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Galaxy’s AI data centers bring $79 million in lease revenue and a small net loss

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Galaxy’s AI data centers bring $79 million in lease revenue and a small net loss

The first full Helios lease quarter left Data Centers with a $435,000 loss, while Treasury & Corporate drove Galaxy’s recovery.

Galaxy Digital’s first full quarter of AI data-center lease operations generated $69 million in adjusted EBITDA, but its Data Centers segment still posted a $435,000 net loss. The company’s Oct. 27 results put a number on both the new earnings stream and the financing burden accompanying its expansion.

For a business still exposed to digital-asset and investment swings, the operating contribution is substantial. Galaxy’s much larger group recovery came primarily through Treasury & Corporate.

The quarter ended Sept. 30 was the first with a full period of revenue-generating operations under the Helios I, Phase I lease to CoreWeave. All 133 megawatts of critical IT load had been delivered by the end of Q2. Data-center leasing revenue reached $79 million.

In CryptoSlate’s August coverage, approximately $80 million of quarterly lease revenue was still guidance. Q3 supplies the first full-quarter results, alongside the costs determining how much reaches the bottom line.

Adjusted EBITDA strips out financing expenses and several accounting items, making it useful for examining operating performance. It does not measure free cash flow or the final profit available after those costs.

Galaxy’s Data Centers reconciliation shows why the distinction matters. Starting with the segment’s net loss, the company makes the following adjustments to reach adjusted EBITDA:

” That is an accounting adjustment, not a disclosed cash-interest payment. Depreciation and the equity awards themselves are noncash accounting items.



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