Detailed financial statements for Gemini Space Station, Inc. (GEMI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Gemini Space Station, Inc. operates a cryptocurrency platform in the United States and internationally. The company offers Gemini, a platform that enables users to trade, custody, and earn in a range of digital assets and offerings; Gemini ActiveTrader for advanced charting, multiple order types, and the ability to monitor and execute in multiple markets; and Gemini Derivatives to trade perpetual contracts with cross-collateralization for risk and capital management.
Analysis Summary
Trailing-twelve-month margins: gross margin 15.3%, operating margin -228.4%, net margin -264.0%.
At the current price of $4.18, GEMI has negative trailing earnings (P/E not meaningful) and an ROE of -97.61%. Market capitalisation stands at $511M.
Balance sheet quality for GEMI: current ratio of 1.3, net cash position of $43.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue | $98.1M | $142.2M | $146.2M |
| Cost of Revenue | $140.8M | $130.5M | $61.4M |
| Gross Profit | -$42.6M | $11.7M | $84.7M |
| Research & Development | $55.0M | $63.7M | 0 |
| Selling, General & Admin | $204.1M | $132.7M | $174.6M |
| Operating Expenses | $269.0M | $177.5M | $608.9M |
| Operating Income | -$311.6M | -$165.8M | -$524.2M |
| EBITDA | -$258.0M | -$132.5M | -$487.7M |
| Interest Expense | 0 | 0 | $70.3M |
| Pre-tax Income | -$323.7M | -$150.9M | -$588.8M |
| Income Tax | -$4.1M | $7.6M | -$6.0M |
| Net Income | -$319.7M | -$158.5M | -$582.8M |
| EPS | $-2.03 | $-0.99 | $-4.97 |
| EPS (Diluted) | $-2.03 | $-0.99 | $-4.97 |
| Shares Outstanding (Diluted) | $157.8M | $160.8M | $117.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $50.6M | $60.3M | $39.4M | $45.5M |
| Gross Profit | -$52.2M | $12.3M | $24.4M | $45.5M |
| Operating Income | -$120.8M | -$144.3M | -$105.1M | -$76.9M |
| EBITDA | -$130.2M | -$122.4M | -$93.9M | -$107.7M |
| Net Income | -$159.5M | -$140.8M | -$109.0M | -$107.7M |
| EPS | $-1.15 | $-1.20 | $-0.93 | $-0.89 |
| EPS (Diluted) | $-1.15 | $-1.20 | $-0.93 | $-0.89 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $63.6M | $42.8M | $252.2M |
| Short-term Investments | $327.9M | 0 | $452.5M |
| Receivables | $185.9M | $61.6M | $30.9M |
| Inventory | 0 | 0 | 0 |
| Total Current Assets | $976.7M | $1.39B | $1.61B |
| Property, Plant & Equipment | $37.3M | $31.7M | $33.6M |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | $185.0M | $162.1M | $139.8M |
| Total Assets | $1.21B | $1.59B | $1.80B |
| Accounts Payable | $12.5M | $17.6M | $2.6M |
| Short-term Debt | $571.6M | $679.8M | $633.5M |
| Total Current Liabilities | $1.16B | $1.35B | $1.24B |
| Long-term Debt | $134.9M | $486.0M | 0 |
| Total Liabilities | $1.32B | $1.85B | $1.26B |
| Retained Earnings | -$1.30B | -$1.46B | -$2.04B |
| Total Equity | -$109.9M | -$261.0M | $540.9M |
| Total Debt | $733.8M | $1.19B | $660.8M |
| Net Debt | $342.4M | $1.15B | -$43.9M |
| Working Capital | -$186.3M | $39.0M | $365.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $487.5M | $252.2M | $215.6M | $292.1M |
| Total Assets | $2.34B | $1.80B | $1.52B | $1.50B |
| Total Liabilities | $1.68B | $1.26B | $1.07B | $1.03B |
| Total Equity | $653.6M | $540.9M | $456.1M | $468.3M |
| Total Debt | $1.04B | $660.8M | $494.1M | $520.8M |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Net Income | -$319.7M | -$158.5M | -$582.8M |
| Depreciation & Amortization | $32.2M | $33.0M | $30.7M |
| Stock-based Compensation | $15.8M | $5.6M | $85.0M |
| Change in Working Capital | $27.7M | -$80.8M | $22.5M |
| Operating Cash Flow | -$207.3M | -$109.0M | -$218.2M |
| Capital Expenditure | -$6.9M | -$6.0M | -$7.7M |
| Acquisitions | 0 | 0 | $122.6M |
| Stock Repurchased | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Free Cash Flow | -$214.2M | -$114.9M | -$225.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$62.0M | -$137.9M | -$54.4M | -$51.4M |
| Capital Expenditure | -$3.0M | -$2.7M | -$127000 | $153000 |
| Free Cash Flow | -$65.0M | -$140.6M | -$54.6M | -$51.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $36.0M | $24.2M | $20.3M |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +44.9% | +2.8% |
| Net Income Growth (YoY) | | +50.4% | -267.6% |
| EPS Growth (YoY) | | +51.2% | -402.0% |
| Shares Change (YoY) | | +1.9% | -27.1% |
| FCF Growth (YoY) | | +46.3% | -96.5% |
| Gross Margin | -43.4% | 8.2% | 58.0% |
| Operating Margin | -317.5% | -116.6% | -358.6% |
| EBITDA Margin | -262.9% | -93.2% | -333.7% |
| Net Margin | -325.7% | -111.5% | -398.7% |
| FCF Margin | -218.3% | -80.8% | -154.5% |
| Effective Tax Rate | 1.3% | -5.1% | 1.0% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.36 | $-0.71 | $-1.93 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $157.8M | $160.8M | $117.2M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -97.61% |
| Return on Invested Capital | -29.68% |
| Return on Assets | -34.41% |
| Gross Margin | 15.33% |
| Operating Margin | -228.35% |
| Net Margin | -264.05% |
Financial Health
| Debt / Equity | 1.11 |
| Current Ratio | 2.61 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.69 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| P/E | -15.76 | -32.32 | -2.00 |
| P/B | -45.92 | -19.72 | 2.15 |
| P/S | 51.44 | 36.19 | 7.95 |
| Gross Margin | -43.4% | 8.2% | 58.0% |
| Operating Margin | -317.5% | -116.6% | -358.6% |
| Net Margin | -325.7% | -111.5% | -398.7% |