Gemini Space Station 2025 Q3 Earnings Revenue Surges 104.4% Amid Record $159.5M Net Loss

Gemini Space Station (GEMI) reported Q3 2025 earnings on Nov 10, 2025, with revenue soaring 104.4% year-over-year to $49.77 million, surpassing expectations. However, the net loss widened to $159.51 million (76.9% increase YoY), driven by elevated operating expenses. Management provided guidance for $60-70 million in services and interest revenue for FY2025, emphasizing credit card and staking growth.

Revenue

Gemini’s total revenue surged to $49.77 million in Q3 2025, a 104.4% increase from $24.36 million in the prior-year period. Transaction revenue, primarily from exchange and OTC operations, rose to $26.3 million, while services revenue—driven by credit card, staking, and custody—contributed $19.9 million. The company attributed the growth to expanded product offerings, including the Gemini Credit Card, which saw over $350 million in quarterly transaction volume.

Earnings/Net Income

The company’s net loss widened to $159.51 million in Q3 2025, a 76.9% increase from $90.18 million in Q3 2024. Earnings per share (EPS) declined to -$6.67, a 63.6% improvement from -$18.33 YoY but worse than the -$3.24 loss forecasted by analysts. The EPS miss and widening net loss highlight persistent unprofitability despite revenue growth.

Price Action

Gemini’s stock price edged up 2.68% on the day of the report but dropped 5.34% for the week and plummeted 33.73% month-to-date.

Post-Earnings Price Action Review

The strategy of buying GEMI when revenues miss expectations and holding for 30 days resulted in significant losses. This is evident from the November 10, 2025, earnings report where Gemini Space Station reported a net loss of $6.67 per share, surpassing the $3.24 loss anticipated by analysts. Despite a 52% increase in revenue to nearly $50 million, the company's stock price plummeted over 11% in after-hours trading, reaching an all-time low below $15. Holding GEMI for 30 days during this period would have resulted in substantial declines, primarily due to the persistent unprofitability despite revenue growth, which amplified concerns over the stock's sustainability and investor sentiment.

CEO Commentary

Tyler Winklevoss highlighted Gemini’s trust-driven flywheel model, emphasizing Q3 growth drivers like a 100% YoY increase in credit card transaction volume ($350M) and 45% QoQ spot trading volume growth ($16.4B). Strategic priorities include expanding the global regulated footprint (MiCA license, Australia launch) and scaling the Gemini Credit Card as a “leading acquisition wedge.” Leadership expressed optimism about the super app vision integrating crypto and traditional finance, with new products like the Gemini Wallet and Solana staking.

Guidance

Daniel Chen outlined FY2025 targets: services revenue and interest income of $60M–$70M, driven by credit card and staking growth. Expenses are guided to $140M–$155M (tech/G&A) and $45M–$60M (marketing), reflecting strategic investments. Monthly transacting users are expected to grow 20–25% CAGR.

Additional News

Gemini secured a MiCA license in Europe and launched operations in Australia, expanding its regulated footprint. The company introduced a self-custody wallet and plans to launch prediction markets, competing with platforms like Kalshi. Additionally, Gemini’s credit card surpassed 100,000 open accounts, processing over $350 million in transactions. The firm also repaid debt and secured a $150 million credit facility for credit-card receivables.

Market Reaction

Following the earnings report, GEMI shares fell over 11% in after-hours trading, hitting an all-time low below $15. The stock trades at a price-to-sales ratio of 13.9x, significantly above the industry average of 3.8x, raising questions about valuation sustainability.

Outlook

Gemini remains focused on disciplined capital management and long-term value creation, with a strategic emphasis on expanding its “super app” vision. The company anticipates continued growth in services revenue, driven by credit card adoption and staking, while navigating macroeconomic risks like interest rate fluctuations and crypto market volatility.