Gemini Space Station, Inc. · NASDAQ:GEMI
Gemini Space Station — Q2 2026 Earnings Presentation
22 slides from Gemini Space Station's earnings presentation, Aug 14, 2026
Slide 1: Shareholder Update Q2 2026
Aug 2026 & GEM INI 4 Shareholder Update Q2 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Se
Slide 3: Q2'26 Highlights
Q2’26 Highlights Total Revenue Transaction Revenue Services Rev. & Interest Income Credit Card Revenue $45M $18M $26M Y/Y: +117% | $14M $16M Y/Y: 37% | $12M Y/Y: (15)% | $(3)M Y/Y: +231% | $11M Q/Q: (10)% | $(5)M Q/Q: (26)% | $(6)M Q/Q: +6% | $1M Q/Q: +10% | $1M Operating Expenses Adj. EBITDA(1) Adj
Slide 4: Recent Business & Financial Highlights
Recent Business & Financial Highlights Delivering on operational discipline with Q2ʼ26 total operating expenses down 15% sequentially and 29% from Q4ʼ25; third 1 consecutive quarter of improved operating losses Completing the regulated derivatives stack with our derivatives clearinghouse now live in
Slide 5: From bitcoin company to markets company
From bitcoin company to markets company EVOLUTION GEMINI 2.0: FOUR INTEGRATED PRODUCT VERTICALS ORIGIN Invest & Trade Onchain 2014 — 2020 Bitcoin company Expanding the tradable universe on our core The trusted infrastructure layer powering Regulated bitcoin exchange and trading platform: spot crypto
Slide 6: Building a super app for the markets economy
Building a super app for the markets economy We expect to launch new products and features to expand the breadth of our platform U.S. Stock Trading1 Command Center Derivatives & Clearing Agentic Trading Platform Trade U.S. equities and ETFs alongside Personalized predictions feed with Event contract
Slide 7: Q2 expenses continue sequential reduction, resulting from restructuring
Q2 expenses continue sequential reduction, resulting from restructuring Operating Expenses In $mm Restructuring initiative realization Exited Nifty in Q1; exiting UK/Europe and Australia markets; consolidating focus on U.S. market Reduced comp run-rate in Q2 expected for H2’26 Headcount of ~400, dow
Slide 8: Predictions continues to see monthly volume records, with volume up 93% quarter-over-quarter in Q2
Predictions continues to see monthly volume records, with volume1 up 93% quarter-over-quarter in Q2 Event Contracts Traded2 Shipped since Q1’26 In millions Deeper sports coverage ● Tournament experiences with team watchlists, live group tables, and bracket view ● League-level sports feed hub with re
Slide 9: AI adoption is compounding across Gemini, output per Engineer up 1.5x since Q4'25
AI adoption is compounding across Gemini, output per Engineer1 up 1.5x2 since Q4'25 PRs Merged3 per Engineer How we're using AI Quarterly average4 per Engineer Agentic development ● Agents can author PRs end-to-end, with human review and approval before merge ● A dedicated agent team for code review
Slide 10: Building a more durable revenue model, services and interest income up 117% year-over-year
Building a more durable revenue model, services and interest income up 117% year-over-year Services Revenue and Interest Income In $mms Credit Card Momentum Card net revenue up 231% YoY, scaling with the growth of Card MTUs1 up 164% YoY Services & Interest Mix Services revenue and interest income re
Slide 11: Appendix
Appendix 11
Slide 12: Key Performance Metrics
Key Performance Metrics USERS (000s) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Monthly Transacting Users1 523 587 601 589 580 (2%) 11% Lifetime Transacting Users2 1,499 1,605 1,671 1,680 1,718 2% 15% TRADING VOLUME3 ($B) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Retail 1.5 1.8 1.6 1.3 0.7 (46%) (53%) Instit
Slide 13: Revenue
Revenue TOTAL REVENUE Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Transaction revenue Exchange 20,233 25,152 24,503 17,172 12,497 (27%) (38%) OTC 611 1,065 2,208 6,325 4,709 (26%) 671% Predictions 444 524 18% NM Other transaction revenue 2 120 (2) 23 21 (9%) 950% Total transaction revenue 20,846 26,337 26
Slide 14: Expense Segmentation
Expense Segmentation OPERATING EXPENSES Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Salaries and compensation 36,829 82,523 72,248 65,428 48,223 (26%) 31% Employee compensation, benefits and personnel-related 35,076 36,772 36,251 34,766 27,919 (20%) (20%) costs Stock-based compensation (SBC) 1,753 45,751 3
Slide 15: Card Economic Details
Card Economic Details (In thousands) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Card Measures Card MTUs1 40 90 113 114 106 (7%) 165% Card Transaction Volume2 176,758 356,852 588,417 520,449 484,610 (7%) 174% 3 Card Receivables 93,450 150,627 219,946 218,064 219,572 1% 135% Credit Card Revenue 4,882 8,532
Slide 16: Expense Outlook - Updated 2026 Guidance
Expense Outlook - Updated 2026 Guidance Metric Period Outlook Compensation ex SBC FY 2026 15-20% reduction excluding restructuring costs Stock Based Compensation FY 2026 $100-115 million excluding restructuring costs Technology + G&A FY 2026 $155-170 million 10-15% of revenue dependent on market Mar
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ADJUSTED EBITDA ($000s) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Net Loss (133,212) (159,514) (140,823) (108,978) (107,724) (1%) (19%) Adjusted to exclude the following: Provision for (benefit from) income taxes 76 (1,186) 135 21 22 5% (71%) Interest expense 19,611 22,816
Slide 18: Adjusted Operating Loss Reconciliation
Adjusted Operating Loss Reconciliation ADJUSTED OPERATING LOSS ($000s) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Operating Loss (65,435) (120,793) (111,401) (94,188) (76,941) (18%) 18% Adjusted to exclude the following: Depreciation and amortization 7,662 7,672 7,534 7,482 7,298 (2%) (5%) Stock-based co
Slide 19: Credit Card: Pre-Provision Net Revenue Reconciliation
Credit Card: Pre-Provision Net Revenue Reconciliation PRE PROVISION NET REVENUE ($000s) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q/Q Y/Y Credit card net revenue 4,882 8,532 15,958 14,700 16,178 10% 231% Adjusted to exclude the following: Interest expense on funding debt - (314) (1,163) (2,495) (2,553) 2% NM Cr
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA Management believes that Adjusted EBITDA, which is a measure not presented in accordance with GAAP, may provide investors with additional useful information in evaluating our performance. We use this non-GAAP measure internally to evaluate performance and
Slide 21: Sports
Sports Make your Crypto predictions Politics
Slide 22: Earnings Presentation | Q2'26
Earnings Presentation | Q2'26 22