GEMI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-13

• For the three and six months ended June 30, 2026, we generated total revenue of $45.5 million and $95.7 million, respectively, net income (loss) of $(107.7) million and $(216.7) million, respectively, and Adjusted EBITDA of $(74.0) million and $(134.0) million, respectively. For the three and six mo…

• We view MTUs as an indicator of platform engagement and overall business health, and MTUs also serve as a top-of-funnel metric in our internal financial forecasting processes. MTUs directly correlate with other key performance indicators, such as Trading Volume, and revenue, particularly because tra…

• including our efforts to acquire new retail and institutional users and broaden the number and type of crypto assets supported on our platform.

• We believe that Card Sign-Ups represent the breadth of adoption of the Gemini Credit Card and reflect the effectiveness of our acquisition efforts. We view Card Sign-Ups as an indicator of potential future card revenue, including interchange revenue, receivables, and crypto rewards engagement. While…

• define Open Card Accounts as the cumulative number of Gemini Credit Card accounts with an open credit line as of the end of the applicable period. Open Card Accounts is intended to capture the number of card accounts that remain open and helps reflect the impact of subsequent account closures, inclu…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• In December 2025, we launched Gemini Predictions, a regulated prediction markets platform operated by our DCM affiliate and wholly-owned subsidiary, Gemini Titan, LLC (“Gemini Titan”), allowing eligible customers to trade binary event contracts on the outcomes of specified future events. This produc…

• For the three months ended March 31, 2026 and 2025, we generated total revenue of $50.3 million and $35.3 million, respectively, net income (loss) of $(109.0) million and $(149.3) million, respectively, and Adjusted EBITDA of $(59.9) million and $(61.6) million, respectively.

• We view MTUs as an indicator of platform engagement and overall business health, and MTUs also serve as a top-of-funnel metric in our internal financial forecasting processes. MTUs directly correlate with other key

• performance indicators, such as Trading Volume, and revenue, particularly because transaction-based fees represent the majority of our revenue. For example, for the three months ended March 31, 2026, approximately 48.0% of our revenue was derived from transaction fees. As MTUs increase, we generally…

• We believe that Card Sign-Ups represent the breadth of adoption of the Gemini Credit Card and reflect the effectiveness of our acquisition efforts. We view Card Sign-Ups as an indicator of potential future card revenue, including interchange revenue, receivables, and crypto rewards engagement. While…

Text added vs the prior filing · source: 10-Q · 2026-08-13

• If the market for digital assets declines or does not grow as we expect in terms of value, volume, or demand, our business, operating results, and financial condition could be materially adversely affected. Further, the

• future growth and development of the digital asset ecosystem is uncertain. Blockchain technology, digital assets, smart contracts, dApps, and DeFi are components of a new and evolving paradigm that is subject to a variety of factors that are difficult to evaluate, including:

• •the governance of many decentralized blockchain networks and protocols is by voluntary consensus and open competition, and many developers are not directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular blockchain ne…

• Our operating results will continue to fluctuate significantly as a result of a variety of factors, many of which are unpredictable and in certain instances are outside of our control, including:

• Our operating expenses may increase in the future as we continue to attract and retain talent, expand our sales and marketing efforts, develop additional products and services, expand our international business, and incur regulatory or compliance expenses. While we consistently evaluate opportunitie…

Text removed vs the prior filing · source: 10-Q · 2026-05-15

• If the market for digital assets declines or does not grow as we expect in terms of value, volume, or demand, our business, operating results, and financial condition could be materially adversely affected. Further, the future growth and development of the digital asset ecosystem is uncertain. Block…

• •the governance of many decentralized blockchain networks and protocols is by voluntary consensus and open competition, and many developers are not directly compensated for their contributions. As a result, there may be a lack of consensus or clarity on the governance of any particular blockchain ne…

• protocol, a lack of incentives for developers to maintain or develop the network or protocol, and other unforeseen issues, any of which could result in unexpected or undesirable errors, bugs, or changes, or stymie such network or protocol’s utility and ability to respond to challenges and grow;

• based on self-determined participation, which may result in new changes or updates that affect their speed, security, usability, or value;

• Our operating expenses may increase in the future as we continue to attract and retain talent, expand our sales and marketing efforts, develop additional products and services, expand our international business, and incur regulatory or compliance expenses. While we consistently evaluate opportunitie…

Text added vs the prior filing · source: 10-Q · 2026-08-13

• On May 18, 2026, the Company adopted an automatic sell-to-cover policy (the “Automatic Sell-to-Cover Policy”) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The Automatic Sell-to-Cover Policy applies to all employees—including Section 16 offi…