Gemini Space Station, Inc. · NASDAQ:GEMI
Gemini Space Station — Q3 2026 Earnings Presentation
19 slides from Gemini Space Station's earnings presentation, Nov 12, 2026
Slide 1: Earnings Presentation Q3'26 - November 2026
November 2026
Slide 2: Disclaimer: Forward-Looking Statements
Earnings Presentation | Q3'26 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-look
Slide 3: Q3'26 Highlights
Earnings Presentation | Q3'26 Q3’26 Highlights Total Revenue $41M Y/Y: (19)% | $(10)M Q/Q: (10)% | $(5)M Transaction Revenue $16M Y/Y: (40)% | $(10)M Q/Q: (10)% | $(2)M Services Rev. & Interest Income $23M Y/Y: (1)% | $(0.1)M Q/Q: (10)% | $(3)M Operating Expenses $120M Y/Y: (30)% | $(52)M Q/Q: (2)%
Slide 4: Q3'26 operational and strategic highlights
Earnings Presentation | Q3'26 1 Delivering on operational discipline with Q3'26 total operating expenses down 30% year-over-year and 2% sequentially, the third consecutive sequential decline; Adjusted Operating Loss1 narrowed for the fourth consecutive quarter 2 Extending the regulated derivatives s
Slide 5: Q3 operating expenses declined for a third consecutive quarter
Earnings Presentation | Q3'26 Q3 operating expenses declined for a third consecutive quarter Operating Expenses In $mm Lower employee costs Compensation excluding SBC fell 15% sequentially to $23.7M. Quarterly expense drivers Transaction losses fell $9.5M, while SBC increased $12.4M sequentially. Co
Slide 6: Credit card revenue and services and interest mix
Earnings Presentation | Q3'26 Credit card revenue Card revenue of $15.5M grew 82% year-over-year and declined 4% sequentially. Services and interest mix Services revenue and interest income totaled $23.3M, down 10% sequentially and 1% year-over-year. Lower advisory fees drove most of the sequential
Slide 7: Predictions revenue up 52% sequentially in Q3
Earnings Presentation | Q3'26 Predictions revenue up 52% sequentially in Q3, with record retention so far in Q4 [1] Event Contracts Traded is the total number of event contracts bought or sold on our prediction marketplace during the period. Each contract can be traded at $0.01 increments up to $1 a
Slide 8: Appendix
Earnings Presentation | Q3'26 Appendix 8
Slide 9: Definitions of MTU, LTU, Trading Volume and Assets on Platform
Earnings Presentation | Q3'26 [1] We define MTU as any retail or institutional user who has engaged in any revenue-generating activity or whose account otherwise generated revenue for the Company in the trailing thirty days. MTUs presented for a quarter represent the MTUs as of the last day of the r
Slide 10: Revenue
Earnings Presentation | Q3'26 Revenue 10 TOTAL REVENUE ($ thousands) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q/Q Y/Y Transaction revenue Exchange 25,152 24,503 17,172 12,497 13,406 7% (47%) OTC 1,065 2,208 6,325 4,709 1,700 (64%) 60% Predictions - - 444 524 796 52% NM Other transaction revenue 120 (2) 23 21 -
Slide 11: Expense Segmentation
Earnings Presentation | Q3'26 Expense Segmentation 11 [1] Approximately $10 million of Q2’26 provision for credit losses is attributable to accounts originated in Q1’26 that are associated with an identified fraud-related activity. OPERATING EXPENSES ($ thousands) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q/Q Y
Slide 12: Credit card metric definitions
Earnings Presentation | Q3'26 [1] Card MTUs is defined as a cardholder who has engaged in any card related revenue-generating activity, including a card payment transaction or card revolving balance, in the trailing thirty days. Card MTUs presented for a quarter represent the Card MTUs as of the las
Slide 13: Adjusted EBITDA Reconciliation
Earnings Presentation | Q3'26 13 Adjusted EBITDA Reconciliation [1] Includes impairment charges in connection with the restructuring of $1.3 million. ADJUSTED EBITDA ($000s) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q/Q Y/Y Net Loss (159,514) (140,823) (108,978) (107,724) (58,634) (46%) (63%) Adjusted to exclud
Slide 14: Expense Outlook - 2026 Guidance
Earnings Presentation | Q3'26 Expense Outlook - 2026 Guidance Key Metric Period Outlook Compensation ex SBC FY 2026 15-20% reduction excluding restructuring costs Stock-based Compensation FY 2026 $100-105 million excluding restructuring costs Technology + G&A FY 2026 $160-170 million Marketing ex Re
Slide 15: Adjusted Operating Loss Reconciliation
Earnings Presentation | Q3'26 15 Adjusted Operating Loss Reconciliation [1] Includes impairment charges in connection with the restructuring of $1.3 million. ADJUSTED OPERATING LOSS ($000s) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q/Q Y/Y Operating Loss (120,793) (111,401) (94,188) (76,941) (79,023) 3% (35%) A
Slide 16: Credit Card: Pre-Provision Net Revenue Reconciliation
Earnings Presentation | Q3'26 16 Credit Card: Pre-Provision Net Revenue Reconciliation PRE-PROVISION NET REVENUE ($000s) Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q/Q Y/Y Credit card net revenue 8,532 15,958 14,700 16,178 15,548 (4%) 82% Adjusted to exclude the following: Interest expense on funding debt (314)
Slide 17: Adjusted EBITDA
Earnings Presentation | Q3'26 Adjusted EBITDA Management believes that Adjusted EBITDA, which is a measure not presented in accordance with GAAP, may provide investors with additional useful information in evaluating our performance. We use this non-GAAP measure internally to evaluate performance an
Slide 18: [1] Perpetuals not yet available. Availability and timing subject to, among other things, regulatory
[1] Perpetuals not yet available. Availability and timing subject to, among other things, regulatory approval and applicable law. See the Forward-Looking Statements Disclaimer in this presentation. 1 1
Slide 19: Earnings Presentation | Q3'26 19
Earnings Presentation | Q3'26 19