Galaxy Digital Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 net income was $323 million, compared to a net loss of $85 million in Q2 2026.
• Diluted EPS was $0.66 and adjusted diluted EPS was $0.83 for Q3 2026.
• Adjusted gross profit for Q3 2026 was $569 million, up from $43 million in Q2 2026.
• Adjusted EBITDA for Q3 2026 was $455 million, compared to a loss of $77 million in Q2 2026.
• Total assets increased 51% quarter-over-quarter to $16.4 billion from $10.8 billion.
• Total equity increased 10% quarter-over-quarter to $3.0 billion from $2.7 billion.
• Cash, stablecoins, and U.S. Treasuries increased 99% quarter-over-quarter to $4.9 billion from $2.5 billion.
• Net Digital Assets and Investments increased 48% quarter-over-quarter to $1.7 billion from $1.2 billion.
• Gross Revenues & Gains/(Losses) from Operations remained flat at $8.7 billion quarter-over-quarter.
• Gross Transaction Expenses decreased 6% quarter-over-quarter to $8.0 billion from $8.5 billion.
• Total liabilities increased to $13.4 billion as of September 30, 2026, from $8.3 billion as of December 31, 2025.

Guidance and Future Outlook:

• Helios I, Phase II is fully financed and under construction, with data hall deliveries scheduled to begin in the second quarter of 2027.
• Galaxy is advancing discussions with prospective tenants for the additional 830 MW of approved capacity at Helios II not yet under lease.
• The company aims to capitalize on substantial growth opportunities in the modernization of financial markets through digital assets and the expansion of AI infrastructure.
• Construction activity for Helios I, Phase II is expected to ramp significantly over the coming months.

Business Segments and Product Lines:

• Digital Assets:
  • Global Markets trading volumes grew 12% quarter-over-quarter.
  • Average loan book size was $1.8 billion, up 27% quarter-over-quarter.
  • Global Markets Adjusted Gross Profit was $53 million, up 8% quarter-over-quarter.
  • Asset Management & Infrastructure Solutions ended Q3 with $10.4 billion in combined assets under management and assets under stake, up 46% quarter-over-quarter.
  • Asset Management generated over $160 million of net inflows during the quarter.
  • Galaxy entered a multi-year agreement with BNY to advance digital asset infrastructure, including staking support on BNY's Digital Asset Custody platform.
  • Asset Management & Infrastructure Solutions Adjusted Gross Profit was $19 million, up 11% quarter-over-quarter.
  • ETF assets were $2.5 billion, up 41% quarter-over-quarter.
  • Alternatives assets were $3.3 billion, up 30% quarter-over-quarter.
  • Assets Under Stake were $4.6 billion, up 64% quarter-over-quarter.
• Data Centers:
  • Data Centers generated Adjusted Gross Profit of $79 million and Adjusted EBITDA of $69 million for the quarter.
  • This reflects the first full quarter of revenue-generating operations under the Helios I, Phase I lease, with all 133 MW of critical IT load delivered to CoreWeave by the end of Q2.
  • Data Centers Total Assets increased 166% quarter-over-quarter to $6.8 billion from $2.5 billion.
  • Data Centers Total Liabilities increased 244% quarter-over-quarter to $5.3 billion from $1.5 billion.
  • Data Centers Quarterly Capital Expenditure was $757 million, up 69% quarter-over-quarter.
• Treasury & Corporate:
  • Treasury & Corporate Adjusted Gross Profit was $419 million, compared to a loss of $42 million in Q2 2026.
  • Treasury & Corporate Adjusted EBITDA was $395 million, compared to a loss of $78 million in Q2 2026.

Market and Competitive Landscape:

• Galaxy's digital asset trading volumes outperformed the broader spot market, where volumes declined.
• Market dynamics for data center leasing are seen as increasingly favorable.
• Galaxy is positioning itself among the largest and fastest-growing data center developers in North America with a pipeline of over 5.7 GW.

Risks and Challenges:

• Risks include the inability to maintain Nasdaq's listing standards.
• Potential costs related to AI/HPC plans, transactions, operations, and strategy, including impairment charges and negative Adjusted EBITDA in recent periods.
• Changes in applicable laws or regulations impacting the cryptocurrency and AI/HPC industries.
• Declines in digital asset prices or transaction volumes.
• Risks associated with construction of AI/HPC infrastructure, including timing delays and impact on lease revenue.
• Difficulty in obtaining additional financing for AI/HPC infrastructure needs on acceptable terms.
• Risks related to obtaining necessary ERCOT power approvals.
• Risks associated with the leasing business and counterparties.

Management Commentary and Tone:

• Mike Novogratz, Founder and CEO, stated that Galaxy delivered a strong third quarter reflecting the strength of the Digital Assets franchise, significant appreciation in the investment portfolio, and the growing contribution from the Data Centers business.
• Management emphasized a strategy centered on modernizing financial markets through digital assets and expanding AI infrastructure.
• The tone highlighted disciplined execution and a focus on creating long-term value for shareholders.

Other Key Points:

• The Board approved an additional $200 million share repurchase authorization.
• Galaxy repurchased 9.8 million shares year-to-date, more than offsetting equity-based compensation dilution.
• A previous $200 million share repurchase program announced in February 2026 was completed on October 15, 2026.
• Galaxy completed a $3.5 billion offering of senior secured notes to fund the construction of Helios I, Phase II.
• Total gross power pipeline for data centers expanded to over 5.7 GW.
• An investor conference call was held on October 27, 2026, at 8:30 AM Eastern Time.