Gemini reports $108 million Q2 loss as exchange revenue drops 38%

Gemini reported a $107.7 million net loss for Q2 2026, narrowing 19% year-over-year despite a 38% drop in core exchange revenue to $12.5 million. Total revenue rose 37% to $45.5 million, driven by a 231% surge in credit card revenue to $16.2 million and a 50% increase in staking revenue to $4 million. However, Gemini Space Station (GEMI) shares fell over 6% in after-hours trading, hovering near all-time lows and down over 90% from their September 2025 Nasdaq debut high of $45.89.

Gemini Q2 financial results

• ▪Gemini's monthly transacting users increased 11% year over year in the second quarter of 2026, while assets on the platform declined to $8.4 billion from $18.2 billion.
• ▪Gemini recorded operating expenses of $122.4 million and an adjusted EBITDA of negative $74 million for the second quarter of 2026.
• ▪Gemini recorded $45.5 million in total revenue for the second quarter of 2026, representing a 37% increase from $33.3 million in the second quarter of 2025.
• ▪Gemini reported a net loss of $107.7 million for the second quarter of 2026, which narrowed 19% from a net loss of $133.2 million in the second quarter of 2025.

Exchange revenue decline

• ▪Gemini's transaction revenue declined 15% to $17.8 million in the second quarter of 2026.
• ▪Gemini's exchange revenue fell 38% to $12.5 million in the second quarter of 2026 as total trading volume dropped to $3.8 billion from $11.3 billion a year earlier.

Credit card revenue growth

• ▪Gemini recorded a $16.1 million provision for credit losses in the second quarter of 2026 due to an identity fraud incident affecting its credit card portfolio.
• ▪Gemini's credit card revenue increased 231% to $16.2 million in the second quarter of 2026.

Staking revenue growth

• ▪Gemini's services revenue, which includes staking and credit card revenue, increased 149% to $23.5 million in the second quarter of 2026.
• ▪Gemini's staking revenue grew 50% to $4 million in the second quarter of 2026.

Prediction markets expansion

• ▪Gemini activated its derivatives clearinghouse in August 2026 after receiving approval from the Commodity Futures Trading Commission in April 2026.
• ▪The number of event contracts traded on Gemini's prediction market platform rose 93% in the second quarter of 2026 compared to the first quarter of 2026.
• ▪Gemini's prediction market generated $500,000 in revenue during the second quarter of 2026, up from $400,000 disclosed following its December 2025 launch.

Stock price decline

• ▪Gemini Space Station (GEMI) stock was trading at $4.30 on August 13, 2026, down more than 90% from its Nasdaq debut intraday high of $45.89 in September 2025.
• ▪Gemini Space Station (GEMI) shares fell over 6% to 7% in after-hours trading on August 13, 2026, following the release of its second-quarter earnings report.

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