Gemini Space Station, Inc. GEMI
Our mission is to build the bridge to the future of money and markets. Gemini is a trusted cryptocurrency platform building secure financial infrastructure for the next generation of money and markets, providing access for individuals and institutions to a financial future that is more open, fair, and secure.
Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets. As of December 31, 2025, we served users and institutions across more than 60 countries. In February 2026, we announced plans to exit and wind down operations in certain international markets, including the United Kingdom, the European Union ("E.U.") and other European jurisdictions, and Australia, which will reduce our international footprint and allow us to focus more resources on our operations in the United States. See Note 23. Subsequent Events - Exit and Wind-Down Plan to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K .
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $179.6M | $142.2M | $98.1M | — |
| SG&A | $77.5M | $51.3M | $155.5M | — |
| Total operating expenses | $525.2M | $308.0M | $409.7M | — |
| Operating income | -$345.7M | -$165.8M | -$311.6M | — |
| Pre-tax income | -$588.8M | -$150.9M | -$323.7M | — |
| Income tax | $6.0M | $7.6M | $4.1M | — |
| Net income | -$582.8M | -$158.5M | -$319.7M | — |
| EPS, basic | -15.52 | -32.24 | -66.25 | — |
| EPS, diluted | -15.52 | -32.24 | -66.25 | — |
| Shares, diluted (wtd. avg.) | $37.6M | $4.9M | $4.8M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Cash and equivalents | $252.2M | $42.8M | $32.8M | $1.14B |
| Receivables | $30.9M | $65.4M | — | — |
| Total current assets | $1.61B | $1.39B | — | — |
| Property, plant and equipment | $15.1M | $17.2M | — | — |
| Other intangibles | $139.8M | $162.1M | — | — |
| Total assets | $1.80B | $1.59B | — | — |
| Accounts payable | $2.6M | $17.6M | — | — |
| Total current liabilities | $1.24B | $1.35B | — | — |
| Total liabilities | $1.26B | $1.85B | — | — |
| Retained earnings | -$2.04B | -$1.46B | — | — |
| Total equity | $540.9M | -$795.4M | -$644.3M | -$491.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Operating cash flow | -$218.1M | -$109.0M | -$207.3M | — |
| Depreciation and amortisation | $30.7M | $33.0M | $32.2M | — |
| Stock-based compensation | $85.0M | $5.6M | $15.8M | — |
| Capital expenditure | $2.0M | $1.2M | $729.0K | — |
| Investing cash flow | -$47.9M | $83.6M | $33.2M | — |
| Financing cash flow | $514.0M | $225.4M | -$521.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0002055592-26-000026.
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