METRICS Q2 2026 Q1 2026 Q/Q % Change
---------------- ------------------ ----------------- ------------
Total Assets $10,844M $9,992M 9 %
---------------- ------------------ ----------------- ------------
Total Equity $2,720M $2,779M (2) %
---------------- ------------------ ----------------- ------------
Cash &
Stablecoins(3) $2,459M $2,605M (6) %
---------------- ------------------ ----------------- ------------
Net Digital
Assets and
Investments(4) $1,160M $1,362M (15) %
---------------- ------------------ ----------------- ------------
Net Income /
(Loss) ($85M) ($216M) N.M.
---------------- ------------------ ----------------- ------------
Adjusted
EBITDA(2) ($77M) ($188M) N.M.
---------------- ------------------ ----------------- ------------
Note: Throughout this document, totals may not sum due to rounding.
Percentage change calculations are based on unrounded results. N.M. is the
abbreviation for "Not Meaningful". (1) On May 13, 2025, the Company, Galaxy
Digital Holdings Ltd. and GDH LP consummated a series of transactions
resulting in the reorganization of the Company's corporate structure (the
"Reorganization Transactions"). (2) Adjusted EPS, Adjusted Gross Profit and
Adjusted EBITDA are non-GAAP financial measures. Refer to pages 12 through
14 for more information and a non-GAAP to GAAP reconciliation to the most
directly comparable GAAP measure. (3) Includes $896M in Cash and Cash
Equivalents and $1,563M in Stablecoins as of the end of Q2 2026 and $911M in
Cash and Cash Equivalents and $1,694M in Stablecoins as of the end of Q1
2026. (4) Refer to page 7 of this release for a breakout of Galaxy's
Treasury & Corporate net digital asset and investment exposure.
-- Galaxy Financial Snapshot
-- Galaxy reported a net loss of $(85) million for Q2 2026 and diluted and
adjusted EPS of $(0.09), driven primarily by the depreciation of digital
asset prices during the period.1
-- Digital Assets and Data Centers operating businesses generated $86
million of adjusted gross profit and $1 million of adjusted EBITDA, up
$34 million and $21 million QoQ, respectively.1
-- Digital Assets generated adjusted gross profit of $66 million and
adjusted EBITDA of $(11) million. Despite the pullback in digital asset
prices and activity during the quarter, adjusted gross profit increased
by 34% QoQ, reflecting the resilience of our business model and further
demonstrating that our earnings are becoming less dependent on the
direction of digital asset prices.1
-- Data Centers generated adjusted gross profit of $20 million and adjusted
EBITDA of $11 million during the quarter, as capacity delivery to
CoreWeave ramped throughout the period, with all 133 MW of critical IT
load under the Phase I lease in service by quarter end. With the full 133
MW now delivered, due to contracted payments, Galaxy expects Phase I to
generate quarterly leasing revenue of approximately $80 million, and
expected quarterly project-level Adjusted EBITDA margin of over 90%
beginning in the third quarter of 2026.1
-- Treasury & Corporate generated adjusted gross loss of $(42) million and
adjusted EBITDA of $(78) million, driven primarily by unrealized losses
on digital assets and investment positions.1
GAAP Revenues
and Transaction
Expenses Q2 2026 Q1 2026 Q/Q % Change
--------------- ----------------------- ---------------------- ------------
Gross Revenues
&
Gains/(Losses)
from
Operations $8,711M $10,213M (15) %
--------------- ----------------------- ---------------------- ------------
Gross
Transaction
Expenses $8,486M $10,017M (15) %
--------------- ----------------------- ---------------------- ------------
Segment
Reporting
Breakdown Q2 2026 Q1 2026 Q/Q % Change
--------------- ----------------------- ---------------------- ------------
Digital Assets
Adjusted
Gross
Profit(1) $66M $49M 34 %
--------------- ----------------------- ---------------------- ------------
Digital Assets
Adjusted
EBITDA(1) ($11M) ($19M) N.M.
--------------- ----------------------- ---------------------- ------------
Data Centers
Adjusted
Gross
Profit(1) $20M $3M 560 %
--------------- ----------------------- ---------------------- ------------
Data Centers
Adjusted
EBITDA(1) $11M ($0.9M) N.M.
--------------- ----------------------- ---------------------- ------------
Treasury &
Corporate
Adjusted
Gross
Profit(1) ($42M) ($140M) N.M.
--------------- ----------------------- ---------------------- ------------
Treasury &
Corporate
Adjusted
EBITDA(1) ($78M) ($167M) N.M.
--------------- ----------------------- ---------------------- ------------
Adjusted Gross
Profit(1) $43M ($88M) N.M.
--------------- ----------------------- ---------------------- ------------
Adjusted
EBITDA(1) ($77M) ($188M) N.M.
--------------- ----------------------- ---------------------- ------------
Net Income ($85M) ($216M) N.M.
--------------- ----------------------- ---------------------- ------------
Note: Throughout this document, totals may not sum due to rounding. Percentage
change calculations are based on unrounded results. N.M. is the abbreviation
for "Not Meaningful". (1) Adjusted EPS, Adjusted Gross Profit, Adjusted EBITDA
and project-level Adjusted EBITDA margin are non-GAAP financial measures.
Please see Non-GAAP Financial Measures below for further information. Refer to
pages 12 through 14 for more information and a non-GAAP to GAAP reconciliation
to the most directly comparable GAAP measure.
-- Digital Assets
Global Markets
Global Markets reported adjusted gross profit of $49 million in the second quarter.(1)
-- Galaxy's digital asset trading volumes declined 7% QoQ in a period where
industry trading volumes were down more than double-digit percentage
points sequentially.
-- Average loan book size of $1.4 billion was up modestly compared to the
prior quarter. New loan originations increased QoQ, supported by the
successful pre-launch of the Galaxy Onchain Financing Rate ("GOFR"),
alongside broader demand from new and existing clients.
-- Galaxy launched an OTC Prediction Markets offering, enabling
institutional clients to implement multi-asset hedging strategies around
event-driven markets.
KEY PERFORMANCE
INDICATORS Q2 2026 Q1 2026 Q/Q % Change
--------------------- ------------------- --------------- ------------
Global Markets
Adjusted Gross
Profit(1) $49M $31M 58 %
--------------------- ------------------- --------------- ------------
Loan Book Size
(Average) $1,438M $1,427M 1 %
--------------------- ------------------- --------------- ------------
Total Trading
Counterparties 1,741 1,691 3 %
--------------------- ------------------- --------------- ------------
Global Markets Adjusted Gross Profit: Gross Profit from Galaxy trading
activity, net of transaction expenses, and fee revenue associated with the
Investment Banking business. Loan Book Size (Average): Average market value
of all open loans, excluding uncommitted credit facilities.
Asset Management & Infrastructure Solutions
Asset Management & Infrastructure Solutions generated $17 million of adjusted gross profit in Q2 2026.(1)
-- Galaxy ended Q2 with $7.1 billion in combined assets under management and
assets under stake, down 12% QoQ, driven primarily by the depreciation of
digital asset prices during the period.3
-- Galaxy entered a multi-year agreement with BNY, which oversees more than
$60 trillion in assets under custody, to further advance digital asset
infrastructure for institutional markets, including support for staking
on BNY's Digital Asset Custody platform. In addition to staking, Galaxy
is serving as a design partner to further advance BNY's digital asset
platform infrastructure.
-- Galaxy launched the Galaxy Fintech Fund, a long-short hedge fund
investing in the convergence of traditional finance, blockchain
infrastructure, and emerging technologies.
-- Galaxy and State Street Investment Management launched the State Street
Galaxy Onchain Liquidity Sweep Fund ("SWEEP"), a tokenized private
liquidity fund designed to enable 24/7 onchain cash management via
stablecoin, subject to availability of stablecoin in the fund's
portfolio.
KEY PERFORMANCE
INDICATORS Q2 2026 Q1 2026 Q/Q % Change
------------------ --------------- --------------- ------------
Asset Management &
Infrastructure
Solutions Adjusted
Gross Profit(1) $17M $18M (6) %
------------------- --------------- --------------- ------------
ETFs $1,805M $2,190M (18) %
------------------- --------------- --------------- ------------
Alternatives $2,553M $2,757M (7) %
------------------- --------------- --------------- ------------
Assets Under Stake $2,790M $3,215M (13) %
------------------- --------------- --------------- ------------
All figures are unaudited. ETFs: Include assets in Galaxy-sponsored and
sub-advised exchange-traded funds, including seed investments by
affiliates, based on prices as of the end of the specified period. ETF
assets include both Galaxy balance sheet and third-party assets. Changes
in ETF assets are generally the result of performance, inflows/outflows,
and market movements. Alternatives: Includes committed capital closed-end
vehicles, fund of fund products, engagements to unwind portfolios,
affiliated and unaffiliated separately managed accounts, and seed
investments by affiliates, based on prices as of the end of the specified
period. For committed capital closed-end funds, Alternatives are reported
as Net Asset Value ("NAV") plus unfunded commitments. Alternatives for
quarterly close vehicles are reported as of the most recent quarter
available for the applicable period. Assets Under Stake: Represents the
total notional value of assets bonded to Galaxy validators, based on
prices as of the end of the specified period. These figures include both
Galaxy balance sheet and third-party assets. Note: As of the end of Q2
2026, $733M of assets are captured within both Assets Under Stake and
Alternatives.
(1) Adjusted Gross Profit is a non-GAAP financial measure. Refer to page 12
for more information and a reconciliation to the most directly comparable GAAP
measure. (2) Source: The Block. Industry-wide trading volumes defined as spot
cryptocurrency monthly exchange volumes, BTC futures, BTC options, and ETH
options volumes. (3) Assumes prices for relevant cryptocurrencies as of
6/30/2026.
-- Data Centers
Data Centers generated $20 million of adjusted gross profit and $11 million of adjusted EBITDA in Q2 2026.(1)
-- Q2 marked the segment's first quarter of revenue-generating operations,
as Phase I data hall delivery ramped throughout the quarter, with all 133
MW of critical IT load under the Phase I lease in service by quarter end.
With the full 133 MW now delivered, due to contracted payments, Galaxy
expects Phase I to generate quarterly leasing revenue of approximately
$80 million and expected quarterly project-level Adjusted EBITDA margin
of over 90% beginning in Q3 2026.1
KEY PERFORMANCE
INDICATORS Q2 2026 Q1 2026
----------------- ------------------------- ---------------------------
Data Centers
Adjusted Gross
Profit(1) $20M $3M
----------------- ------------------------- ---------------------------
Data Centers
Adjusted
EBITDA(1) $11M ($0.9M)
----------------- ------------------------- ---------------------------
Data Centers
Total Assets
(End of Period) $2,544M $2,104M
----------------- ------------------------- ---------------------------
Data Centers
Total
Liabilities (End
of Period) $1,548M $1,330M
----------------- ------------------------- ---------------------------
Data Centers
Quarterly
Capital
Expenditure $448M $354M
----------------- ------------------------- ---------------------------
Delivered 133 MW -
Critical IT
Load(2)
----------------- ------------------------- ---------------------------
(1) Adjusted Gross Profit, Adjusted EBITDA and project-level Adjusted EBITDA
margin are non-GAAP financial measures. Refer to pages 12 - 14 for more
information and a reconciliation to the most directly comparable GAAP
measure. (2) Represents revenue-generating capacity delivered to tenants,
reflecting capacity delivered at quarter end.
Helios Data Center Campus:
-- Galaxy completed delivery of the first phase of power at its Helios data
center campus in West Texas, delivering 200 MW of gross power -- 133 MW
of critical IT load -- to CoreWeave under the Company's 15-year lease
agreement. Phase I was delivered on schedule, with rent commencement
under the Phase I lease scaling with delivered capacity throughout the
second quarter of 2026.
-- Galaxy commenced construction on Phase II of Helios, a 260 MW critical IT
capacity expansion, with HITT Contracting serving as general contractor.
HITT has been mobilized and on site since April 2026, with earthwork
complete and structural foundation work now underway. Data hall
deliveries under Phase II are expected to begin in the second quarter of
2027.
-- On July 28, Galaxy, through its wholly-owned subsidiary Galaxy Helios
Data Centers II LLC, completed a private offering of $3.5 billion of
senior secured notes due 2031. Proceeds from the offering will be used to
fund construction of Helios I, Phase II.
-- Galaxy continues to advance discussions with prospective tenants for the
additional 830 MW of approved capacity at Helios not yet under lease, and
has 2 GW of additional power under study at the Helios campus alone to
support the rising demand for AI infrastructure.
The Helios Campus CoreWeave Leases (Phases I+II+III)
------------------
1.63GW 800MW 526MW 15 Years
Base Lease Term,
Total Approved Excluding Two
Gross Power Gross Power 5-Year Extension
Capacity Capacity Critical IT Load Options
---------------- ----------------- -----------------
2,200+ Q2 2026 $1.2B+ 90%+
Campus Acreage(1) Phase I Rent Anticipated Anticipated
Commencement Average Annual Average Lease-
Date Revenue(2) Level Adjusted
EBITDA
Margins(2)
(1) Represents land under direct control. (2) Based on committed contractual
terms, internal estimates for capital expenditures. Reflects anticipated
average annual revenue across the full 526MW of contracted critical IT load
over the lease term. Actual results may differ materially due to business,
economic and competitive uncertainties and contingencies, which are beyond the
control of the Company and its management and subject to change. Average
Lease-Level adjusted EBITDA margin is a non-GAAP financial measure Refer to
pages 12 - 14 for more information and a reconciliation to the most directly
comparable GAAP measure.
Galaxy's Path to Multi-Gigawatt Scale
Galaxy continues to build out a multi-gigawatt power pipeline across Texas, now totaling over 5.7 GW of potential capacity, as it expands beyond Helios to meet accelerating demand for AI and HPC infrastructure.
The Helios Campus
-- Helios currently has more than 1.6 GW of approved power capacity. Two
additional 1 GW load requests -- Helios III and Helios IV -- are
progressing through ERCOT's interconnection process. Together, these
requests represent potential total capacity of 3.6 GW, which would place
Helios among the largest known 100% front-of-the-meter data center
campuses.
Recent Site Acquisitions
-- Galaxy executed a development agreement with the city of McGregor, Texas,
to acquire 500 acres in the McGregor Industrial Park for the development
of Merlin, an AI and HPC data center campus. Galaxy is advancing the
electrical infrastructure required to support the campus and has secured
an agreement for approximately 74 MW of capacity in the initial phase,
with the potential to grow into a 500 MW campus as the utility upgrades
transmission infrastructure.
-- Galaxy also acquired two additional sites in Texas for the development of
AI and HPC data center campuses, Caspian and Selene, which have potential
capacity of approximately 700 MW and 900 MW, respectively, subject to
ERCOT's interconnection process.
-- Balance Sheet
Equity Capital
As of June 30, 2026, Galaxy had $2.7 billion in equity capital.
Below is a breakout of how the Company's equity capital is allocated across its Digital Assets, Data Centers and Treasury & Corporate segments.
$2.7 billion of equity capital across three segments: 36% 36% 28% Digital Assets Data Centers Treasury & Corporate
Treasury & Corporate Net Digital Asset and Investment Exposure
The Company's Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions, derivatives, ETFs, equities, venture investments, private equity holdings and fund investments.
The below pie chart is representative of the Treasury & Corporate segment's net digital asset and investment exposure as of June 30, 2026.
(1) Includes spot BTC, BTC derivatives, short and other hedge positions,
associated tokens such as wrapped BTC, and interests in investment
vehicles designed to hold BTC.
(2) Includes spot SOL, SOL derivatives, short and other hedge positions,
associated tokens such as wrapped SOL, and interests in investment
vehicles designed to hold SOL, including Galaxy's investment in Forward
Industries.
(3) Represents spot and interests in investment vehicles that provide
exposure to other digital assets.
(4) Includes publicly traded securities, including those subject to a
short-term lock-up.
Earnings Conference Call
An investor conference call will be held today, August 5, 2026, at 8:30 AM Eastern Time. A live webcast will be available at https://investor.galaxy.com/, on the Company's YouTube channel and through the Company's X profile (@GalaxyDigitalHQ). A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company's Investor Relations website. Through August 31, 2026, the recording will also be available by dialing 1-844-512-2921, or 1-412-317-6671 (outside the U.S. and Canada) and using the passcode: 18446.
About Galaxy Digital Inc. (Nasdaq: GLXY)
Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release and the accompanying conference call may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995, and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including, without limitation, statements about Galaxy's business plans and goals, including with respect to the Helios Data Center, lease agreements with CoreWeave, planned data centers, power capacity and energization timelines, the Galaxy Fintech fund, future reporting measures and business strategy, our future results of operations and financial position, and industry dynamics are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the inability to maintain Nasdaq's listing standards; (2) costs related to AI/HPC plans, transactions, operations and strategy, including impairment charges recognized in connection with the conversion of our Helios mining infrastructure and negative Adjusted EBITDA in recent periods; (3) changes in applicable laws or regulations, and changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) declines in the prices of digital assets or in the volume of transactions that we conduct, and our exposure to market risk on our digital asset and investment positions; (6) the risk that our business will not grow in line with our expectations; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) the possibility that there is a disruption or change in power dynamics impacting our results or current or future load capacity; (9) any delay or failure to consummate our business mandates or achieve our pipeline goals; (10) technological challenges, cyber incidents or exploits; (11) risks related to retrofitting our existing facility from mining to AI/HPC infrastructure, including the timing of construction and its impact on lease revenue; (12) any inability or difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms or at all; (13) changes to the AI/HPC infrastructure needs and their impact on future plans at the Helios campus; (14) any delay in obtaining, or failure to obtain, necessary ERCOT power approvals; (15) risks associated with the leasing business, including those associated with counterparties; (16) risks associated with our GalaxyOne platform; and (17) those other risks contained in filings we make with the Securities and Exchange Commission (the "SEC") from time to time, including in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 and available on Galaxy's profile at www.sec.gov (our "Form 10-K"), as such factors may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.
This press release and our earnings call contain certain preliminary information about our performance in the second quarter of 2026. This information is preliminary and represents the most current information available to management. The Company's actual consolidated financial statements may differ materially as a result of the completion of normal quarterly accounting procedures and adjustments or due to other risks contained in our Form 10-K, as such risks may be updated from time to time in our filings with the SEC, including without limitation, our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.
Galaxy announces material information to the public through filings with the Securities and Exchange Commission, the investor relations and newsroom pages on its website (investor.galaxy.com and galaxy.com/newsroom), press releases, its LinkedIn profile (linkedin.com/company/galaxyhq), its X account (@galaxyhq), public conference calls and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. Galaxy encourages investors and others to follow the channels listed above and to review the information disclosed through such channels.
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP, this press release and the accompanying tables contain adjusted gross profit, adjusted EBITDA, project-level adjusted EBITDA margin, average lease-level adjusted EBITDA margin and adjusted EPS, which are non-GAAP financial measures. Adjusted gross profit, adjusted EBITDA, project-level adjusted EBITDA margin, average lease-level adjusted EBITDA margin and adjusted EPS are unaudited, presented as supplemental disclosure and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Please see pages 12 - 14 for a reconciliation of (i) adjusted gross profit to revenues and gains / (losses) from operations (including for our individual segments) during the three months ended June 30, 2026 and 2025, (ii) adjusted EBITDA to net income (loss) (including for our individual segments) during the three months ended June 30, 2026 and 2025 and (iii) adjusted EPS to diluted EPS for the three months ended June 30, 2026 and 2025. A reconciliation of the Company's expected project-level adjusted EBITDA margin or average lease-level adjusted EBITDA margin to the most directly comparable GAAP financial measure cannot be provided without unreasonable effort and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation and certain other items reflected in our reconciliation of historical non-GAAP financial measures, the amounts of which could be material.
It is important to note that the particular items we exclude from, or include in, adjusted gross profit, adjusted EBITDA, project-level adjusted EBITDA margin, average lease-level adjusted EBITDA margin and adjusted EPS may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. We also periodically review our non-GAAP financial measures and may revise these measures to reflect changes in our business or otherwise.
We believe adjusted gross profit is a helpful non-GAAP financial measure to our management and investors because it eliminates the impact of the directly attributable transaction expenses. As such, it provides useful information about our financial performance, enhances the overall understanding of our past performance and future prospects, allows for greater transparency with respect to important metrics used by our management for financial, risk management and operational decision-making and provides an additional tool for investors to use to understand and compare our operating results across accounting periods.
Adjusted EBITDA is a non-GAAP financial measure that is used by management, in addition to GAAP financial measures, to understand and compare our operating results across accounting periods, for risk management and operational decision-making. This non-GAAP measure provides investors with additional information in evaluating the Company's operating performance. Adjusted EBITDA represents Net income / (loss), excluding (i) equity-based compensation, (ii) notes interest and other expense, (iii) tax expense / (benefit), (iv) depreciation and amortization expense and (v) other discrete items which are not individually significant that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. Project-level adjusted EBITDA margin is defined as project-level adjusted EBITDA for Helios Phase I, divided by leasing revenue, and excludes overhead expenses. Average lease-level adjusted EBITDA margin is defined as adjusted EBITDA for the CoreWeave lease, divided by leasing revenue, and excludes overhead expenses.
Adjusted EPS is defined as diluted EPS assuming all outstanding noncontrolling interest holders exchanged their LP units in GDH LP for Class A common stock of the Company. This non-GAAP financial measure is commonly used as an analytical indicator of performance by investors within the industries in which we operate. Adjusted EPS should not be considered in isolation or as an alternative to or a substitute for financial statement data presented in Galaxy Digital's consolidated financial statements as indicators of financial performance.
Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool.
(c) Copyright Galaxy Digital 2026. All rights reserved.
Galaxy Digital Inc.'s Consolidated Statements of Financial Position (unaudited)
December 31,
(in thousands) June 30, 2026 2025
-------------------------------------- ----------------- -----------------
Assets
Current assets
Cash and cash equivalents $ 895,744 $ 1,246,240
Digital intangible assets (includes
$1,684.3 and $2,717.4 million
measured at fair value) 2,450,733 3,526,216
Digital financial assets 1,055,655 988,621
Digital asset loans receivable, net
of allowance 782,361 1,070,029
Investments 657,951 709,069
Assets posted as collateral, net of
allowance 164,314 199,983
Derivative assets 135,134 83,807
Accounts receivable (includes $4.8
and $3.4 million due from
related parties) 86,453 34,012
Digital assets receivable 3,171 3,778
Loans receivable, net of allowance 947,408 554,449
Prepaid expenses and other assets 59,523 99,734
----------------- -----------------
Total current assets 7,238,447 8,515,938
----------------- -----------------
Non-current assets
Digital assets receivable 3,218 4,719
Digital asset loans receivable, net
of allowance, non-current 4,319 8,900
Investments (includes $740.9 and
$864.0 million measured at fair
value) 884,128 1,023,236
Digital intangible assets 11,023 26,824
Loans receivable, net of allowance,
non-current 6,787 2,553
Property and equipment, net 2,218,204 1,423,113
Other non-current assets 411,332 276,275
Goodwill 66,523 66,523
----------------- -----------------
Total non-current assets 3,605,534 2,832,143
----------------- -----------------
Total assets $ 10,843,981 $ 11,348,081
================= =================
Liabilities and Equity
Current liabilities
Derivative liabilities 151,348 40,482
Accounts payable and accrued
liabilities 306,839 277,663
Digital assets borrowed 1,486,909 2,361,161
Payable to customers 80,723 85,808
Loans payable 286,715 52,626
Collateral payable 1,933,066 1,980,171
Notes payable - current 436,985 428,545
Other current liabilities 130,583 85,062
----------------- -----------------
Total current liabilities 4,813,168 5,311,518
----------------- -----------------
Non-current liabilities
Notes payable 2,825,773 2,432,510
Digital assets borrowed, non-current 27,560 56,107
Other non-current liabilities
(includes $71.5 and $72.3 million
due to related parties) 457,372 513,169
----------------- -----------------
Total non-current liabilities 3,310,705 3,001,786
----------------- -----------------
Total liabilities 8,123,873 8,313,304
----------------- -----------------
Equity
Class A common stock, $0.001 par
value; 2,000,000,000 shares
authorized and 194,798,949 issued
and outstanding 194 192
Convertible Class B common stock,
$0.0000000001 par value; 500,000,000
shares authorized and 196,596,698
issued and outstanding -- --
Additional Paid in Capital 1,588,391 1,614,660
Accumulated other comprehensive
income (loss) 1,926 (2,038)
Retained Earnings 232,855 342,921
----------------- -----------------
Total stockholders' equity(1) 1,823,366 1,955,735
Noncontrolling interest 896,742 1,079,042
----------------- -----------------
Total equity 2,720,108 3,034,777
----------------- -----------------
Total liabilities and equity $ 10,843,981 $ 11,348,081
================= =================
(1) For periods prior to the Reorganization Transactions, represents total GDH
LP Unit Holders' Capital.
Galaxy Digital Inc.'s Consolidated Statements of Operations and Other Comprehensive Income (Loss) (unaudited)
Three Months Ended Six Months Ended
--------------------------------------- ----------------------------------------
(in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025
---------------- ------------------- ------------------ ------------------- -------------------
Revenues $ 8,557,336 $ 8,661,555 $ 18,598,780 $ 21,637,761
Gains / (losses)
from operations 134,320 395,094 306,101 274,763
Data center
leasing revenue 18,877 -- 18,877 --
------------------- ------------------ ------------------- -------------------
Revenues and
gains /
(losses) from
operations 8,710,533 9,056,649 18,923,758 21,912,524
------------------- ------------------ ------------------- -------------------
Operating
expenses:
Transaction
expenses 8,485,821 8,629,940 18,502,566 21,576,949
Impairment of
digital assets 181,348 127,477 465,750 239,906
Compensation and
benefits 83,996 64,969 167,544 121,922
General and
administrative 18,766 11,783 33,348 85,745
Depreciation and
amortization 9,161 7,458 15,000 20,071
Technology 16,254 11,598 31,017 21,485
Professional fees 19,012 22,791 30,043 43,563
Notes interest
expense 25,098 14,240 42,674 28,311
------------------- ------------------ ------------------- -------------------
Total operating
expenses 8,839,456 8,890,256 19,287,942 22,137,952
------------------- ------------------ ------------------- -------------------
Other income /
(expense):
Unrealized gain /
(loss) on notes
payable -
derivative -- (125,150) -- (35,544)
Other income /
(expense), net 736 918 1,440 1,590
------------------- ------------------ ------------------- -------------------
Total other
income /
(expense) 736 (124,232) 1,440 (33,954)
------------------- ------------------ ------------------- -------------------
Net income /
(loss) before
taxes $ (128,187) $ 42,161 $ (362,744) $ (259,382)
------------------- ------------------ ------------------- -------------------
Income taxes
expense /
(benefit) (42,871) 11,470 (61,117) 5,358
------------------- ------------------ ------------------- -------------------
Net income /
(loss) $ (85,316) $ 30,691 $ (301,627) $ (264,740)
Other
comprehensive
income (loss),
net of tax
Change in fair
value of cash
flow hedges 3,492 -- 8,043 --
------------------- ------------------ ------------------- -------------------
Other
comprehensive
income (loss) 3,492 -- 8,043 --
------------------- ------------------ ------------------- -------------------
Comprehensive
income (loss) $ (81,824) $ 30,691 $ (293,584) $ (264,740)
=================== ================== =================== ===================
Comprehensive
income / (loss)
attributed to:
Class B Unit
holders of GDH
LP -- (19,255) -- (204,745)
Noncontrolling
interests (65,636) 35,446 (187,482) 35,446
------------------- ------------------ ------------------- -------------------
Class A common
stockholders of
the Company(1) $ (16,188) $ 14,500 $ (106,102) $ (95,441)
=================== ================== =================== ===================
Net income /
(loss) per share
of Class A
common stock
(2)
Net income (loss)
used in
calculation of
net income /
(loss) per share
of Class A common
stock (2) $ (17,913) $ 14,500 $ (110,066) $ (95,441)
Basic $ (0.09) $ 0.10 $ (0.57) $ (0.70)
Diluted $ (0.09) $ 0.08 $ (0.58) $ (0.76)
Weighted average
shares
outstanding used
to compute net
income / (loss)
per share(3)
Basic 192,869,271 143,103,474 192,474,019 135,525,464
Diluted 192,869,271 371,717,071 390,465,556 349,390,820
(1) For periods prior to the Reorganization Transactions, represents
net income / (loss) attributable to Class A Units of GDH LP. (2) For
periods prior to the Reorganization Transactions, represents net
income / (loss) per Class A Unit of GDH LP. (3) For periods prior to
the Reorganization Transactions, represents weighted average Class A
Units of GDH LP used to calculate net income / (loss) per unit.
Ownership of GDH LP Limited Partnership Interests
June 30, 2026 December31, 2025
----------------------- -----------------------
Ownership % interest Ownership % interest
----------- ---------- ----------- ----------
Galaxy Digital Inc 194,798,949 49.8 % 192,695,681 49.3 %
Noncontrolling
interests 196,596,698 50.2 % 198,408,277 50.7 %
----------- ----------
Total 391,395,647 100.0 % 391,103,958 100.0 %
=========== ========== =========== ==========
Reconciliation of Adjusted Gross Profit