Galaxy Digital Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview: Galaxy reported a transformational quarter driven by data center infrastructure (Helios Phase I online) and digital assets growth amid a crypto bear market. Focus on building financial rails (Onchain/AI) and power/compute infrastructure. Key themes: recurring revenue diversification, market share gains, and institutional partnerships (e.g., BNY Mellon).

Financial Highlights (Q2 2026 vs Q1 2026)

  • GAAP net loss: $85 million ($0.09 per share); firm-wide adjusted EBITDA: -$77 million (driven by Treasury/digital asset price depreciation).
  • Operating businesses: Adjusted gross profit $86 million and adjusted EBITDA $1 million (both significantly up QoQ).
  • Data centers contributed $20 million adjusted gross profit and $11 million adjusted EBITDA (first full quarter of results from Phase I).
  • Digital Assets segment: Adjusted gross profit $66 million (up $17 million or +34% QoQ) despite industry headwinds.
  • Operating expenses (excl. certain items): $172 million (up $25 million QoQ, due to interest/depreciation from data centers).
  • Clean electricity investment tax credit: ~$65 million recognized ($32 million tax benefit after Up-C structure).

Digital Assets Business

  • Global Markets: Adjusted gross profit $49 million (significantly up QoQ); trading volumes down 7% but offset by electronic trading strength and risk management.

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Operator: Good morning, and welcome to the Galaxy Digital Second Quarter 2026 Earnings Call. Today's call is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Mr. Jonathan Goldowsky, Head of Investor Relations. Please go ahead. Jonathan Goldowsky: 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, 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: Good morning, everyone. Listen, the second quarter was transformational for Galaxy. Behind the numbers is a single idea. The economy is increasingly running on code. Finance is moving Onchain and AI is remaking every industry. Both run on infrastructure, the fin

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