Gemini Space Station (GEMI) Q3 2026 earnings summary

Executive summary

• Q3'26 total revenue fell 19% YoY to $40.9M as trading volume declined to $4.5B from $16.4B; net loss narrowed 63% to $58.6M.

• Operating expenses fell 30% YoY to $119.9M, the third consecutive sequential decline; Adjusted Operating Loss narrowed for a fourth consecutive quarter.

• Adjusted EBITDA loss narrowed to $11.6M from $52.4M; card and OTC growth partly offset weaker exchange revenue.

• Strategy emphasized cost discipline, product expansion and liquidity management; available resources were expected to cover working capital and capex for at least 12 months.

Financial highlights

• Net revenue was $39.2M vs. $49.8M in Q3'25 and $43.7M in Q2'26; total revenue was $40.9M vs. $50.6M a year earlier.

• Operating loss was $79.0M vs. $120.8M; net loss was $58.6M vs. $159.5M, and diluted loss per share was $0.46 vs. $6.67.

• Adjusted EBITDA loss was $11.6M vs. $52.4M YoY and $74.0M QoQ; Adjusted Operating Loss narrowed 42% YoY and 21% QoQ to $39.0M.

• Nine-month total revenue was $136.6M vs. $119.2M; net loss was $275.3M vs. $442.0M, and Adjusted EBITDA loss was $145.5M vs. $165.8M.

• September 30 cash and equivalents were $194.1M; restricted cash was $89.4M and customer custodial funds were $464.3M.

Outlook and guidance

• FY2026 compensation excluding stock-based compensation is expected to decline 15–20%; stock-based compensation guidance is $100–105M, both excluding restructuring costs.

• FY2026 Technology and G&A expense guidance is $160–170M; marketing excluding rewards and promotions is expected at 7–10% of revenue, depending on market opportunities.

• Existing cash, remaining bitcoin from the private placement, borrowing capacity and a lower expense base were expected to cover working capital and capex for at least 12 months.

• Investment will continue in product innovation, new markets and infrastructure; costs may rise before offerings scale, and future funding needs depend on adoption, growth and economic conditions.

• Prediction-market strategy includes opening exchange and clearing infrastructure to brokerages, FCMs and other DCMs; discussions with additional partners are underway.