Galaxy Digital Inc. (NASDAQ:GLXY) shares are trading higher after the company reported mixed third-quarter results, beating on earnings per share and missing on revenue.
- Galaxy shares are powering higher. What’s behind GLXY gains?
Galaxy Beats on Earnings per Share but Misses on Revenue
Galaxy reported third-quarter adjusted earnings per share of 83 cents, beating the consensus estimate of 11 cents. It reported revenue of $8.688 billion, missing the consensus estimate of $11.437 billion. Net income was $323 million, or 66 cents per diluted share, compared with a net loss of $85 million in the second quarter. Adjusted gross profit was $569 million, and adjusted EBITDA was $455 million, compared with a loss of $77 million in the second quarter.
"Galaxy delivered a strong third quarter, reflecting the strength of our established Digital Assets franchise, significant appreciation across our investments portfolio, and the growing contribution from our Data Centers business," said Mike Novogratz, Galaxy’s founder and CEO.
Treasury Gains Drive Profit as Data Centers Post a First Full Quarter of Helios Revenue
Most of the quarter’s profit came from the Treasury and Corporate segment, which posted adjusted gross profit of $419 million, compared with a loss of $42 million in the second quarter. The Data Centers segment generated adjusted gross profit of $79 million and adjusted EBITDA of $69 million, reflecting the first full quarter of revenue under the Helios I, Phase I lease, with all 133 MW of critical IT load delivered to CoreWeave. Digital Assets adjusted gross profit was $71 million, up 9% from the second quarter.
Galaxy Adds $200M Buyback and Expands Its Power Pipeline to More Than 5.7 GW
Galaxy ended the quarter with total equity of $3.0 billion and $4.9 billion in cash, stablecoins and U.S. Treasuries. It has repurchased 9.8 million shares so far this year, more than offsetting equity-based compensation dilution, and its board approved an additional $200 million share repurchase authorization. Galaxy said its total gross power pipeline for data centers is now over 5.7 GW. It also completed a $3.5 billion senior secured notes offering to fund construction of Helios I, Phase II.
Galaxy Shares Rise
GLXY Price Action: At the time of publication, Galaxy shares are trading 3.51% higher at $16.24, according to data from Benzinga Pro.
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