Gemini reports $107.7M Q2 loss despite 37% revenue growth

Gemini reported a 37% year-over-year revenue increase to $45.5 million for the second quarter of 2026, but posted a net loss of $107.7 million. This marks the company's fourth consecutive quarterly loss since its Nasdaq listing.

The financial results reflect a significant shift in the company's revenue composition. While core exchange revenue fell 38% to $12.5 million due to a 66% drop in spot trading volume, services revenue surged 149% to $23.5 million. This growth was largely driven by a 231% increase in credit card revenue, which reached $16.2 million, and a 50% rise in staking revenue.

Despite the revenue growth and a narrowing net loss compared to the $133.2 million loss in the same period last year, the company faced challenges including a $16.1 million provision for credit card fraud and transaction losses that jumped significantly. CEO Tyler Winklevoss noted that the results reflect ongoing efforts to reduce operating expenses while diversifying revenue streams.