GLXY · Galaxy Digital Inc.
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AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;DR. Galaxy delivered Phase 1 of its Helios data center (133 MW to CoreWeave) on schedule, closed a $3.5 billion high-yield financing for Phase 2, and expanded its Texas power pipeline to over 5.7 GW with three new sites, while reporting a Q2 net loss of $85 million and negative $77 million adjusted EBITDA driven by a $42 million Treasury & Corporate gross loss on digital asset depreciation.
- + Phase 1 of Helios data center delivered on schedule with all 133 MW of critical IT load to CoreWeave now in service.
- + Data center segment generated first quarter of operating results with $20M adjusted gross profit and $11M adjusted EBITDA.
- + Phase 1 expected to generate ~$80M quarterly leasing revenue with over 90% project-level adjusted EBITDA margin starting Q3 2026.
- + Closed $3.5 billion senior secured notes offering to fully fund Helios Phase 2 construction.
- + Power pipeline expanded to over 5.7 GW with three new Texas sites (Merlin, Caspian, Selene) bringing multi-gigawatt development visibility.
- + Digital Assets adjusted gross profit rose 34% QoQ to $66M despite declining crypto prices, signaling earnings less dependent on market direction.
- − Reported Q2 GAAP net loss of $85 million and negative $77 million adjusted EBITDA, driven by digital asset price depreciation.
- − Treasury & Corporate segment posted $42 million adjusted gross loss and $78 million adjusted EBITDA loss on unrealized digital asset positions.
- − Net digital assets and investments declined 15% QoQ to $1.2 billion reflecting both price depreciation and reduced exposure.
- − Combined AUM/assets under stake declined 12% QoQ to $7.1 billion amid price depreciation and modest net outflows.
- − Digital asset trading volumes declined 7% QoQ in a quarter with broader industry double-digit declines.
- − ERCOT/PUCT audit directed by Governor Abbott delays expected batch zero classification communications.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | -$77.3M | the three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net income / (loss) -85.32M
+16.21M Equity based compensation
+25.1M Notes interest and other expense
-42.87M Tax expense / (benefit)
+9.16M Depreciation and amortization expense
+465K Other
= Adjusted EBITDA -77.26M
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Capital Markets — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
GLXY
this stock
Galaxy Digital Inc.
|
$9.48B | +1.7% | +41.8% | — | 7.9% |
|
MS
Morgan Stanley
|
$308.32B | +5.9% | +5.5% | 15.9 | 0.9% |
|
GS
Goldman Sachs Group Inc
|
$272.38B | +2.4% | +8.9% | 14.4 | 2.4% |
|
SCHW
Schwab Charles Corp
|
$171.26B | -2.2% | +22.0% | 18.0 | 1.1% |
|
HOOD
Robinhood Markets, Inc.
|
$107.35B | -0.5% | +51.6% | 52.8 | 4.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| GLXY | -11.8% | -2.9% | +7.5% | -7.6% | +1.7% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -11.2% | -3.1% | -4.7% | -7.0% | -10.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.