Crypto exchange Gemini (NASDAQ: $GEMI) reported its fourth-quarter and full-year 2025 financial results on Thursday, showing a year of rapid expansion tempered by massive net losses and a retreat from international markets.
The Cameron and Tyler Winklevoss founded company said total revenue for the fiscal year rose 26% to $179.6 million, up from $142.2 million in 2024. The growth was fueled by the Gemini Credit Card, which saw transaction volume exceed $1.2 billion, and a 115% surge in services revenue. However, these gains were overshadowed by a net loss that widened to $582.8 million, compared to a loss of $158.5 million the previous year.
The massive deficit was driven by a sharp rise in operating expenses, which climbed to $525.2 million.
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In response to the high cash burn, Gemini began a radical restructuring in early 2026. The plan, according to the New York based firm, included a 30% reduction in its global workforce and the winding down of operations in the United Kingdom, European Union and Australia.
"Following the early 2026 strategic restructuring, cost discipline initiatives, and process automation underway, we expect the pace of operating cash losses to decline from Q4 levels. These improvements are expected to take effect in the second half of Q2 2026, following the recognition of one-time restructuring costs." According to a statement released in the company's letter to shareholders.
Gemini’s results highlight a successful push to diversify away from volatile trading fees. Services and interest revenue now account for 44% of net revenue, up from 30% a year ago. Trading volume showed resilience, growing to $52.7 billion for the year.
The company also highlighted its push into prediction markets, noting that listed contracts grew over 350% from the end of January 2026 through the end of February.
"We believe prediction markets will be as big or bigger than today’s capital markets," the company noted.
Following its September 2025 IPO, Gemini held $252.2 million in cash and cash equivalents at year-end, which it used to repay $116.5 million in third-party debt.
Management noted it would not be providing formal total operating expense guidance for FY2026.
GEMI shares were trading up 4.99% in after-hours to $6.31.