Gemini's Q3: revenue down 19%, trading volume off 73%, losses narrowing on cost cuts

Gemini Space Station Inc. reported $40.9 million in total revenue for the third quarter on Thursday, down 19% from $50.6 million a year earlier and 10% from Q2, according to The Block, which cited the company's results. The headline pressure was in trading: volume fell to $4.5 billion from $16.4 billion a year ago — a 73% drop — which the report attributed partly to the comparison against the height of the 2025 bull market. Volume did grow 18% from the prior quarter.

The loss side improved. Gemini's net loss narrowed to $58.6 million, from nearly $160 million a year earlier and $107.7 million in Q2, as operating expenses fell 30% year over year to roughly $120 million. CEO Tyler Winklevoss said expenses "declined for a third consecutive quarter" and that the company intends to "stay disciplined." Shares of the Nasdaq-listed exchange (ticker GEMI) rose 6.5% after hours to $2.79 but remain down roughly 75% year to date.

Exchange revenue fell 47% to $13.4 million on the volume decline. Credit card revenue came in at $15.5 million, down 4% from Q2. Assets on the platform rose to $13.4 billion from $8.4 billion in Q2. Gemini's prediction-market segment generated $800,000, up 52% quarter over quarter; the company says it wants to open its exchange and clearinghouse to brokerages offering event contracts. A letter of intent signed with Apex Fintech Solutions in August to offer crypto event contracts remains unfinalized.

Key facts

• Q3 revenue: $40.9 million, down 19% YoY and 10% QoQ (The Block, citing Gemini).
• Trading volume: $4.5 billion, down 73% YoY from $16.4 billion; up 18% QoQ (The Block).
• Net loss: $58.6 million, narrowed from ~$160 million YoY and $107.7 million in Q2 (The Block).
• Operating expenses: ~$120 million, down 30% YoY (The Block).
• Exchange revenue $13.4 million (−47%); credit card $15.5 million (−4% QoQ); prediction markets $800,000 (+52% QoQ) (The Block).
• GEMI up 6.5% after hours to $2.79; down ~75% YTD (The Block).

The real-world read

Strip out the framing and this is a shrinking top line held up by cost-cutting, not growth. The loss narrowed because spending fell 30%, not because the business expanded — core exchange revenue nearly halved. The 18% quarterly volume uptick is the number management will lean on, but it sits against a 73% annual collapse, and the year-ago comparison was a market peak, so the bar was always going to look bad.

The "Gemini 2.0" pitch — President Cameron Winklevoss calling owned regulated infrastructure the company's bet — is positioning, not results: the prediction-market unit is still a rounding error at $800,000, and the Apex deal is only a letter of intent that hasn't closed. The 6.5% after-hours pop is against a stock down about 75% this year. Treat the executive quotes as what they are — a public company's own characterization of its own numbers.

This is news, not financial advice.

Sources

• The Block (Tier 2, reputable secondary), "Gemini trading volume drops 73% as Q3 revenue falls to $41 million," 2026-11-12 — all figures, executive quotes, and the Apex LOI detail, reported from Gemini's Q3 results. No primary filing was reviewed here; figures trace to The Block's account of the company's disclosures.