Gemini Space Station 2025 Q3 Earnings Revenue Surges 104.4%, EPS Narrows 63.6%

Gemini Space Station reported Q3 2025 earnings with revenue surpassing expectations by $3.25 million, driven by robust trading activity and expanded services. Despite a wider-than-anticipated net loss, the company outlined aggressive growth targets and strategic initiatives, including a “super app” expansion and regulatory milestones.

Revenue

Transaction revenue led the charge, surging to $26.34 million from $14.6 million year-over-year, fueled by increased retail and institutional trading volumes. Services revenue also saw significant growth, reaching $19.93 million, bolstered by credit card adoption, staking, and custody offerings. Exchange revenue totaled $25.15 million, while OTC activity contributed $1.06 million. Other transaction revenue, including corporate interest ($725,000) and interest income ($3.51 million), further diversified the revenue stream. Total revenue climbed 104.4% to $50.62 million.

Earnings/Net Income

Gemini narrowed its per-share loss to $6.67 in Q3 2025 from $18.33 in Q3 2024, a 63.6% improvement. However, the net loss widened to $159.51 million, reflecting a 76.9% increase from $90.18 million a year earlier. The EPS decline, though improved, underscores elevated operating expenses tied to IPO costs and marketing.

Post-Earnings Price Action Review

Gemini’s stock plummeted 13.63% week-to-date and 39.61% month-to-date, reflecting investor concerns over the wider-than-expected loss. Pre-market trading saw an 8.9% drop after reporting $171.4 million in operating expenses, up $72.7 million sequentially. While revenue doubled to $50.6 million, analysts highlighted strategic investments in credit cards and staking as growth drivers. CEO Tyler Winklevoss emphasized long-term optimism, citing a $16.4 billion trading volume and global regulatory progress, including a MiCA license in Europe.

CEO Commentary

CEO Tyler Winklevoss underscored Gemini’s trust-driven model and “regulation-forward” approach, highlighting a $16.4 billion trading volume, 100,000+ credit card accounts, and MiCA license expansion. Strategic priorities include scaling the credit card as a customer on-ramp, advancing staking/custody services, and leveraging liquidity flywheels.

Guidance

The company targets 20–25% CAGR for monthly transacting users, $60–70 million in services/interest revenue for 2025, and $140–155 million in technology/G&A expenses. Marketing spend is capped at $45–60 million, with a focus on capital efficiency and credit card-led acquisition.

Additional News

Gemini plans a “globally integrated super app” to unify crypto and traditional finance, announced during its Q3 earnings call. The firm also seeks regulatory approval for prediction markets, likening their potential to early Bitcoin adoption. Additionally, the company expanded its credit card program, offering crypto rewards on purchases, and secured a MiCA license in Europe to bolster its international footprint.