Gemini Space Station (GEMI) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Gemini Space Station.

Q3 2025

→

Analyst Coverage

Research analysts covering Gemini Space Station.

Latest news

Recent press releases and 8-K filings for GEMI.

Gemini Space Station, Inc. Presents Q3 2025 Results and FY 2025 Guidance at FinTech Conference

GEMI

Earnings

Guidance Update

Revenue Acceleration/Inflection

Gemini Space Station, Inc. is attending Citi's 14th Annual FinTech Conference on November 18, 2025, where it is presenting an investor deck with its latest financial and operational updates.
For Q3 2025, the company reported total revenue of $50.6 million, a 106% year-over-year increase, and services revenue grew 172% year-over-year to $19.9 million.
Key operational metrics for Q3 2025 include trading volume of $16.4 billion, 587,000 monthly transacting users (MTUs), and $21.3 billion in assets on platform.
The company provided full-year 2025 guidance, projecting Services & Interest Revenue to be between $60 million and $70 million.

Nov 18, 2025, 1:47 PM

8-K

Gemini Reports Strong Q3 2025 Results in First Public Quarter

GEMI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Gemini reported net revenue of $49.8 million in Q3 2025, marking a 52% quarter-over-quarter increase, driven by stronger trading activity and increased user engagement across its credit card product and exchange.
Trading volumes reached a multi-year quarterly high of $16.4 billion, with institutional volumes growing 49% to $14.6 billion and retail volumes increasing 20% to $1.8 billion.
The Gemini Credit Card surpassed 100,000 open accounts and generated over $350 million in quarterly transaction volume, more than doubling quarter-over-quarter, with 64,000 new card signups in Q3.
Total operating expenses for Q3 2025 were $171.4 million, an increase of approximately $72.7 million sequentially, primarily due to IPO-related stock-based compensation and increased marketing spend.
For fiscal year 2025, Gemini expects services revenue and interest income to reach $60 million-$70 million, and projects monthly transacting users to grow at a 20%-25% compound rate.

Nov 10, 2025, 10:00 PM

Transcript

Gemini Reports Strong Q3 2025 Revenue Growth and Credit Card Adoption

GEMI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Gemini reported Q3 2025 net revenue of $49.8 million, a 52% increase quarter-over-quarter, driven by strong trading activity and increased user engagement.
The Gemini credit card saw significant growth, reaching over 100,000 total card accounts with 64,000 new signups in Q3, and generating $8.5 million in revenue from over $350 million in transaction volume, up more than 100% quarter-over-quarter.
Spot trading volumes increased 45% quarter-over-quarter to $16.4 billion, with institutional volumes up 49% to $14.6 billion and retail volumes up 20% to $1.8 billion.
Services revenue, including credit card, custody, and staking, now accounts for nearly 40% of total revenue, up from less than 30% a year prior, indicating a more diversified revenue mix.
Total operating expenses rose to $171.4 million, primarily due to $44 million in IPO-related stock-based compensation and increased marketing spend. For FY 2025, Gemini expects services revenue and interest income of $60 million-$70 million and monthly transacting user growth of 20%-25%.

Nov 10, 2025, 10:00 PM

Transcript

Gemini Reports Strong Q3 2025 Results in First Quarter as Public Company

GEMI

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Gemini reported net revenue of $49.8 million for Q3 2025, marking a 52% quarter-over-quarter increase in its first quarter as a public company.
Trading volumes reached $16.4 billion, a multi-year quarterly high, driven by expanding institutional activity and deeper platform engagement.
The Gemini Credit Card achieved record performance, surpassing 100,000 open accounts and generating over $350 million in quarterly transaction volume, more than doubling quarter over quarter, with card revenue of $8.5 million.
Services revenue, including credit card, custody, and staking, accounted for nearly 40% of total revenue in Q3 2025, up from less than 30% a year prior, indicating a more balanced revenue mix.
Total operating expenses increased to $171.4 million, primarily due to IPO-related stock-based compensation and increased marketing spend.

Nov 10, 2025, 10:00 PM

Transcript

Gemini Space Station, Inc. announces Q3 2025 financial results and operational highlights

GEMI

Earnings

Product Launch

Guidance Update

Gemini Space Station, Inc. reported net revenue of $49.8 million in Q3 2025, a 52% quarter-over-quarter increase, alongside a net loss of ($159.5) million and Adjusted EBITDA of ($52.4) million.
The company achieved $16.4 billion in trading volumes, a multi-year quarterly high, and its Gemini Credit Card exceeded 100,000 open accounts with over $350 million in quarterly transaction volume, more than doubling quarter-over-quarter.
In its first quarter as a public company, Gemini expanded globally by launching in Australia and securing a MiCA license in Europe, while also introducing the Gemini Wallet.
For the full year 2025, Gemini anticipates Services and Interest Revenue between $60 million and $70 million, and Technology and General & Administrative expenses between $140 million and $155 million.

Nov 10, 2025, 9:35 PM

8-K

Gemini prices initial public offering

GEMI

Delisting/Listing Issues

Gemini Space Station, Inc. announced the pricing of its initial public offering of 15,178,572 shares of Class A common stock at a public offering price of $28.00 per share.
Gemini's Class A common stock is expected to begin trading on the Nasdaq Global Select Market on September 12, 2025, under the ticker symbol "GEMI".
The offering is expected to close on September 15, 2025, and Gemini and the selling stockholders intend to grant the underwriters an option to purchase up to an additional 300,565 and 458,364 shares, respectively, to cover over-allotments.