Gemini stock sinks to all-time low despite 52% revenue jump in first post-IPO earnings
Gemini's stock hit an all-time low after its first post-IPO earnings showed a 52% revenue increase but widening net losses.Summary
Crypto exchange Gemini reported its first quarterly results since its September IPO, showing a 52% revenue jump to nearly $50 million, driven by rebounding trading activity and growth in services like its credit card and staking products. Transaction fees accounted for over $26 million, while services contributed about $20 million, with services revenue now nearing 40% of the total income. Despite the strong top-line growth and increased trading volumes, the company posted a significant net loss of $159.5 million, largely attributed to IPO-related stock-based compensation and marketing expenses. Consequently, Gemini's stock (GEMI) fell over 11% in after-hours trading, sinking below $15 to a new all-time low as investors focused on the widening losses. The company also highlighted operational expansions, including securing a MiCA license in Europe and launching in Australia, and noted that its credit card surpassed 100,000 accounts.
(Source：The Block)