GEMI

Day, and thank you for standing by. Welcome to the Gemini second quarter 2026 earnings call. At this time, all participants are on a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Ryan Todd, Head of Investor Relations. Please go ahead.

Thanks, operator. Good morning, and thank you for joining Gemini second quarter 2026 earnings call. My name is Ryan Todd, Head of Investor Relations at Gemini. Joining me on the call today are Gemini's Co-Founders, Cameron and Tyler Winklevoss, and our interim CFO, Danijela Stojanovic. Yesterday, we released our second quarter 2026 financial results. During today's call, we may make forward-looking statements which may vary materially from actual results and are based on management's current expectations, forecasts, and assumptions. Information concerning the risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our investor relations website and on the SEC's website.

Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures. We will start today's call with prepared remarks and then take questions. With that out of the way, let me turn the call over to our founders, Cameron and Tyler.

Thanks, Ryan. Good morning, everyone. With the close of Q2, we are approaching the one-year anniversary of Gemini going public. In September 2025, the price of Bitcoin touched $117,000, and the market we were entering looked much different from the market we operate in today, with Bitcoin closing Q2 below $60,000. Despite these headwinds, we have been head down building for the Gemini of tomorrow. The Gemini platform has changed more in the past nine months than it did in the past decade. Last quarter, we spoke about the launch of prediction markets in December 2025, and last month, following the close of Q2, we launched commission-free U.S. stock trading. With the addition of stocks, customers in eligible states in the United States can now trade 1,000s of U.S. equities with 0% commission, participate in prediction markets, and trade crypto all from the Gemini app.

Since the end of Q2, we also began operating our derivatives clearing house and settling our own prediction markets contracts following the DCO license we received from the CFTC in April. This quarter, we continued to focus on rapidly evolving our predictions business. While Q1 was largely product and feature-focused, this quarter, we invested in marketplace liquidity and improving the overall trader experience on our prediction marketplace. Since Q1, we tripled the number of contracted market makers on the platform, launched three new maker and taker incentive programs, and expanded trading infrastructure with several improvements to our predictions API. On the product side, we shipped personalized insights powered by AI and a rebuilt interface with unique category-specific experiences across the contract markets we offer.

Looking ahead, we continue to see predictions as the largest near-term growth opportunity on the platform, especially heading into the upcoming sports season in the second half of the year. We've recently certified a wide range of new product filings and continue to deliver new experiences to directly capture that activity. With our clearing house now live and clearing our own contracts, which keeps those economics in-house, we are now focused on adding distribution partners to our DCM and expect to have more updates on our progress here shortly. Through all of it, the focus stays on continuing to improve the health of both sides of the order book. Deeper taker flow attracts more makers, which tightens spreads and lets customers trade with greater capital more predictably. We believe that this is the next unlock in driving prediction activity higher at Gemini.

With that, I'll turn it over to Tyler to discuss our recent business highlights.

Thanks, Cameron. Tyler here. In Q1, we laid out our strategy for Gemini 2.0, and Q2 was our first full quarter operating under it. As we march ahead in the second half of 2026, the shape of the business is visibly different. More products, a leaner cost base, less dollars going out the door, and revenue that leans less on spot crypto trading every quarter. Danijela will take you through the financials in detail shortly. I'm going to spend my time on what we built this quarter and what we intend to do with it. We've operated through crypto market cycles for over a decade, and the rule has held every time. Bear markets are for building. The first half of 2026 was a focus on building by design.

We put our dollars and our focus into shipping new products and securing regulated infrastructure rather than overspend on acquisition in an environment where we felt paid acquisition wasn't going to earn the right returns. We continue to believe

That was the right sequencing. It put us on pace to complete and operationalize our regulated derivatives stack. Our designated contract marketplace at the start of this year, our derivatives clearinghouse launched earlier this month, and our FCM application filed in June. Very few firms in this country hold that combination of licenses, and we built ours in-house rather than spending significant capital to acquire it. The stack was built for more than predictions. Most price discovery in crypto happens in perpetual futures, not spot. Today, the vast majority of that volume sits outside the United States. We already offer perpetual contracts to customers in Singapore, so the product and the technology are built and running. We own the DCM and the DCO and have filed our FCM application.

If and when we receive the approvals we need, we are ready and intend to launch perpetual futures for U.S. customers. On the product side, this year, we have dramatically expanded what customers can actually trade at Gemini. With commission-free U.S. equities and ETFs launched in July, the platform now offers more than 5,000 tradable markets across equities, crypto, and event contracts, up from less than 100 a year ago. We also rebuilt our advanced trading experience on mobile, so customers can trade directly from the chart or the order book with positions, open orders, and margin all visible in one place. We expanded the assets available for margin trading, and we continue to improve our developer platform and API trading capabilities for programmatic and agentic traders.

Taken together, the first half of this year was about building the products and licensing the structure needed to support a financial super app. We feel confident we've never had a better mousetrap, and it's driving better engagement, with multi-product users nearly doubling year-over-year. The focus now shifts to distribution and growing revenue by getting more customers and more activity on the platform while holding the cost discipline we established this year. With that, I'll turn over the call to our interim CFO, Danijela, to discuss our financial results for the quarter in greater detail.

Thank you, Cameron and Tyler. Good morning, everyone, and thank you for joining us today. I will start with a few key takeaways from the quarter, then walk you through the results in further detail and close with our updated financial outlook for the year. Three things I want to highlight upfront. First, total revenue grew 37% year-over-year to $45.5 million, driven by continued growth in services revenue and our OTC business. This growth came despite a 38% year-over-year decline in exchange revenue as crypto market volumes remained under pressure throughout the quarter. Second, services revenue and interest income reached $26 million, up 117% year-over-year and now representing 59% of net revenue, up from 50% in Q1, reflecting both the continued growth of the card and staking businesses and a softer trading environment. Third, our cost restructuring is delivering.

Total operating expenses declined 15% sequentially to $122.4 million and headcount ended the quarter at approximately 402, down 40% from our Q3 2025 peak. The full benefit of the Q1 restructuring is now flowing through the cost structure. Turning to revenue, net revenue was $43.7 million, up 33% year-over-year. Transaction revenue was $17.8 million, down 15% year-over-year and down 26% sequentially. Within that, there were meaningful moving parts. Exchange revenue was $12.5 million, down 38% year-over-year and down 27% sequentially, reflecting continued softness in crypto trading activity. Total spot trading volume declined to $3.8 billion from $11.3 billion in Q2 of 2025, a 66% decline against a 38% decline in exchange trading revenue. Institutional volume accounted for nearly 90% of the volume decline, while fee economics continued to improve in both retail and institutional trading segments.

OTC revenue was $4.7 million, up 671% year-over-year. Similar to Q1, the quarter included episodic client demand in response to periods of heightened volatility in the crypto market that contributed to elevated volume. The underlying eOTC API program continues to add institutional clients, and we expect OTC to remain variable quarter to quarter given the nature of large institutional trades. Prediction markets contributed $0.5 million to transaction revenue, up 18% sequentially. That figure is reported net of rebates. As Cameron mentioned, we launched new maker and taker incentive programs during the quarter, and the rebates paid under those programs, roughly 20% of gross fees, are reported as contra revenue. Event contracts traded in Q2 were up 93% quarter-over-quarter, and our focus in the period was on building depth in the order book rather than maximizing short-term fee capture.

While this is still an early-stage product, we are encouraged by the growth in customer activity and believe the investments we are making today position the marketplace for stronger monetization as liquidity and participation continues to scale. Turning to services revenue and interest income, which was $26 million, up 117% year-over-year and up 6% sequentially. Let me walk you through the key components. Credit card revenue was $16.2 million, up 231% year-over-year and up 10% sequentially. Card MTUs were 106,000 at quarter end, up 165% year-over-year, though down 7% sequentially as we continue to shift our acquisition strategy towards higher returning, lower spend channels. New sign-ups in Q2 were approximately 5,000, reflecting that deliberate pullback in acquisition marketing in the second quarter.

Card receivables remained roughly flat sequentially at $219.6 million, and pre-provision net revenue on the card improved 44% sequentially to $5.5 million, reflecting the continued maturation of the portfolio. Staking revenue was $4 million, up 88% sequentially and up 50% year-over-year. There were three primary drivers of the increase. First, approximately $1.6 million relates to revenue that economically belonged in the first quarter but was recognized in Q2 as we completed the migration to our in-house validator infrastructure and resolved associated data capture issues. Second, following that migration, we now act as a principal in the staking arrangement. So validator costs now flow through operating expenses rather than being netted against revenue, increasing reported staking revenue on a growth basis. Third, we also saw continued growth in staking adoption during the quarter, reflecting healthy underlying customer engagement with the product.

Advisory fee revenue was $2.7 million, consistent with the prior two quarters, reflecting our ongoing advisory services agreement with a strategic customer entered into during Q3 2025. As the compensatory warrant arrangement associated with that agreement reaches the end of its recognition period in July 2026, we expect to recognize the small remaining amount of advisory fee revenue in the third quarter, after which this revenue source is expected to conclude. Custodial fee revenue was $0.6 million, down 67% both year-over-year and sequentially, reflecting lower average asset valuations on the platform during the quarter and net custody asset outflows. Assets on platform ended Q2 at $8.4 billion, compared to $18.2 billion in Q2 of 2025, reflecting the decline in crypto asset prices over the past year and the custody net asset outflows. Interest income was $2.4 million, roughly flat sequentially. Now turning to expenses.

Total operating expenses were $122.4 million, down 15% sequentially from $144.5 million in Q1 and up 24% year-over-year. The sequential improvement reflects the full quarter benefit of our restructuring actions. Salaries and compensation were $48.2 million, down 26% sequentially. This includes $20.3 million of stock-based compensation. Without the $20.3 million of stock-based compensation, cash compensation was $27.9 million, down 32% sequentially and down 20% year-over-year, reflecting our lower headcount base following our workforce reduction. There was no severance in Q2 compared to $6.5 million in Q1. Headcount ended the quarter at approximately 402, down from 442 in Q1 and down approximately 40% from our Q3 2025 peak. Sales and marketing was $8.8 million, down 54% sequentially and down 45% year-over-year. Within that, brand and performance marketing was approximately $0.1 million, as we paused broad-based acquisition spend and focused on organic and targeted channels.

That level of spend reflects our tactical decisions during the quarter and should not be viewed as a fixed operating run rate, as future investment will continue to be driven by market opportunities and expected returns. Credit card rewards and promotional and referral incentives were $8.7 million, down 24% sequentially, reflecting lower cardholder spend activity during the quarter. Transaction losses increased from $3.6 million in the prior year to $20.1 million. The increase is primarily due to higher provision for expected credit losses on the credit card portfolio. As we discussed last quarter, we previously identified an identity fraud event in Q1 and established an initial $4.1 million reserve based on the information available at the time. During the second quarter, as our investigation progressed, we identified additional fraud patterns and affected accounts associated with the same Q1 origination cohort.

These account balances continue to mature through the delinquency cycle, and our June 30th reserve reflects our updated estimate under the CECL methodology. Importantly, based on our analysis, we believe the elevated provision is concentrated to this identified fraud-related cohort and does not reflect broad-based deterioration in the underlying credit portfolio. We have taken actions to strengthen our fraud controls and monitoring, and while provision expense will continue to evolve as the portfolio seasons, we expect future provisioning to be driven primarily by the underlying credit performance of the portfolio rather than one-time fraud events. Technology expenses were $18.8 million, down 15% sequentially and up 5% year-over-year, reflecting operating efficiencies that largely offset continued investment in product development. General and administrative expenses were $20.6 million, down 5% sequentially and up 7% year-over-year.

Combined, tech and G&A was $39.3 million for the quarter, tracking within our full year guidance range. On the bottom line, net loss was $107.7 million, an improvement of 19% year-over-year compared to a net loss of $133.2 million in Q2 2025. Adjusted EBITDA was a loss of $74 million compared to a loss of $59.9 million in Q1 and a loss of $51.9 million in Q2 of 2025. That deterioration is driven primarily by non-cash mark-to-market losses on Bitcoin holdings, reflecting the decline in Bitcoin prices during the quarter following the close of the $100 million strategic investment of Bitcoin that we received in May.

We believe that operating loss offers a cleaner view of our operational performance, which improved 18% sequentially from $94.2 million in Q1 to $76.9 million in Q2, reflecting the full quarter benefit of our restructuring actions and continued expense discipline across the business. Monthly transacting users were 580,000, up 11% year-over-year, though down 2% sequentially as softer crypto market conditions weighed on trading activity. Let me close with our outlook. Consistent with prior quarters, we are not providing formal revenue guidance at this time. While we have expanded our product portfolio and market infrastructure, many of these initiatives are still in the early stages of monetization. Our focus in the first half of this year was on building capacity by expanding our regulated footprint, launching new products, and improving the marketplace.

As we shift our focus toward distribution and customer acquisition in the second half of 2026, we expect these investments to contribute more meaningfully over time. But the pace of that ramp remains difficult to predict, given both the early stage of these businesses and the broader macro and crypto environment. On expenses, we are refining the precision of our outlook. Cash compensation is still expected to decline 15%-20% relative to 2025 levels, which does not account for stock-based compensation or restructuring charges. Stock-based compensation is still expected to total $100 million-$115 million for the full year. We now expect technology and G&A expenses to be between $155 million and $170 million for the full year, narrowing our previous guidance range. On marketing, our guidance remains unchanged at 10%-15% of revenue without rewards and promotions.

Marketing spend in the second quarter was intentionally well below that range as we prioritized investments in product development, regulated infrastructure, and marketplace capabilities during a period of weaker customer acquisition economics. As we enter the second half of the year, we expect to increase brand and performance marketing while remaining within the full year guidance range we previously provided. With nearly two quarters of restructuring now behind us and the full cost run rate reflected in our results, we have largely completed the first phase of Gemini's transformation. Over the past year, we believe that we have fundamentally reshaped the business by broadening our product offerings and establishing a more disciplined operating model. We are adding products. Stocks are live, predictions are scaling, and the derivatives infrastructure is in place. We believe that we are operating more efficiently than at any point since going public.

The next phase is execution and growing adoption across our expanding platform while maintaining the discipline that we have established. To summarize, this quarter reflects continued progress as we continue to transform Gemini into a broader multi-product financial platform. We delivered 37% year-over-year revenue growth despite one of the weakest crypto trading environments since becoming public, improved operating loss for the third consecutive quarter, and continued to expand beyond our historical exchange business. While there is still meaningful work ahead to improve profitability, we believe we have largely completed the heavy lifting of expanding our product and market infrastructure. Our focus now shifts to scaling adoption, growing revenue, and demonstrating the operating leverage embedded in the platform. With that, I will hand it back to Ryan to open up the Q&A.

Thanks, Danijela. We will now turn to Q&A. Questions were submitted in writing yesterday after the release of our second quarter results. Before we go analyst by analyst, we want to first start with a repeat question we received from several analysts, specifically on the provision for credit losses in the quarter. Given how consistently it came up, we will address that to start. On the provision for credit losses in the quarter, understanding that the majority of these provisions are from a fraud incident, how are provisions for credit losses looking outside of this incident within the portfolio? With respect to fraud, can you help us understand what changed in your assessment from May to today? How confident are you that we should not see another meaningful provision from this cohort?

Thanks, Ryan. We understand the question given the size of the Q2 provision. First, I would separate the operational issue from the underlying credit performance of the portfolio. Based on our investigation to date, we believe that this was a concentrated identity fraud event associated with a specific Q1 origination cohort, rather than broad-based deterioration in the portfolio. Many of those accounts were still current at the end of the first quarter, and then naturally progressed through the delinquency cycles during the second quarter. As our investigation progressed during that time period, we identified additional fraud patterns and affected accounts associated with that same fraud event. As those amounts really matured and more performance data became available, we updated our CECL estimate to reflect the expanded scope of this identified fraud event.

And what I will say is that the headline delinquency metrics this quarter are overwhelmingly influenced by that one concentrated cohort, rather than a change in the broader credit characteristics of the portfolio. If you exclude the fraud-related cohort, you can see that the underlying portfolio has performed broadly in line with our expectations. Delinquency increased from 3.8%-9.4%, but nearly all of that increase was fraud related. So fraud related delinquency rose from 1%-6.1%. While when you look at the non-fraud delinquency, it increased modestly from 2.8%-3.3%. This is consistent with normal seasoning in a relatively young portfolio. And what we've done since, we've taken these learnings and strengthened our fraud controls, onboarding, and monitoring based on what we've learned through our investigation.

From a timing perspective, these provision balances will flow through to charge-off state over the normal credit loss cycle as they progress through delinquency and reach charge-off status. Lastly, we will say, obviously, it's hard with respect to the second half of the year, we're not providing quarterly guidance on provision expense or charge-offs. But as with any lending portfolio, provision expense will continue to naturally evolve as the portfolio seasons and as new information becomes available. But what we will say is that based on what we know today, we expect the future provisioning to increasingly reflect the underlying credit performance of the portfolio rather than this specific fraud event.

As a repeated follow-up, what specifically changed in the fraud screening that's going to protect you from this occurring in the future?

Yeah. Unfortunately, fraud prevention isn't a static process. Fraud is an area where bad actors continue to evolve their tactics. Our fraud controls and monitoring and underwriting capabilities have to continue to evolve alongside them. We've implemented a number of enhancements and controls based on what we learned from this event, and we will continue to invest in those capabilities over time. We also periodically implement new enhancements and controls irrespective of any given event so that we can continue to be equipped to identify and prevent evolving fraud schemes. Beyond that, we don't think it's appropriate to discuss the details of our fraud controls publicly because those controls are part of our fraud prevention framework. But we view it as an ongoing discipline rather than a one-time fix.

Our next question comes from James Yaro at Goldman Sachs. On prediction markets, can you walk us through your competitive advantages in prediction markets, specifically in having them built in-house? How do you scale in this market, given competitors are investing aggressively and bringing much larger customer bases?

This is Cameron here. I think one of the key points here is that we are not just a predictions app. We are actually building a super app that offers predictions, and those predictions are offered alongside spot Bitcoin, staking, a credit card, and U.S. equities, and more. We think there's a lot of opportunity for cross-pollinization, and it's a broader offering than simply just predictions. I think few people actually have such a strong breadth. In addition, focusing on predictions, we've also invested in the entire stack. We've got the clearing house and the exchange, which allows us to control our destiny with more control and also work on distribution partnerships to help move the flywheel.

I think taken together, it's a much different story than simply just predictions, and I think the opportunity to cross-sell the existing customer base that we have is a great opportunity. For example, 50% of the people who have placed predictions on Gemini also have a Gemini credit card. That's one good example of the cross-pollinization among our super app.

Our next question comes from Michael Cyprys at Morgan Stanley. On perpetuals, given the CFTC's approval of digital asset perps in the U.S., what's the process and timeframe for Gemini to bring a product to market? What are some gating items that need to be overcome? More broadly, if the U.S. regulatory path opens for perps beyond crypto, how quickly could you launch, and where do you think client interest might be strongest?

Finally, given the liquidity advantages of larger incumbents, what gives you confidence you can build meaningful share?

Thanks for the question. This is Tyler. We are in the process of achieving the approvals we need to offer perpetuals on crypto in the U.S., and what's required is an amendment to our DCO, which is already in flight for margining, and the approval of an FCM, which is already in flight. Once we receive those approvals, we'll be able to launch perpetuals in the U.S. It's important to note that the technology on our side is ready. We already offer this product offshore in Singapore, so we've been doing this now for at least two years, maybe more. We understand the technology, the risk engine, the matching engine, and how to run this type of marketplace.

Now it's just a matter of getting the necessary approvals in the U.S., which we believe could happen this year. Once that does happen, we will offer these products. These products have been the largest traded products with the most liquidity in crypto for a really long time. We're very optimistic about the demand. The crypto industry likes to trade perps. There's a huge demand for it, and there has been there globally for many years. Once we get the green light in the U.S., we're excited to bring this instrument to U.S. customers.

This is Cameron. Just to build on that a little bit. Perps have been the most popular instrument in crypto for many years, but there's been no perps in the U.S., so that story, it's just getting started. It's so early.

When you think of competition and the opportunity, I think the starting gun has essentially just gone off. We're at mile one of a marathon. The perp story in the U.S. is just getting started, and there's just, we think, a tremendous amount of demand and excitement for these products, and it is very early days, even though they've existed offshore elsewhere for a long time.

Our next question comes from Adam Frisch at Evercore. Card MTUs fell in 2Q 2026. Do you expect sustained MTU growth to remain soft negative given the bearish crypto market? Do you expect the growth in prediction markets and the newly introduced equities product to be able to reverse the card MTU growth trend?

Thanks for the question. This is Cameron.

I think the story of the card in 2025 was very much a growth story, and a lot of that was the excitement of this innovative ability to earn crypto rewards with a credit card. Naturally, as crypto prices have declined 50% since their peak last year, thereabouts, interest in a crypto rewards card naturally wanes a bit, and it can be cyclical. With that said, I think we spent the last two quarters, if 2025 was very much about growth, I think the first half of 2026 is about maturity and making sure that we're putting in the right controls. We've got a big growth in receivables and ensuring that we catch fraud, we've got the right controls in place, and that the portfolio is seasoning for the long term. We think that the card is still very much like a diesel engine.

I mean, people love it, and I think there's a lot of growth just organically through word of mouth, even in the crypto downturn. We very much believe in this product, and we believe that it will continue to grow throughout 2026. Our focus has shifted in light of how the market has changed.

This is Tyler. I'll also add that we're looking to expand the type of rewards that customers can earn with the credit card, such as offering the ability to earn stock rewards. This plays into our overall vision, of course, of the super app, where the credit card's one piece of that larger puzzle and experience. We're not just a crypto company. We offer, obviously, equities now and predictions.

As customer demand changes, whether it is they are into Bitcoin or that changes into AI stocks, we have that offering for them. It is always harder to market crypto when the prices are down, even though customers, this is the time they should be purchasing Bitcoin. They tend to get excited about purchasing Bitcoin when prices near all-time highs. This further emphasizes the importance of having a really broad offering. The credit card earning rewards is part of that, but also being really broad in our offering on what rewards mean, and whether that is you can earn back crypto or you can earn back in stocks. Obviously, AI stocks are really popular and there is a lot of demand. We do not want to lose that customer.

That just goes back to this idea that we are, of course, we started as a crypto company, but we really evolved into Gemini 2.0, into a markets company. We continue to work on increasing the dimensions of that.

Our next question comes from Matt Coad from Truist. Could you touch on the long-term ARPU expansion opportunity for Gemini power users? Put another way, how does the ARPU for your retail customer that adopts all of your Gemini 2.0 product offerings compare to the blended average retail ARPU today, and how do you plan on creating more power users?

Thanks for the question, Matt. We believe there is a meaningful long-term ARPU expansion opportunity ahead of us, especially as customers adopt more of the Gemini ecosystem. Historically, many retail customers engage with us through really a single product for the most part. Our strategy is to increase both the scope and the frequency of engagement by offering a more comprehensive financial platform. The first half of 2026 was really about that, right? About building the ecosystem and giving customers more reasons to engage with Gemini through products like prediction markets and now more recently, commission-free equities, while at the same time ensuring the card business was on a solid footing after the fraud events. Going forward, the focus really shifts to distribution by driving adoption across that product suite, increasing cross-sell, and also creating more multi-product power users.

That's really what we believe will drive the next leg of ARPU expansion and customer growth. A year ago, we were primarily acquiring crypto traders. Today, we're acquiring customers into a platform that includes a much broader product offering, and we believe that will meaningfully expand customer lifetime value and gives us greater opportunity to really monetize each acquired and existing customer over time. While we don't disclose product-level ARPU, we consistently see that multi-product customers, they do trade more frequently, they retain balances longer, and exhibit stronger long-term retention. So over time, we believe this product ecosystem will really drive sustainable ARPU expansion through that greater product adoption and higher engagement frequency, rather than, again, relying solely on higher trading activity or favorable crypto market conditions.

Our last question comes from John Todaro from Needham. Following the initial launch of stock trading on the platform, how have early volumes looked? Additionally, how are trading activity trends across the platform since the beginning of the third quarter? Are there any specific categories that clients are trading more frequently this quarter within predictions?

Thank you, John. We're encouraged by the early reception to equities, but it's still very early days. The launch is only about five weeks old, so we're going to be careful not to over-interpret the initial activity. We don't expect equities to be a material revenue contributor in 2026. Over the long term, the monetization opportunity really comes through deeper customer relationships, including customer cash balances and securities lending, as well as order flow economics rather than trading commissions. Again, more importantly, as we've emphasized numerous times, we view equities as another step in building our super app and a broader investing platform. Over the past year, as Cameron or Tyler highlighted, I believe we've expanded from fewer than 100 tradable products to roughly 5,000 across crypto equities and prediction markets. Our multi-product user base has nearly doubled year-over-year.

These are the metrics that we're most focused on because it does drive engagement and cross-sell opportunities. With respect to Q3 activities, spot crypto volumes have moderated from the elevated levels we saw historically, and it's weaker than the second quarter as well, which is consistent with publicly available market data. At the same time, prediction markets have continued to perform well. We reached new monthly highs in prediction trading volume during July. Some of that was helped by the later stages of the World Cup. Importantly, activity has remained healthy even after that concluded. We continue to see strong engagement specifically in our crypto prediction contracts, especially Bitcoin contracts that have across different sort of durations and expiry dates, and really demonstrating that prediction markets are evolving beyond one-off event-driven trading.

Thank you. This concludes today's conference. Thank you for your participation. You may now disconnect.

Good day. Thank you for standing by. Welcome to the Gemini first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would like to hand the conference over to Ryan Todd, Head of Investor Relations. Please go ahead.

Good morning, and thank you for joining Gemini's first quarter 2026 earnings call. My name is Ryan Todd, Head of Investor Relations at Gemini. Joining me on the call today are Gemini's Co-Founders, Cameron and Tyler Winklevoss, and our Interim CFO, Danijela Stojanovic. Yesterday, we released our first quarter 2026 financial results. During today's call, we may make forward-looking statements which may vary materially from actual results and are based on management's current expectations, forecasts, and assumptions. Information concerning the risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings.

Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our investor relations website and on the SEC's website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures. We'll start today's call with prepared remarks and then take questions. With that, let me turn the call over to our Founders, Cameron and Tyler.

Good morning. Thank you all for joining us on our Q1 2026 earnings call. I'm Cameron Winklevoss, President and Co-Founder of Gemini. Since announcing Gemini 2.0, we believe we have made meaningful progress towards our goal of building Gemini into a markets company. We started as a Bitcoin company. We became a crypto company. We are now building the super app for the markets economy, our vision of being the bridge to the future of money and markets. This quarter, we made meaningful progress towards that vision. While we still have significant work ahead, we grew revenue this quarter 42% and transaction revenue held steady year-over-year, even as trading volume declined more than 50% due to meaningful softness in the broader crypto market trading activity. While these are positive headline numbers, we recognize where our share price currently sits.

The price of Bitcoin is down roughly 30% since our IPO, and as a crypto-native business, we are tied to that cycle to some degree. We do not believe the Gemini of today is 1/6 of the Gemini that IPO'd. When we went public in September, we did not have a predictions marketplace. We do now. We were a crypto company. Today, we are building the foundation for so much more. Our ability to launch and scale market infrastructure is rooted in more than a decade of experience building Gemini's crypto marketplace. We have demonstrated this with our predictions product, which we chose to build in-house instead of partnering like some of our competitors. With our recently acquired DCO license from the CFTC, which Tyler will discuss shortly, we're even better equipped to bring this vision to life.

This license, combined with our experience building marketplaces, will help enable us to fully own the customer experience and deliver a best-in-class predictions marketplace. We truly believe that when you create value by offering more options to customers across multiple asset classes, crypto predictions, credit card rewards, and soon we expect stocks, you build a company that is indexed to markets broadly, not just to a single cycle. That is what Gemini is working toward becoming, and we believe the foundation we built this quarter is a meaningful step in that direction.

For these reasons, we think Gemini stock is significantly undervalued, which is why we made a strategic investment of $100 million into Gemini via Winklevoss Capital at a price of $14/share of the company's Class A common stock with the investment funded in Bitcoin. We strongly believe this investment will allow us to set up the company for its next phase of growth. With that, I'd like to turn it over to Tyler to discuss some of our business highlights this quarter and how they will shape our future.

Thanks, Cameron. Tyler here. This quarter, Gemini achieved product and regulatory milestones that will help set us up for success going forward. In April, Gemini received a derivatives clearing organization license from the CFTC. I want to spend a moment on what this is, why it matters, and what it unlocks. A DCO, or derivatives clearing organization, allows us to act as a clearinghouse, the entity that clears and settles derivatives contracts, prediction market contracts, event-based contracts, and down the road, futures, options, and perpetual contracts. The DCO uses the same clearing structure that has underpinned crucial derivatives markets for decades. This DCO follows our DCM, our designated contract market license, which we received in December 2025. A DCM allows you to list derivatives contracts. We started with events contracts for our prediction marketplace. The DCO is the other half of the puzzle.

Together, DCM plus DCO represent key milestones as we seek to build an end-to-end marketplace in-house without material third-party dependencies. This combination is rare. Most of our competitors have moved into derivatives through acquisition. Gemini built its DCM and DCO in-house, the same way we built our crypto exchange over the past decade. Our regulatory positioning is foundational, not bolted on. Holding the DCM and DCO ourselves helps unlock our ability to clear prediction market and event contract trades through our own infrastructure today. It also better positions us for what comes after predictions, which we believe is perpetual contracts. Perps are the most traded product in global crypto markets by a significant margin. Most of the price discovery for Bitcoin happens in perpetuals markets, not spot.

Right now, all of that volume and price discovery happens offshore on unregulated exchanges, largely because there has been no regulated path for perps in the United States. The crypto story in terms of regulated onshore price discovery does not fully start in America until perpetuals are permitted here. We believe that will happen in the United States soon based on the CFTC's public comments. We expect Gemini to be among the platforms best positioned to win in this arena when it arrives. In addition to securing our DCO, Gemini made strides this quarter in what we think will be the next frontier for trading, which is agentic trading. We launched the first agentic trading tool available directly through a regulated U.S.-based exchange.

Agentic trading allows customers to connect AI agents, including Claude, ChatGPT, and others directly to Gemini's full API to place trades, monitor markets, and manage risk autonomously. While we are still in early innings for agentic trading, we have long believed that Gemini will one day have more machines as customers than humans. Humans may have built crypto, but crypto is not so much money for humans as it is money for machines. Taken together, we believe our DCO license and agentic trading launch represents the first steps to building out our long-term vision of being the go-to super app for the future of money and markets in the United States. With that, I'll turn over the call to our Interim CFO, Danijela, to discuss our financial results for the quarter in greater detail.

Thank you, Cameron and Tyler. Good morning, everyone, and thank you for joining us today. I'll start with a few key takeaways from the quarter, then walk you through the results in detail and close with our financial outlook for the year. Let me highlight three things up front. First, revenue grew 42% year-over-year to $50.3 million. That growth was broad-based, driven by the credit card, our OTC business, and our first full quarter contribution from prediction markets. Importantly, this revenue growth was achieved against a backdrop of materially lower crypto trading volumes than Q1 of 2025. Second, services revenue and interest income continued its structural shift, reaching $24.5 million and now representing 49% of total revenue, up from 31% in Q1 of 2025.

This diversification is central to our strategy of building a business that is less dependent on crypto market cycles. Third, our cost restructuring is taking hold. The roughly 30% workforce reduction completed in Q1 started flowing through the financials and will be more fully reflected in Q2 as we enter a lower run rate cost structure. Turning to revenue. Total revenue was $50.3 million, up 42% year-over-year from $35.3 million in Q1 of 2025. Transaction revenue maintained stable year-over-year at $24.1 million. Within that, there were meaningful moving parts worth walking through. Exchange revenue was $17.2 million, down 27% year-over-year, reflecting the significant pullback in crypto market activity. Total spot trading volume declined to $6.3 billion from $13.5 billion in Q1 of 2025.

That's a 53% decline in volume against only a 27% decline in exchange revenue, which reflects continued improvement in our fee economics. OTC revenue was $6.3 million compared to $0.1 million in Q1 of 2025. This performance reflects both opportunistic and structural tailwinds. The quarter included meaningful one-time volume driven by episodic client demand, contributing to an elevated baseline not fully expected to repeat. Importantly, underlying business momentum remained strong. The eOTC API program added new institutional clients during the quarter, expanding the desk's recurring revenue base and supporting a more durable growth trajectory going forward. For the first time, prediction markets contributed $0.4 million to transaction revenue, reflecting our first full quarter following the December 2025 launch.

Adoption accelerated throughout the quarter and has continued to accelerate into Q2, with April volume up 78% month-over-month. Since launch, the platform has surpassed 100 million contracts traded across more than 20,000 traders. As a reminder, this is still an early-stage product for us, and our focus today is on building liquidity, engagement, and market depth on our own infrastructure. We expect monetization to scale over time as the platform matures. Turning to services revenue and interest income, which was $24.4 million, up 122% year-over-year. The majority of this growth was driven by services, particularly the credit card, which I'll walk through now. Credit card revenue was $14.7 million, up nearly 300% year-over-year. As of quarter end, we had over 154,000 open card accounts, up 111,000 year-over-year.

Growth in Q1 of 2026 remained steady, though sign-ups can vary quarter-to-quarter, particularly as we continue to refine acquisition channels and strengthen risk controls as the portfolio scales. The expansion of the cardholder base is the primary driver of managed receivables growing from $69 million to $217 million over the same period, more than a tripling of the portfolio. Advisory fee revenue was $2.7 million, consistent with the prior quarter, reflecting our ongoing advisory services agreement with the strategic customer entered into during Q3 of 2025. There was no comparable revenue in Q1 of 2025. Custodial fee revenue was $1.9 million, roughly flat year-over-year. Staking revenue was $2.1 million, down 31% year-over-year, reflecting lower asset prices and reduced staking yields relative to the elevated crypto market levels in the prior year period. Turning to expenses.

Total operating expenses were $144.5 million in Q1, up 73% year-over-year. I want to be direct about what's in those numbers because there are meaningful one-time items that create some noise relative to our ongoing cost structure. Salaries and compensation were $65.4 million. This includes $24.2 million of stock-based compensation and $6.5 million of severance and related payroll taxes associated with the Q1 workforce reduction, the latter being a one-time item that will not repeat. Excluding those items, core cash compensation was $34.8 million, though it's worth noting that figure still includes partial quarter salary costs for the approximately 30% of employees who departed during Q1. The true run rate entering into Q2 is lower. Headcount at quarter end was approximately 441.

Sales and marketing was $19.1 million, up 111% year-over-year. Down significantly from the $32.9 million and $39 million we spent in Q3 and Q4 of 2025, respectively. We are continuing to deploy marketing capital opportunistically, calibrated to market conditions and acquisition ROI. Within that figure, brand and performance marketing was $7.6 million, and credit card rewards and promotional and referral incentives were $11.4 million. Transaction losses were $11.1 million, up from $4.1 million in Q1 of 2025. The increase was driven by three items. Our provision for expected credit losses on the credit card portfolio of $4.6 million, up from $2.5 million in Q1 of 2025 as the portfolio continues to scale.

A credit card fraud reserve of $4.1 million, a new item with no comparable charge in Q1 of 2025. ACH and other transaction losses of $2.4 million, up from $1.6 million in Q1 of 2025. The provision and fraud reserve reflect seasoning dynamics on a rapidly growing portfolio, and overall credit performance remains consistent with our expectations. We have also taken steps to further strengthen our fraud controls and monitoring. Technology expenses were $22.1 million, up 32% year-over-year, reflecting infrastructure investments to support platform growth and new product launches. General and administrative expenses were $21.7 million, up 55% year-over-year, driven primarily by higher legal expenses. Combined, tech and G&A was $43.7 million for the quarter.

On the bottom line, net loss was $109 million, an improvement of 27% year-over-year compared to a net loss of $149.3 million in Q1 of 2025. Adjusted EBITDA was a loss of $59.9 million compared to a loss of $92.2 million in Q4 of 2025 and a loss of $61.6 million in Q1 of 2025. The sequential improvement reflects the early impact of our cost actions, though the full benefit of the Q1 restructuring will begin to flow through in Q2. We are not satisfied with the current loss levels, but we believe the path forward is clear.

Scaling the card efficiently, growing predictions, and continuing to build recurring services revenue that compounds regardless of trading volumes while maintaining discipline on our expense base and leveraging the infrastructure we've built across the platform. A few platform metrics worth noting. Monthly transacting users were 589,000, up 17% year-over-year. That growth is occurring despite a softer trading environment, which reflects the platform diversification we've been building across the card, staking, and now prediction markets. Assets on platform were $11.1 billion as of March 31st, 2026, compared to $14.2 billion as of March 31st, 2025. That decline reflects lower crypto asset valuations relative to the elevated market levels in the prior year period, not a reduction in user engagement or assets managed. Let me close with our outlook.

We are not providing formal revenue guidance at this time, consistent with our approach last quarter, given the continued uncertainty in the macro environment. On expenses, the restructuring actions we announced in Q1 are expected to begin flowing fully through the cost structure in Q2. The key parameters we shared last quarter remain unchanged. To briefly recap those, cash compensation, excluding stock-based compensation and restructuring charges, is expected to decline 15%-20% relative to 2025 levels. Stock-based compensation is expected to total $100 million-$115 million for the full year. Technology and G&A combined is expected to range from $155 million-$190 million for the full year. Marketing, excluding rewards and promotions, is expected to run at 10%-15% of revenue.

On liquidity, we ended the quarter with $215.6 million in cash and cash equivalents. As Cameron and Tyler noted, our founders have completed a $100 million direct investment into Gemini funded in Bitcoin, further strengthening our balance sheet as we execute on our 2026 priorities. The through line across all of this is straightforward. We are growing revenue, diversifying away from digital asset trading, holding discipline on cost, and as our founders' commitment demonstrates, we have both the conviction and capital behind us to see it through. The focus for the balance of 2026 is about disciplined execution on each of these priorities. To summarize, Q1 showed meaningful progress on the priorities we laid out. Revenue grew 42% year-over-year. Services revenue and interest income now represent nearly half of total revenue, and our cost reset is underway.

The momentum in the card, the early traction in predictions, and the growth in our OTC business give us confidence that we are building a more durable platform. We have more work to do on profitability, and we are moving with urgency. We are building a more diversified, more disciplined business, and we believe we are better positioned to scale as market conditions improve. With that, I'll hand it back to Ryan to open up the Q&A.

We will now take questions from our research analysts. Questions were submitted to us in writing, and we will take one question per analyst. Our first question comes from Adam Frisch at Evercore, who asks, "The $100 million private placement at $14 a share is a strong vote of confidence. Can you discuss the strategic rationale behind the investment and whether there are any commercial or product implications, and how the additional liquidity affects your priorities across exchange, card, predictions, and derivatives?"

Thanks for the question, Adam. This is Cameron. In regards to our $100 million investment, our belief is that the Gemini stock is significantly undervalued at current levels, and we believe this investment reflects that belief and our conviction in Gemini. With respect to the use of funds, we're focused on being offensive and supporting existing as well as products that are hopefully coming to market soon, including equities. When we look at the business, we really feel it's disconnected. The share price is disconnected from the underlying business. When we look at where Gemini was when it launched in IPO'd in September of 2025, we don't believe that this is a business that's one-sixth of the value of that company that IPO'd, and in fact, quite the opposite.

We feel that we have since launched an entirely new marketplace of prediction markets, which we're really excited about. We're really encouraged with the growth so far. We've acquired a DCM license as well as a DCO license along the way, and those licenses alone are trading north of $100 million in the open market each. I don't think the share price reflects any of that underlying value, let alone the improvements in our product. So we're looking to continue to support existing products and focuses as well as future products and including equities, which we hope to launch soon.

The next question is from James Yaro at Goldman Sachs, who asks, "Could you comment on the status of the CLARITY Act? How do you expect this bill to evolve, and what are your latest views on the impacts on your business?"

We've been building a regulated exchange and custodian, for over a decade now in the U.S., via the state MTL path, and we will continue to do so until there is a federal framework, such as CLARITY. It definitely feels like we're getting closer to CLARITY. It's hard to predict exactly what the timing will be. But we're definitely encouraged with the direction and the pace that things are moving. I think that we've always believed that a good bill, the right bill, will be very positive for the market, and we welcome that. We hope that is the case and continues to sort of make its way through the rounds. At the same time, if for whatever reason it does stall out, we are a built and positioned in a very regulated posture, and we'll just continue building and doing what we're doing.

Our next question comes from Matt Coad at Truist, who asks: The prediction markets cross-sell continues to progress well, with 3.5% of our user base now putting in a trade since the product's inception last year. Could you provide some more detail on how you're driving this successful cross-sell, where you would expect the penetration rate to sit at the end of the year, and how you're seeing engagement levels trend as well?

Thanks for this question, Matt. The cross-sell, we're seeing a lot of good success there. We're very encouraged at the 3.4% so far. Hard to predict where that settles out, but I think that the story here is that we're very early with this product predictions within Gemini. We continue to surface it within the app. It's one of our core tabs. We also surface it in different buy flows. I think there's a number of users who still just haven't found it yet and don't, you know that Gemini is in predictions and are discovering it on a daily basis or a weekly basis.

We think that there's a lot of room to grow here, both within the Gemini ecosystem, but also people outside of it who are not currently customers today who are seeing our product on social media or hearing about it and curious to give it a try. We're seeing some cool results. We had 78% month-over-month growth in total prediction market volume. I think we did almost approximately $30 million in notional last month. Far this month, we've crossed $20 million in notional, so we think we will beat last month, and hopefully, you know, by a considerable amount. We'll have to see. I think the key thing is, are we continuing to grow month-over-month, and what is that growth rate? That's, I think, the name of the game right now.

We're seeing about half of that volume is coming from crypto contracts, which makes sense. We have obviously a very, you know, user base that's passionate about crypto contracts, and we've been adding just a lot more durations with monthly touch contracts, weekly, daily, hourly, 15 minutes, five minutes, starting with Bitcoin, Ether, Solana, and XRP now. We're just adding more contracts, more durations. We added a lot of real-world commodities in the past quarter, including oil, gold, silver. We're, you know, the story's early, and it's hard to say exactly, you know, where that gets saturated, but we think that there's people that are discovering the product and really liking it.

Our next question comes from Dan Dolev from Mizuho, who asks: On credit card, can you walk through current credit performance versus expectations and how funding is evolving as receivables grow, including what changes if macro softens? Combining a follow-up question asked: Can you speak to the higher provision for credit losses in the quarter? What happened there, and what is being done to prevent another incident of that size in the future?

Sure. Thanks so much, Dan, for the question. I'll try to walk through these questions one by one. On credit performance broadly, the portfolio is performing in line with our expectations. Our 30+ day delinquency rate was 3.8% at quarter end, and our annualized charge-off rate is running around 3.5%. Both of which sort of represent meaningful improvement from where we were a year ago when the portfolio was in its really earliest and most delinquency-prone stage. On the provision specifics, specifically, we don't see that $8.6 million figure you would have seen in our earnings release as a representative of the underlying credit trajectory. I want to be really clear about why.

As we also disclosed, roughly $4.1 million of that charge related to a discrete fraud event that occurred during the quarter. That item, we believe is non-recurring, and most importantly, we have taken real steps to strengthen our fraud controls to prevent a reoccurrence. Normalizing for that item, our core provision was approximately $4.6 million higher than Q4, and which does reflect some normal seasoning as the portfolio matures, but consistent with what we'd expect from a portfolio that has tripled in size over the past year. In terms of what happened with that fraud incident, we're not going to discuss the exact mechanics or attack vector for security reasons, but what we can say is that the issue was identified, contained, and fully reserved for during the quarter.

Following that incident, we've definitely implemented additional controls and monitoring enhancements across the affected workflows. I think what's important to note is fraud is not a static problem, so fraudsters continuously adapt their methods, particularly in digital financial ecosystems, and our controls and monitoring frameworks evolve alongside that. Just to add also, our pre-provision net revenue reached a new high of $3.8 million this quarter, which is up over 150% year-over-year. That's the signal on the underlying economics of the card business. You asked on funding. On funding, we have our warehouse facility in place that has scaled alongside receivables and provides us the capacity we need to support the portfolio today. Our funding costs are manageable, and we're actively evaluating our long-term funding mix as the portfolio continues to grow.

We maintain an open and ongoing dialogue with our funding partners and continue to stress test the portfolio under different macro scenarios. Stepping back, we continue to view the card less as a standalone product and more as a strategic engagement layer inside the Gemini ecosystem. Over half of our predictions traders are also holders of the Gemini Credit Card, and we remain very focused on credit discipline and portfolio economics, as well as the broader value creation that comes from driving deeper multi-product engagement across the platform. While quarterly growth rates may moderate relative to the initial high growth launch phase that we saw, we continue to believe that the card can be an engagement driver for the broader Gemini ecosystem and hopefully facilitate Gemini's long-term growth.

The next question comes from Michael Cyprys from Morgan Stanley. What drove the strong OTC performance? Is this a function of crypto market volatility and users opting for a different approach, or is there something more structural going on, and should we expect that momentum to carry forward? As a quick follow-up on staking, anything to call out on staking being lower than expected? Do you view this alongside a downturn in trading activity?

Sure. Thanks, Michael. We're very pleased with the OTC performance this quarter. This quarter really reflected a combination of both market conditions and underlying business momentum. I'll touch on both. On the market side, there was some episodic activity during the quarter tied to client positioning and periods of market volatility, which contributed to elevated volumes. We view the continued maturity of the platform itself as the most important trend though. Over the last several quarters, we have expanded our electronic OTC capabilities, onboarded additional API-driven institutional counterparties, and also deepened engagement with existing clients. We're increasingly seeing repeat flow from clients integrating Gemini into their trading infrastructure rather than approaching the desk opportunistically. We will continue to look for ways to expand our OTC offerings and capabilities.

In terms of sustainability, we would not necessarily extrapolate the exact Q1 growth rate or assume every quarter will benefit from the same level of episodic large trades. OTC can be naturally somewhat lumpy quarter-to-quarter, but structurally, we do believe the business is stronger today than it was a year ago. Our client base is broader, electronic penetration is increasing, and institutional engagement remains healthy. While volatility can amplify activity in any given quarter, we think there is still meaningful underlying growth trajectory in the product itself. I'll touch on staking as well. Staking was down 31% year-over-year, and there are two straightforward factors that's really driving that. The first is crypto asset prices. Staking revenue is the direct function of the value of assets staked on our platform.

When ETH and Solana prices are lower relative to a year ago, the dollar value of rewards that we generate for customers and the fees we earn on that are proportionally lower. That's really the majority of the year-over-year decline, and it's a dynamic that's fully correlated with the broader crypto market environment. The second factor is staking yields on the networks themselves, which have moderated from the elevated levels that we saw in early 2025. We don't view this as a concerning signal for the staking business. During the first quarter of 2026, our team completed a full migration of our users to Staking 2.0, which is a ground-up rebuild of our staking infrastructure that we believe fundamentally changes our ability to grow in this business going forward. The new architecture enables auto-compounding for ETH validators.

It reduces the redemption time from roughly 50 days to eight days for the vast majority of staked funds and gives us the infrastructure foundation to rapidly onboard new networks and institutional customers. Lastly, we have also launched a fully rebuilt staking UX during the quarter. While the revenue line is reflecting the macro environment, the underlying investment in the platform positions us well when asset prices and yields recover.

Our final question comes from John Todaro at Needham. Prediction markets are still in the early stage, but great to see 78% month-over-month growth in April. What type of clients are trading prediction markets? More specifically, are there any specific categories within prediction markets that your clients are trading? As a quick follow-up, are there any categories around these markets that are not currently offered to clients where you see long-term growth opportunities?

Thanks for the question. The, the crypto contracts are one of our biggest categories. I think they account for about 50% of the contracts traded. As I mentioned earlier, we have all types of durations on various crypto contracts, starting with Bitcoin, Ether, Solana, XRP, and Zcash. Zcash in particular has been really popular the last week or so with the recent price action and run-up in price. Then we have a full suite of spot contracts. Those are also quite popular. We added in the past quarter a lot of real-world commodities, including oil, the price of WTI, the price of Brent, we have durations on that from monthly to weekly to daily contracts, we'll continue to expand that outward. We've added some weather contracts.

We've seen interest there. I think we'll continue to go wider and deeper. I think we have hundreds of contracts trading per day, but I think that can easily scale into the thousands with all the different price levels. We see continued interest from market makers and participants who are already in the space on other venues who see the growth in our marketplace and are curious to provide liquidity and trade it. We're just getting started. I think we got our, we launched in December 15th.

I think we're maybe less than perhaps two quarters or just over two quarters since launch, and the product is sort of unrecognizable from the MVP that we launched in late 2025. We continue to ship improvements multiple times a week and so we're really excited about it, and I think our customers are realizing, "Oh, wow, you guys are really making a lot of progress here. I don't need to leave Gemini. I can do all of my predictions here." We're excited about that.

Thank you. This concludes today's conference. Thank you for your participation. You may now disconnect.