TLDR
- Gemini Space Station (GEMI) stock rose 6.5% after hours to $2.79 after Q3 results.
- Revenue fell 19% to $40.9 million as trading volume dropped 73%.
- Net loss narrowed to $58.6 million from $159.5 million a year earlier.
- Operating expenses fell 30% to $119.9 million, a third straight quarterly decline.
- Prediction market revenue rose 52% from Q2 to $0.8 million.
Gemini Space Station (GEMI) stock moved higher in after-hours trading on Thursday, up 6.5% to $2.79. The stock is still down about 75% so far this year.
Gemini Space Station, Inc., GEMI
The move followed the release of third quarter results. Revenue came in at $40.9 million, down 19% from $50.6 million a year earlier and 10% from the second quarter.
$GEMI Q3 2026 earnings: Gemini cuts its operating losses, but card balances shrink
Gemini's cost cuts are shrinking its operating losses, but its credit card business has started contracting alongside crypto trading. Total revenue fell 19% from a year ago as spot trading volume… pic.twitter.com/aEFvNTuELl
— Finsee (@Finsee_main) November 12, 2026
The drop in trading activity drove the slide. Platform volume fell 73% to $4.5 billion, compared with $16.4 billion in the same quarter last year.
Net loss was $58.6 million, a 63% improvement from $159.5 million a year ago. It was also well below the $107.7 million loss in Q2. Loss per share came in at $0.46, versus $6.67 in the prior-year quarter.
Where the Money Came From
Exchange revenue fell 47% to $13.4 million. Compared with Q2, though, it rose 7%, and volume grew 18%.
Part of that lift came from institutional Zcash activity and expanded affiliated market-making. About $1.2 billion of spot volume, or 26%, involved trades between outside customers and Gemini’s market maker.
Credit card revenue slipped 4% from the prior quarter to $15.5 million. Compared with a year ago, it is up 82%.
Services revenue and interest income totaled $23.3 million. That was 59% of net revenue, up from 47% a year earlier.
Staking revenue dropped 29% from last year to $4.2 million. OTC revenue rose 60% year over year to $1.7 million but fell 64% from Q2.
The Cost Side of the Ledger
Operating expenses fell 30% to $119.9 million, from $171.4 million a year ago. It was the third straight quarterly decline.
Sales and marketing spending dropped 75% to $8.3 million. Salaries and compensation fell 32% to $56.4 million, helped by a February workforce reduction.
Stock-based compensation was $32.7 million, up from $20.3 million in Q2. The company tied that to equity bonus awards handed out in July.
Transaction losses fell to $10.6 million from $20.1 million in Q2. Credit card charge-offs rose to $11.5 million, mostly tied to a fraud event the company disclosed in the first quarter.
Operating loss was $79.0 million. Adjusted operating loss narrowed 42% to $39.0 million, the fourth straight quarter of improvement.
Adjusted EBITDA was a loss of $11.6 million, compared with a $74.0 million loss in Q2. A swing in crypto asset results, from a $25.0 million loss to a $25.7 million gain, helped that figure.
CEO Tyler Winklevoss said the company plans to stay disciplined with spending as it invests in growth. “We expect to be judged on results,” he said.
Cash stood at $194.1 million at the end of September, down from $252.2 million at the end of 2025. Monthly transacting users were 577,000, down 2% from a year ago.
Assets on the platform reached $13.4 billion, up from $8.4 billion at the end of June. They were still below the $21.3 billion seen a year earlier.
Prediction markets brought in $0.8 million, up 52% from Q2. In August, Gemini signed a non-binding letter of intent with Apex Fintech Solutions to offer crypto event contracts, and that deal is not final.
Gemini says it is in talks with other possible distribution and clearing partners. In October, it also made its Model Context Protocol server available on AI platforms, including Anthropic and OpenAI.
