Gemini outlines marketing at ~7%-10% of revenue while tightening stock-based compensation to $100M-$105M

What happened: Gemini Space Station (GEMI) reported Q3 2026 results with revenue down and operating expenses lower for a third consecutive quarter, and lowered its full year marketing expense guidance to roughly 7% to 10% of revenue. Key numbers: Total revenue $40.9 million, down 19% year-over-year and 10% Why it matters: Management cited softer retail activity and difficulty attracting new traders after reduced acquisition spending, while analysts focused on demand and re-accelerating growth. Management expressed confidence in its federal licensing regime for prediction markets. Market: -7.8% today ($2.42), -76.7% YTD, 0.5x vol — as of 16:03 UTC

Gemini Space Station (GEMI) reported Q3 2026 results with revenue down and operating expenses lower for a third consecutive quarter, and lowered its full year marketing expense guidance to roughly 7% to 10% of revenue.

Management cited softer retail activity and difficulty attracting new traders after reduced acquisition spending, while analysts focused on demand and re-accelerating growth. Management expressed confidence in its federal licensing regime for prediction markets. Market: -7.8% today ($2.42), -76.7% YTD, 0.5x vol — as of 16:03 UTC