Gemini Space Station . Class A Common Stock Stock Earnings Reports

Gemini reported Q1 2026 revenue of $50.3M, up 42% year‑over‑year, driven by credit card, OTC and its first full quarter of prediction markets; services and interest now comprise 49% of total revenue (vs. 31% in Q1 2025). Exchange revenue fell to $17.2M (down 27% YoY) as spot trading volume declined 53% to $6.3B. Monthly transacting users increased 17% to 589k. Operating expenses rose 73% to $144.5M (including $24.2M stock‑based comp and $6.5M severance tied to a 30% headcount reduction). Net loss improved to $109M (27% better YoY); adjusted EBITDA loss was $59.9M. Ending liquidity was $215.6M, augmented by a $100M founder investment funded in Bitcoin. Product and regulatory progress: launch and early traction of a predictions marketplace, CFTC DCM (late 2025) and DCO (April 2026) licenses enabling an in‑house end‑to‑end marketplace and positioning for futures/perpetuals, rollout of an agentic trading API for AI agents, and Staking 2.0 (auto‑compounding, redemption times cut from 50 to 8 days). Credit card portfolio: 3.8% delinquency, pre‑provision net revenue of $3.8M (up 150% YoY), and an $8.6M provision that included a $4.1M discrete, now‑remediated fraud event. Key takeaways for investors: robust top‑line growth driven by diversification away from spot trading, material investments in regulated market infrastructure (DCM+DCO) that could unlock new, higher‑margin products (perpetuals, derivatives), meaningful operating leverage pressure and cash burn remain (large opex and losses), and insider confidence demonstrated by a $100M founder purchase at $14/share.