Gemini Space Station Shares Plunge 18.05% as Q3 2025 Earnings Reveal $159.5M Loss, Surging IPO-Linked Costs

The share price dropped to a record low today, with an intraday decline of 2.99%, extending its two-day losing streak as Gemini Space Station (GEMI) shares fell 18.05% since November 11.

The selloff follows a Q3 2025 earnings report that revealed a $1.81-per-share loss and a $159.5 million net loss, driven by surging expenses linked to IPO-related stock-based compensation, marketing campaigns, and global expansion. Despite a 109% year-over-year revenue increase to $50.6 million, the widening deficit and elevated operating costs of $171.4 million eroded investor confidence. Analysts attributed the 15–18% drop in share price to the disconnect between aggressive growth strategies and near-term profitability, as the company prioritized user acquisition and product diversification over margins.

Gemini’s long-term vision for a “super app” integrating crypto and traditional finance, alongside regulatory progress in Europe and Australia, has drawn mixed reactions. While some analysts praised its innovative product pipeline, others warned of unsustainable cash burn and liquidity risks. Market conditions, including crypto volatility and competitive pressures from rivals like Coinbase, further cloud the outlook. With a path to profitability remaining unclear, the stock’s near-term trajectory will hinge on balancing growth ambitions with financial discipline to reassure investors.