[Gemini's First Earnings Report After IPO Shows Revenue Surge of 52%, But Stock Hits Record Low] According to The Block, cryptocurrency exchange Gemini has released its first quarterly earnings report since its September IPO. Driven by a rebound in trading and revenue growth from new products, its revenue increased by 52% quarter-over-quarter. In the third quarter, net revenue rose to nearly $50 million, fueled by over $26 million in trading fees and approximately $20 million in service revenue (including record-breaking credit card performance and expanded institutional staking services). However, the company still reported a net loss of $159.5 million, primarily due to IPO-related stock compensation and marketing expenses, with an adjusted EBITDA of negative $52.4 million. Trading volume reached $16.4 billion, up 45% quarter-over-quarter, with institutional trading increasing nearly 50%. Gemini's credit card accounts surpassed 100,000, with spending exceeding $350 million, doubling quarter-over-quarter, while staking balances reached $741 million. Currently, service revenue accounts for nearly 40% of total revenue, compared to less than 30% a year ago. Gemini stated that after the IPO, the company repaid its debt and established a $150 million credit line for its credit card receivables to improve capital efficiency. The company expects full-year service and interest revenue to reach $60 million to $70 million, with continued growth anticipated in credit card and staking products. Despite the company's strong performance, GEMI's stock price fell more than 11% in after-hours trading, dropping below $15 and hitting a record low, as investors focused on its widening losses and IPO-related costs.