Gemini Space Station, Inc. · NASDAQ:GEMI
Gemini Space Station — Q3 2025 Earnings Presentation
22 slides from Gemini Space Station's earnings presentation, Nov 10, 2025
Slide 1: A Letter to Shareholders
A Letter to Shareholders Q3 2025 $GEMI GEMINI SPACE STATION, INC
Slide 2: To Our Shareholders
To Our Shareholders At Gemini, we are building the trusted bridge to the future of money. Our goal is to connect the world to the crypto frontier and help grow that frontier into the crypto mainland. We have pursued this mission with a simple belief that trust, product, security, and compliance are
Slide 3: Looking forward and KPI definitions
Each area is covered in more detail in the Business Highlights section below. As we look forward, the opportunity ahead is enormous. Financial markets are moving onchain, and crypto is reshaping the way we transact, store value, and interact with money itself. Gemini is purpose-built for this transi
Slide 4: Business Highlights
Business Highlights A new day one at Gemini Q3 marked Gemini’s first quarter as a public company, and it was a period that demonstrated both the breadth of our platform and the resilience of our model. Throughout the quarter, we made several improvements to the business to further advance our missio
Slide 5: Scaling crypto adoption through everyday spending
Monetary Authority of Singapore (“MAS”) to convert the in-principle approval through which we operate to a full MPI license. Together, we expect these milestones to vastly increase the number of customers we can reach in order to provide regulated, innovative crypto products worldwide and strengthen
Slide 6: Enabling secure onchain access; capital efficiency
4 Enabling secure onchain access We continued to expand our onchain capabilities and invest in our native staking infrastructure. In August 2025, we introduced the Gemini Wallet, a self-custody smart wallet designed for both crypto users and developers. The wallet allows customers to manage assets s
Slide 7: Looking ahead
Looking ahead We believe that this quarter underscored that Gemini’s growth is not tied to one product, one geography, or one type of customer. 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 e
Slide 8: Financial Highlights
Financial Highlights Net revenue for Q3 was $49.8 million, up 52% quarter-over-quarter (Q/Q), underscoring strong execution and continued platform momentum. Transaction revenue rose to $26.3 million, up 26% Q/Q, driven by increased trading activity across both retail and institutional channels as ma
Slide 9: Transaction Revenue
Transaction Revenue Spot volumes totaled $16.4 billion, up 45% Q/Q reflecting both increased user engagement and favorable market conditions. Retail volume reached $1.8 billion (20% Q/Q) and institutional volume increased to $14.6 billion (49% Q/Q), as participation broadened across both customer se
Slide 10: Services revenue and expenses
globally, we expect services revenue to remain a key growth driver, deepening customer relationships and improving the stability of our earnings base over time. Expenses Total operating expenses for the quarter were $171.4 million, up $72.7 million from the prior quarter, driven by IPO-related stock
Slide 11: Expenses, debt and liquidity
provision for credit losses rose by $1.5 million to $2.8 million, consistent with the continued growth in active card usage. Technology and infrastructure expenses were $20.3 million, an increase of $2.5 million sequentially, primarily reflecting higher software-licensing costs and ongoing investmen
Slide 12: Financial Outlook – Full 2025 Year Guidance
Financial Outlook – Full 2025 Year Guidance Monthly Transacting Users We expect steady growth in Monthly Transacting Users, with a medium-term outlook for 20–25% compound annual growth. We anticipate growth will be driven by continued engagement from existing customers and expansion of our retail ba
Slide 13: Marketing Expenses (excluding rewards and promotions)
Marketing Expenses (excluding rewards and promotions) We expect FY 2025 marketing expenses to total $45–$60 million. We anticipate these expenses will be dedicated to brand awareness and customer acquisition. The range reflects our adaptive approach to marketing, with spending levels adjusted accord
Slide 14: Conference Call
Conference Call Management will host a conference call today at 5:00 pm ET. The event will be webcast live via our investor relations website https://investors.gemini.com/ or via this link. Parties interested in joining via teleconference can register using this link. After registering, you will be
Slide 15: Forward-Looking Statements and Non-GAAP Measures
those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual r
Slide 16: Condensed Consolidated Balance Sheets
Gemini Space Station, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 487,462 $ 42,847 Restricted cash and cash equivalents 87,731 28,383 Customer custodial funds 532,804 5
Slide 17: Condensed Consolidated Balance Sheets (continued)
Gemini Space Station, Inc. Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) Preferred stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 20,000 shares authorized, no shares issued and outstanding as of September
Slide 18: Condensed Consolidated Statements of Operations and Comprehensive Loss
Gemini Space Station, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue: Net revenue(1) $ 49,775 $ 24,356 $ 117,689 $ 97,880 Other
Slide 19: Condensed Consolidated Statements of Cash Flows
Gemini Space Station, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities Net loss $ (441,990) $ (131,552) Adjustments to reconcile net loss to net cash used in operating activities Depreciatio
Slide 20: Condensed Consolidated Statements of Cash Flows (continued)
Gemini Space Station, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Nine Months Ended September 30, 2025 2024 Cash, cash equivalents, restricted cash and cash equivalents consisted of the following: Cash and cash equivalents $ 487,462 $ 38,613 Restricted cash and ca
Slide 21: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures 21
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