Gemini Space Station, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Gemini reported fourth quarter and full year 2025 results following its first months as a public company (IPO in September 2025).
  • Leadership emphasized a strategic shift toward becoming a broader "markets company" through the Gemini super app, including credit cards, prediction markets and future U.S. equities trading.
  • 2025 was highlighted as Gemini 1.0’s conclusion with 2026 marking the start of “Gemini 2.0,” a more focused, leaner and AI-enabled organization.

Key Financial Highlights

Q4 2025 Results

  • Net revenue: $56.4M, up 13% from $49.8M in Q3 despite weaker crypto markets.
  • Transaction revenue: $26.7M, slightly up from $26.3M in Q3, even though spot volumes fell to $11.5B from $16.4B in Q3.
  • Services revenue: $26.5M, up 33% from $19.9M in Q3, now more than one-third of total revenue.
  • Credit card revenue: $16M, up 87% from $8.5M in Q3 due to strong sign-ups and higher card spend.
  • Staking revenue: $5.1M, down 13% from $5.9M in Q3 driven by lower crypto prices.
  • Total operating expenses: $171.7M, essentially flat vs. Q3.
  • Headcount at quarter end: 650, down from 677 in Q3. (Note: 30% headcount cuts implemented in early 2026 not yet reflected.)
  • Card receivable balances: $219.8M.

Full Year 2025 Results

  • Net revenue: $174M, up 24% from $141M in 2024.

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Operator: Good day, and thank you for standing by. Welcome to the Gemini's Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Ryan Todd, Head of Investor Relations. Please go ahead. Ryan Todd: Thanks, operator, and thank you, everyone, for joining this morning for Gemini's Fourth Quarter and Full Year 2025 Earnings Call. My name is Ryan Todd, Head of Investor Relations at Gemini. Joining me on the call today are Gemini's founders, Cameron and Tyler Winklevoss; and Interim CFO, Danijela Stojanovic. Yesterday, we released our fourth quarter and full year 2025 financial results. During today's call, we may make forward-looking statements, which may vary materially from actual results and are based on management's current expectations, forecasts and assumptions. Information concerning the risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website and on the SEC's website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We'll start today's call with prepared remarks and then take questions. And with that, let me turn

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