Gemini Q2 Revenue Up, Exchange Down: $76.9M Loss Widens Despite Cuts

Woofun AI reports that Gemini's second-quarter financials reveal a divergent trajectory: credit-card business expansion fueled total revenue growth, while the core exchange segment shrank amid ongoing restructuring efforts. This strategic pivot highlights a shift away from traditional trading volume as the primary growth engine.

The restructuring, approved in February, involved winding down operations across the UK, the European Union, other European jurisdictions, and Australia. The plan eliminated up to 200 positions, representing approximately 25% of the workforce at that time, while preserving operational hubs in the US and Singapore.

Woofun AI data shows that despite these geographic consolidations, the company failed to achieve immediate operational efficiency gains.

Financial metrics for the second quarter underscore the strain, with total operating expenses rising 24% to $122.4 million and the operating loss widening to $76.9 million from $65.4 million. Transaction losses across the platform surged to $20.1 million, a sharp increase from the previous $3.6 million, indicating that new revenue streams carried significant embedded costs.

The reset reduced parts of the cost base without restoring consolidated operating performance to last year's level. These disclosures do not constitute a complete card profit-and-loss statement nor establish a definitive margin, but they confirm that material costs accompany the new revenue model. The restructuring has not yet materially repaired the core exchange or improved year-over-year operating performance.