Gemini Space Station, Inc. GAAP EPS of -$6.67, revenue of $50.62M beats by $3.25M

* Gemini Space Station, Inc. press release [https://seekingalpha.com/pr/20301315-gemini-reports-third-quarter-2025-results] (GEMI [https://seekingalpha.com/symbol/GEMI]): Q3 GAAP EPS of -$6.67.
* Revenue of $50.62M (+106.3% Y/Y) beats by $3.25M.
* Shares -12.11%.
* Financial Outlook – Full 2025 Year Guidance
* Monthly Transacting Users We expect steady growth in Monthly Transacting Users, with a medium-term outlook for 20–25% compound annual growth. We anticipate growth will be driven by continued engagement from existing customers and expansion of our retail base through the Gemini Credit Card, which introduces new users to the platform and provides a natural pathway into trading and onchain activity. Our focus remains on deepening customer relationships and increasing multi-product engagement over time.
* Services and Interest Revenue We expect Services and Interest Revenue to total $60–$70 million in FY 2025, driven primarily by growth in the Gemini Credit Card and continued strength in staking. The credit card remains a key engine of customer acquisition and engagement, supported by rising active accounts, higher spend per user, and expanding reward options. Staking activity continues to generate consistent yieldbased revenue, reflecting healthy participation across major protocols. Alongside steady contributions from custody and interest income, these businesses are creating more diversified and recurring revenue streams that strengthen the resilience of Gemini’s overall model.
* Technology and General & Administrative Expenses We expect Technology and General & Administrative expenses to total $140–$155 million in FY 2025. This range reflects continued investment in platform innovation, infrastructure scalability, and compliance capabilities, partially offset by ongoing efficiency gains. We remain focused on disciplined expense management while supporting the systems and talent required to scale Gemini’s global platform.
* Marketing Expenses (excluding rewards and promotions) We expect FY 2025 marketing expenses to total $45–$60 million. We anticipate these expenses will be dedicated to brand awareness and customer acquisition. The range reflects our adaptive approach to marketing, with spending levels adjusted according to the quality and timing of performance opportunities. We expect investments to focus on sustained brand awareness, customer education, and cross-product engagement. As the Gemini Credit Card scales, we expect improved marketing efficiency and an increasing share of organic acquisition through product-led growth.

MORE ON GEMINI SPACE STATION, INC.

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