Gemini Space Station, Inc. · NASDAQ:GEMI
Gemini Space Station — Q3 2025 Earnings Presentation
12 slides from Gemini Space Station's earnings presentation, Nov 18, 2025
Slide 1: Gemini Investor Discussion Materials
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication 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 Section 27A
Slide 3: Q3 2025 Results
Total Revenue ($000S) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 Transaction revenue Exchange 14,023 30,958 23,538 20,233 25,152 OTC 519 1,221 129 611 1,065 Other transaction revenue 34 34 461 2 120 Total transaction revenue 14,576 32,213 24,128 20,846 26,337 Services revenue Credit card revenue 2,617 4,035 3,74
Slide 4: Q3'25 Business Highlights
MTUs(1) 587K Q/Q: 12% | Y/Y: 23% Card Sign-Ups(2) 63.7K Q/Q: 275% | Y/Y: 58x Trading Volume(3) $16.4B Q/Q: 45% | Y/Y: 145% Assets on Platform(4) $21.3B Q/Q: 17% | Y/Y: 61% Total Revenue $50.6M Q/Q: 52% | Y/Y: 106% Services Revenue $19.9M Q/Q: 111% | Y/Y: 172% Q3’25 Business Highlights 1 Expanding ou
Slide 5: The Gemini Credit Card
The Gemini Credit Card® Total Open Card Accounts(5) 115K+ Q3 2025 Card Transaction Volume(6) $350M+ Q3 2025 Card Revenue Growth Q/Q 75%
Slide 6: The Strategic Value of a Gemini Card
The Strategic Value of a Gemini Card Card-led acquisition content ition wedge top-of- walle! rns crypto on every purchase, Low CAC flywheel Ecosystem card partnerships (Ripp! and S munity led enga ocial virality Integrated ecosystem engagement \ge form one unified customer exper t a Lifetime value d
Slide 7: Financial Outlook - Full Year 2025 Guidance
Key Metric Period Outlook Monthly Transacting Users Medium Term 20-25% CAGR Services & Interest Revenue FY 2025 $60 - $70 million Technology + G&A FY 2025 $140 - $155 million Marketing ex Rewards and Promotions FY 2025 $45 - $60 million Stock Based Compensation Medium Term $100 - $115 million annual
Slide 8: Card Economic Details
(In thousands) 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 Credit card revenue $ 2,617 $ 4,035 $ 3,748 $ 4,882 $ 8,532 Interchange revenue 1,740 1,947 2,197 3,405 7,274 Interest revenue 2,137 2,074 2,074 2,190 2,720 Fees owed to issuing bank & other (1,260) 14 (523) (713) (1,463) Less: interest expense on funding
Slide 9: Total Revenue
Total Revenue 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 Exchange related revenue Transaction revenue 14,576 32,213 24,128 20,846 26,337 Exchange revenue 14,023 30,958 23,538 20,233 25,152 OTC 519 1,221 129 611 1,065 Other transaction revenue 34 34 461 2 120 Staking revenue 3,101 3,282 3,106 2,690 5,883 Advisory
Slide 10: Illustrative Impact of Repayment of Third Party Loans
1,524 118 404 214 788 6/30/2025 Debt 970 418 359 193 9/30/2025 Debt 639 418 146 146 75 Illustrative Repayment of Galaxy Loans(11)418 418 49 Illustrative Repayment of Galaxy & NYDIG Loans(12) (In millions) Third party loans Related party loans - crypto collateral for third party loans (assets returne
Slide 11: Footnotes
Footnotes [1] MTUs is defined as any retail or institutional user who has engaged in any revenue-generating activity or whose account otherwise generated revenue for the Company in the trailing thirty days. MTUs presented for the end of a quarter represent the MTUs as of the last day of the respecti
Slide 12: Thank you