Key Takeaways

• Gemini (GEMI) shares climbed as high as 14% in after-hours trading following better-than-anticipated Q4 results
• Fourth-quarter revenue jumped 39% compared to the previous year, reaching $60.3 million—the strongest quarterly performance in three years
• The company’s net loss expanded to $140.8 million during Q4, compared to $27 million in the year-ago period; annual 2025 losses totalled $585 million
• Approximately 30% of Gemini’s staff has been eliminated since early 2026, with AI automation replacing numerous coding functions
• The exchange is withdrawing operations from the UK, EU, and Australia to concentrate resources on the American market

Gemini (GEMI) delivered fourth-quarter revenue totalling $60.3 million, representing a 39% increase from the comparable period last year and exceeding Wall Street’s consensus forecast of approximately $51.7 million. Shares initially jumped 14% in extended trading before moderating to roughly a 6% gain.

These quarterly figures marked the crypto exchange’s second earnings report since its September Nasdaq debut. Since reaching its post-IPO peak, the stock has plummeted approximately 82%.

While revenue exceeded expectations, the company’s loss situation deteriorated significantly. The Q4 net loss reached $140.8 million, translating to $1.22 per share, versus $27 million during the identical quarter one year prior. For the complete 2025 fiscal year, losses amounted to $585 million, a sharp increase from $156.6 million recorded in 2024.

Gemini Space Station, Inc. Class A Common Stock, GEMI

Founders Cameron and Tyler Winklevoss credited the revenue expansion to a restructured fee system implemented during the latter portion of 2025, combined with increased uptake of Gemini’s credit card offering. This growth materialized despite declining trading volumes—typically an unfavorable indicator for exchange platforms.

The Winklevoss twins characterized Q4 as delivering the company’s strongest revenue quarter across the past three years, representing a positive headline figure. However, the expanding losses highlight the substantial gap between the company’s expenditures and income generation.

Staff Reductions and Artificial Intelligence

Gemini disclosed that approximately 30% of its workforce has been eliminated since the beginning of 2026. The organization had previously announced in February that 25% of personnel would be laid off, with artificial intelligence adoption serving as a partial driver.

In their communication to shareholders, the twin founders revealed that AI now generates over 40% of Gemini’s production code modifications, with expectations for that percentage to approach 100%. “Failing to utilize AI at Gemini will soon be comparable to arriving at the office with a typewriter rather than a laptop,” they stated.

Three senior leadership positions—Chief Operating Officer, Chief Financial Officer, and Chief Legal Officer—have also seen departures within recent months.

This unfolds against a challenging cryptocurrency market environment. Bitcoin experienced a sharp decline from its record peak above $126,000 in October 2025, creating headwinds for cryptocurrency-related equities.

Gemini revealed in February its decision to cease operations in the UK, EU, and Australia, attributing the move to challenging market dynamics. The organization stated its intention to “concentrate and intensify efforts on America,” highlighting what it perceives as a more accommodating regulatory landscape in the US under present market oversight.

Forecasting Platform and Payment Card

Gemini introduced its proprietary prediction market platform, Gemini Predictions, throughout all 50 US states during December 2025, following approval from the Commodity Futures Trading Commission.

The Winklevoss founders indicated the company intends to enhance and broaden that offering throughout 2026. They additionally signaled intentions to leverage identical infrastructure for perpetual futures trading, subject to US regulatory clearance.

The payment card product and primary exchange operations remain central strategic focuses alongside the predictions platform for the upcoming year.

Citigroup analyst Peter Christiansen has previously noted that Gemini requires distinct competitive advantages to challenge larger competitors such as Coinbase. “In the absence of genuine differentiation and unique value propositions that competitors lack, we believe it will remain challenging for them to close the gap,” he commented.

GEMI concluded Thursday’s standard trading session essentially unchanged at approximately $6.00.