Gemini Space Station reported total revenue of $45.5 million for the second quarter of 2026, up 37% from $33.3 million a year earlier. The increase came even as the company’s core exchange revenue declined, with services revenue providing a larger share of the quarter’s results. Gemini reported a net loss of $107.7 million, although that was 19% lower than the $133.2 million loss recorded in the same quarter last year.
The company also reported a sharp increase in services revenue and a 38% year-over-year decline in exchange revenue amid weakening trading activity. The results offer a mixed picture: Gemini generated higher overall revenue and narrowed its net loss, but it continued to operate at a significant loss while trading-related revenue fell.
Gemini Revenue Rises as Services Offset Lower Exchange Revenue
Gemini’s $45.5 million in quarterly revenue represented a 37% year-over-year increase, but the company’s results show that the growth did not come from its core exchange business.
The company reported that services revenue increased 149% year over year to $23.5 million from $9.5 million. At the same time, exchange revenue fell 38% to $12.5 million from $20.2 million. Gemini said the decline in exchange revenue came as the broader crypto market softened and trading activity decreased.
Services and interest income reached $26 million during the quarter, up 117% year over year. Credit-card revenue was a significant contributor, rising 231% to $16.2 million. Staking revenue also increased 50% to $4 million, while OTC revenue reached $4.7 million, compared with $600,000 a year earlier.
The shift in revenue sources comes as Gemini has been adding products beyond its traditional spot crypto exchange. The company describes itself as a crypto and markets platform offering products for individuals and institutions, including trading, custody, staking, and prediction markets. Its investor relations materials also show that Gemini has been expanding into other financial products in 2026.
Trading activity, meanwhile, moved in the opposite direction. Gemini reported a total trading volume of $3.8 billion in Q2, compared with $11.3 billion in the same period last year. That decline was reflected in the exchange-revenue figure, despite the company recording higher overall revenue.
The contrast between the two areas is important for understanding the quarter. Services and other sources of income supported the headline revenue increase, while the business directly tied to crypto trading generated less revenue. A recent discussion among investors on Reddit also focused on Gemini’s Q2 results and the changing revenue mix. The Reddit discussion on Gemini’s earnings is investor commentary rather than an official source, but it provides some context on how the results are being discussed following the earnings release.
Gemini Remains Loss-Making Despite Narrower Net Loss
Gemini’s higher revenue did not result in profitability. The company recorded a $107.7 million net loss for Q2, compared with $133.2 million a year earlier. That represents a 19% year-over-year reduction in the loss. Operating expenses totaled $122.4 million, up 24% from the same quarter last year but down 15% sequentially.
Gemini said the sequential decline reflected cost-optimization efforts and restructuring measures. Operating loss also improved 18% sequentially, marking the third consecutive quarter of improvement on that measure. The quarter also included $20.1 million in transaction losses. Of that amount, $16.1 million came from a provision related to credit-card fraud and credit losses.
The provision adds another complication to the strong growth reported in credit-card revenue, which reached $16.2 million for the quarter. Gemini’s adjusted EBITDA was negative $74 million in Q2, compared with negative $51.9 million a year earlier. That indicates that, despite the improvement in reported net loss, the company continued to record significant losses on an adjusted operating basis.
The company also reported 580,000 monthly transacting users during the quarter, up 11% from 523,000 a year earlier. Assets on the platform, however, declined to $8.4 billion from $18.2 billion, reflecting lower crypto valuations and outflows from institutional custody.
Overall, the second-quarter figures show Gemini generating more revenue while relying less on exchange activity for that growth. Services revenue increased sharply, but the company remained loss-making and faced weaker trading volumes and a sizable credit-loss provision. Right now, the results leave Gemini with higher year-over-year revenue, a narrower net loss, and continued pressure on its traditional exchange business. The next quarters will show whether the growth in services revenue can continue while the company works to reduce its losses.
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