Gemini Space Station, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance (Q1 2026 vs. Q1 2025 unless noted)

  • Total revenue grew 42% YoY to $50.3 million, driven by credit card, OTC business, and first full quarter of prediction markets; transaction revenue held steady YoY despite broader market softness.
  • Exchange revenue fell 27% YoY to $17.2 million as spot trading volume declined 53% YoY to $6.3 billion.
  • OTC revenue reached $6.3 million; prediction markets contributed $0.4 million in their first full quarter.
  • Services revenue and interest income rose to 49% of total revenue (up from 31% in Q1 2025).
  • Monthly transacting users increased 17% YoY to 589,000.
  • Total operating expenses rose 73% YoY to $144.5 million, including $24.2 million in stock-based compensation and $6.5 million in severance related to a 30% workforce reduction.
  • Net loss improved 27% YoY to $109 million; Adjusted EBITDA loss was $59.9 million.
  • Quarter-end liquidity stood at $215.6 million, bolstered by the $100 million founder investment.

Strategic & Operational Highlights

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Operator: Good day. Thank you for standing by. Welcome to the Gemini first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would like to hand the conference over to Ryan Todd, Head of Investor Relations. Please go ahead. Ryan Todd: Good morning, and thank you for joining Gemini's first quarter 2026 earnings call. Joining me on the call today are Gemini's Co-Founders, Cameron and Tyler Winklevoss, and our Interim CFO, Danijela Stojanovic. Yesterday, we released our first quarter 2026 financial results. During today's call, we may make forward-looking statements which may vary materially from actual results. Information concerning the risks and uncertainties is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. We'll start today's call with prepared remarks and then take questions. With that, let me turn the call over to Cameron and Tyler. Cameron Winklevoss: Good morning. Thank you all for joining us. Since announcing Gemini 2.0, we have made meaningful progress towards building Gemini into a markets company. We started as a Bitcoin company, became a crypto company, and are now building the super app for the markets economy. This quarter, we grew revenue 42% and transaction revenue held steady year-over-year, even as trading volume declined more than 50% due to softness in the broader crypto market. We recognize

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