Gemini Space Station (NASDAQ:GEMI) dropped 12% on Tuesday after issuing early estimates for its 2025 financial performance and announcing the exits of its Chief Financial Officer, Chief Operating Officer, and Chief Legal Officer.
The crypto trading platform said it expects 2025 revenue to range between $165 million and $175 million, up from $141 million in 2024 — implying year-over-year growth of roughly 17% to 24%. Despite the projected top-line increase, investors appeared unsettled by expanding losses and the leadership changes.
Operating expenses for 2025 are forecast between $520 million and $530 million, a sharp rise from $308 million in the prior year. The company cited higher personnel costs — including stock-based compensation — along with stepped-up spending on technology, administrative functions, and marketing.
Gemini also projected Adjusted EBITDA in a range of $(267) million to $(257) million for 2025, incorporating anticipated net realized and unrealized losses of $30 million to $35 million.
On the operational front, the company reported approximately 600,000 Monthly Transacting Users as of December 31, 2025, a 17% increase from the end of 2024. Transaction revenue is expected to total between $93 million and $99 million, while services revenue is projected at $72 million to $76 million.
Management attributed the revenue growth primarily to higher services income, driven in part by stronger credit card revenue.
The company cautioned that its 2025 financial closing process remains ongoing and that final results could differ from these preliminary figures.