TLDR
- Gemini (GEMI) jumped as much as 14% after hours after Q4 earnings beat analyst expectations
- Q4 revenue rose 39% year-over-year to $60.3 million, the company’s highest quarterly revenue in three years
- Net loss deepened to $140.8 million in Q4, up from $27 million a year earlier; full-year 2025 loss hit $585 million
- Gemini has cut roughly 30% of its workforce since the start of 2026, partly due to AI replacing coding tasks
- The company is pulling back from the UK, EU and Australia to focus on the US market
Gemini (GEMI) posted fourth-quarter revenue of $60.3 million, up 39% from a year ago, beating the analyst estimate of around $51.7 million. The stock initially surged 14% after hours before settling at a gain of around 6%.
According to Bloomberg, crypto exchange Gemini has cut about 30% of its workforce since the start of the year, reducing headcount to around 445, and introduced AI tools to boost efficiency. The company reported a 2025 net loss of about $585 million, with Q4 revenue of roughly $60… pic.twitter.com/KVN1T3JbOZ
— Wu Blockchain (@WuBlockchain) March 20, 2026
The results were the exchange’s second since going public on the Nasdaq in September. The stock has lost about 82% of its value from that peak.
Despite the revenue beat, the loss picture got worse. Net loss for Q4 came in at $140.8 million, or $1.22 per share, compared to $27 million in the same quarter a year earlier. The full-year 2025 loss totalled $585 million, up from $156.6 million in 2024.
Gemini Space Station, Inc. Class A Common Stock, GEMI
Co-founders Cameron and Tyler Winklevoss attributed the revenue growth to a reworked fee structure in the back half of 2025, as well as growing adoption of Gemini’s credit card. This came even as trading volumes declined — not usually a good sign for an exchange.
The Winklevoss brothers called Q4 the company’s highest revenue quarter in three years, which is a decent headline number. But the widening losses show how much the company is still spending relative to what it brings in.
Workforce Cuts and AI
Gemini said it has cut roughly 30% of its workforce since the start of 2026. The company had already flagged in February that it would lay off 25% of staff, partly driven by the increased use of artificial intelligence.
In their shareholder letter, the twins said AI now accounts for more than 40% of Gemini’s production code changes and they expect that to climb toward 100%. “Not using AI at Gemini will soon be the equivalent of showing up to work with a typewriter instead of a laptop,” they wrote.
Three senior executives — the COO, CFO and CLO — have also departed the company in recent months.
The backdrop to all this is a rough crypto market. Bitcoin fell rapidly from an all-time high above $126,000 in October 2025, putting pressure on crypto-linked stocks.
Gemini also announced in February it would pull out of the UK, EU and Australia, citing difficult market conditions. The company says it plans to “focus and double down on America,” pointing to what it sees as a more favourable regulatory environment in the US under current market regulators.
Predictions Market and Credit Card
Gemini launched its in-house prediction market, Gemini Predictions, across all 50 US states in December 2025, after securing a licence from the Commodity Futures Trading Commission.
The Winklevoss brothers said the company plans to refine and expand that product in 2026. They also flagged plans to use the same infrastructure for perpetual futures contracts, pending US regulatory approval.
The credit card and core exchange remain key priorities alongside the predictions product for the year ahead.
Analyst Peter Christiansen of Citigroup has previously said Gemini needs clear differentiation to compete with larger rivals like Coinbase. “Without any real, true differentiation and some value propositions that others don’t have, we just think it’s going to be hard for them to catch up,” he said.
GEMI ended Thursday’s regular session flat at around $6.00.
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