Gemini Space Station Revenue Falls 19% in Third Quarter 2026

Gemini Space Station’s third-quarter 2026 revenue and trading volume fell from a year earlier, while the Nasdaq-listed crypto exchange reported a narrower net loss and lower operating expenses.

The company brought in $40.9 million in revenue, 19% below the $50.6 million recorded in the year-earlier quarter. Trading across its services totaled $4.5 billion, compared with $16.4 billion a year earlier. Its net loss narrowed to $58.6 million from $159.5 million.

Exchange revenue fell 47%. Lower fees from retail trading outweighed increased institutional activity. Spot trading volume, measured against the previous quarter, rose 18%.

Operating expenses totaled $119.9 million, down 30% from a year earlier. Spending declined for a third consecutive quarter, with reductions in marketing and employee compensation accounting for most of the latest cut. Gemini also reduced its workforce and exited several international markets during 2026.

The company is expanding into stock trading and prediction markets as it seeks revenue beyond crypto transaction fees. Its credit card division’s revenue grew 82% year over year. Chargeoffs rose to $11.5 million from $3.4 million.

Managed credit card receivables totaled $202.2 million. The delinquency rate for accounts at least 30 days past due, excluding fraud, increased to 3.4% from 3.3%.

Gemini is scheduled to discuss its quarterly results on an earnings call Friday, Nov. 13.