TLDRGemini reported Q3 revenue of $50.6 million, more than double the prior year’s $24.5 million, as trading volumes jumped 45% to $16.4 billion.The crypto exchange posted a $159.5 million net loss versus $90.1 million a year ago, driven by stock compensation and marketing costs from its September IPO.GEMI shares dropped over 11% after hours to a record low below $15, extending a 40% decline since the $28 IPO price.The Gemini credit card doubled spending to $350 million with 100,000 active accounts, pushing services revenue to nearly 40% of total income.Gemini filed with the CFTC to offer prediction markets and secured regulatory approvals in Europe and Australia as part of its international expansion.Gemini delivered its first earnings report as a public company Monday, showing strong revenue growth that failed to impress investors worried about mounting losses.$GEMI just posted a clean Q3 beat: Rev: $50.6M vs $47.4M est Net losses narrowed sharply to -$6.67 from -$18.33 1Y ago Trading volume surged to $16.4B (institutional flow leading Monthly users up to 587K Platform assets: $21.3B (+61% y/y) pic.twitter.com/7epS23aHBe— Schaeffer's Investment Research (@schaeffers) November 10, 2025The crypto exchange posted third-quarter revenue of $50.6 million. That more than doubled from $24.5 million in the same quarter last year.Transaction fees generated over $26 million during the period. Services revenue, including credit card and staking products, added roughly $20 million.Gemini Space Station, Inc. Class A Common Stock, GEMITrading volumes climbed to $16.4 billion. That represented a 45% increase from the previous quarter as institutional activity surged nearly 50%.IPO Costs Drive Losses HigherThe company recorded a net loss of $159.5 million for Q3. That widened from $90.1 million in the year-ago period.Stock-based compensation and marketing expenses tied to the September IPO drove the increased losses. Adjusted EBITDA came in at negative $52.4 million.GEMI shares finished regular trading up 4% at $16.84. The stock then crashed in after-hours trading, falling over 11% to below $15.That marked a new all-time low for the exchange. Shares have now dropped roughly 40% from their $28 IPO price on September 12.The Gemini credit card hit major milestones during the quarter. The product passed 100,000 open accounts with $350 million in total spending, doubling from the prior quarter.Staking balances reached $741 million. Services now account for nearly 40% of total revenue, up from less than 30% a year earlier.The company opened a $150 million credit facility for card receivables after its IPO. Gemini forecast full-year services and interest revenue between $60 million and $70 million.Super App Vision and New MarketsCo-founder Cameron Winklevoss outlined plans to build a crypto “super app” during the earnings call. He envisions users holding stablecoins, tokenized equity, and digital commodities in one platform.The company filed with the CFTC to become a designated contract market for prediction markets. Winklevoss compared the opportunity to Bitcoin in 2012, calling it a “boundless opportunity.”Gemini secured a MiCA license in Europe in August and launched operations in Australia in October. The international expansion aims to diversify revenue beyond U.S. markets.The exchange also rolled out a self-custody wallet during the quarter. These products support the company’s strategy to build rather than acquire new offerings.Institutional trading activity climbed nearly 50% as crypto markets rallied through early October. However, momentum faded later in the quarter as broader market conditions weakened.Gemini repaid debt following its IPO to strengthen its balance sheet. The company continues pursuing regulatory approvals for prediction markets once government operations resume.The post Gemini (GEMI) Stock Hits Record Low Despite Revenue Doubling in First Public Earnings appeared first on Blockonomi.