Filing Flows › Gemini Space Station (GEMI) › Q3 2025
Gemini Space Station (GEMI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Gemini Space Station (GEMI) reported revenue of $50.6M for the third quarter 2025 (Q3 2025), +106% from a year earlier and +52% from the quarter before. Operating margin was -238.6%, net loss $160M (315.1% of revenue).
Gemini Space Station, Q3 2025: revenue $50.6M (+106% year over year), operating margin -238.6%, net loss $160M, operating cash flow −$61.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.6M | +52% | +106% |
| Operating profit | −$121M | — | — |
| Net earnings | −$160M | — | — |
| Operating cash flow | −$61.7M | — | — |
What changed
Revenue was $50.6M in Q3 2025, up 106% year over year and up 52% from the previous quarter. Exchange was the largest line at 50% of revenue. Services revenue added $12.6M year over year (up 172%), 48% of the total change.
Operating costs exceeded revenue by $120.8M, an operating margin of -238.6%. Total costs grew 123% against revenue growth of 106%. The fastest-growing cost line was Sales & marketing (+673%). The quarter ended with a net loss of $159.5M, wider than the previous quarter's $133.2M loss.
Operating cash flow was −$61.7M. Non-cash charges added back $7.7M of depreciation and amortization and $45.8M of share-based compensation. Working capital and other items added $44.4M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$62.8M.
Questions
What was Gemini Space Station's revenue in the third quarter 2025?
Gemini Space Station (GEMI) reported revenue of $50.6M for the third quarter 2025 (Q3 2025), +106% from a year earlier and +52% from the quarter before.
Was Gemini Space Station profitable in the third quarter 2025?
Operating loss was $121M (-238.6% of revenue) and net loss $160M.