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Gemini Space Station (GEMI) investor relations material
Gemini Space Station Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved first quarter as a public company, completing IPO in September 2025 and raising $406.3M, plus a $50M private placement with Nasdaq.
Total Q3 2025 revenue was $50.6M, up 106% year-over-year, with net revenue up 52% quarter-over-quarter.
Platform serves 587,000 monthly transacting users and 10,000 institutions, with $21.3B in assets on platform.
Expanded product suite includes tokenized equities in the EU, Gemini Wallet, and co-branded credit cards with Ripple and Solana.
Focused on building a regulated, trusted, and integrated super app bridging traditional finance and crypto.
Financial highlights
Q3 2025 revenue: $50.6M (up from $24.5M in Q3 2024); net revenue for Q3 was $49.8M, up 52% quarter-over-quarter.
Transaction revenue reached $26.3M, up 26% from last quarter, with spot trading volumes at $16.4B, up 45% quarter-over-quarter.
Services revenue totaled $19.9M, including $8.5M from credit card and $5.9M from staking; credit card revenue up 226% year-over-year.
Operating expenses were $171.4M, up $72.7M sequentially, mainly due to IPO-related stock-based compensation and marketing.
Cash and equivalents at 9/30/25: $487.5M; customer custodial funds: $532.8M.
Outlook and guidance
Expect monthly transacting users to grow at a 20%-25% compound rate over the medium term.
Project services revenue and interest income to reach $60-$70M in fiscal 2025.
Technology and G&A expenses forecasted at $140-$155M for fiscal 2025; marketing spend to increase to $45-$60M.
Sufficient liquidity for at least the next 12 months, with future capital needs dependent on market adoption and user growth.
Plans to further diversify revenue streams and expand token and product offerings.
Gemini's super app build vs. buy strategy
Credit card acquisition cost and payback period
Key drivers for FY2025 services revenue growth
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Next Gemini Space Station earnings date
Q4 202523 Feb, 2026
Next Gemini Space Station earnings date
Q4 202523 Feb, 2026
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