Update: Gemini Space Station Shares Rise After Q1 Results Top Estimates; Secures $100 Million Investment

MT Newswires Live
May 15

(Updates with share movement in the headline and first paragraph, additional details on the investment in the last paragraph)

Gemini Space Station (GEMI) shares were up 25% in Friday's premarket activity after the company reported Q1 results that topped analyst estimates and disclosed a $100 million investment in the company.

The company reported a Q1 net loss late Thursday of $0.93 per diluted share, narrowing from a loss of $30.34 a year earlier. Analysts polled by FactSet expected a loss of $1.03.

Revenue for the three months ended March 31 was $50.3 million, up from $35.3 million a year earlier. Analysts surveyed by FactSet expected $47.9 million.

Additionally, Gemini said that founders Cameron and Tyler Winklevoss' venture capital firm, Winklevoss Capital Fund, has made a $100 million strategic investment in the company at $14 per share, with the consideration paid in bitcoin.

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