Gemini Space Station

Q2 FY2026 EarningsQ2 FY26 beat consensus on the top line with revenue of $45.5M vs. $43.5M expected, driven by a 231% YoY surge in credit card revenue and the successful launch of prediction markets. However, the company missed on the bottom line with a GAAP EPS of -$0.89 vs. -$0.71 expected, primarily due to elevated stock-based compensation and a 467% YoY increase in transaction losses from credit card fraud. Operating loss of -$76.9M slightly outperformed the -$77.1M EBIT consensus, while operating cash flow of -$105.9M was significantly worse than the -$70.0M expected due to heavy net outflows from customer custodial funds.