Gemini shares rose after hours following a stronger-than-expected fourth quarter, driven by revenue gains from increased credit-card adoption and fee-structure changes. The exchange reported Q4 revenue of $60.3 million, a 39% increase year-over-year and above analysts’ consensus of $51.7 million. Despite the top-line beat, Gemini posted a Q4 net loss of $140.8 million, wider than the $27 million loss a year earlier, and reported a full-year 2025 loss of $585 million versus $156.6 million in 2024.
Co-founders Cameron and Tyler Winklevoss told shareholders that the fourth quarter represented the company’s highest quarterly revenue in three years even as trading volumes fell. They credited deliberate fee adjustments implemented in the latter half of the year for much of the revenue improvement.
Following the results, Gemini (GEMI) initially jumped about 14% in after-hours trading to $6.83, later settling at $6.36 for a 5.8% gain after the regular session, which closed near $6. These quarterly results are the company’s second since its September public listing and come amid a broader crypto market pullback in late 2025 after Bitcoin slid from an October all-time high above $126,000.
Workforce cuts and AI integration
In February, Gemini announced plans to exit the U.K., EU and Australia, citing challenging market conditions, and disclosed workforce reductions. The Winklevosses said the company has reduced headcount by roughly 30% since the start of 2026, attributing part of that decline to increased use of artificial intelligence. They said AI already contributes to more than 40% of production code changes and expect that share to rise toward 100%, arguing that failing to adopt AI quickly would leave builders at a competitive disadvantage.
The founders said the firm will “double down on America” and expressed optimism about the pro-crypto posture of U.S. market regulators.
Prediction markets and product priorities for 2026
Gemini launched an in-house prediction market, Gemini Predictions, across all 50 U.S. states in December after receiving a Commodity Futures Trading Commission license. The company plans to refine and expand the prediction market, scale its credit-card and exchange products, and transition toward being a markets-focused firm that could use the Predictions infrastructure to offer perpetual futures contracts if and when those products are approved in the U.S.
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