Gemini Space Station, Inc. · NASDAQ:GEMI
Gemini Space Station — Q1 2026 Earnings Presentation
25 slides from Gemini Space Station's earnings presentation, May 15, 2026
Slide 1: First Quarter 2026 Results
May 2026 Earnings Presentation First Quarter 2026 Results
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: Q1'26 Highlights
Q1’26 Highlights Total Revenue Transaction Revenue Services Revenue & Credit Card Revenue Interest Income $50M $24M $25M Y/Y: +122% | $11M $15M Y/Y: +292% | $4M Y/Y: +42% | $35M Y/Y: +0% | $24M Operating Expenses Adj. EBITDA(1) MTUs(2) Card MTUs(3) $144M Y/Y: +73% | $83M $(60)M Y/Y: +$2M | $(62)M 58
Slide 4: Recent Business Highlights
Recent Business Highlights Delivering on operational discipline with total operating expenses down 16% sequentially in Q1; restructuring expected to be 1 completed, with full-quarter cost expected in Q2 Accelerating Predictions with frequent product enhancements since December '25 launch, more than
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 tradeable universe on our core The trusted infrastructure layer powering Regulated bitcoin exchange and trading platform: spot crypt
Slide 6: Q1 reflects the beginning of the post-restructuring cost trajectory
Q1 reflects the beginning of the post-restructuring cost trajectory Operating Expenses In $mm Restructuring initiatives in process Exited Nifty in Q1; exiting UK/Europe and Australia markets; consolidating focus on U.S. market Reduced comp run-rate expected in Q2 Headcount of 444, down 35% from Q3’25
Slide 7: Accelerating Gemini Predictions with frequent product enhancements since December '25 launch
Accelerating Gemini Predictions with frequent product enhancements since December ’25 launch Gemini Integrations Trading Experience Advanced Execution UX improvements Expanded payments Faster resolutions Always on markets Advanced order types Mobile Orderbook Explore, categories, Card, mobile wallet
Slide 8: Predictions growth extended in April '26, with volume up 78% month-over-month
Predictions growth extended in April ’26, with volume up 78% month-over-month Total Prediction Traders1 Event Contracts Traded2 +18% +78% MoM MoM 20K+ Total Prediction Traders1 Since Launch 100M+ Event Contracts Traded2 Since Launch [1] Prediction Traders is defined as the total unique number of user
Slide 9: Expanding trading capabilities and more ways to serve higher intent trading activity
Expanding trading capabilities and more ways to serve higher intent trading activity across the platform Trading Volume1 down 53% Y/Y, Q1 Trading Highlights while transaction revenue remained steady Y/Y ● Launched spot margin, with support for both long and short positions with up to 5x leverage, gi
Slide 10: Building a more durable revenue model, services revenue and interest income up 122%
Building a more durable revenue model, services revenue and interest income up 122% year-over-year Services Revenue and Interest Income In $mms Credit Card Momentum Card net revenue up 292% YoY, scaling with the growth of Card MTUs1 up 321% YoY Services & Interest Mix Services revenue and interest i
Slide 11: Card remains an acquisition wedge and engagement driver
Card remains an acquisition wedge and engagement driver Open Card Accounts1 vs Card MTUs2 Open Card Accounts (000s) +50% More than half of all Prediction Traders3 have a Gemini Credit Card +3.7x Card MTUs have 3.7x higher ARPU4 vs retail users that do not have a Gemini Credit Card5 Open Card Account
Slide 12: Building a super app for the markets economy
Building a super app for the markets economy We expect to launch new products and features to expand the breadth of our platform* U.S. Stock Trading Command Center Derivatives & Clearing Agentic Trading Platform Trade U.S. equities and ETFs1* alongside Personalized predictions feed with Event contra
Slide 13: Gemini regulatory positioning is foundational and built, not bolted-on
Gemini regulatory positioning is foundational and built, not bolted-on More than a decade of compliance-first operations Crypto spot & custody NYDFS Trust Company State Money Transmitter Licenses FinCEN Registration MAS (Singapore)1 Foundation since 2014 Derivatives & clearing CFTC DCM License Approv
Slide 14: Appendix
Appendix Earnings Presentation | Q1’26 14
Slide 15: Key Performance Metrics
Key Performance Metrics1 USERS (000s) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Y/Y Q/Q Monthly Transacting Users 502 523 587 601 589 17% (2%) Lifetime Transacting Users 1,441 1,499 1,605 1,671 1,680 17% 1% TRADING VOLUME ($B) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Y/Y Q/Q Retail 1.8 1.5 1.8 1.6 1.3 (28%) (19%) Institut
Slide 16: Revenue
Revenue TOTAL REVENUE Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Y/Y Q/Q Transaction revenue Exchange 23,538 20,233 25,152 24,503 17,172 (27%) (30%) OTC 129 611 1,065 2,208 6,325 nmf 186% Predictions 444 n.a. n.a. Other transaction revenue 461 2 120 (2) 187 (59%) nmf Total transaction revenue 24,128 20,846 26,33
Slide 17: Revenue Segmentation
Revenue Segmentation TOTAL REVENUE Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Y/Y Q/Q GAAP Revenue Disclosure Reference Exchange related revenue Transaction revenue 24,128 20,846 26,337 26,709 24,128 - (10%) Exchange revenue 23,538 20,233 25,152 24,503 17,172 (27%) (30%) Transaction Revenue OTC 129 611 1,065 2,2
Slide 18: Expense Segmentation
Expense Segmentation OPERATING EXPENSES ($000) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Y/Y Q/Q Salaries and compensation 34,272 36,829 82,523 72,248 65,428 91% (9%) Stock-based compensation (SBC) 1,455 1,753 45,751 35,997 24,178 nmf (33%) Salaries and compensation ex. SBC 32,817 35,076 36,772 36,251 41,250 26
Slide 19: Card Economic Details
Card Economic Details (In thousands) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Y/Y Q/Q Card KPIs Card MTUs1 27 40 90 113 114 321% 1% 2 Card Transaction Volume 123,141 176,758 356,852 588,417 520,449 323% (12%) Card Receivables3 69,138 93,449 150,627 219,801 218,064 215% (1%) Credit Card Revenue 3,748 4,882 8,53
Slide 20: Expense Outlook - Q2 '26 Guidance
Expense Outlook - Q2 ’26 Guidance Key Metric Period Outlook (No Change) 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 $155-190 million 10-15% of revenue dependent on
Slide 21: Private placement strengthens the balance sheet and improves liquidity position
Private placement strengthens the balance sheet and improves liquidity position TRANSACTION CORPORATE CRYPTO ASSETS HELD $mm, Q1 '26 close vs. pro forma Size $100 million private placement Shares sold 7.1 million Class A Common Stock at $14.00/share Consideration 1,258 bitcoin, payment-in-kind $372M
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ADJUSTED EBITDA ($000s) Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net Loss (149,264) (133,212) (159,514) (140,823) (108,978) Adjusted to exclude the following: Provision for (benefit from) income taxes (5,012) 76 (1,186) 135 21 Depreciation and amortization 7,855 7,662 7,672 7,534
Slide 23: Non-GAAP Financial Measure and Key Performance Metrics
Non-GAAP Financial Measure and Key Performance Metrics Non-GAAP Financial Measure Management believes that Adjusted EBITDA, which is a measure not presented in accordance with GAAP, provides investors with additional useful information in evaluating our performance. We use this non-GAAP measure inte
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Slide 25: Earnings Presentation | Q1’26
Earnings Presentation | Q1’26