Gemini Space Station (GEMI) Q4 2025 earnings summary

Executive summary

• Achieved public company status in September 2025, marking a major milestone after a decade as a private entity.

• Q4'25 saw total revenue rise 19% quarter-over-quarter and 39% year-over-year to $60.3M, the highest in three years.

• Transitioned from a crypto-focused platform to a broader markets company, launching new products like the Gemini Credit Card and Gemini Predictions.

• Significant restructuring included a 30% workforce reduction and exit from UK, EU, and Australia to focus on the U.S. market.

• Services and interest revenue surpassed transaction revenue for the first time in Q4'25.

Financial highlights

• Q4'25 total revenue was $60.3M (+19% Q/Q, +39% Y/Y); services revenue was $26.5M (+33% Q/Q, +188% Y/Y).

• FY25 total revenue reached $179.6M (+26% Y/Y); services revenue was $64.6M (+115% Y/Y).

• Credit card revenue for 2025 was $33.1M, up 185% year-over-year; Q4 credit card revenue was $16M, up 87% from Q3.

• Q4'25 trading volume was $11.5B (-30% Q/Q, -25% Y/Y); assets on platform: $15.9B (-25% Q/Q, -13% Y/Y).

• Full year GAAP net loss was $582.8M, with Adjusted EBITDA loss of $258M, including $33.4M in net realized and unrealized losses.

Outlook and guidance

• No total operating expense guidance for 2026 due to ongoing restructuring and macro uncertainty; key expense categories provided individually.

• Compensation (excluding stock-based comp and restructuring) expected to decline 15%-20% in 2026; stock-based comp projected at $100-$115M.

• Technology and G&A expected between $155M-$190M; marketing (excluding rewards/promotions) targeted at 10%-15% of revenue.

• Expect improvement in Adjusted EBITDA in 2026 as cost structure resets and revenue diversifies.