Gemini Shares Slide After Narrowing Quarterly Loss

Gemini Space Station's (GEMI) shares fell 7% to $4.00 in after-hours trading, despite a 19% reduction in net loss for the second quarter of 2026.

The company reported a Q2 2026 net loss of $107.7 million, which is down from $132.9 million a year earlier. Revenue rose 37% to $45.5 million, driven by a 117% increase in services revenue and a 231% jump in credit card revenue.

However, exchange revenue fell 38% due to a decline in crypto trading volume to $3.8 billion from $11.3 billion a year earlier. Transaction losses also surged to $20.1 million from $3.6 million, primarily due to a $16.1 million provision for credit losses on the credit card portfolio.

Gemini CEO Tyler Winklevoss stated that while the company still has work to do, the quarter's results reflect ongoing efforts to reduce operating expenses and diversify revenue.