AI-extracted from the 10-Q filed 2026-08-13 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenue of $45.5M (+37% YoY) driven by credit card expansion and OTC growth, but net loss of $107.7M widened due to elevated credit losses and restructuring charges.
Biggest Revenue Drivers
Credit card revenue$16.2M+231% YoY
Expansion of Gemini Credit Card program including user base growth and increased cardholder activity.
Exchange revenue$12.5M-38% YoY
Lower retail trading volumes reflecting softer crypto market conditions, partially offset by fee optimization and improved take rates.
Biggest Revenue Drivers
Total revenue: $45.5M+37% YoY
Credit card revenue$16.2M+231% YoY
Expansion of Gemini Credit Card program including user base growth and increased cardholder activity.
Exchange revenue$12.5M-38% YoY
Lower retail trading volumes reflecting softer crypto market conditions, partially offset by fee optimization and improved take rates.
OTC revenue$4.7M+671% YoY
Higher institutional client activity including large-value client-driven transactions and expansion of electronic OTC platform.
Staking revenue$4.0M+50% YoY
One-time revenue from new staking platform implementation and launch of Monad staking.
Other revenue$7.6M
Includes advisory fees, custodial fees, prediction markets, and interest income.
Largest Expense Items
Salaries and compensation$48.2M+31% YoY
Increased stock-based compensation of $20.3M from IPO equity awards, partially offset by $7.2M reduction in base compensation from February 2026 workforce reduction.
Transaction losses$20.1M+467% YoY
Higher provision for credit card expected losses ($16.1M) reflecting portfolio growth and fraud-related cohort identified in Q1 2026; ACH and operational losses increased $2.2M.
Technology$18.8M+5% YoY
Higher cloud computing costs of $1.3M supporting credit card platform expansion and new product offerings.
General and administrative$20.6M+7% YoY
Higher legal expenses of $4.2M from increased regulatory activity; higher real estate costs from office exit activities; partially offset by lower professional services post-IPO.
Margins: Gross margin deteriorated significantly in Q2 2026, driven by elevated credit card losses and transaction write-offs that reduced net revenue contribution. Operating loss widened to $(76.9)M from $(65.4)M YoY despite higher total revenue, reflecting that cost increases and credit losses outpaced revenue growth.
Watch Items from the Filing
Credit card receivables portfolio deteriorated sharply: $5.3M (23%) of total receivables 30+ days past due as of June 30, 2026 vs. $2.8M (1.3%) at December 31, 2025; discrete fraud reserve of $4.1M taken in Q1 2026 related to identified fraud cohort.
Transaction revenue concentration risk: bitcoin and ether represent ~95% of exchange trading volume; exchange revenue declined 38% YoY to $12.5M as retail volumes dropped 53% reflecting softer crypto market conditions.
Restructuring charge of $7.9M in H1 2026 from wind-down of UK, EU, Australia operations and 200-employee reduction announced February 2026; additional severance liabilities of $18K remaining as of June 30, 2026.
Operating cash burn of $(105.9)M for H1 2026 vs. $(18.5)M in H1 2025; company raised $100M from related-party bitcoin private placement in May 2026 and holds $188.6M cash but ongoing losses unsustainable without asset growth.
Multiple ongoing litigations including CFTC consent order vacated May 27, 2026 (previously $5M penalty), securities class action filed March 2026, NYDFS prediction markets lawsuit April 2026, and two derivative suits; accrued loss contingencies $1.1M as of June 30, 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Esposito James AnthonyDirectorGrant or award · Jun 16, 2026
Winklevoss Capital Fund, LLCReporting ownerGrant or award · May 14, 2026
Meade Tyler RobertsChief Legal OfficerShares withheld for tax or exercise price · Jan 24, 2026
Beard Marshall EdmundChief Operating OfficerShares withheld for tax or exercise price · Jan 24, 2026
About Gemini Space Station, Inc. (GEMI): stock profile, AI score and financials
Gemini Space Station, Inc. (GEMI) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores GEMI at 36.8/100 on a composite quality score built from its SEC filings, placing it at rank #2,254 of 2,925 stocks — the bottom half of the AI-ranked universe. GEMI scores in the top quartile across institutional flow (97.4), revenue growth (86.0). Areas of concern include profitability (5.1) and free cash flow (5.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 4.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Gemini Space Station, Inc. reports quarterly revenue of $45.5M, net income of $-107.7M, an operating margin of -169.2%. Top institutional holders of GEMI by reported 13-F value include ParaFi Capital, GEODE CAPITAL MANAGEMENT, BlackRock, based on the most recent SEC filings. GEMI trades on the Nasdaq exchange and files with the SEC under CIK 2055592. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate GEMI daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Gemini Space Station, Inc. directly from SEC EDGAR.