Gemini Space Station, Inc. Class A Common Stock Earnings Recaps
Q1 2026
May 19, 2026
Investor sentiment was buoyed by the company’s 42% revenue growth and progress on strategic initiatives, driving a 6.1% stock increase despite ongoing losses and significant expense growth.
Key takeaways
- Revenue rose 42% year-over-year to $50.3 million, supported by credit card, OTC, and the first full quarter of prediction markets revenue.
- Exchange revenue fell 27% year-over-year to $17.2 million amid a 53% decline in spot trading volume.
- Monthly transacting users increased 17% to 589,000, reflecting steady user engagement despite market softness.
- Operating expenses surged 73% to $144.5 million, including $24.2 million in stock-based compensation and $6.5 million in severance costs following a 30% workforce reduction.
- Net loss was $109 million, an improvement of 27% from the previous year, while adjusted EBITDA loss remained significant at $59.9 million.
Q3 2025
Nov 11, 2025
Gemini achieved strong performance in its inaugural quarter as a public company, reporting record trading volumes and significant user growth amid an expanding global footprint.
Key takeaways
- Trading volumes reached $16.4 billion, a multi-year quarterly high, driven by increased institutional activity.
- The Gemini Credit Card surpassed 100,000 open accounts, with quarterly transaction volumes exceeding $350 million, more than doubling from the previous quarter.
- New product launches, including the Gemini Wallet and enhanced credit card features, positioned the company for continued growth.
- Successful regulatory expansion with the launch in Australia and securing a MiCA license in Europe allows for new product offerings in key markets.
- Strong user acquisition reflected the company's strategic focus on trust, engagement, and liquidity, reinforcing its long-term growth foundation.