Gemini Q3 Revenue Hits $49.8M, Stock Drops 12% Post-IPO Losses

Gemini Reports 52% Revenue Growth in Q3 Despite $159.5M Net Loss and 12% Share Drop

  • Gemini reported Q3 net revenue of $49.8 million, a 52% increase from the previous quarter.
  • Operating expenses rose to $171.4 million, driven by IPO-related costs and higher marketing spending.
  • The company posted a $159.5 million net loss, larger than expected, leading to a post-market share decline of up to 12%.
  • Transaction revenue reached $26.3 million and services revenue grew 111% to $19.9 million.
  • The Gemini credit card surpassed 100,000 accounts and generated over $350 million in quarterly spending.

Gemini, the cryptocurrency exchange operator, released its first public company financial results for the third quarter. The company recorded $49.8 million in net revenue, up 52% from the previous quarter, but posted a net loss of $159.5 million due to increased IPO-related expenses, marketing costs, and stock-based compensation, as stated in its shareholder letter.

- Advertisement -

On a per-share basis, Gemini reported an adjusted loss of $1.81, missing the consensus estimate of a $0.82 loss according to MarketBeat data. Shares fell as much as 12% in after-hours trading, continuing a selloff that has reduced the stock price by half since its September market debut. The stock closed the regular session at $16.84 then dropped to $15.80 after hours, with a market capitalization near $1.98 billion during the period referenced in Google Finance data.

Operating expenses rose to $171.4 million for the quarter, outpacing net revenue. Despite the losses, the company’s transaction revenue climbed 26% to $26.3 million, and services revenue surged 111% to $19.9 million. Trading volume reached $16.4 billion, its highest in several years, largely due to increased institutional activity.

The Gemini credit card business showed strong growth, exceeding 100,000 open accounts and generating over $350 million in quarterly spend, more than doubling the previous quarter’s results. The company stated, “Together, these results were a reflection of our strongest quarter of user acquisition in over three years.” Earlier in the month, Gemini filed plans to launch a prediction-markets business involving event contracts on outcomes such as sports or political elections, according to their shareholder letter.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

- Advertisement -

Previous Articles:

- Advertisement -

Latest News

FedEx Joins Hedera Council to Improve Global Logistics

FedEx has joined the governing Hedera Council, becoming its latest member alongside leading global...

Aave Proposal Pits DAO Against Labs in $50M Brand Battle

Aave Labs proposes directing 100% of product revenue to its DAO treasury.The framework includes...

Arrests in France for Binance employee home invasion

Three suspects were arrested in France following a home invasion attempt on an executive...

Pi Coin Bucks Bearish Trend With 4% Daily Surge

Pi Network's PI token rallied nearly 4% in a day, outperforming major cryptocurrencies.The uptick...

Wall Street Cuts Coinbase Targets After Q4 Results

Coinbase shares rose over 6% in pre-market trading despite multiple Wall Street analysts cutting...

Must Read

7 Best Crypto To Invest In This Year

Investing in cryptocurrencies has become a popular way for people to diversify their investment portfolio and make potential profits.However, with so many cryptocurrencies available...
🔥 #AD Get 20% OFF any new 12 month hosting plan from Hostinger. Click here!