Galaxy Digital Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

  • NASDAQ Uplisting Completed: As of May 16, Galaxy officially became a U.S.-listed company, trading on NASDAQ. This transition brings greater visibility, improved liquidity, access to U.S. capital markets, and potential index inclusion (e.g., S&P, Russell, MSCI).
  • New Financial Reporting Structure: Galaxy transitioned to U.S. GAAP reporting. Previous business segments were reorganized into:
    • Digital Assets
    • Data Centers
    • Treasury and Corporate
    Historical results have been recast to align with new structure.
  • Q1 2025 Financial Performance:
    • Net Loss: $295 million, driven by decline in value of digital assets.
    • Operating Expenses (ex. gross-up transaction costs): $188 million, down $143 million QoQ due mainly to one-time legal settlement in Q4 2024. Ex one-timers, operating expenses were ~$130 million.
    • Adjusted Gross Profit (Digital Assets Segment): $65 million.
    • Operating Income (Digital Assets Segment): $3.5 million.
    • Lending Business: ~$870 million average loan book; net interest revenue of $23 million, up 25% QoQ.

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Operator: Good day, everyone, and welcome to the Galaxy Digital First Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. Later, you have the opportunity to ask questions during a question-and-answer session. [Operator Instructions] Please note, today's call may be recorded, and I will be standing by if you should need any assistance. It is now my pleasure to turn the program over to Mr. Jonathan Goldowsky, Head of Investor Relations. Please go ahead. Jonathan Goldowsky: Good morning, and welcome to Galaxy's first quarter 2025 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. Mike Novogratz: Good morning, everyone. It's an exciting week here

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