Revenue: As of FY2026 Q1, the actual value is USD 50.27 M, beating the estimate of USD 49.24 M.EPS: As of FY2026 Q1, the actual value is USD -0.93, missing the estimate of USD -0.9017.EBIT: As of FY2026 Q1, the actual value is USD -89.23 M.<h4>Revenue</h4>Gemini Space Station, Inc.’s total revenue increased to $50,272 thousand for the three months ended March 31, 2026, from $35,322 thousand in the prior year period, representing a 42% increase . Net Revenue was $48,578 thousand in 2026, up from $35,117 thousand in 2025 . Other Revenue was $1,694 thousand in 2026, compared to $205 thousand in 2025 .<h4>Transaction Revenue</h4>Total transaction revenue remained flat at $24,128 thousand for both periods . Exchange revenue decreased by $6,366 thousand, or -27%, to $17,172 thousand in 2026 from $23,538 thousand in 2025 . OTC revenue significantly increased by $6,196 thousand, or 4803%, to $6,325 thousand in 2026 from $129 thousand in 2025 . Prediction markets revenue was $444 thousand in 2026, and other transaction revenue decreased by $274 thousand, or -59%, to $187 thousand in 2026 .<h4>Services Revenue</h4>Total services revenue increased by $13,099 thousand, or 150%, to $21,815 thousand in 2026 from $8,716 thousand in 2025 . Credit card revenue increased by $10,952 thousand, or 292%, to $14,700 thousand in 2026 from $3,748 thousand in 2025 . Staking revenue decreased by $969 thousand, or -31%, to $2,137 thousand in 2026 from $3,106 thousand in 2025 . Advisory fee revenue was $2,710 thousand in 2026, and Custodial fee revenue remained stable at $1,868 thousand in 2026 compared to $1,862 thousand in 2025 . Other services revenue was $400 thousand in 2026 .<h4>Revenue Not from Contracts with Customers</h4>Total revenue not from contracts with customers increased by $1,854 thousand, or 77%, to $4,247 thousand in 2026 from $2,393 thousand in 2025 . Interest income increased by $362 thousand, or 16%, to $2,635 thousand in 2026, and Corporate interest significantly increased by $1,492 thousand, or 1243%, to $1,612 thousand in 2026 .<h4>Operating Expenses</h4>Total operating expenses increased by $61,111 thousand, or 73%, to $144,460 thousand in 2026 from $83,349 thousand in 2025 . Salaries and compensation increased by $31,156 thousand, or 91%, to $65,428 thousand in 2026 from $34,272 thousand in 2025 . Technology expenses increased by $5,416 thousand, or 32%, to $22,090 thousand in 2026 from $16,674 thousand in 2025 . General and administrative expenses increased by $7,681 thousand, or 55%, to $21,680 thousand in 2026 from $13,999 thousand in 2025 . Transaction losses increased by $6,960 thousand, or 169%, to $11,090 thousand in 2026 from $4,130 thousand in 2025 . Sales and marketing expenses increased by $10,035 thousand, or 111%, to $19,071 thousand in 2026 from $9,036 thousand in 2025 . Transaction processing expenses decreased by $137 thousand, or -3%, to $5,101 thousand in 2026 from $5,238 thousand in 2025 .<h4>Operating Loss</h4>Operating loss was - $94,188 thousand in 2026, compared to - $48,027 thousand in 2025 .<h4>Other Income (Expense)</h4>Total other income (expense), net was - $14,769 thousand in 2026, compared to - $106,249 thousand in 2025 . Realized and unrealized loss on crypto assets and receivable, crypto assets pledged was - $100,977 thousand in 2026, an improvement from - $128,929 thousand in 2025 . Realized and unrealized gain on related party crypto loans was $90,082 thousand in 2026, down from $99,001 thousand in 2025 . Change in fair value on related party convertible notes was $0 in 2026, compared to - $8,187 thousand in 2025 . Change in fair value on related party loans was $0 in 2026, compared to - $55,547 thousand in 2025 . Interest expense on related party loans decreased to - $3,311 thousand in 2026 from - $13,897 thousand in 2025 . Interest expense on third party loans decreased to - $1,792 thousand in 2026 from - $3,228 thousand in 2025 . Interest expense on funding debt was - $2,495 thousand in 2026, with no comparable expense in 2025 .<h4>Net Loss</h4>Net loss was - $108,978 thousand in 2026, an improvement from - $149,264 thousand in 2025 .<h4>Adjusted EBITDA</h4>Adjusted EBITDA was - $59,925 thousand in 2026, compared to - $61,580 thousand in 2025 .<h4>Operational Metrics</h4>Monthly Transacting Users (MTUs) were 589 thousand as of March 31, 2026, up from 502 thousand as of March 31, 2025 . Lifetime Transacting Users (LTUs) were 1,680 thousand as of March 31, 2026, up from 1,441 thousand as of March 31, 2025 . Card Sign-Ups increased to 13.1 thousand as of March 31, 2026, from 6.0 thousand as of March 31, 2025 . Total trading volume decreased to $6.3 billion for the three months ended March 31, 2026, from $13.5 billion in the prior year period, with Retail Trading Volume at $1.3 billion and Institutional Trading Volume at $5.0 billion in 2026 . Total Assets on Platform decreased to $11.1 billion as of March 31, 2026, from $14.2 billion as of March 31, 2025 .<h4>Liquidity and Capital Resources</h4>As of March 31, 2026, Gemini Space Station, Inc. had cash and cash equivalents of $215,600 thousand, restricted cash and cash equivalents of $103,700 thousand, and customer custodial funds of $483,800 thousand . The company held approximately $66,400 thousand in crypto assets for regulatory requirements . Subsequent to quarter-end, Gemini Space Station, Inc. completed a $100,000 thousand private placement of Class A common stock with Winklevoss Capital Fund, LLC, paid in Bitcoin .<h4>Future Outlook and Strategy</h4>Gemini Space Station, Inc. plans to continue emphasizing product innovation, including enhancing its secure wallet solution and expanding staking capabilities, to drive user engagement and grow its user base . The company also intends to explore opportunities to offer additional markets, such as equities, tokenized securities, and other derivatives, subject to regulatory approval and market demand . Furthermore, Gemini Space Station, Inc. will continue to invest in strategic acquisitions, investments, and partnerships to scale its business and diversify revenue streams .

Gemini Space Station | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 50.27 M