Gemini shares fell more than 6% in after-hours trading Thursday after the crypto exchange founded by Cameron and Tyler Winklevoss reported a $107.7 million net loss for the second quarter.

Total revenue rose 37% from a year earlier to $45.5 million, supported by growth outside the company's core exchange business. Services revenue increased 149% to $23.5 million. The diversification marks a notable shift for a company whose core business has long depended on trading fees, a revenue stream that across the crypto industry tends to be highly sensitive to retail and institutional trading activity.

Crypto trading remained under pressure. Exchange revenue fell 38% to $12.5 million as trading volume declined to $3.8 billion from $11.3 billion a year earlier. Transaction revenue slipped 15% to $17.8 million.

Credit card revenue climbed 231% to $16.2 million, while staking revenue rose 50% to $4 million. Gemini also generated $500,000 from its growing prediction markets business.

The company recorded a $107.7 million net loss, compared with $133.2 million a year earlier. Operating expenses totaled $122.4 million, and adjusted EBITDA was negative $74 million.

Gemini also booked a $16.1 million provision for credit losses tied to an identity fraud incident affecting part of its credit card portfolio. The company said it has added fraud detection and account monitoring measures.

The latest decline adds to a steep drop since Gemini went public in September 2025. The stock reached an intraday high of $45.89 during its Nasdaq debut and was trading at $4.30 on Thursday, leaving shares more than 90% below that peak. The post-IPO performance places Gemini among the most notable recent decliners among publicly traded crypto-linked companies, and upcoming quarters will be watched for whether non-trading revenue lines can continue scaling fast enough to offset persistent losses in the core exchange business.