Key Highlights
- Gemini (GEMI) climbed as high as 14% in extended trading following quarterly earnings that exceeded Wall Street projections
- Fourth-quarter revenue increased 39% compared to the prior year, reaching $60.3 million and marking the firm’s strongest quarterly performance in three years
- Net losses expanded to $140.8 million during Q4, rising from $27 million in the comparable period; annual 2025 losses reached $585 million
- The exchange has reduced its headcount by approximately 30% from early 2026, partially attributed to artificial intelligence assuming coding responsibilities
- Gemini plans to exit UK, EU and Australian markets while concentrating efforts on US operations
Gemini (GEMI) delivered fourth-quarter revenue totaling $60.3 million, representing a 39% increase versus the same period last year and surpassing analyst consensus estimates of approximately $51.7 million. Shares initially jumped 14% during after-hours trading before moderating to gains near 6%.
According to Bloomberg, crypto exchange Gemini has cut about 30% of its workforce since the start of the year, reducing headcount to around 445, and introduced AI tools to boost efficiency. The company reported a 2025 net loss of about $585 million, with Q4 revenue of roughly $60… pic.twitter.com/KVN1T3JbOZ
— Wu Blockchain (@WuBlockchain) March 20, 2026
The earnings report marked the exchange’s second quarterly disclosure following its Nasdaq debut in September. Since reaching its peak following the public listing, the stock has declined roughly 82%.
While revenue exceeded expectations, profitability metrics deteriorated. The company recorded a Q4 net loss of $140.8 million, translating to $1.22 per share, versus $27 million during the corresponding quarter one year prior. For the complete 2025 fiscal year, losses totaled $585 million, climbing from $156.6 million in 2024.
Gemini Space Station, Inc. Class A Common Stock, GEMI
Co-founders Cameron and Tyler Winklevoss credited the revenue expansion to an adjusted fee structure implemented during the latter portion of 2025, combined with increased uptake of Gemini’s credit card offering. This growth occurred despite declining trading volumes — typically an unfavorable indicator for exchange platforms.
The Winklevoss brothers highlighted Q4 as the company’s strongest revenue quarter across the past three years, representing a positive topline achievement. However, the expanding losses underscore the significant expenditure levels relative to incoming revenue.
Staff Reductions and Artificial Intelligence Integration
Gemini disclosed workforce reductions of roughly 30% beginning in early 2026. The company previously announced in February plans to eliminate 25% of personnel, with artificial intelligence adoption serving as a contributing factor.
In their communication to shareholders, the founders noted that AI currently generates over 40% of Gemini’s production code modifications, with expectations for this percentage to approach 100%. “Not using AI at Gemini will soon be the equivalent of showing up to work with a typewriter instead of a laptop,” they stated.
Three senior leadership positions — including the COO, CFO and CLO — have also experienced departures during recent months.
The broader context involves challenging conditions across cryptocurrency markets. Bitcoin experienced a sharp decline from its October 2025 all-time peak exceeding $126,000, creating headwinds for crypto-related equities.
Gemini revealed in February its intention to withdraw from UK, EU and Australian territories, pointing to challenging market dynamics. The firm indicates plans to “focus and double down on America,” highlighting what leadership views as more accommodating regulatory conditions in the US under present market oversight.
Forecasting Platform and Card Product
Gemini introduced its proprietary prediction market platform, Gemini Predictions, throughout all 50 US states during December 2025, following licence approval from the Commodity Futures Trading Commission.
The Winklevoss brothers indicated the company intends to enhance and broaden this offering throughout 2026. They also outlined intentions to leverage identical infrastructure for perpetual futures contracts, subject to US regulatory clearance.
The credit card product and primary exchange operations remain central strategic priorities alongside the predictions platform for the coming year.
Citigroup analyst Peter Christiansen has previously noted Gemini requires distinct competitive advantages to rival larger competitors like Coinbase. “Without any real, true differentiation and some value propositions that others don’t have, we just think it’s going to be hard for them to catch up,” he commented.
GEMI concluded Thursday’s standard trading session relatively unchanged at approximately $6.00.
