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GEMI

Gemini Space Station, Inc. Class A Common Stock

GEMI

Gemini Space Station, Inc. Class A Common Stock • NASDAQ
$11.00 ▲ 2.14% (+0.23)
Market Cap $467.80 M
52w High $45.89
52w Low $9.85
Dividend Yield 0%
P/E -2.76
Volume 840.37K
Outstanding Shares 42.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.618M ▲ $68.571M ▲ $-159.514M ▼ -315.133% ▲ $-6.67 ▼ $-130.212M ▼
Q2-2025 $34.306M $55.486M $-141.238M -411.707% $-0.88 ▼ $-48.972M
Q1-2025 $34.306M ▲ $55.486M ▲ $-141.238M ▼ -411.707% ▼ $-0.878 ▼ $-48.972M ▼
Q4-2024 $33.921M $42.929M $-58.587M -172.716% $-0.364 $-32.095M
Q3-2024 $33.921M $42.929M $-58.587M -172.716% $-0.364 $-32.095M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.164B ▲ $2.338B ▲ $1.685B ▼ $653.562M ▲
Q2-2025 $51.053M ▲ $1.573B ▼ $2.108B ▲ $-535.082M ▼
Q4-2024 $42.847M $1.594B $1.855B $-260.994M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-159.514M ▼ $-61.671M ▼ $-41.879M ▼ $613.656M ▲ $510.106M ▲ $-64.659M ▼
Q2-2025 $-133.212M ▲ $0 $0 $0 $114.694M ▲ $-9.475M ▼
Q1-2025 $-149.264M ▼ $0 ▲ $0 ▼ $0 ▼ $-71.23M ▼ $0 ▲
Q4-2024 $-26.994M ▲ $-4.607M ▲ $4.05M ▲ $140.446M ▲ $139.889M ▲ $-7.052M ▲
Q3-2024 $-90.18M $-8.979M $969K $-71.777M $-79.787M $-10.662M

Five-Year Company Overview

Income Statement

Income Statement Gemini is still in the “build and invest” phase rather than the “harvest profits” phase. Revenue is small and the business is running at a clear loss. The good news is that losses have been shrinking, which suggests some improvement in efficiency or scale, but the company is still far from break-even. Gross profit has been negative, meaning core operations do not yet cover basic operating costs, and the bottom line remains in the red. Overall, this looks like an early‑stage, high‑investment financial technology company that is prioritizing growth, products, and compliance over short‑term profitability.

Balance Sheet

Balance Sheet There is not enough disclosed balance sheet detail here to judge the strength of Gemini’s financial position with confidence. Key items like total assets, cash on hand, debt levels, and equity are missing. That means it is unclear how big the financial cushion is, how dependent the business is on outside financing, or how much leverage it is using. Given the ongoing losses, the business is likely reliant on investor capital and future funding, at least until cash flows turn positive. Without specific figures, the main takeaway is simply that the financial foundation and safety margin cannot be fully assessed from this data alone.

Cash Flow

Cash Flow Cash flow information is not provided, which is a meaningful gap for a loss‑making, growth‑stage company. With negative earnings and ongoing investment in technology, compliance, and product development, it is reasonable to assume operating cash flow is also negative. The key unknowns are how quickly cash is being used, how much is going into long‑term investment, and how dependent the company is on fresh capital raises. In short, the business likely consumes cash rather than generates it today, but the pace, sustainability, and funding plans are not visible from the data given.

Competitive Edge

Competitive Edge Gemini operates in one of the most competitive corners of financial services: crypto trading and digital asset infrastructure. Its main edge comes from a reputation for security, regulatory compliance, and trust. In a market where some platforms have faced hacks, shutdowns, or legal actions, Gemini has tried to position itself as the “regulated and safe” option, especially for institutions and more risk‑aware customers. The platform offers institutional‑grade custody, a recognizable brand, and approvals from key regulators in the U.S., which help it stand apart from less regulated exchanges. It also has products such as custody services, block trading, an NFT marketplace, and a stablecoin, all of which broaden its role in the crypto ecosystem. However, competition from large global exchanges and traditional financial firms entering digital assets is intense. The business is also highly exposed to swings in crypto volumes, pricing, and regulation. Its competitive position is attractive in terms of trust and compliance, but it sits in a very crowded and fast‑moving arena.

Innovation and R&D

Innovation and R&D Innovation is one of Gemini’s main strengths, and much of it is focused on building a more mature, institution‑friendly crypto platform. Historically, it has invested heavily in secure custody technology, compliance frameworks, and a professional‑grade trading system. It has also expanded into areas like NFTs via Nifty Gateway, everyday spending through a crypto rewards credit card, and a regulated stablecoin for use across digital finance. Looking ahead, Gemini is exploring derivatives, potential prediction markets, and more advanced wealth‑management tools tailored to digital assets, along with international expansion. These initiatives suggest an ongoing commitment to product development rather than standing still. The opportunity is that these innovations could open new, more stable revenue streams. The risk is that each new product faces regulatory scrutiny, technical complexity, and strong competitors trying to do something similar at the same time.

Summary

Gemini Space Station, Inc. is essentially the public wrapper for the Gemini crypto exchange, not a space business. It is a young, growth‑oriented financial technology company operating in the digital asset and capital markets space. Financially, the business is small and unprofitable, with shrinking but still meaningful losses and incomplete visibility into its balance sheet and cash flows. This points to a company that is still investing heavily in building its platform, brand, and regulatory footprint. Strategically, Gemini leans on security, compliance, and institutional appeal as its core identity, offering a range of products that extend beyond simple crypto trading. Its innovation pipeline targets more sophisticated trading, new markets like prediction contracts, and broader wealth solutions and global reach. The overall picture is of a trust‑focused, innovation‑driven player in a volatile, highly competitive, and heavily scrutinized industry. Outcomes will depend heavily on how crypto regulation evolves, how the broader digital asset cycle plays out, and whether Gemini can scale its trusted brand into a sustainably profitable business over time.

NEWS

November 10, 2025 · 4:05 PM UTC

Gemini Reports Third Quarter 2025 Results

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October 16, 2025 · 4:15 PM UTC

Gemini to Announce Third Quarter 2025 Results on November 10, 2025

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September 15, 2025 · 4:29 PM UTC

Gemini Announces Closing of Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares

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September 11, 2025 · 10:28 PM UTC

Gemini Announces Pricing of Initial Public Offering

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