'Gemini', widens losses in first results after IPO… stock down 8%

Virtual asset (cryptocurrency) exchange Gemini posted a loss that fell short of expectations in its first quarterly results since its IPO.

According to CoinDesk on the 11th (local time), Gemini recorded a net loss of 6.67 dollars per share in the third quarter, more than twice the market forecast (a loss of 3.24 dollars per share). The net loss amounted to 159.5 million dollars, and the share price was trading at 15.38 dollars, down 8.67% in pre-market trading.

The loss was due to a surge in marketing expenses and IPO-related costs. However, revenue more than doubled year-on-year to 50.6 million dollars, surpassing Coinbase's 55% growth rate over the same period. Revenue growth was driven by non-trading segments, including increased trading volume, rewards credit cards, and staking services.

Dan Chen (Chief Financial Officer, CFO) said, "We have sufficient liquidity and financing sources to continuously support the growth of our major product lines."

Gemini began trading at 28 dollars per share at its September listing and is currently pursuing development of a 'Super App' that would include a variety of financial products beyond crypto trading. It plans to introduce real-time prediction market services for sports and political events, subject to future regulatory approval.