Gemini Space Station reported Q4 net revenue of $56.4 million, up 13% from Q3. Transaction revenue reached $26.7 million, services revenue climbed 33% to $26.5 million, credit card revenue surged 87% to $16 million, and staking revenue fell 13% to $5.1 million. Total operating expenses held flat at $171.7 million, with compensation costs down to $72.3 million and sales and marketing expenses rising to $39 million.

For the full year, net revenue grew 24% year-over-year to $174 million. Adjusted EBITDA recorded a loss of $258 million, and the company reported a GAAP net loss of $582.8 million. Cash and cash equivalents stood at approximately $252 million at year-end.

Credit card sign-ups increased nearly 15-fold year-over-year, driving a 185% jump in related revenue. AI tools contributed to over 40% of production code changes, boosting productivity. The company exited unprofitable international markets and reduced headcount by roughly 30% since the start of 2026 to streamline operations.

Leadership changes align with a shift toward an AI-enabled super app focusing on U.S. markets. Ongoing crypto market volatility and regulatory uncertainties in crypto and prediction markets pose challenges. Management aims to leverage Gemini Predictions as a new revenue stream while maintaining founder-led agility.