Gemini cuts losses as trading volume falls
By Brie CarterKey points
- Gemini Space Station (NASDAQ:GEMI) reported third-quarter revenue of $40.9 million, down 19% year-on-year.
- Platform trading volume fell 73% to $4.5 billion, while operating expenses declined 30% to $119.9 million.
- Net loss narrowed 63% to $58.6 million as services revenue and interest income supported the business.
Gemini Space Station, Inc. (NASDAQ:GEMI) reported third-quarter revenue of $40.9 million, down 19% year-on-year.
Platform trading volume fell 73% to $4.5 billion, compared with $16.4 billion a year earlier.
“Operating expenses declined for a third consecutive quarter,” said Gemini CEO Tyler Winklevoss.
Total operating expenses dropped 30% to $119.9 million, while net loss narrowed 63% to $58.6 million.
Services revenue and interest income generated $23.3 million, representing 59% of Gemini’s net revenue.
Credit card revenue increased 82% year-on-year to $15.5 million, partly offsetting weaker exchange activity.
Gemini held $194.1 million in cash, while assets on its platform totalled $13.4 billion.
Gemini’s results show improving cost control and narrowing losses despite weaker cryptocurrency trading activity.
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