Galaxy Digital Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q1 2026 was marked by a broad decline in digital asset prices, with crypto market capitalization falling roughly 20% quarter-over-quarter.
  • Galaxy reported a GAAP net loss of $216 million (vs. a smaller loss in Q4), primarily driven by unrealized mark-to-market losses.
  • Adjusted EBITDA was negative $188 million, a deterioration from Q4 but largely attributable to digital asset price weakness.
  • Despite market softness, several underlying businesses (Digital Assets, Infrastructure, and Data Centers) showed signs of stabilization and strategic progress.

Key Financial Metrics

  • Digital Asset segment adjusted gross profit: $49 million, flat vs. Q4 despite a 20% decline in crypto market cap and falling volumes industry-wide.
  • Global Markets revenue: $31 million adjusted gross profit, up 3% quarter-over-quarter with flat volumes despite a ~25% industry decline.
  • Asset Management adjusted gross profit: $18 million; AUM at $8 billion with $69 million in net inflows in Q1.
  • Operating expenses excluding certain items: $147 million, down 7% from Q4.
  • Balance sheet assets: $10 billion, down from $11 billion at year-end due to asset price declines.
  • Cash + stablecoins: $2.6 billion, flat quarter-over-quarter.

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Operator: Good morning, and welcome to the Galaxy Digital First Quarter 2026 Earnings Call. Today's call is being recorded. [Operator Instructions] I would like to turn the conference over to Jonathan Goldowsky, Head of Investor Relations. Please go ahead, sir. Jonathan Goldowsky: Good morning, and welcome to Galaxy's First 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, the reconciliations of which can also be found in our earnings release. Finally, none of the information on this call constitutes a recommendation, solicitation or offer by Galaxy or its affiliates to buy or sell any securities. With that, I'll turn it over to Mike Novogratz, Founder and CEO of Galaxy. Michael Novogratz: Yes. Good morning, everyone. Listen, first quarter crypto prices down on average of 25%, you can see our headline number, certainly, isn't what we'd like to be delivering quarter after quarter. All that said, I feel pretty good about the business right now. And so you come in

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