Core Insights - Gemini reported a net loss of $6.67 per share for Q3, significantly higher than the market expectation of $3.24, leading to a 12% drop in after-hours stock price [1] - Quarterly revenue increased over 100% year-over-year to $50.6 million, slightly above expectations, but only about 2% of Coinbase's revenue for the same period, indicating ongoing losses [1] - The company's revenue primarily comes from cryptocurrency trading fees, along with credit card and staking services [1] - Analysts from Goldman Sachs predict that Gemini is unlikely to achieve adjusted profitability before 2028, with its credit card business facing interest rate and credit risk exposure during economic downturns [1]