Gemini (GEMI) Q3 2026

Q3 total revenue fell 19% to $40.9M and missed the Zacks consensus, while the net loss narrowed to $58.6M.

Gemini Space Station · Q3 2026 · Published Nov 13, 2026 · By DeepCell AI · Sources

Gemini (GEMI) Q3 2026

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Gemini (GEMI) Q3 2026 earnings review

Q3 total revenue fell 19% to $40.9M and missed the Zacks consensus, while the net loss narrowed to $58.6M

  1. 1.Total revenue missed the $45.44M Zacks consensus by 10.0%
  2. 2.Trading volume fell to $4.5B from $16.4B; credit card revenue rose 82%
  3. 3.Total operating expenses fell 30%, as stated, to $119.9M
  4. 4.The adjusted EBITDA loss narrowed to $11.6M from $74.0M in Q2 2026
  5. 5.Shares were up 4.2% pre-market at $2.73 as of 8:28 AM EST, not a close

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. The consensus gap is a DeepCell calculation. Revenue and expense growth rates are as stated. Pre-market trading is not a close.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 12, 2026; CNBC, Nov 13, 2026 8:28 AM EST

2

2 · Executive summary

Q3 total revenue of $40.9M missed the Zacks consensus of $45.44M

Q3 2026 results vs. Zacks consensus (Yahoo Finance, Nov 12, 2026)

MetricActualConsensusVarianceResult
Q3 total revenue$40.9M$45.44M-$4.6M / -10.0%Miss

Share price, Nov 12 regular close to Nov 13 pre-market last

Gemini Space Station, Inc. (Nasdaq)Nov 12 closePre-market, 8:28 AM ESTChange ($)Change (%)
GEMI$2.62$2.73+$0.11+4.2%

Note: Both prices are from CNBC; the pre-market last at 8:28 AM EST is not a close. Zacks expected a loss of $1.13 a share on its adjusted basis; GAAP net loss per share was $0.46, so no EPS verdict is shown. The revenue consensus is from the Zacks preview of Nov 5, 2026.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Zacks on Yahoo Finance, Nov 12, 2026; CNBC, Nov 13, 2026 8:28 AM EST

3

3 · Q3 results vs. consensus

Gemini cut its 2026 marketing outlook to 7%–10% of revenue and lowered the top of its SBC range

2026 expense outlook vs. prior outlook, as stated in the Nov 12 and Aug 13, 2026 presentations

MetricPrior outlookNew outlookStatus
Compensation excluding SBC15%–20% reduction15%–20% reductionUnchanged
Stock-based compensation$100M–$115M$100M–$105MTop lowered
Technology plus G&A$155M–$170M$160M–$170MBottom raised
Marketing excluding rewards and promotions10%–15% of revenue7%–10% of revenueLowered

Note: G&A is general and administrative. The outlook appears only in the presentation (Exhibit 99.2) and excludes restructuring costs. Nine-month SBC was $77.2M, so the new range implies $22.8M–$27.8M in Q4, a DeepCell calculation. Gemini gives no revenue guidance.Source: Q3 2026 earnings presentation (Form 8-K Exhibit 99.2, Nov 12, 2026); Q2 2026 earnings presentation (Form 8-K Exhibit 99.2, Aug 13, 2026); analysis of company data

4

4 · 2026 expense outlook

Total revenue fell to $40.9M, but the operating loss narrowed to $79.0M

  1. Revenue fellTotal revenue fell to $40.9M from $50.6M. Exchange revenue fell 47%, as stated.
  2. Expenses fellTotal operating expenses fell to $119.9M from $171.4M.
  3. Loss per share narrowedNet loss per share was $0.46, compared with $6.67. Weighted average shares rose after the 2025 IPO.

Key figures

$M unless notedQ3 2025Q3 2026Change
Total revenue$50.6M$40.9M-19.2%
Total operating expenses$171.4M$119.9M-30.0%
Operating loss-$120.8M-$79.0M+$41.8M
Net loss-$159.5M-$58.6M+$100.9M
Adjusted EBITDA-$52.4M-$11.6M+$40.8M
Net loss per share ($)-$6.67-$0.46n.a.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization. YoY rates and changes in this table are DeepCell calculations. Adjusted EBITDA is a non-GAAP measure reconciled in the release.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

5

5 · Q3 key financials

Net revenue fell to $39.2M as trading volume dropped to $4.5B

Net revenue

$M, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: $49.8Mv · Q2 2026: $43.7Mv · Q3 2026: $39.2MQ3 2025Q2 2026Q3 2026$0M$20M$40M$60M$49.8M$43.7M$39.2M
Transaction revenue fell to $15.9M from $26.3M. Services revenue and interest income made up 59% of net revenue, up from 47%.

Note: Net revenue excludes other revenue, which was $1.7 million in Q3 2026. The mix share is as stated.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q3 2026 earnings presentation (Form 8-K Exhibit 99.2, Nov 12, 2026); analysis of company data

6

6 · Net revenue trend

Credit card revenue rose to $15.5M, above exchange revenue of $13.4M

Exchange and credit card revenue

$M, Q3 2025 and Q3 2026

v · Exchange, Q3 2025: $25.2Mv · Exchange, Q3 2026: $13.4Mv · Card, Q3 2025: $8.5Mv · Card, Q3 2026: $15.5MExchange, Q3 2025Exchange, Q3 2026Card, Q3 2025Card, Q3 2026$0M$10M$20M$30M$25.2M$13.4M$8.5M$15.5M
Managed card receivables rose to $202.2M from $150.6M. The card provision was $9.2M, down from $16.1M in Q2.

Note: Non-fraud 30-plus-day delinquency rose to 3.4% from 3.3% in Q2. Charge-offs were $11.5M, partly from the first-quarter fraud event.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q3 2026 earnings presentation (Form 8-K Exhibit 99.2, Nov 12, 2026); analysis of company data

7

7 · Card vs. exchange revenue

Total operating expenses fell for a third quarter to $119.9M

Total operating expenses

$M, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: $171.4Mv · Q2 2026: $122.4Mv · Q3 2026: $119.9MQ3 2025Q2 2026Q3 2026$0M$50M$100M$150M$200M$171.4M$122.4M$119.9M
Sales and marketing fell to $8.3M from $32.9M. SBC rose to $32.7M on annual equity bonus awards.“Operating expenses declined for a third consecutive quarter, and as we invest in growth, we intend to stay disciplined about where those dollars go.” Tyler Winklevoss, CEO

Note: SBC is stock-based compensation. Opex is total operating expenses. SBC is included in salaries and compensation.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

8

8 · Operating expense trend

The adjusted EBITDA loss narrowed to $11.6M from $74.0M in Q2 2026

Adjusted EBITDA

$M, Q3 2025, Q2 2026 and Q3 2026

v · Q3 2025: -$52.4Mv · Q2 2026: -$74.0Mv · Q3 2026: -$11.6MQ3 2025Q2 2026Q3 2026-$80M-$50M-$25M$0M-$52.4M-$74.0M-$11.6M
A $50.8M swing in crypto results drove much of the gain. Lower card provisions and staff costs also helped, as stated.

Note: EBITDA is earnings before interest, taxes, depreciation and amortization; SBC is stock-based compensation. Adjusted EBITDA adds back interest, taxes, depreciation, amortization, SBC and other items to net loss, as reconciled in the release. It includes crypto asset and crypto loan results.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

9

9 · Adjusted EBITDA loss

Crypto gains cut the Q3 net loss to $58.6M from an operating loss of $79.0M

  1. Operating loss narrowedThe operating loss was $79.0M, compared with $120.8M.
  2. Crypto gains offset lossesCrypto assets gained $135.9M. Related party crypto loans lost $110.2M.
  3. Net loss narrowedThe net loss improved 63% year over year, as stated, from $159.5M.

Operating loss to net loss

$MQ3 2025Q3 2026
Operating loss-$120.8M-$79.0M
Gain on crypto assets$106.8M$135.9M
Loss on related party crypto loans-$83.1M-$110.2M
Total other income (expense), net-$39.9M$20.4M
Net loss-$159.5M-$58.6M

Note: Gain on crypto assets includes crypto receivable and pledged crypto assets. The related party crypto loans are repayable in crypto, so their value moves with crypto prices.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

10

10 · Crypto results and net loss

Cash and cash equivalents fell to $194.1M at Sep 30, 2026

  1. Cash fellCash and cash equivalents fell from $252.2M at Dec 31, 2025.
  2. Loans fellRelated party loans fell to $367.2M from $403.9M.
  3. Cash burnNine-month operating cash flow was -$166.9M, compared with -$80.2M.

Balance sheet items

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$252.2M$194.1M
Restricted cash$115.3M$89.4M
Crypto assets held$439.6M$415.2M
Related party loans$403.9M$367.2M
Total stockholders’ equity$540.9M$442.5M

Note: Customer custodial funds of $464.3 million are held for customers and are excluded from cash and cash equivalents.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

11

11 · Liquidity and balance sheet

Trading activity, card credit and cash use are the main watch items

Indicator
What to watch
Implication
Latest reading
Trading volume
Volume fell sharply
Exchange revenue depends on activity
$4.5B in Q3
Card credit
Delinquency rose
Provisions could rise again
3.4% delinquent
Cash use
Operating cash flow was negative
Cash fell this year
$194.1M cash
Crypto prices
Gains and loan losses swing results
Net loss can move with prices
$415.2M crypto held

Note: Watch items are DeepCell observations from company data. They are not forecasts.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

12

12 · Key risks to the outlook

13 · Appendix: Operating expenses

Appendix: net loss to adjusted EBITDA

ClaimEvidenceCalculation
Net loss-$58.6MIncome statement
Add: interest expense$7.0MAdded back
Add: depreciation and amortization$7.3MAdded back
Add: stock-based compensation$32.7MAdded back
Adjusted EBITDA-$11.6MNon-GAAP, as reconciled
Adjusted operating loss-$39.0MNon-GAAP, as reconciled

EBITDA is earnings before interest, taxes, depreciation and amortization. Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; analysis of company data

14

14 · Appendix: Adjusted EBITDA bridge

Appendix: revenue and earnings detail

Revenue

$M unless notedQ3 2025Q3 2026YoY
Transaction revenue$26.3M$15.9M(39.6%)
Services revenue$19.9M$21.3M6.8%
Interest income$3.5M$2.0Mn.a.
Net revenue$49.8M$39.2M(21.2%)

Earnings

$M unless notedQ3 2025Q3 2026Change
Operating loss-$120.8M-$79.0M+$41.8M
Adjusted operating loss-$67.4M-$39.0M+$28.4M
Net loss-$159.5M-$58.6M+$100.9M

Note: YoY rates and changes in this appendix are DeepCell calculations. Revenue lines are from the presentation; earnings lines are from the release.Source: Gemini official Q3 2026 press release (Form 8-K Exhibit 99.1), Nov 12, 2026; Q3 2026 earnings presentation (Form 8-K Exhibit 99.2, Nov 12, 2026); analysis of company data

15

15 · Appendix: Revenue detail

Appendix: sources

  • Results release, Q3 2026 (Form 8-K Exhibit 99.1, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/2055592/000205559226000072/q326earningspressrelease.htm
  • Earnings presentation, Q3 2026 (Form 8-K Exhibit 99.2, Nov 12, 2026) — https://www.sec.gov/Archives/edgar/data/2055592/000205559226000072/gemiq326earningspresenta.htm
  • SEC filing index, Form 8-K, accession 0002055592-26-000072, accepted 4:35 PM EST Nov 12, 2026 — https://www.sec.gov/Archives/edgar/data/2055592/000205559226000072/
  • Prior outlook: Q2 2026 earnings presentation (Form 8-K Exhibit 99.2, Aug 13, 2026, accession 0002055592-26-000063) — https://www.sec.gov/Archives/edgar/data/2055592/000205559226000063/gemiq226earningspresenta.htm
  • Consensus: Zacks, “Gemini (GEMI) Reports Q3 Loss, Misses Revenue Estimates”, Yahoo Finance, Nov 12, 2026 5:05 PM EST — https://finance.yahoo.com/markets/stocks/articles/gemini-gemi-reports-q3-loss-220503110.html; revenue consensus of $45.44 million from the Zacks preview of Nov 5, 2026
  • Share price: CNBC GEMI quote, Nov 12, 2026 regular close $2.62 and pre-market last $2.73 at 8:28 AM EST — https://www.cnbc.com/quotes/GEMI
  • Company figures are in U.S. dollars; statement amounts in thousands were converted to millions. No Form 10-Q for Q3 2026 had been filed when this deck was built.

Built with DeepCell / deepcell.net

16

16 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Gemini Space Station, Inc.’s Q3 2026 press release and earnings presentation, filed as Exhibits 99.1 and 99.2 to a Form 8-K on November 12, 2026. Consensus estimates (Zacks, via Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are U.S. GAAP unless labelled adjusted or non-GAAP, in U.S. dollars, for the three months ended September 30, 2026 and September 30, 2025.

Forward-looking statements. Company outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.

Date of analysis. Share prices are the CNBC regular-session close on November 12, 2026, and the pre-market last at 8:28 AM EST on November 13, 2026. The pre-market last is not a close.

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17

17 · Disclosures

Sources

Not investment advice; no rating or price target.

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