Gemini Space Station (GEMI) Q3 2025 earnings summary

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.