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Since he's a gelding, has 0 points, and is unlikely to really ever earn enough points to justify keeping him, I would get rid of him yes. You'll make more money by auctioning him off (2500 vs 1000). The only downside of auctioning horses off is that you lose a point towards a new stall. Personally I find that as a new stable, it's more worthwhile for me to get the money than the points for a new stall since it takes a lot of new creates/births to get a single stall.

On another note, I wouldn't bother genetic testing my spays and geldings if I were you - it's only 100 hbs but when you're such a new stable every hb counts and since geldings/spays can't breed their genetics are kind of useless anyway. It's just a tip though, so feel free to keep doing it if you like to :)