Crypto exchange Gemini saw its stock drop to an all-time low in after-hours trading on Monday, following the release of its first quarterly results since its initial public offering in September. Despite reporting more substantial revenue for the third quarter, the company posted a significantly wider net loss tied to the costs of becoming a public company.
Gemini recorded $50.6 million in revenue, more than double the $24.5 million reported in the previous year. However, its net loss expanded to $159.5 million from $90.1 million, driven largely by increased compensation and heavy marketing expenses ahead of its initial public offering.
Our Q3 highlights are in.
Q3 2025 marked our first quarter as a publicly traded company.
The quarter represented a significant step forward as we scaled our ecosystem, expanded our reach, and advanced the mission that began more than a decade ago. pic.twitter.com/Vf1tjia0s3
— Gemini (@Gemini) November 10, 2025
The stock closed Monday’s regular session up 4% at $16.84, but plunged to $14.75 after the bell before recovering slightly to $15.80, marking a 6.2% decline. Gemini’s share price has now fallen roughly 40% from its $28 IPO price on September 12, mirroring a broader cooldown in the crypto market since early October.
Push toward a crypto “super app” as founders eye the prediction market sector
During the earnings call, Gemini President and Co-Founder Cameron Winklevoss informed investors that the company is focused on building a multi-service crypto “super app.” The vision, he said, is a platform where users can hold tokenized versions of currencies, equities, and digital commodities all in one place.
Winklevoss also highlighted Gemini’s plans to expand into prediction markets, which enable users to trade on the outcomes of real-world events, ranging from elections to sports.
He compared the sector’s potential to the early days of Bitcoin adoption, describing it as “a boundless opportunity.”
Gemini has applied to the U.S. Commodity Futures Trading Commission to operate as a designated contract market. Progress on the application will resume once federal government operations normalize.
Also Read: Kalshi Considers Potential IPO as Prediction Markets Face Regulatory Pressure
Gemini’s 2026 results show both improvement and continued pressure
For the first quarter of 2026, revenue increased 42% year over year to $50.3 million, while its net loss narrowed to $109 million from $149.3 million a year earlier. Services revenue more than doubled to $24.5 million, helped by growth in its credit-card business, while exchange revenue fell 27% as trading volumes weakened.
The company continued that diversification strategy in the second quarter. Revenue reached $45.5 million, up 37% from $33.3 million a year earlier, even as exchange revenue fell 38% to $12.5 million. Services revenue increased 149% to $23.5 million, showing that Gemini is becoming less dependent on trading fees.
However, the business remained deeply unprofitable. Gemini reported a $107.7 million net loss for Q2 2026 and a $216.7 million net loss for the first six months of the year. Adjusted EBITDA remained negative at $74 million for the quarter.
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