Gemini Q3 Revenue Falls 19% to $40.9M as Trading Volume Drops 73%
GEMI sits 21% above its 52-week low of $2.31.
Summary
Gemini's Q3 revenue fell 19% to $40.9 million as trading volume dropped 73%, but a 30% cut in operating expenses narrowed the Adjusted EBITDA loss to $11.6 million from $52.4 million a year ago.
Key Events · Earnings and Guidance · GEMI
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Q3 Revenue Down 19% Year-Over-Year
Total revenue came in at $40.9 million versus $50.6 million in Q3 2025. Exchange revenue fell 47% to $13.4 million as spot trading volume dropped to $4.5 billion from $16.4 billion.
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Cost Cuts Narrow Losses
Operating expenses fell 30% year-over-year to $119.9 million, the third consecutive sequential decline. The net loss narrowed 63% to $58.6 million, or $0.46 per share versus $6.67.
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Adjusted EBITDA Loss Shrinks to $11.6M
Adjusted EBITDA was a $11.6 million loss versus $52.4 million in Q3 2025 and $74.0 million in Q2 2026, helped by a $50.8 million favorable swing in crypto gains.
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Cash Falls to $194.1M
Cash and cash equivalents stood at $194.1 million at September 30, 2026, down from $252.2 million at December 31, 2025. Credit card charge-offs rose to $11.5 million from $3.4 million.
Analysis · GEMI · Crypto Assets
The top line is shrinking fast: total revenue fell 19% year-over-year to $40.9 million, and spot trading volume collapsed 73% to $4.5 billion, leaving the core exchange business down 47%. What keeps this from being a pure deterioration story is cost control. Operating expenses fell 30% to $119.9 million, the third straight quarterly decline, and the Adjusted EBITDA loss narrowed to $11.6 million from $52.4 million a year ago. Still, cash fell to $194.1 million from $252.2 million at year-end, so the burn rate matters, and credit card charge-offs jumped to $11.5 million from $3.4 million on the previously disclosed Q1 fraud event. The conference call is November 13 at 8:30 a.m. ET.
How filings like this one have moved
In the 30 days to Nov 12, 2026, 37% of the 3595 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, GEMI was trading at $2.80 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $343.3M. The 52-week trading range was $2.31 to $15.27. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.