Gemini Space Station, Inc.

Listed Company

GEMICIK 0002055592NasdaqNon-AcceleratedEmerging GrowthFinance ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$179.57M

Net Income

$-582.81M

Total Assets

$1.80B

Equity

$540.87M

Shares Out

—

Op. Cash Flow

$-218.11M

Business

Gemini Space Station, Inc. is a publicly listed company in Finance Services, incorporated in Nevada. Common stock trades on Nasdaq under the ticker GEMI.

Auto-generated from company profile

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenue	180	142	98
Salaries and compensation	226	130	141
Technology	77	64	55
General and administrative	77	51	155
Transaction losses	21	20	28
Sales and marketing	97	23	21
Transaction processing	26	20	10
Total operating expenses	525	308	410
Operating loss	−346	−166	−312
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged	−1	463	368
Realized and unrealized gain (loss) on related party crypto loans	−32	−417	−355
Change in fair value on related party convertible notes	−26	−31	−4
Change in fair value on related party loans	−119	0	0
Interest expense on related party loans	−53	−43	−17
Interest expense on third party loans	−16	−12	−9
Interest expense on funding debt	−1	0	0
Other income (expense), net	6	55	5
Total other income (expense), net	−243	15	−12
Net loss before income taxes	−589	−151	−324
Income tax benefit (provision)	6	−8	4
Net loss	−583	−159	−320
Basic (in dollars per share)	−15.52	−32.24	−66.25
Diluted (in dollars per share)	−15.52	−32.24	−66.25
Weighted average shares outstanding - basic (in shares)	38	5	5
Weighted average shares outstanding - diluted (in shares)	38	5	5
Foreign currency translation, net of tax	470,000	−15,000	600,000
Change in fair value attributable to instrument-specific credit risk	−3	2	664,000
Total other comprehensive income (loss)	−2	2	1
Comprehensive loss	−585	−157	−318

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	252	43	33	—
Restricted cash and cash equivalents	115	28	—	—
Customer custodial funds	527	576	383	—
Crypto assets held	440	470	—	—
Receivable, crypto assets pledged	0	168	—	—
Accounts receivable, net	31	65	—	—
Credit card receivables pledged, net	189	0	—	—
Prepaid expenses and other current assets	52	37	—	—
Total current assets	1,606	1,388	—	—
Software, property and equipment, net	15	17	—	—
Intangible assets, net	140	162	—	—
Other non-current assets	41	27	—	—
Total assets	1,802	1,594	—	—
Custodial funds due to customers	527	574	—	—
Accounts payable	3	18	—	—
Accrued expenses	55	39	—	—
Third party loans	75	118	—	—
Related party loans	404	562	—	—
Funding debt	154	0	—	—
Other current liabilities	22	38	—	—
Total current liabilities	1,240	1,349	—	—
Lease liabilities	21	20	—	—
Related party convertible notes	0	249	—	—
Related party loans	0	237	—	—
Total non-current liabilities	21	506	—	—
Total liabilities	1,261	1,855	—	—
Commitments and contingencies	—	—	—	—
Convertible preferred units: 30,955 Series A Units authorized, issued and outstanding with an aggregate liquidation preference of $223,022 as of December 31, 2024; 8,910 Series B Units authorized as of December 31, 2024; 8,887 Series B Units issued and outstanding as of December 31, 2024; and the Series B Units had an aggregate liquidation preference of $423,903 as of December 31, 2024. No shares authorized, issued, and outstanding as of December 31, 2025.	0	534	534	534
Common Units: 54,201 Common Units authorized as of December 31, 2024; 50,761 Common Units issued and outstanding as of December 31, 2024. No shares authorized, issued, and outstanding as of December 31, 2025.	0	0	—	—
Preferred stock, par value $0.001 per share; No shares authorized, issued and outstanding as of December 31, 2024; 20,000 shares authorized, no shares issued and outstanding as of December 31, 2025	0	0	—	—
Treasury stock at cost; 0 and 284 shares as of December 31, 2024 and December 31, 2025, respectively	−568,000	0	—	—
Additional paid-in capital	2,584	662	—	—
Accumulated other comprehensive income	887,000	3	—	—
Accumulated deficit	−2,043	−1,460	—	—
Total stockholders equity (deficit)	541	−795	−644	−491
Total liabilities, convertible units, and stockholders equity	1,802	1,594	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation and amortization	31	33	32
Impairment	650,000	376,000	21
Gain on conversion of convertible notes and term loans	−6	0	0
Realized and unrealized loss (gain) on crypto assets and receivable, crypto assets pledged	1	−463	−368
Stock-based compensation	85	6	16
Crypto assets received as revenue	−31	−16	−9
Crypto asset payments for expenses	53	98	10
Warrants received as revenue	−5	0	0
Non-cash lease expense	4	1	2
Realized and unrealized loss (gain) on derivatives	4	−2	0
Other operating activities, net	6	4	3
Purchase of crypto assets	−240	−62	−36
Disposal of crypto assets	323	87	26
Accounts receivable	−7	−249,000	−28
Other assets	30	43	2
Accounts payable and accrued expenses	3	−144	67
Payables due to related parties	28	35	−5
Payables due to third parties	5	11	1
Payables due for funding debt	254,000	0	0
Lease liabilities	−6	−2	−4
Other liabilities	−114	−48	−7
Net cash used in operating activities	−218	−109	−207
Proceeds from disposal of crypto assets	123	145	57
Purchases of credit card receivables	−1,237	−431	−88
Proceeds from repayments of credit card receivables	1,074	375	71
Capitalization of internally developed software costs	−6	−5	−6
Purchase of software, property and equipment	−2	−1	−729,000
Other investing activities, net	−81,000	−350,000	299,000
Net cash provided by (used in) investing activities	−48	84	33
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs	391	0	0
Proceeds from issuance of common stock in connection with concurrent private placement with Nasdaq	50	0	0
Custodial funds due to customers, net of redemptions	−45	191	−698
Proceeds from related party convertible notes	0	25	75
Proceeds from related party loans	15	0	0
Proceeds from third party loan, net of discount	74	10	107
Proceeds from funding debt	393	0	0
Repayment of funding debt	−238	0	0
Repayment of third party loans	−117	0	—
Net cash provided by (used in) financing activities	514	225	−521
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents	248	200	−696
Cash paid during the period for interest	35	22	30
Conversion of convertible notes to common stock in connection with IPO	−870	0	0
Conversion of convertible preferred units to common stock in connection with initial public offering	534	0	0
Related party loans received in crypto assets	418	200	204
Conversion of related party loans into related party convertible notes	246	0	0
Repayments of related party loans denominated in crypto assets	411	302	364
Credit card receivables posted as collateral for funding debt	189	0	0
Crypto assets posted as collateral for third party loans, net	243	109	102
Crypto asset collateral received (returned) for derivatives, net	−14	15	0
Repayment of third party loan interest denominated in crypto	5	11	0
Change in fair value attributable to instrument-specific credit risk	0	2	664,000
Related party convertible notes received in crypto assets	0	45	55
NFT artist commissions and cross listings paid with crypto assets	0	0	6
Account receivable collections denominated in crypto assets	0	8	4

Filings

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