Gemini Space Station Inc., the crypto platform founded by Tyler and Cameron Winklevoss, reported its fifth straight quarterly loss since going public last year. The company's third-quarter loss narrowed to $58.6 million, or 46 cents per share, beating analysts' expectations of a 67-cent loss. This marks an improvement from the $159.5 million loss recorded in the same period last year.
Revenue for the quarter fell 19% to $40.9 million, missing projections. The decline comes amid a challenging crypto market, which peaked before Gemini's initial public offering. The company has struggled to turn a profit since its debut on the public market.
The Winklevoss brothers, known for their early involvement in Facebook and later as crypto pioneers, have faced scrutiny over Gemini's financial performance. Despite the losses, the latest results show some signs of stabilization, with the loss narrowing compared to previous quarters.