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
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- U.S.
- International
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| U.S. | $155.7M | $119.9M | $82.3M |
| International | $23.9M | $22.3M | $15.9M |
As the company reported it, from the “Revenue - Schedule of Revenues Disaggregated by Geography (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | — | $98.1M | $142.2M | $179.6M |
| Gross profit | — | — | — | — |
| Net income | — | -$319.7M | -$158.5M | -$582.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6199
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| SYF | Synchrony Financial | $23.96B | 7.9x | — |
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| SOFI | SoFi Technologies, Inc. | $18.88B | 37.5x | 23.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $13.51B | 1.7x | 84.1% |
| CHYM | Chime Financial, Inc. | $11.23B | — | 30.7% |