Earnings Releases·Nov 12, 2026, 4:35 PM ET

Gemini Space Station, Inc. — Third Quarter 2026 Earnings Summary

Total revenue declined 19% YoY to $40.9 million and 10% sequentially to $43.7 million, driven by a 47% YoY drop in exchange revenue as spot trading volume fell 73% YoY; however, net loss narrowed 63% YoY to $58.6 million as operating expenses decreased 30% YoY to $119.9 million.
Adjusted EBITDA loss improved to $11.6 million from $52.4 million in Q3 2025, marking the fourth consecutive quarter of improvement, while credit card charge-offs rose to $11.5 million and non-fraud delinquency increased to 3.4%.
Strategic initiatives include a non-binding letter of intent for Gemini Titan to become the exclusive regulated venue for crypto event contracts via Apex Fintech, alongside the rollout of an MCP server for AI platforms and a public TypeScript SDK.
The company continues restructuring efforts with plans to wind down operations in the UK, EU, and Australia, while maintaining a long-term commitment to regulated infrastructure under its "Gemini 2.0" strategy.