Gevo shares jump as Q3 results top estimates, posts positive EBITDA
Investing.com -- Gemini Space Station, Inc. (NASDAQ:GEMI) reported a wider-than-expected loss in its first quarter as a public company, sending shares tumbling 9.5% in after-hours trading on Monday despite showing strong revenue growth.
The cryptocurrency exchange posted a third-quarter net loss of -$6.67 per share on revenue of $50.62 million, representing a 52% increase quarter-over-quarter. The company’s net loss totaled -$159.5 million for the quarter, with adjusted EBITDA of -$52.4 million, largely driven by IPO-related stock-based compensation and elevated marketing expenses.
Transaction revenue reached $26.3 million, up 26% from the previous quarter, while services revenue more than doubled to $19.9 million, reflecting the company’s diversification efforts. Total trading volumes hit $16.4 billion, a multi-year high and a 45% increase from the prior quarter.
"This quarter underscored that Gemini’s growth is not tied to one product, one geography, or one type of customer," said Cameron and Tyler Winklevoss, Gemini’s founders, in a letter to shareholders. "The Gemini Credit Card is scaling into Gemini’s flagship product in the U.S., our regulatory footprint is widening internationally, and our product set is expanding around a single, integrated experience."
The company highlighted the success of its Gemini Credit Card, which surpassed 100,000 open accounts and generated over $350 million in quarterly transaction volume, more than doubling quarter-over-quarter. Credit card revenue reached $8.5 million, up from $4.8 million in the previous quarter.
Operating expenses totaled $171.4 million, increasing by $72.7 million sequentially, primarily due to $45.8 million in stock-based compensation associated with IPO-related equity awards and increased marketing investments.
For the full year 2025, Gemini expects services and interest revenue to total $60-$70 million, driven by growth in its credit card business and continued strength in staking. The company also projects technology and general administrative expenses of $140-$155 million and marketing expenses of $45-$60 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.