Gemini Space Station, Inc. (GEMI) Earnings History

Gemini Space Station, Inc. - Q3 2025 Earnings

Filed at: Nov 10, 2025, 4:35 PM EST|Read from source

EXECUTIVE SUMMARY

Gemini reported a significant step forward in Q3 2025, its first quarter as a public company, marked by strong growth in trading volumes and credit card engagement, alongside strategic international expansion and product launches.

POSITIVE HIGHLIGHTS

  • •

    Trading volumes reached $16.4 billion, a multi-year quarterly high driven by expanding institutional activity.

    positive
  • •

    Gemini Credit Card surpassed 100,000 open accounts and $350 million in quarterly transaction volume, more than doubling quarter over quarter.

    positive
  • •

    Services revenue increased 111% Q/Q to $19.9 million, reflecting diversification from credit card, staking, and custody products.

    positive
  • •

    Launched in Australia and secured MiCA license in Europe, expanding regulated global footprint.

    positive
  • •

    Introduced Gemini Wallet, a self-custody wallet for crypto users and developers.

    positive

CONCERNS & RISKS

  • •

    Net loss was ($159.5) million for the quarter, and ($441.9) million year-to-date.

    negative
  • •

    Operating expenses totaled $171.4 million, up $72.7 million sequentially, primarily due to IPO-related stock-based compensation and marketing.

    attention
  • •

    Transaction losses increased by $4.1 million Q/Q to $7.7 million, driven by business scaling and increased provision for credit losses on the card portfolio.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$49.77M
+104.3%
Prior year: $24.36M
Annual (YTD)
$117.69M
N/A
Prior year: $97.88M
Net Income
Quarterly
$-159.51M
-76.9%
Prior year: $-90.18M
Annual (YTD)
$-441.99M
N/A
Prior year: $-131.55M
EPS (Diluted)
Quarterly
$-6.67
+63.6%
Prior year: $-18.33
Annual (YTD)
$-39.02
N/A
Prior year: $-26.75
Operating Income
Quarterly
$-120.79M
-131.1%
Prior year: $-52.28M
Annual (YTD)
$-234.25M
N/A
Prior year: $-137.09M
EPS (Basic)
Quarterly
$-6.67
+63.6%
Prior year: $-18.33
Annual (YTD)
$-39.02
N/A
Prior year: $-26.75

MARGIN ANALYSIS

Margin metrics will be available once backend extracts data from insights_json

MANAGEMENT GUIDANCE

FY 2025

Monthly Transacting Users
"Expect steady growth with a medium-term outlook for 20-25% compound annual growth."
Services and Interest Revenue
$60000.0B—$70000.0B
Mid-point: $65000.0B
"Driven by growth in Gemini Credit Card and staking."
Technology and General & Administrative Expenses
140,000,000—155,000,000
Mid-point: 147,500,000
"Reflects continued investment in platform innovation, infrastructure scalability, and compliance."
Marketing Expenses (excluding rewards and promotions)
45,000,000—60,000,000
Mid-point: 52,500,000
"Dedicated to brand awareness and customer acquisition."

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q3 2025
Advisory fee revenue related to warrants received in connection with a one-time advisory arrangement
Non-cash component reflecting strategic advisory services.
+$2.1M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

Gemini is building the trusted bridge to the future of money, connecting the world to the crypto frontier.

— Gemini Space Station, Inc., Q3 2025 2025 Earnings Call

The company's integrated model of trust, engagement, and liquidity flywheel is expected to compound over time.

— Gemini Space Station, Inc., Q3 2025 2025 Earnings Call

Strategic focus areas include expanding regulated global footprint, scaling crypto adoption, deepening trading activity, enabling secure onchain access, and enhancing capital efficiency.

— Gemini Space Station, Inc., Q3 2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Card Sign Ups
64.0K
+276.5% YoY
Prior year: 17.0K
accounts
Card Transaction Volume
350.0M
+102.0% YoY
Prior year: 173.3M
USD
Monthly Transacting Users
N/A
users
Staking Balances
741.0M
USD

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.