Gemini Space Station Q2 revenue surges on services growth
GEMI•Revenue rises on services growth
Gemini Space Station's second-quarter revenue grew 37% year over year, driven by services revenue.
The company said services revenue increased 149% year over year, led by credit card and staking, and drove overall revenue growth.
Loss narrows as expenses are reduced
Operating loss improved 18% sequentially as cost-optimization initiatives reduced expenses.
Key details from the company's press release included:
| Metric | Actual |
|---|---|
| Q2 Net Loss | $107.72 mln |
| Q2 Operating Expenses | $122.42 mln |
| Q2 Operating Income | -$76.94 mln |
| Q2 Pretax Loss | $107.70 mln |
Credit card fraud provision weighs on results
Transaction losses rose due to a $16.1 million provision for credit losses after an identity fraud event in the credit card portfolio.
Trading revenue weakens as crypto volumes fall
Exchange revenue fell 38% year over year as crypto trading volumes declined, reflecting softer market conditions.
