--- title: "Gemini Space Station | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 50.27 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286632882.md" datetime: "2026-05-16T04:17:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286632882.md) - [en](https://longbridge.com/en/news/286632882.md) - [zh-HK](https://longbridge.com/zh-HK/news/286632882.md) --- # Gemini Space Station | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 50.27 M 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. #### Revenue 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 . #### Transaction Revenue 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 . #### Services Revenue 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 . #### Revenue Not from Contracts with Customers 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 . #### Operating Expenses 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 . #### Operating Loss Operating loss was - $94,188 thousand in 2026, compared to - $48,027 thousand in 2025 . #### Other Income (Expense) 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 . #### Net Loss Net loss was - $108,978 thousand in 2026, an improvement from - $149,264 thousand in 2025 . #### Adjusted EBITDA Adjusted EBITDA was - $59,925 thousand in 2026, compared to - $61,580 thousand in 2025 . #### Operational Metrics 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 . #### Liquidity and Capital Resources 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 . #### Future Outlook and Strategy 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 . ### Related Stocks - [GEMI.US](https://longbridge.com/en/quote/GEMI.US.md) ## Related News & Research - [CLASS ACTION DEADLINE TONIGHT: Faruqi & Faruqi, LLP Reminds Gemini Space Station (GEMI) Investors of Securities Class Action Deadline on May 18, 2026](https://longbridge.com/en/news/286806617.md) - [08:50 ETGEMI UPCOMING DEADLINE: Faruqi & Faruqi, LLP Reminds Gemini Space Station (GEMI) Investors of Securities Class Action Deadline on May 18, 2026](https://longbridge.com/en/news/286568641.md) - [Winklevoss-founded Gemini shares surge after founders' $100 million lifeline](https://longbridge.com/en/news/286560441.md) - [Google I/O kicks off with reveals on AI models, Gemini product expansion, and agentic features](https://longbridge.com/en/news/286949517.md) - [Pomerantz Law Firm Announces the Filing of a Class Action Against Gemini Space Station, Inc. and Certain Officers - GEMI](https://longbridge.com/en/news/286494192.md)