Gemini's Third Quarter Revenue Drops to $40.9 Million, Tradi
Gemini (GEMI)'s financial report shows third-quarter total revenue of $40.9 million, down 19% year-over-year; platform trading volume fell from $16.4 billion in the year-ago period to $4.5 billion, a decline of 73%; exchange revenue fell 47% to $13.4 million; net loss narrowed 63% to $58.6 million, and operating expenses fell 30%.
Event Timeline
- [11-12 22:54] Gemini's third-quarter revenue fell to $40.9 million, trading volume down 73% year-over-year (PANews)
- [11-12 22:57] Trading volume down 73% year-over-year, Gemini's third-quarter revenue fell to $40.9 million (Odaily 星球日报)
Background and Impact
On November 12, 2026, at 22:54, PANews, citing a financial report released by Gemini (GEMI), reported that the company's third-quarter total revenue was $40.9 million, down 19% year-over-year; platform trading volume fell from $16.4 billion in the year-ago period to $4.5 billion; exchange revenue fell 47% year-over-year to $13.4 million. Three minutes later, at 22:57, Odaily 星球日报 published a report from the same source, with a title directly noting that trading volume fell 73% year-over-year; the body data were consistent with the former and noted the source as Globenewswire. The revenue, trading volume, exchange revenue, net loss, and expense figures disclosed by the two sources were completely identical, with no discrepancy in definitions; only in the time labeling, the PANews body text says "November 13 news," while its publication time was November 12 at 22:54, and Odaily's was November 12 at 22:57.
In terms of revenue structure, service revenue and interest revenue combined were $23.3 million for the quarter, accounting for 59% of net revenue, and the share of exchange revenue in total revenue contracted accordingly. On the cost side, the decline was evident: total operating expenses fell 30% year-over-year to $119.9 million, driving the quarter's net loss to narrow 63% year-over-year to $58.6 million. Neither material disclosed the specific composition of the expense decline, nor explained the reasons for the trading volume decline, so it is impossible to determine whether the above improvements came from business structure adjustment or pure cost cutting.
At the impact level, trading volume falling from $16.4 billion to $4.5 billion is the most significant change in this period's financial report; its 73% year-over-year decline is higher than the 19% revenue decline and also higher than the 47% exchange revenue decline. Neither source gave an attribution for the trading volume decline, nor provided peer comparison data. For users concerned about trading costs, comparing fees and account-opening processes across different platforms is a common need; search terms such as OKX fee rebates, Binance account-opening tutorial, Binance registration tutorial, OKX account-opening tutorial, and OKX registration tutorial have long existed, but this material only involves Gemini and does not constitute an explanation of other exchanges' operating conditions. As for next-quarter guidance, financial report release arrangements, and subsequent nodes in trading volume trends, the existing materials do not mention them.
Based on the information disclosed so far, Gemini's third quarter presents a combination of contracting revenue and trading volume alongside narrowing losses; service and interest revenue rising to 59% is the main change in revenue structure. Because neither material provides management statements or business attribution, whether the trading volume decline is due to the market environment or platform-specific factors cannot be concluded from the existing information.
FAQ
### What aspects will the 73% trading volume decline affect?
The materials show that trading volume fell from $16.4 billion in the year-ago period to $4.5 billion, while exchange revenue fell 47% to $13.4 million over the same period. Neither source explained the reason for the decline, nor mentioned whether other business lines or user assets were affected.
### Net loss narrowed 63%; does that mean operations improved significantly?
The financial report shows net loss narrowed 63% to $58.6 million, while total operating expenses fell 30% to $119.9 million over the same period. The materials did not disclose the specific composition of the expense decline, nor provide a management explanation, so operating quality cannot be judged on this basis alone.
### What subsequent milestones are worth watching?
The existing materials do not mention next-quarter guidance, financial report release arrangements, or explanations of trading volume trends. Attention can be paid to changes in the share of exchange revenue versus service and interest revenue in Gemini's subsequent financial reports, and whether operating expenses can maintain the current level.