Gemini Space Station (NASDAQ:GEMI) reported its earnings for the first time following its initial public offering (IPO). While several analysts welcomed the results, shares declined in after-hours trading.
Gemini reported net revenue of $50.6 million for the quarter, more than double the same quarter in 2024. For the nine months of the fiscal year, Gemini generated $119 million in revenue versus $98.9 million during the same period the previous year.
The earnings per share (EPS) for the quarter were a $6.67 loss, compared to a $18.33 loss quarter over quarter. For the 9 months of 2025, the EPS loss was $39.02 compared to a loss of $26.75 last year.
Gemini is one of a few crypto exchanges that has become a public firm. The company has been focusing on expanding its services internationally while adding new products, such as a fee-free credit card designed to integrate with the crypto ecosystem seamlessly. The card is currently its leading channel for gaining new users, earning 64,000 new sign-ups in the quarter.
Most analysts on the earnings call expressed the view that it was a good report.
While a portion of the discussion focused on the growing credit card service, one analyst noted that the sector was highly competitive.
The concept of a Super App, where all financial services are delivered on-chain, was also a key theme. Gemini is building this platform in-house because it sees it as the future of finance.
Gemini also expressed its intent to enter the hot prediction market with an in-house developed platform. Management said they viewed prediction markets similarly to Bitcoin in 2012.
The Super App strategy has significant traction in the digital asset sector, with some insiders believing those who do not embrace it will fall behind in the Fintech race.
The partnership with Nasdaq was said to be in the works, but it is still in its early days with no new announcements.
Gemini went public at a per-share price of $28. At the close of the market today, shares traded at $16.84, leaving early investors with a lot of ground to make back.
